SERGIO MARRA: 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.
SERGIO MARRA
Largest movements
- Receivables within one year -€24,371
down €24,371 (-62.0%), from €39,300 to €14,929
of which Other amounts receivable: -€15,355
- Cash +€21,333
up €21,333 (+1,788%), from €1,193 to €22,526
mainly Receivables within one year (+€24,371) and Net result for the year (+€22,280)
- Deferred charges and accrued income +€16,808
up €16,808 (+1,659%), from €1,013 to €17,821
- Tangible fixed assets +€1,540
up €1,540 (+6.0%), from €25,724 to €27,264
of which Other tangible fixed assets: +€4,333
- Reserves +€16,563
up €16,563 (+78.3%), from €21,149 to €37,712
of which Distributable reserves: +€16,563
- Tax, wage and social debts +€4,551
up €4,551 (+37.0%), from €12,294 to €16,844
- Other debts -€3,042
down €3,042 (-23.7%), from €12,830 to €9,788
- Short-term financial debts -€1,668
down €1,668 (-100%), from €1,668 to €0
- Trade debts -€1,094
down €1,094 (-8.4%), from €13,088 to €11,993
- Gross operating margin +€16,701
up €16,701 (+46.0%), from €36,346 to €53,047
- Taxes +€4,076
up €4,076 (+45.2%), from €9,025 to €13,101
- Financial charges +€2,800
up €2,800 (+60.5%), from €4,627 to €7,427
- Depreciation +€1,318
up €1,318 (+17.2%), from €7,683 to €9,001
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.
Derived cash bridge
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 | €67,230 | €82,540 | +€15,310 | +22.8% |
| Fixed assets | 21/28 | €25,724 | €27,264 | +€1,540 | +6.0% |
| Tangible fixed assets | 22/27 | €25,724 | €27,264 | +€1,540 | +6.0% |
| Plant, machinery and equipment | 23 | €6,908 | €6,597 | -€311 | -4.5% |
| Furniture and vehicles | 24 | €9,856 | €7,374 | -€2,482 | -25.2% |
| Other tangible fixed assets | 26 | €8,960 | €13,293 | +€4,333 | +48.4% |
| Current assets | 29/58 | €41,507 | €55,276 | +€13,769 | +33.2% |
| Amounts receivable within one year | 40/41 | €39,300 | €14,929 | -€24,371 | -62.0% |
| Trade receivables | 40 | €23,946 | €14,929 | -€9,017 | -37.7% |
| Other amounts receivable | 41 | €15,355 | €0 | -€15,355 | -100% |
| Cash at bank and in hand | 54/58 | €1,193 | €22,526 | +€21,333 | +1,788% |
| Deferred charges and accrued income | 490/1 | €1,013 | €17,821 | +€16,808 | +1,659% |
| Total equity and liabilities | 10/49 | €67,230 | €82,540 | +€15,310 | +22.8% |
| Equity | 10/15 | €27,352 | €43,915 | +€16,563 | +60.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €21,149 | €37,712 | +€16,563 | +78.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €21,149 | €37,712 | +€16,563 | +78.3% |
| Profit (loss) carried forward | 14 | €3 | €3 | = | 0.0% |
| Amounts payable | 17/49 | €39,878 | €38,625 | -€1,253 | -3.1% |
| Amounts payable within one year | 42/48 | €39,878 | €38,625 | -€1,253 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €1,668 | €0 | -€1,668 | -100% |
| Credit institutions | 430/8 | €1,668 | €0 | -€1,668 | -100% |
| Trade debts | 44 | €13,088 | €11,993 | -€1,094 | -8.4% |
| Suppliers | 440/4 | €13,088 | €11,993 | -€1,094 | -8.4% |
| Taxes, remuneration and social security | 45 | €12,294 | €16,844 | +€4,551 | +37.0% |
| Taxes | 450/3 | €12,294 | €16,844 | +€4,551 | +37.0% |
| Other amounts payable | 47/48 | €12,830 | €9,788 | -€3,042 | -23.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €12,918 | €0 | -€12,918 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,683 | €9,001 | +€1,318 | +17.2% |
| Other operating charges | 640/8 | €1,378 | €1,237 | -€141 | -10.2% |
| Non-recurring operating charges | 66A | €62 | €0 | -€62 | -100% |
| Gross operating margin | 9900 | €36,346 | €53,047 | +€16,701 | +46.0% |
| Operating profit (loss) | 9901 | €27,223 | €42,809 | +€15,586 | +57.3% |
| Financial income | 75/76B | €0 | €0 | +€0 | +200% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +200% |
| Financial charges | 65/66B | €4,627 | €7,427 | +€2,800 | +60.5% |
| Recurring financial charges | 65 | €4,627 | €7,427 | +€2,800 | +60.5% |
| Profit (loss) for the period before taxes | 9903 | €22,596 | €35,382 | +€12,785 | +56.6% |
| Income taxes | 67/77 | €9,025 | €13,101 | +€4,076 | +45.2% |
| Profit (loss) for the period | 9904 | €13,571 | €22,280 | +€8,709 | +64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,571 | €22,280 | +€8,709 | +64.2% |
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 19 October 2026 via checked.be.