LA MAREE: 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.
LA MAREE
Largest movements
- Cash -€152,393
down €152,393 (-82.5%), from €184,662 to €32,270
- Receivables after one year -€150,500
down €150,500 (-75.2%), from €200,000 to €49,500
- Receivables within one year -€53,493
down €53,493 (-54.5%), from €98,100 to €44,606
of which Trade receivables: -€78,890
- Stocks and contracts -€6,388
no longer reported in 2025 (was €6,388)
- Reserves -€150,500
down €150,500 (-65.3%), from €230,487 to €79,987
of which Distributable reserves: -€150,500
- Trade debts -€85,903
down €85,903 (-98.0%), from €87,641 to €1,738
- Profit (loss) carried forward -€62,612
down €62,612, from €44,865 to -€17,748
- Tax, wage and social debts -€30,878
down €30,878 (-99.7%), from €30,966 to €88
of which Taxes: -€16,711
- Other debts -€20,007
down €20,007 (-42.3%), from €47,299 to €27,292
- Gross operating margin -€284,135
down €284,135, from €253,013 to -€31,122
- Staff costs -€135,300
no longer reported in 2025 (was €135,300)
- Taxes -€28,448
down €28,448, from €26,616 to -€1,832
- Provisions -€10,500
new in 2025: -€10,500
- Financial charges -€5,624
down €5,624 (-42.9%), from €13,116 to €7,492
of which Financial charges: -€11,558
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €526,001 | €153,376 | -€372,625 | -70.8% |
| Fixed assets | 21/28 | €35,810 | €27,000 | -€8,810 | -24.6% |
| Tangible fixed assets | 22/27 | €4,938 | - | -€4,938 | |
| Plant, machinery and equipment | 23 | €4,938 | - | -€4,938 | |
| Financial fixed assets | 28 | €30,872 | €27,000 | -€3,872 | -12.5% |
| Current assets | 29/58 | €490,191 | €126,376 | -€363,815 | -74.2% |
| Amounts receivable after more than one year | 29 | €200,000 | €49,500 | -€150,500 | -75.2% |
| Trade receivables | 290 | €200,000 | €49,500 | -€150,500 | -75.2% |
| Stocks and contracts in progress | 3 | €6,388 | - | -€6,388 | |
| Stocks | 30/36 | €6,388 | - | -€6,388 | |
| Amounts receivable within one year | 40/41 | €98,100 | €44,606 | -€53,493 | -54.5% |
| Trade receivables | 40 | €78,890 | - | -€78,890 | |
| Other amounts receivable | 41 | €19,210 | €44,606 | +€25,397 | +132.2% |
| Cash at bank and in hand | 54/58 | €184,662 | €32,270 | -€152,393 | -82.5% |
| Deferred charges and accrued income | 490/1 | €1,041 | - | -€1,041 | |
| Total equity and liabilities | 10/49 | €526,001 | €153,376 | -€372,625 | -70.8% |
| Equity | 10/15 | €337,352 | €124,240 | -€213,112 | -63.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | - | -€62,000 | |
| Issued capital | 100 | €62,000 | - | -€62,000 | |
| Contributions outside capital | 11 | - | €62,000 | +€62,000 | |
| Other | 1109/19 | - | €62,000 | +€62,000 | |
| Reserves | 13 | €230,487 | €79,987 | -€150,500 | -65.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | - | -€6,200 | |
| Reserves not available under the articles | 1311 | - | €6,200 | +€6,200 | |
| Distributable reserves | 133 | €224,287 | €73,787 | -€150,500 | -67.1% |
| Profit (loss) carried forward | 14 | €44,865 | -€17,748 | -€62,612 | |
| Provisions and deferred taxes | 16 | €10,500 | - | -€10,500 | |
| Provisions for liabilities and charges | 160/5 | €10,500 | - | -€10,500 | |
| Other liabilities and charges | 164/5 | €10,500 | - | -€10,500 | |
| Amounts payable | 17/49 | €178,149 | €29,136 | -€149,013 | -83.6% |
| Amounts payable within one year | 42/48 | €175,024 | €29,119 | -€145,905 | -83.4% |
| Trade debts | 44 | €87,641 | €1,738 | -€85,903 | -98.0% |
| Suppliers | 440/4 | €87,641 | €1,738 | -€85,903 | -98.0% |
| Advances received on contracts in progress | 46 | €9,118 | - | -€9,118 | |
| Taxes, remuneration and social security | 45 | €30,966 | €88 | -€30,878 | -99.7% |
| Taxes | 450/3 | €16,799 | €88 | -€16,711 | -99.5% |
| Remuneration and social security | 454/9 | €14,167 | - | -€14,167 | |
| Other amounts payable | 47/48 | €47,299 | €27,292 | -€20,007 | -42.3% |
| Accrued charges and deferred income | 492/3 | €3,125 | €18 | -€3,108 | -99.4% |
| Non-recurring operating income | 76A | - | €24,285 | +€24,285 | |
| Remuneration, social security and pensions | 62 | €135,300 | - | -€135,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,077 | €707 | -€5,370 | -88.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€10,500 | -€10,500 | |
| Other operating charges | 640/8 | €949 | €3,647 | +€2,698 | +284.3% |
| Non-recurring operating charges | 66A | - | €23,084 | +€23,084 | |
| Gross operating margin | 9900 | €253,013 | -€31,122 | -€284,135 | |
| Operating profit (loss) | 9901 | €110,687 | -€48,060 | -€158,747 | |
| Financial income | 75/76B | €33 | €445 | +€412 | +1241.8% |
| Recurring financial income | 75 | €33 | €445 | +€412 | +1241.8% |
| Financial charges | 65/66B | €13,116 | €7,492 | -€5,624 | -42.9% |
| Recurring financial charges | 65 | €13,116 | €1,558 | -€11,558 | -88.1% |
| Non-recurring financial charges | 66B | - | €5,934 | +€5,934 | |
| Profit (loss) for the period before taxes | 9903 | €97,604 | -€55,107 | -€152,711 | |
| Income taxes | 67/77 | €26,616 | -€1,832 | -€28,448 | |
| Profit (loss) for the period | 9904 | €70,988 | -€53,275 | -€124,263 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,988 | -€53,275 | -€124,263 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.