MAR: what changed
Two fiscal 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.
MAR
Largest movements
- Receivables within one year +€37,162
up €37,162 (+731.1%), from €5,083 to €42,245
of which Trade receivables: +€37,029
- Tangible fixed assets -€17,394
down €17,394 (-27.0%), from €64,319 to €46,926
of which Furniture and vehicles: -€15,994
- Debts after one year -€16,590
down €16,590 (-43.1%), from €38,509 to €21,919
- Tax, wage and social debts +€13,121
up €13,121 (+278.8%), from €4,706 to €17,827
- Trade debts +€10,939
up €10,939 (+474.4%), from €2,306 to €13,245
- Profit (loss) carried forward +€10,676
up €10,676, from -€7,081 to €3,594
- Other debts +€7,400
up €7,400 (+73.6%), from €10,054 to €17,454
- Gross operating margin +€11,218
up €11,218 (+41.6%), from €26,979 to €38,197
- Other operating charges -€5,654
down €5,654 (-68.6%), from €8,240 to €2,586
- Depreciation +€4,642
up €4,642 (+36.4%), from €12,752 to €17,394
- Staff costs -€3,522
down €3,522 (-89.6%), from €3,930 to €408
- Taxes +€3,104
up €3,104 (+719.1%), from €432 to €3,535
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 | €89,144 | €109,230 | +€20,086 | +22.5% |
| Fixed assets | 21/28 | €79,719 | €62,326 | -€17,394 | -21.8% |
| Tangible fixed assets | 22/27 | €64,319 | €46,926 | -€17,394 | -27.0% |
| Plant, machinery and equipment | 23 | €1,610 | €210 | -€1,400 | -87.0% |
| Furniture and vehicles | 24 | €62,710 | €46,716 | -€15,994 | -25.5% |
| Financial fixed assets | 28 | €15,400 | €15,400 | = | 0.0% |
| Current assets | 29/58 | €9,425 | €46,904 | +€37,480 | +397.7% |
| Stocks and contracts in progress | 3 | €1,400 | €1,400 | = | 0.0% |
| Stocks | 30/36 | €1,400 | €1,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,083 | €42,245 | +€37,162 | +731.1% |
| Trade receivables | 40 | €5,083 | €42,112 | +€37,029 | +728.5% |
| Other amounts receivable | 41 | - | €133 | +€133 | |
| Cash at bank and in hand | 54/58 | €2,941 | €3,260 | +€318 | +10.8% |
| Total equity and liabilities | 10/49 | €89,144 | €109,230 | +€20,086 | +22.5% |
| Equity | 10/15 | €11,519 | €22,194 | +€10,676 | +92.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,081 | €3,594 | +€10,676 | |
| Amounts payable | 17/49 | €77,625 | €87,036 | +€9,410 | +12.1% |
| Amounts payable after more than one year | 17 | €38,509 | €21,919 | -€16,590 | -43.1% |
| Financial debts | 170/4 | €38,509 | €21,919 | -€16,590 | -43.1% |
| Amounts payable within one year | 42/48 | €39,116 | €65,116 | +€26,000 | +66.5% |
| Current portion of amounts payable after more than one year | 42 | €22,050 | €16,590 | -€5,460 | -24.8% |
| Trade debts | 44 | €2,306 | €13,245 | +€10,939 | +474.4% |
| Suppliers | 440/4 | €2,306 | €13,245 | +€10,939 | +474.4% |
| Taxes, remuneration and social security | 45 | €4,706 | €17,827 | +€13,121 | +278.8% |
| Taxes | 450/3 | €4,706 | €17,827 | +€13,121 | +278.8% |
| Other amounts payable | 47/48 | €10,054 | €17,454 | +€7,400 | +73.6% |
| Remuneration, social security and pensions | 62 | €3,930 | €408 | -€3,522 | -89.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,752 | €17,394 | +€4,642 | +36.4% |
| Other operating charges | 640/8 | €8,240 | €2,586 | -€5,654 | -68.6% |
| Gross operating margin | 9900 | €26,979 | €38,197 | +€11,218 | +41.6% |
| Operating profit (loss) | 9901 | €2,057 | €17,810 | +€15,753 | +765.9% |
| Financial charges | 65/66B | €3,771 | €3,598 | -€172 | -4.6% |
| Recurring financial charges | 65 | €3,771 | €3,448 | -€322 | -8.5% |
| Non-recurring financial charges | 66B | - | €150 | +€150 | |
| Profit (loss) for the period before taxes | 9903 | -€1,714 | €14,211 | +€15,925 | |
| Income taxes | 67/77 | €432 | €3,535 | +€3,104 | +719.1% |
| Profit (loss) for the period | 9904 | -€2,146 | €10,676 | +€12,822 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,146 | €10,676 | +€12,822 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.