M.A.R. IMMO: 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. IMMO
Largest movements
- Tangible fixed assets -€35,204
down €35,204 (-3.0%), from €1.2m to €1.1m
of which Land and buildings: -€26,416
- Debts after one year -€25,648
down €25,648 (-14.8%), from €173,145 to €147,498
- Gross operating margin +€12,895
up €12,895 (+49.8%), from €25,880 to €38,775
- Depreciation +€727
up €727 (+2.0%), from €37,175 to €37,902
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 | €1,195,530 | €1,163,435 | -€32,095 | -2.7% |
| Fixed assets | 21/28 | €1,165,245 | €1,130,040 | -€35,204 | -3.0% |
| Tangible fixed assets | 22/27 | €1,165,245 | €1,130,040 | -€35,204 | -3.0% |
| Land and buildings | 22 | €1,088,064 | €1,061,648 | -€26,416 | -2.4% |
| Other tangible fixed assets | 26 | €77,181 | €68,393 | -€8,788 | -11.4% |
| Current assets | 29/58 | €30,285 | €33,395 | +€3,109 | +10.3% |
| Cash at bank and in hand | 54/58 | €30,285 | €33,395 | +€3,109 | +10.3% |
| Total equity and liabilities | 10/49 | €1,195,530 | €1,163,435 | -€32,095 | -2.7% |
| Equity | 10/15 | €214,499 | €207,775 | -€6,724 | -3.1% |
| Contributions | 10/11 | €525,000 | €525,000 | = | 0.0% |
| Capital | 10 | €525,000 | €525,000 | = | 0.0% |
| Issued capital | 100 | €525,000 | €525,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€310,501 | -€317,225 | -€6,724 | -2.2% |
| Amounts payable | 17/49 | €981,030 | €955,660 | -€25,371 | -2.6% |
| Amounts payable after more than one year | 17 | €173,145 | €147,498 | -€25,648 | -14.8% |
| Financial debts | 170/4 | €173,145 | €147,498 | -€25,648 | -14.8% |
| Amounts payable within one year | 42/48 | €807,885 | €808,162 | +€277 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €14,371 | €14,648 | +€277 | +1.9% |
| Other amounts payable | 47/48 | €793,514 | €793,514 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,175 | €37,902 | +€727 | +2.0% |
| Other operating charges | 640/8 | €5,173 | €5,334 | +€161 | +3.1% |
| Gross operating margin | 9900 | €25,880 | €38,775 | +€12,895 | +49.8% |
| Operating profit (loss) | 9901 | -€16,467 | -€4,461 | +€12,006 | +72.9% |
| Financial charges | 65/66B | €2,535 | €2,264 | -€272 | -10.7% |
| Recurring financial charges | 65 | €2,535 | €2,264 | -€272 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€19,002 | -€6,724 | +€12,278 | +64.6% |
| Profit (loss) for the period | 9904 | -€19,002 | -€6,724 | +€12,278 | +64.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,002 | -€6,724 | +€12,278 | +64.6% |
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 27 October 2026 via checked.be.