MAARIS: 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.
MAARIS
Largest movements
- Tangible fixed assets +€191,199
up €191,199 (+8.2%), from €2.3m to €2.5m
of which Land and buildings: +€217,743
- Receivables within one year +€154,540
up €154,540 (+637.8%), from €24,230 to €178,770
of which Other amounts receivable: +€178,302
- Receivables after one year +€32,326
up €32,326 (+68.8%), from €47,004 to €79,330
- Debts after one year +€444,760
up €444,760 (+22.3%), from €2.0m to €2.4m
of which Other amounts payable: +€239,095
- Other debts -€56,272
down €56,272 (-100.0%), from €56,272 to €0
- Gross operating margin -€87,025
down €87,025 (-27.4%), from €317,102 to €230,077
- Taxes -€29,302
down €29,302 (-96.0%), from €30,532 to €1,230
- Financial charges +€9,781
up €9,781 (+14.0%), from €70,016 to €79,797
- Other operating charges -€3,552
down €3,552 (-24.6%), from €14,440 to €10,888
- Financial income +€3,274
up €3,274 (+524.1%), from €625 to €3,899
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 | €2,417,582 | €2,790,759 | +€373,178 | +15.4% |
| Fixed assets | 21/28 | €2,324,155 | €2,515,355 | +€191,199 | +8.2% |
| Tangible fixed assets | 22/27 | €2,324,155 | €2,515,355 | +€191,199 | +8.2% |
| Land and buildings | 22 | €1,949,377 | €2,167,119 | +€217,743 | +11.2% |
| Other tangible fixed assets | 26 | €374,779 | €348,235 | -€26,543 | -7.1% |
| Current assets | 29/58 | €93,427 | €275,405 | +€181,978 | +194.8% |
| Amounts receivable after more than one year | 29 | €47,004 | €79,330 | +€32,326 | +68.8% |
| Other amounts receivable | 291 | €47,004 | €79,330 | +€32,326 | +68.8% |
| Amounts receivable within one year | 40/41 | €24,230 | €178,770 | +€154,540 | +637.8% |
| Trade receivables | 40 | €23,762 | €0 | -€23,762 | -100.0% |
| Other amounts receivable | 41 | €468 | €178,770 | +€178,302 | +38135.4% |
| Cash at bank and in hand | 54/58 | €21,185 | €16,938 | -€4,246 | -20.0% |
| Deferred charges and accrued income | 490/1 | €1,008 | €367 | -€641 | -63.6% |
| Total equity and liabilities | 10/49 | €2,417,582 | €2,790,759 | +€373,178 | +15.4% |
| Equity | 10/15 | €181,225 | €184,667 | +€3,442 | +1.9% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €181,224 | €184,666 | +€3,442 | +1.9% |
| Tax-exempt reserves | 132 | €48,750 | €48,750 | = | 0.0% |
| Distributable reserves | 133 | €132,474 | €135,916 | +€3,442 | +2.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,236,357 | €2,606,093 | +€369,736 | +16.5% |
| Amounts payable after more than one year | 17 | €1,994,417 | €2,439,177 | +€444,760 | +22.3% |
| Financial debts | 170/4 | €1,498,902 | €1,704,567 | +€205,666 | +13.7% |
| Other amounts payable | 178/9 | €495,515 | €734,610 | +€239,095 | +48.3% |
| Amounts payable within one year | 42/48 | €229,780 | €154,517 | -€75,262 | -32.8% |
| Current portion of amounts payable after more than one year | 42 | €129,979 | €137,484 | +€7,505 | +5.8% |
| Financial debts | 43 | €7,081 | €0 | -€7,081 | -100.0% |
| Credit institutions | 430/8 | €7,081 | €0 | -€7,081 | -100.0% |
| Trade debts | 44 | €29,228 | €11,363 | -€17,864 | -61.1% |
| Suppliers | 440/4 | €29,228 | €11,363 | -€17,864 | -61.1% |
| Taxes, remuneration and social security | 45 | €7,219 | €5,670 | -€1,549 | -21.5% |
| Taxes | 450/3 | €7,219 | €5,670 | -€1,549 | -21.5% |
| Other amounts payable | 47/48 | €56,272 | €0 | -€56,272 | -100.0% |
| Accrued charges and deferred income | 492/3 | €12,160 | €12,398 | +€238 | +2.0% |
| Non-recurring operating income | 76A | - | €20,009 | +€20,009 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,892 | €138,619 | -€2,273 | -1.6% |
| Other operating charges | 640/8 | €14,440 | €10,888 | -€3,552 | -24.6% |
| Gross operating margin | 9900 | €317,102 | €230,077 | -€87,025 | -27.4% |
| Operating profit (loss) | 9901 | €161,770 | €80,570 | -€81,200 | -50.2% |
| Financial income | 75/76B | €625 | €3,899 | +€3,274 | +524.1% |
| Recurring financial income | 75 | €625 | €3,899 | +€3,274 | +524.1% |
| Financial charges | 65/66B | €70,016 | €79,797 | +€9,781 | +14.0% |
| Recurring financial charges | 65 | €70,016 | €79,797 | +€9,781 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | €92,379 | €4,672 | -€87,707 | -94.9% |
| Income taxes | 67/77 | €30,532 | €1,230 | -€29,302 | -96.0% |
| Profit (loss) for the period | 9904 | €61,847 | €3,442 | -€58,405 | -94.4% |
| Profit (loss) for the period to be appropriated | 9905 | €61,847 | €3,442 | -€58,405 | -94.4% |
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 9 October 2026 via checked.be.