LE MARAIS: 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.
LE MARAIS
Largest movements
- Receivables within one year +€706,073
up €706,073 (+289%), from €243,927 to €950,000
- Tangible fixed assets -€136,886
down €136,886 (-5.9%), from €2.3m to €2.2m
of which Land and buildings: -€145,768
- Reserves +€693,818
up €693,818 (+68.6%), from €1.0m to €1.7m
of which Distributable reserves: +€693,818
- Debts after one year -€178,667
down €178,667 (-22.3%), from €802,000 to €623,333
- Tax, wage and social debts +€56,273
up €56,273 (+1,603%), from €3,510 to €59,783
- Gross operating margin -€271,543
down €271,543 (-18.9%), from €1.4m to €1.2m
- Taxes -€62,237
down €62,237 (-21.2%), from €293,510 to €231,273
- Financial charges -€24,473
down €24,473 (-39.3%), from €62,341 to €37,868
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 | €2,640,169 | €3,194,394 | +€554,225 | +21.0% |
| Fixed assets | 21/28 | €2,312,842 | €2,175,638 | -€137,204 | -5.9% |
| Tangible fixed assets | 22/27 | €2,312,524 | €2,175,638 | -€136,886 | -5.9% |
| Land and buildings | 22 | €2,080,758 | €1,934,990 | -€145,768 | -7.0% |
| Other tangible fixed assets | 26 | €76,656 | €131,718 | +€55,062 | +71.8% |
| Assets under construction and advance payments | 27 | €155,110 | €108,930 | -€46,179 | -29.8% |
| Financial fixed assets | 28 | €318 | - | -€318 | |
| Current assets | 29/58 | €327,328 | €1,018,756 | +€691,429 | +211% |
| Amounts receivable within one year | 40/41 | €243,927 | €950,000 | +€706,073 | +289% |
| Other amounts receivable | 41 | €243,927 | €950,000 | +€706,073 | +289% |
| Cash at bank and in hand | 54/58 | €79,691 | €64,923 | -€14,768 | -18.5% |
| Deferred charges and accrued income | 490/1 | €3,710 | €3,833 | +€123 | +3.3% |
| Total equity and liabilities | 10/49 | €2,640,169 | €3,194,394 | +€554,225 | +21.0% |
| Equity | 10/15 | €1,051,050 | €1,744,868 | +€693,818 | +66.0% |
| Contributions | 10/11 | €39,610 | €39,610 | = | 0.0% |
| Contributions outside capital | 11 | €39,610 | €39,610 | = | 0.0% |
| Other | 1109/19 | €39,610 | €39,610 | = | 0.0% |
| Reserves | 13 | €1,011,440 | €1,705,258 | +€693,818 | +68.6% |
| Tax-exempt reserves | 132 | €645 | €645 | = | 0.0% |
| Distributable reserves | 133 | €1,010,795 | €1,704,613 | +€693,818 | +68.6% |
| Amounts payable | 17/49 | €1,589,119 | €1,449,527 | -€139,593 | -8.8% |
| Amounts payable after more than one year | 17 | €802,000 | €623,333 | -€178,667 | -22.3% |
| Financial debts | 170/4 | €802,000 | €623,333 | -€178,667 | -22.3% |
| Amounts payable within one year | 42/48 | €786,881 | €825,995 | +€39,114 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €178,667 | €178,667 | = | 0.0% |
| Financial debts | 43 | €64,715 | €62,530 | -€2,185 | -3.4% |
| Credit institutions | 430/8 | €64,715 | €62,530 | -€2,185 | -3.4% |
| Trade debts | 44 | €14,989 | €16 | -€14,973 | -99.9% |
| Suppliers | 440/4 | €14,989 | €16 | -€14,973 | -99.9% |
| Taxes, remuneration and social security | 45 | €3,510 | €59,783 | +€56,273 | +1,603% |
| Taxes | 450/3 | €3,510 | €59,783 | +€56,273 | +1,603% |
| Other amounts payable | 47/48 | €525,000 | €525,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €238 | €199 | -€40 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,833 | €165,535 | +€702 | +0.4% |
| Other operating charges | 640/8 | €37,489 | €38,667 | +€1,178 | +3.1% |
| Gross operating margin | 9900 | €1,438,703 | €1,167,160 | -€271,543 | -18.9% |
| Operating profit (loss) | 9901 | €1,236,381 | €962,958 | -€273,422 | -22.1% |
| Financial charges | 65/66B | €62,341 | €37,868 | -€24,473 | -39.3% |
| Recurring financial charges | 65 | €62,341 | €37,868 | -€24,473 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €1,174,040 | €925,090 | -€248,950 | -21.2% |
| Income taxes | 67/77 | €293,510 | €231,273 | -€62,237 | -21.2% |
| Profit (loss) for the period | 9904 | €880,530 | €693,818 | -€186,712 | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €880,530 | €693,818 | -€186,712 | -21.2% |
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 1 November 2026 via checked.be.