MAARO: 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.
MAARO
Largest movements
- Tangible fixed assets -€9,160
down €9,160 (-15.8%), from €57,848 to €48,688
of which Plant, machinery and equipment: -€8,303
- Cash -€8,518
down €8,518 (-78.9%), from €10,803 to €2,284
mainly Contributions, distributions and other (-€19,070) and Trade debts (-€8,649)
- Receivables within one year +€3,167
up €3,167 (+8.4%), from €37,836 to €41,003
of which Other amounts receivable: +€3,167
- Stocks and contracts -€2,123
down €2,123 (-100%), from €2,123 to €0
- Trade debts -€8,649
down €8,649 (-57.9%), from €14,929 to €6,280
- Debts after one year -€5,303
down €5,303 (-25.0%), from €21,248 to €15,945
- Current portion of long-term debt -€3,546
down €3,546 (-40.1%), from €8,849 to €5,303
- Tax, wage and social debts +€2,127
up €2,127 (+128%), from €1,662 to €3,788
- Reserves +€1,927
up €1,927 (+3.9%), from €48,891 to €50,818
of which Distributable reserves: +€1,927
- Gross operating margin +€8,046
up €8,046 (+18.3%), from €43,951 to €51,997
- Taxes +€3,928
up €3,928 (+86.1%), from €4,560 to €8,488
- Depreciation -€3,452
down €3,452 (-18.7%), from €18,450 to €14,998
- Financial charges -€1,751
down €1,751 (-21.0%), from €8,352 to €6,601
- Other operating charges +€1,212
up €1,212 (+201%), from €602 to €1,813
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 | €148,610 | €133,071 | -€15,539 | -10.5% |
| Fixed assets | 21/28 | €97,848 | €88,688 | -€9,160 | -9.4% |
| Tangible fixed assets | 22/27 | €57,848 | €48,688 | -€9,160 | -15.8% |
| Plant, machinery and equipment | 23 | €47,855 | €39,552 | -€8,303 | -17.3% |
| Furniture and vehicles | 24 | €9,993 | €9,136 | -€857 | -8.6% |
| Financial fixed assets | 28 | €40,000 | €40,000 | = | 0.0% |
| Current assets | 29/58 | €50,762 | €44,383 | -€6,379 | -12.6% |
| Stocks and contracts in progress | 3 | €2,123 | €0 | -€2,123 | -100% |
| Stocks | 30/36 | €2,123 | €0 | -€2,123 | -100% |
| Amounts receivable within one year | 40/41 | €37,836 | €41,003 | +€3,167 | +8.4% |
| Trade receivables | 40 | €21,090 | €21,090 | = | 0.0% |
| Other amounts receivable | 41 | €16,746 | €19,913 | +€3,167 | +18.9% |
| Cash at bank and in hand | 54/58 | €10,803 | €2,284 | -€8,518 | -78.9% |
| Deferred charges and accrued income | 490/1 | - | €1,096 | +€1,096 | |
| Total equity and liabilities | 10/49 | €148,610 | €133,071 | -€15,539 | -10.5% |
| Equity | 10/15 | €80,040 | €81,967 | +€1,927 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,891 | €50,818 | +€1,927 | +3.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €47,031 | €48,958 | +€1,927 | +4.1% |
| Profit (loss) carried forward | 14 | €12,550 | €12,550 | = | 0.0% |
| Amounts payable | 17/49 | €68,570 | €51,104 | -€17,466 | -25.5% |
| Amounts payable after more than one year | 17 | €21,248 | €15,945 | -€5,303 | -25.0% |
| Financial debts | 170/4 | €21,248 | €15,945 | -€5,303 | -25.0% |
| Amounts payable within one year | 42/48 | €47,322 | €35,159 | -€12,163 | -25.7% |
| Current portion of amounts payable after more than one year | 42 | €8,849 | €5,303 | -€3,546 | -40.1% |
| Financial debts | 43 | €2,000 | €1,671 | -€329 | -16.5% |
| Credit institutions | 430/8 | €2,000 | - | -€2,000 | |
| Other loans | 439 | - | €1,671 | +€1,671 | |
| Trade debts | 44 | €14,929 | €6,280 | -€8,649 | -57.9% |
| Suppliers | 440/4 | €14,929 | €6,280 | -€8,649 | -57.9% |
| Taxes, remuneration and social security | 45 | €1,662 | €3,788 | +€2,127 | +128% |
| Taxes | 450/3 | €1,662 | €3,788 | +€2,127 | +128% |
| Other amounts payable | 47/48 | €19,882 | €18,117 | -€1,766 | -8.9% |
| Non-recurring operating income | 76A | - | €2,185 | +€2,185 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,450 | €14,998 | -€3,452 | -18.7% |
| Other operating charges | 640/8 | €602 | €1,813 | +€1,212 | +201% |
| Gross operating margin | 9900 | €43,951 | €51,997 | +€8,046 | +18.3% |
| Operating profit (loss) | 9901 | €24,900 | €35,186 | +€10,286 | +41.3% |
| Financial income | 75/76B | €0 | €901 | +€901 | +4,505,250% |
| Recurring financial income | 75 | €0 | €901 | +€901 | +4,505,250% |
| Financial charges | 65/66B | €8,352 | €6,601 | -€1,751 | -21.0% |
| Recurring financial charges | 65 | €8,352 | €6,601 | -€1,751 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €16,548 | €29,486 | +€12,938 | +78.2% |
| Income taxes | 67/77 | €4,560 | €8,488 | +€3,928 | +86.1% |
| Profit (loss) for the period | 9904 | €11,987 | €20,997 | +€9,010 | +75.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,987 | €20,997 | +€9,010 | +75.2% |
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 20 October 2026 via checked.be.