M.A.R.: 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.
M.A.R.
Largest movements
- Receivables within one year +€12,136
up €12,136 (+27.7%), from €43,774 to €55,910
of which Other amounts receivable: +€6,354
- Tangible fixed assets -€7,668
down €7,668 (-64.5%), from €11,881 to €4,213
- Trade debts +€13,257
up €13,257 (+6479.5%), from €205 to €13,462
- Other debts -€8,977
down €8,977 (-40.7%), from €22,039 to €13,062
- Current portion of long-term debt -€8,556
down €8,556 (-43.4%), from €19,712 to €11,155
- Reserves +€8,550
up €8,550 (+9.2%), from €92,891 to €101,441
- Gross operating margin -€8,009
down €8,009 (-26.0%), from €30,747 to €22,738
- Taxes -€1,010
down €1,010 (-16.3%), from €6,200 to €5,191
- Staff costs +€907
new in 2025: €907
- Other operating charges -€419
no longer reported in 2025 (was €419)
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 | €157,015 | €160,486 | +€3,471 | +2.2% |
| Fixed assets | 21/28 | €11,881 | €4,213 | -€7,668 | -64.5% |
| Tangible fixed assets | 22/27 | €11,881 | €4,213 | -€7,668 | -64.5% |
| Furniture and vehicles | 24 | €11,881 | €4,213 | -€7,668 | -64.5% |
| Current assets | 29/58 | €145,134 | €156,273 | +€11,139 | +7.7% |
| Amounts receivable within one year | 40/41 | €43,774 | €55,910 | +€12,136 | +27.7% |
| Trade receivables | 40 | €30,677 | €36,458 | +€5,782 | +18.8% |
| Other amounts receivable | 41 | €13,098 | €19,452 | +€6,354 | +48.5% |
| Cash at bank and in hand | 54/58 | €101,360 | €100,363 | -€997 | -1.0% |
| Total equity and liabilities | 10/49 | €157,015 | €160,486 | +€3,471 | +2.2% |
| Equity | 10/15 | €110,891 | €119,441 | +€8,550 | +7.7% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Reserves | 13 | €92,891 | €101,441 | +€8,550 | +9.2% |
| Distributable reserves | 133 | €92,891 | €101,441 | +€8,550 | +9.2% |
| Amounts payable | 17/49 | €46,124 | €41,045 | -€5,079 | -11.0% |
| Amounts payable within one year | 42/48 | €46,124 | €41,045 | -€5,079 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €19,712 | €11,155 | -€8,556 | -43.4% |
| Trade debts | 44 | €205 | €13,462 | +€13,257 | +6479.5% |
| Suppliers | 440/4 | €205 | €13,462 | +€13,257 | +6479.5% |
| Taxes, remuneration and social security | 45 | €4,169 | €3,367 | -€802 | -19.2% |
| Taxes | 450/3 | €1,610 | €789 | -€820 | -51.0% |
| Remuneration and social security | 454/9 | €2,559 | €2,577 | +€18 | +0.7% |
| Other amounts payable | 47/48 | €22,039 | €13,062 | -€8,977 | -40.7% |
| Remuneration, social security and pensions | 62 | - | €907 | +€907 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,668 | €7,668 | = | 0.0% |
| Other operating charges | 640/8 | €419 | - | -€419 | |
| Gross operating margin | 9900 | €30,747 | €22,738 | -€8,009 | -26.0% |
| Operating profit (loss) | 9901 | €22,661 | €14,163 | -€8,497 | -37.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €363 | €424 | +€60 | +16.6% |
| Recurring financial charges | 65 | €363 | €424 | +€60 | +16.6% |
| Profit (loss) for the period before taxes | 9903 | €22,297 | €13,740 | -€8,557 | -38.4% |
| Income taxes | 67/77 | €6,200 | €5,191 | -€1,010 | -16.3% |
| Profit (loss) for the period | 9904 | €16,097 | €8,550 | -€7,547 | -46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,097 | €8,550 | -€7,547 | -46.9% |
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 12 October 2026 via checked.be.