Ma-Rhu: 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.
Ma-Rhu
Largest movements
- Tangible fixed assets -€179,254
down €179,254 (-10.6%), from €1.7m to €1.5m
of which Land and buildings: -€223,331
- Cash +€104,444
up €104,444 (+647%), from €16,148 to €120,592
mainly Net result for the year (+€253,781) and Depreciation (+€87,512)
- Current investments +€35,545
new in 2025: €35,545
- Reserves +€343,141
up €343,141 (+225%), from €152,392 to €495,533
of which Distributable reserves: +€191,079
- Debts after one year -€267,050
down €267,050 (-20.0%), from €1.3m to €1.1m
- Profit (loss) carried forward -€91,026
down €91,026 (-100%), from €91,026 to €0
- Provisions +€38,016
new in 2025: €38,016
- Other debts -€28,402
down €28,402 (-59.2%), from €47,984 to €19,583
- Gross operating margin +€238,849
up €238,849 (+109%), from €218,835 to €457,684
- Other operating charges -€50,187
down €50,187 (-89.7%), from €55,950 to €5,763
- Depreciation +€27,007
up €27,007 (+44.6%), from €60,505 to €87,512
- Financial charges +€16,465
up €16,465 (+45.2%), from €36,434 to €52,899
- Taxes +€15,265
up €15,265 (+106%), from €14,444 to €29,709
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 | €1,813,796 | €1,781,702 | -€32,094 | -1.8% |
| Fixed assets | 21/28 | €1,763,318 | €1,590,063 | -€173,254 | -9.8% |
| Tangible fixed assets | 22/27 | €1,685,947 | €1,506,693 | -€179,254 | -10.6% |
| Land and buildings | 22 | €1,523,112 | €1,299,781 | -€223,331 | -14.7% |
| Plant, machinery and equipment | 23 | €9,891 | €0 | -€9,891 | -100% |
| Furniture and vehicles | 24 | €152,945 | €206,912 | +€53,967 | +35.3% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €77,371 | €83,371 | +€6,000 | +7.8% |
| Current assets | 29/58 | €50,478 | €191,638 | +€141,161 | +280% |
| Amounts receivable within one year | 40/41 | €26,319 | €24,528 | -€1,791 | -6.8% |
| Trade receivables | 40 | €14,329 | €11,641 | -€2,688 | -18.8% |
| Other amounts receivable | 41 | €11,989 | €12,886 | +€897 | +7.5% |
| Current investments | 50/53 | - | €35,545 | +€35,545 | |
| Cash at bank and in hand | 54/58 | €16,148 | €120,592 | +€104,444 | +647% |
| Deferred charges and accrued income | 490/1 | €8,011 | €10,974 | +€2,962 | +37.0% |
| Total equity and liabilities | 10/49 | €1,813,796 | €1,781,702 | -€32,094 | -1.8% |
| Equity | 10/15 | €262,018 | €514,133 | +€252,115 | +96.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €152,392 | €495,533 | +€343,141 | +225% |
| Tax-exempt reserves | 132 | - | €152,062 | +€152,062 | |
| Distributable reserves | 133 | €152,392 | €343,471 | +€191,079 | +125% |
| Profit (loss) carried forward | 14 | €91,026 | €0 | -€91,026 | -100% |
| Provisions and deferred taxes | 16 | - | €38,016 | +€38,016 | |
| Deferred taxes | 168 | - | €38,016 | +€38,016 | |
| Amounts payable | 17/49 | €1,551,777 | €1,229,553 | -€322,224 | -20.8% |
| Amounts payable after more than one year | 17 | €1,334,126 | €1,067,076 | -€267,050 | -20.0% |
| Financial debts | 170/4 | €1,334,126 | €1,067,076 | -€267,050 | -20.0% |
| Amounts payable within one year | 42/48 | €214,751 | €159,214 | -€55,538 | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €104,043 | €76,645 | -€27,398 | -26.3% |
| Trade debts | 44 | €8,686 | €9,115 | +€429 | +4.9% |
| Suppliers | 440/4 | €8,686 | €9,115 | +€429 | +4.9% |
| Taxes, remuneration and social security | 45 | €54,037 | €53,870 | -€167 | -0.3% |
| Taxes | 450/3 | €54,037 | €53,870 | -€167 | -0.3% |
| Other amounts payable | 47/48 | €47,984 | €19,583 | -€28,402 | -59.2% |
| Accrued charges and deferred income | 492/3 | €2,901 | €3,264 | +€364 | +12.5% |
| Remuneration, social security and pensions | 62 | €0 | €9 | +€9 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,505 | €87,512 | +€27,007 | +44.6% |
| Other operating charges | 640/8 | €55,950 | €5,763 | -€50,187 | -89.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €218,835 | €457,684 | +€238,849 | +109% |
| Operating profit (loss) | 9901 | €102,381 | €364,400 | +€262,019 | +256% |
| Financial income | 75/76B | €20,067 | €10,005 | -€10,062 | -50.1% |
| Recurring financial income | 75 | €20,067 | €10,005 | -€10,062 | -50.1% |
| Financial charges | 65/66B | €36,434 | €52,899 | +€16,465 | +45.2% |
| Recurring financial charges | 65 | €36,434 | €52,899 | +€16,465 | +45.2% |
| Profit (loss) for the period before taxes | 9903 | €86,013 | €321,505 | +€235,492 | +274% |
| Transfer from deferred taxes | 780 | - | €1,188 | +€1,188 | |
| Transfer to deferred taxes | 680 | - | €39,204 | +€39,204 | |
| Income taxes | 67/77 | €14,444 | €29,709 | +€15,265 | +106% |
| Profit (loss) for the period | 9904 | €71,570 | €253,781 | +€182,211 | +255% |
| Transfer from tax-exempt reserves | 789 | - | €4,752 | +€4,752 | |
| Transfer to tax-exempt reserves | 689 | - | €156,814 | +€156,814 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,570 | €101,719 | +€30,149 | +42.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.