SAN MARINA: what changed
SAN MARINA
Largest movements
- Cash +€11,578
up €11,578 (+42.6%), from €27,188 to €38,766
mainly Net result for the year (+€16,132) and Depreciation (+€4,097)
- Tangible fixed assets +€5,378
up €5,378 (+30.7%), from €17,539 to €22,917
of which Plant, machinery and equipment: +€4,130
- Deferred charges and accrued income +€2,337
new in 2025: €2,337
- Receivables within one year -€2,276
down €2,276 (-94.4%), from €2,412 to €135
of which Trade receivables: -€2,332
- Profit (loss) carried forward +€16,132
up €16,132 (+78.4%), from €20,573 to €36,705
- Tax, wage and social debts +€3,650
up €3,650 (+114%), from €3,205 to €6,856
of which Taxes: +€2,626
- Trade debts -€2,436
down €2,436 (-25.8%), from €9,447 to €7,012
- Gross operating margin +€12,837
up €12,837 (+38.2%), from €33,579 to €46,416
- Staff costs +€8,358
up €8,358 (+69.9%), from €11,959 to €20,318
- Taxes +€3,078
up €3,078 (+2,206%), from €140 to €3,217
- Depreciation +€2,468
up €2,468 (+152%), from €1,628 to €4,097
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €54,866 | €72,170 | +€17,304 | +31.5% |
| Fixed assets | 21/28 | €17,539 | €22,917 | +€5,378 | +30.7% |
| Tangible fixed assets | 22/27 | €17,539 | €22,917 | +€5,378 | +30.7% |
| Land and buildings | 22 | €1,061 | €1,008 | -€53 | -5.0% |
| Plant, machinery and equipment | 23 | €15,468 | €19,598 | +€4,130 | +26.7% |
| Furniture and vehicles | 24 | €1,010 | €710 | -€300 | -29.7% |
| Other tangible fixed assets | 26 | - | €1,601 | +€1,601 | |
| Current assets | 29/58 | €37,328 | €49,253 | +€11,925 | +31.9% |
| Stocks and contracts in progress | 3 | €7,729 | €8,015 | +€287 | +3.7% |
| Stocks | 30/36 | €7,729 | €8,015 | +€287 | +3.7% |
| Amounts receivable within one year | 40/41 | €2,412 | €135 | -€2,276 | -94.4% |
| Trade receivables | 40 | €2,332 | €0 | -€2,332 | -100% |
| Other amounts receivable | 41 | €80 | €135 | +€56 | +69.5% |
| Cash at bank and in hand | 54/58 | €27,188 | €38,766 | +€11,578 | +42.6% |
| Deferred charges and accrued income | 490/1 | - | €2,337 | +€2,337 | |
| Total equity and liabilities | 10/49 | €54,866 | €72,170 | +€17,304 | +31.5% |
| Equity | 10/15 | €41,033 | €57,165 | +€16,132 | +39.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,573 | €36,705 | +€16,132 | +78.4% |
| Amounts payable | 17/49 | €13,833 | €15,004 | +€1,171 | +8.5% |
| Amounts payable within one year | 42/48 | €13,833 | €15,004 | +€1,171 | +8.5% |
| Trade debts | 44 | €9,447 | €7,012 | -€2,436 | -25.8% |
| Suppliers | 440/4 | €9,447 | €7,012 | -€2,436 | -25.8% |
| Taxes, remuneration and social security | 45 | €3,205 | €6,856 | +€3,650 | +114% |
| Taxes | 450/3 | €1,699 | €4,325 | +€2,626 | +155% |
| Remuneration and social security | 454/9 | €1,507 | €2,531 | +€1,024 | +68.0% |
| Other amounts payable | 47/48 | €1,180 | €1,137 | -€43 | -3.7% |
| Non-recurring operating income | 76A | €229 | €0 | -€229 | -100% |
| Remuneration, social security and pensions | 62 | €11,959 | €20,318 | +€8,358 | +69.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,628 | €4,097 | +€2,468 | +152% |
| Other operating charges | 640/8 | €2,458 | €2,533 | +€75 | +3.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €33,579 | €46,416 | +€12,837 | +38.2% |
| Operating profit (loss) | 9901 | €17,533 | €19,469 | +€1,936 | +11.0% |
| Financial income | 75/76B | €8 | €0 | -€8 | -99.9% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -99.9% |
| Financial charges | 65/66B | -€95 | €119 | +€215 | |
| Recurring financial charges | 65 | -€95 | €119 | +€215 | |
| Profit (loss) for the period before taxes | 9903 | €17,636 | €19,350 | +€1,713 | +9.7% |
| Income taxes | 67/77 | €140 | €3,217 | +€3,078 | +2,206% |
| Profit (loss) for the period | 9904 | €17,497 | €16,132 | -€1,365 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,497 | €16,132 | -€1,365 | -7.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.