MAARLU: 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.
MAARLU
Largest movements
- Tangible fixed assets -€91,990
down €91,990 (-77.3%), from €119,046 to €27,056
of which Other tangible fixed assets: -€79,397
- Cash +€77,352
up €77,352 (+10,254%), from €754 to €78,107
mainly Investment in fixed assets (net) (+€88,861) and Receivables within one year (+€42,914)
- Receivables within one year -€42,914
down €42,914 (-75.3%), from €56,964 to €14,050
of which Other amounts receivable: -€32,475
- Receivables after one year -€32,000
down €32,000 (-45.0%), from €71,100 to €39,100
- Other debts -€58,579
down €58,579 (-98.5%), from €59,500 to €921
- Reserves -€20,406
down €20,406 (-12.9%), from €157,750 to €137,344
- Trade debts -€6,193
down €6,193 (-50.6%), from €12,245 to €6,052
- Short-term financial debts -€4,491
down €4,491 (-100%), from €4,491 to €0
- Gross operating margin -€31,053
down €31,053, from €7,531 to -€23,523
- Financial income +€5,421
up €5,421 (+178%), from €3,038 to €8,459
of which Non-recurring financial income: +€6,339
- Depreciation -€2,339
down €2,339 (-42.8%), from €5,468 to €3,129
- Taxes -€2,050
down €2,050 (-90.5%), from €2,266 to €216
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 | €259,659 | €170,228 | -€89,431 | -34.4% |
| Fixed assets | 21/28 | €119,046 | €27,056 | -€91,990 | -77.3% |
| Tangible fixed assets | 22/27 | €119,046 | €27,056 | -€91,990 | -77.3% |
| Land and buildings | 22 | €7,716 | €0 | -€7,716 | -100% |
| Plant, machinery and equipment | 23 | €13,248 | €0 | -€13,248 | -100% |
| Furniture and vehicles | 24 | €18,685 | €27,056 | +€8,371 | +44.8% |
| Other tangible fixed assets | 26 | €79,397 | €0 | -€79,397 | -100% |
| Current assets | 29/58 | €140,614 | €143,173 | +€2,559 | +1.8% |
| Amounts receivable after more than one year | 29 | €71,100 | €39,100 | -€32,000 | -45.0% |
| Other amounts receivable | 291 | €71,100 | €39,100 | -€32,000 | -45.0% |
| Amounts receivable within one year | 40/41 | €56,964 | €14,050 | -€42,914 | -75.3% |
| Trade receivables | 40 | €21,934 | €11,495 | -€10,439 | -47.6% |
| Other amounts receivable | 41 | €35,030 | €2,555 | -€32,475 | -92.7% |
| Cash at bank and in hand | 54/58 | €754 | €78,107 | +€77,352 | +10,254% |
| Deferred charges and accrued income | 490/1 | €11,795 | €11,915 | +€120 | +1.0% |
| Total equity and liabilities | 10/49 | €259,659 | €170,228 | -€89,431 | -34.4% |
| Equity | 10/15 | €176,350 | €155,944 | -€20,406 | -11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €157,750 | €137,344 | -€20,406 | -12.9% |
| Distributable reserves | 133 | €157,750 | €137,344 | -€20,406 | -12.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €83,310 | €14,285 | -€69,025 | -82.9% |
| Amounts payable within one year | 42/48 | €83,310 | €14,285 | -€69,025 | -82.9% |
| Financial debts | 43 | €4,491 | €0 | -€4,491 | -100% |
| Credit institutions | 430/8 | €4,491 | €0 | -€4,491 | -100% |
| Trade debts | 44 | €12,245 | €6,052 | -€6,193 | -50.6% |
| Suppliers | 440/4 | €12,245 | €6,052 | -€6,193 | -50.6% |
| Taxes, remuneration and social security | 45 | €7,074 | €7,311 | +€237 | +3.4% |
| Taxes | 450/3 | €7,074 | €7,311 | +€237 | +3.4% |
| Other amounts payable | 47/48 | €59,500 | €921 | -€58,579 | -98.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,468 | €3,129 | -€2,339 | -42.8% |
| Other operating charges | 640/8 | €1,858 | €1,764 | -€93 | -5.0% |
| Gross operating margin | 9900 | €7,531 | -€23,523 | -€31,053 | |
| Operating profit (loss) | 9901 | €204 | -€28,417 | -€28,621 | |
| Financial income | 75/76B | €3,038 | €8,459 | +€5,421 | +178% |
| Recurring financial income | 75 | €3,038 | €2,120 | -€918 | -30.2% |
| Non-recurring financial income | 76B | - | €6,339 | +€6,339 | |
| Financial charges | 65/66B | €439 | €233 | -€207 | -47.1% |
| Recurring financial charges | 65 | €439 | €233 | -€207 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | €2,803 | -€20,190 | -€22,993 | |
| Income taxes | 67/77 | €2,266 | €216 | -€2,050 | -90.5% |
| Profit (loss) for the period | 9904 | €537 | -€20,406 | -€20,943 | |
| Profit (loss) for the period to be appropriated | 9905 | €537 | -€20,406 | -€20,943 |
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 24 October 2026 via checked.be.