Maerelle: what changed
What changed
Maerelle
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€50,353
2024 · €53,920-€3,566
Equity
€197,210
2024 · €146,856+€50,353
Cash
€12,589
2024 · €1,002+€11,586
Balance sheet total
€5.3m
2024 · €2.9m+€2.4m
Largest movements
Assets
- Financial fixed assets +€2.4m
up €2.4m (+85.9%), from €2.8m to €5.2m
Equity and liabilities
- Debts after one year +€2.2m
up €2.2m (+90.9%), from €2.4m to €4.6m
- Current portion of long-term debt +€86,018
up €86,018 (+63.2%), from €136,040 to €222,057
- Accrued charges and deferred income +€82,569
up €82,569 (+61.0%), from €135,429 to €217,998
Income statement
- Taxes +€4,850
up €4,850 (+36.0%), from €13,480 to €18,330
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€53,920
Gross operating margin
-€78
Other operating charges
-€16
Financial charges
+€1,377
Taxes
-€4,850
Result 2025
€50,353
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€137,028
Investment
-€2.4m
Financing
+€2.3m
Cash 2024
€1,002
From operations (derived)
+€137,028
Net result for the year
+€50,353
Smaller working-capital items
-€7,895
Other debts
+€12,000
Accrued charges and deferred income
+€82,569
Investment (derived)
-€2.4m
Investment in fixed assets (net)
-€2.4m
Financing
+€2.3m
Debts after one year
+€2.2m
Current portion of long-term debt
+€86,018
Cash 2025
€12,589
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,904,083 | €5,322,652 | +€2.4m | +83.3% |
| Fixed assets | 21/28 | €2,800,000 | €5,204,000 | +€2.4m | +85.9% |
| Financial fixed assets | 28 | €2,800,000 | €5,204,000 | +€2.4m | +85.9% |
| Current assets | 29/58 | €104,083 | €118,652 | +€14,569 | +14.0% |
| Amounts receivable within one year | 40/41 | €103,081 | €106,063 | +€2,983 | +2.9% |
| Other amounts receivable | 41 | €103,081 | €106,063 | +€2,983 | +2.9% |
| Cash at bank and in hand | 54/58 | €1,002 | €12,589 | +€11,586 | +1,156% |
| Total equity and liabilities | 10/49 | €2,904,083 | €5,322,652 | +€2.4m | +83.3% |
| Equity | 10/15 | €146,856 | €197,210 | +€50,353 | +34.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,856 | €195,210 | +€50,353 | +34.8% |
| Amounts payable | 17/49 | €2,757,227 | €5,125,443 | +€2.4m | +85.9% |
| Amounts payable after more than one year | 17 | €2,412,666 | €4,605,207 | +€2.2m | +90.9% |
| Financial debts | 170/4 | €2,412,666 | €4,605,207 | +€2.2m | +90.9% |
| Amounts payable within one year | 42/48 | €209,132 | €302,238 | +€93,105 | +44.5% |
| Current portion of amounts payable after more than one year | 42 | €136,040 | €222,057 | +€86,018 | +63.2% |
| Trade debts | 44 | - | €405 | +€405 | |
| Suppliers | 440/4 | - | €405 | +€405 | |
| Taxes, remuneration and social security | 45 | €48,844 | €43,527 | -€5,317 | -10.9% |
| Taxes | 450/3 | €48,844 | €43,527 | -€5,317 | -10.9% |
| Other amounts payable | 47/48 | €24,249 | €36,249 | +€12,000 | +49.5% |
| Accrued charges and deferred income | 492/3 | €135,429 | €217,998 | +€82,569 | +61.0% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €168,000 | €167,922 | -€78 | 0.0% |
| Operating profit (loss) | 9901 | €167,472 | €167,378 | -€94 | -0.1% |
| Financial charges | 65/66B | €100,073 | €98,695 | -€1,377 | -1.4% |
| Recurring financial charges | 65 | €100,073 | €98,695 | -€1,377 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €67,400 | €68,683 | +€1,283 | +1.9% |
| Income taxes | 67/77 | €13,480 | €18,330 | +€4,850 | +36.0% |
| Profit (loss) for the period | 9904 | €53,920 | €50,353 | -€3,566 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €53,920 | €50,353 | -€3,566 | -6.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.