MA.RO.: 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.RO.
Largest movements
- Tangible fixed assets -€32,574
down €32,574 (-18.9%), from €172,491 to €139,918
of which Plant, machinery and equipment: -€32,574
- Receivables within one year +€25,079
up €25,079 (+103.4%), from €24,249 to €49,328
of which Trade receivables: +€25,079
- Cash +€12,897
up €12,897 (+38.8%), from €33,266 to €46,163
mainly Net result for the year (+€119,901) and Depreciation (+€32,574)
- Trade debts -€142,819
down €142,819 (-41.1%), from €347,612 to €204,792
- Profit (loss) carried forward +€119,901
up €119,901 (+77.5%), from -€154,803 to -€34,901
- Accrued charges and deferred income +€16,481
up €16,481 (+385.9%), from €4,271 to €20,752
- Tax, wage and social debts +€14,939
up €14,939 (+124.3%), from €12,020 to €26,959
of which Remuneration and social security: +€12,708
- Gross operating margin +€94,885
up €94,885 (+25.9%), from €365,886 to €460,772
- Staff costs -€53,823
down €53,823 (-15.1%), from €356,882 to €303,058
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 | €278,161 | €286,663 | +€8,502 | +3.1% |
| Fixed assets | 21/28 | €172,491 | €139,918 | -€32,574 | -18.9% |
| Tangible fixed assets | 22/27 | €172,491 | €139,918 | -€32,574 | -18.9% |
| Plant, machinery and equipment | 23 | €172,491 | €139,918 | -€32,574 | -18.9% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €105,669 | €146,745 | +€41,076 | +38.9% |
| Stocks and contracts in progress | 3 | €48,155 | €50,877 | +€2,722 | +5.7% |
| Stocks | 30/36 | €48,155 | €50,877 | +€2,722 | +5.7% |
| Amounts receivable within one year | 40/41 | €24,249 | €49,328 | +€25,079 | +103.4% |
| Trade receivables | 40 | €24,249 | €49,328 | +€25,079 | +103.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €33,266 | €46,163 | +€12,897 | +38.8% |
| Deferred charges and accrued income | 490/1 | - | €378 | +€378 | |
| Total equity and liabilities | 10/49 | €278,161 | €286,663 | +€8,502 | +3.1% |
| Equity | 10/15 | -€85,742 | €34,159 | +€119,901 | |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €7,087 | €7,087 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €890 | €890 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€154,803 | -€34,901 | +€119,901 | +77.5% |
| Amounts payable | 17/49 | €363,902 | €252,503 | -€111,399 | -30.6% |
| Amounts payable within one year | 42/48 | €359,631 | €231,751 | -€127,880 | -35.6% |
| Trade debts | 44 | €347,612 | €204,792 | -€142,819 | -41.1% |
| Suppliers | 440/4 | €347,612 | €204,792 | -€142,819 | -41.1% |
| Taxes, remuneration and social security | 45 | €12,020 | €26,959 | +€14,939 | +124.3% |
| Taxes | 450/3 | €1,846 | €4,077 | +€2,231 | +120.8% |
| Remuneration and social security | 454/9 | €10,173 | €22,882 | +€12,708 | +124.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €4,271 | €20,752 | +€16,481 | +385.9% |
| Non-recurring operating income | 76A | €777 | €819 | +€42 | +5.4% |
| Remuneration, social security and pensions | 62 | €356,882 | €303,058 | -€53,823 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,740 | €32,574 | -€1,167 | -3.5% |
| Other operating charges | 640/8 | €1,785 | €1,833 | +€48 | +2.7% |
| Gross operating margin | 9900 | €365,886 | €460,772 | +€94,885 | +25.9% |
| Operating profit (loss) | 9901 | -€26,521 | €123,307 | +€149,827 | |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €2,099 | €3,416 | +€1,317 | +62.8% |
| Recurring financial charges | 65 | €2,099 | €3,416 | +€1,317 | +62.8% |
| Profit (loss) for the period before taxes | 9903 | -€28,620 | €119,901 | +€148,521 | |
| Profit (loss) for the period | 9904 | -€28,620 | €119,901 | +€148,521 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,620 | €119,901 | +€148,521 |
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 10 October 2026 via checked.be.