MARZANO: what changed
Two fiscal 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.
MARZANO
Largest movements
- Receivables within one year +€92,608
up €92,608 (+140.3%), from €65,990 to €158,597
of which Other amounts receivable: +€107,666
- Tangible fixed assets -€14,354
down €14,354 (-12.6%), from €114,104 to €99,751
of which Other tangible fixed assets: -€11,077
- Cash +€4,113
up €4,113 (+41.2%), from €9,984 to €14,097
mainly Other debts (+€36,400) and Net result for the year (+€30,278)
- Other debts +€36,400
new in 2025: €36,400
- Profit (loss) carried forward +€30,278
up €30,278 (+50.5%), from €59,910 to €90,188
- Trade debts +€10,986
up €10,986 (+10.0%), from €109,969 to €120,955
- Tax, wage and social debts +€4,045
up €4,045 (+14.3%), from €28,335 to €32,381
of which Taxes: +€6,723
- Turnover -€224,428
no longer reported in 2025 (was €224,428)
- Purchases and services +€127,178
up €127,178 (+64.0%), from €198,714 to €325,892
- Staff costs +€72,806
up €72,806 (+394.6%), from €18,452 to €91,258
- Gross operating margin +€47,861
up €47,861 (+42.1%), from €113,667 to €161,527
- Other operating charges +€7,706
up €7,706 (+478.2%), from €1,611 to €9,317
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 | €199,214 | €280,923 | +€81,709 | +41.0% |
| Fixed assets | 21/28 | €122,903 | €107,952 | -€14,951 | -12.2% |
| Intangible fixed assets | 21 | €798 | €201 | -€597 | -74.8% |
| Tangible fixed assets | 22/27 | €114,104 | €99,751 | -€14,354 | -12.6% |
| Plant, machinery and equipment | 23 | €17,002 | €13,896 | -€3,105 | -18.3% |
| Furniture and vehicles | 24 | €6,248 | €4,833 | -€1,416 | -22.7% |
| Leasing and similar rights | 25 | - | €1,245 | +€1,245 | |
| Other tangible fixed assets | 26 | €90,855 | €79,777 | -€11,077 | -12.2% |
| Financial fixed assets | 28 | €8,000 | €8,000 | = | 0.0% |
| Current assets | 29/58 | €76,312 | €172,971 | +€96,660 | +126.7% |
| Amounts receivable within one year | 40/41 | €65,990 | €158,597 | +€92,608 | +140.3% |
| Trade receivables | 40 | €31,228 | €16,170 | -€15,058 | -48.2% |
| Other amounts receivable | 41 | €34,762 | €142,428 | +€107,666 | +309.7% |
| Cash at bank and in hand | 54/58 | €9,984 | €14,097 | +€4,113 | +41.2% |
| Deferred charges and accrued income | 490/1 | €338 | €277 | -€61 | -18.1% |
| Total equity and liabilities | 10/49 | €199,214 | €280,923 | +€81,709 | +41.0% |
| Equity | 10/15 | €60,910 | €91,188 | +€30,278 | +49.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,910 | €90,188 | +€30,278 | +50.5% |
| Amounts payable | 17/49 | €138,304 | €189,735 | +€51,431 | +37.2% |
| Amounts payable within one year | 42/48 | €138,304 | €189,735 | +€51,431 | +37.2% |
| Trade debts | 44 | €109,969 | €120,955 | +€10,986 | +10.0% |
| Suppliers | 440/4 | €109,969 | €120,955 | +€10,986 | +10.0% |
| Taxes, remuneration and social security | 45 | €28,335 | €32,381 | +€4,045 | +14.3% |
| Taxes | 450/3 | €23,123 | €29,846 | +€6,723 | +29.1% |
| Remuneration and social security | 454/9 | €5,212 | €2,535 | -€2,678 | -51.4% |
| Other amounts payable | 47/48 | - | €36,400 | +€36,400 | |
| Turnover | 70 | €224,428 | - | -€224,428 | |
| Goods, raw materials, services and sundry goods | 60/61 | €198,714 | €325,892 | +€127,178 | +64.0% |
| Remuneration, social security and pensions | 62 | €18,452 | €91,258 | +€72,806 | +394.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,331 | €17,372 | +€1,041 | +6.4% |
| Other operating charges | 640/8 | €1,611 | €9,317 | +€7,706 | +478.2% |
| Gross operating margin | 9900 | €113,667 | €161,527 | +€47,861 | +42.1% |
| Operating profit (loss) | 9901 | €77,272 | €43,580 | -€33,692 | -43.6% |
| Financial income | 75/76B | €0 | €7 | +€7 | +2644.4% |
| Recurring financial income | 75 | €0 | €7 | +€7 | +2644.4% |
| Financial charges | 65/66B | €2,384 | €5,075 | +€2,691 | +112.9% |
| Recurring financial charges | 65 | €2,384 | €5,075 | +€2,691 | +112.9% |
| Profit (loss) for the period before taxes | 9903 | €74,888 | €38,512 | -€36,376 | -48.6% |
| Income taxes | 67/77 | €14,978 | €8,234 | -€6,744 | -45.0% |
| Profit (loss) for the period | 9904 | €59,910 | €30,278 | -€29,633 | -49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €59,910 | €30,278 | -€29,633 | -49.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.