Marunouchi: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Marunouchi
Largest movements
- Current investments -€480,000
down €480,000 (-100.0%), from €480,000 to €0
- Receivables within one year +€45,274
up €45,274 (+6180.9%), from €732 to €46,006
of which Trade receivables: +€32,670
- Cash +€39,408
up €39,408 (+30.6%), from €128,662 to €168,070
mainly Current investments (+€480,000) and Net result for the year (+€45,196)
- Reserves -€404,804
down €404,804 (-70.9%), from €571,283 to €166,480
of which Distributable reserves: -€404,804
- Other debts +€6,316
up €6,316 (+26.2%), from €24,100 to €30,416
- Gross operating margin -€17,196
down €17,196 (-22.9%), from €74,964 to €57,768
- Taxes -€5,164
down €5,164 (-25.7%), from €20,120 to €14,956
- Financial charges +€1,758
up €1,758 (+676.2%), from €260 to €2,018
- Financial income -€1,534
down €1,534 (-14.7%), from €10,439 to €8,905
- Depreciation +€1,184
up €1,184 (+63.4%), from €1,867 to €3,051
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €621,130 | €224,689 | -€396,440 | -63.8% |
| Fixed assets | 21/28 | €10,711 | €10,104 | -€607 | -5.7% |
| Tangible fixed assets | 22/27 | €10,711 | €10,104 | -€607 | -5.7% |
| Plant, machinery and equipment | 23 | €3,368 | €2,089 | -€1,279 | -38.0% |
| Furniture and vehicles | 24 | €1,671 | €1,283 | -€388 | -23.2% |
| Other tangible fixed assets | 26 | €5,672 | €6,732 | +€1,060 | +18.7% |
| Current assets | 29/58 | €610,418 | €214,585 | -€395,833 | -64.8% |
| Amounts receivable within one year | 40/41 | €732 | €46,006 | +€45,274 | +6180.9% |
| Trade receivables | 40 | €0 | €32,670 | +€32,670 | |
| Other amounts receivable | 41 | €732 | €13,336 | +€12,604 | +1720.7% |
| Current investments | 50/53 | €480,000 | €0 | -€480,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €128,662 | €168,070 | +€39,408 | +30.6% |
| Deferred charges and accrued income | 490/1 | €1,024 | €509 | -€514 | -50.3% |
| Total equity and liabilities | 10/49 | €621,130 | €224,689 | -€396,440 | -63.8% |
| Equity | 10/15 | €589,883 | €185,080 | -€404,804 | -68.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €571,283 | €166,480 | -€404,804 | -70.9% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Distributable reserves | 133 | €570,043 | €165,240 | -€404,804 | -71.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €31,246 | €39,610 | +€8,364 | +26.8% |
| Amounts payable within one year | 42/48 | €31,246 | €37,913 | +€6,667 | +21.3% |
| Financial debts | 43 | €462 | €1,411 | +€948 | +205.1% |
| Credit institutions | 430/8 | €462 | €1,411 | +€948 | +205.1% |
| Trade debts | 44 | €4,516 | €809 | -€3,707 | -82.1% |
| Suppliers | 440/4 | €4,516 | €809 | -€3,707 | -82.1% |
| Taxes, remuneration and social security | 45 | €2,168 | €5,278 | +€3,110 | +143.5% |
| Taxes | 450/3 | €2,168 | €5,278 | +€3,110 | +143.5% |
| Other amounts payable | 47/48 | €24,100 | €30,416 | +€6,316 | +26.2% |
| Accrued charges and deferred income | 492/3 | - | €1,697 | +€1,697 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,867 | €3,051 | +€1,184 | +63.4% |
| Other operating charges | 640/8 | €1,437 | €1,451 | +€14 | +1.0% |
| Gross operating margin | 9900 | €74,964 | €57,768 | -€17,196 | -22.9% |
| Operating profit (loss) | 9901 | €71,660 | €53,265 | -€18,395 | -25.7% |
| Financial income | 75/76B | €10,439 | €8,905 | -€1,534 | -14.7% |
| Recurring financial income | 75 | €10,439 | €8,905 | -€1,534 | -14.7% |
| Financial charges | 65/66B | €260 | €2,018 | +€1,758 | +676.2% |
| Recurring financial charges | 65 | €260 | €2,018 | +€1,758 | +676.2% |
| Profit (loss) for the period before taxes | 9903 | €81,839 | €60,152 | -€21,687 | -26.5% |
| Income taxes | 67/77 | €20,120 | €14,956 | -€5,164 | -25.7% |
| Profit (loss) for the period | 9904 | €61,719 | €45,196 | -€16,523 | -26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €61,719 | €45,196 | -€16,523 | -26.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.