MAR - AL: 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.
MAR - AL
Largest movements
- Cash +€21,822
new in 2025: €21,822
mainly Trade debts (+€20,937) and Receivables within one year (+€7,026)
- Receivables within one year -€7,026
down €7,026 (-40.6%), from €17,286 to €10,261
of which Trade receivables: -€6,149
- Deferred charges and accrued income +€5,843
up €5,843 (+88.9%), from €6,574 to €12,418
- Tangible fixed assets +€5,258
up €5,258 (+109%), from €4,819 to €10,076
of which Plant, machinery and equipment: +€8,243
- Stocks and contracts -€3,792
down €3,792 (-100%), from €3,792 to €0
- Trade debts +€20,937
up €20,937 (+443%), from €4,725 to €25,661
- Short-term financial debts -€6,922
down €6,922 (-100%), from €6,922 to €0
- Debts after one year +€3,132
up €3,132 (+70.4%), from €4,446 to €7,577
- Accrued charges and deferred income +€2,384
up €2,384 (+795%), from €300 to €2,684
- Current portion of long-term debt +€1,829
up €1,829 (+75.0%), from €2,440 to €4,269
- Gross operating margin +€3,545
up €3,545 (+31.2%), from €11,360 to €14,905
- Financial charges +€3,413
up €3,413 (+159%), from €2,145 to €5,558
- Depreciation -€467
down €467 (-8.7%), from €5,354 to €4,887
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 | €32,472 | €54,577 | +€22,106 | +68.1% |
| Fixed assets | 21/28 | €4,819 | €10,076 | +€5,258 | +109% |
| Tangible fixed assets | 22/27 | €4,819 | €10,076 | +€5,258 | +109% |
| Plant, machinery and equipment | 23 | €1,673 | €9,916 | +€8,243 | +493% |
| Furniture and vehicles | 24 | €3,146 | €161 | -€2,985 | -94.9% |
| Current assets | 29/58 | €27,653 | €44,501 | +€16,848 | +60.9% |
| Stocks and contracts in progress | 3 | €3,792 | €0 | -€3,792 | -100% |
| Stocks | 30/36 | €3,792 | €0 | -€3,792 | -100% |
| Amounts receivable within one year | 40/41 | €17,286 | €10,261 | -€7,026 | -40.6% |
| Trade receivables | 40 | €15,130 | €8,982 | -€6,149 | -40.6% |
| Other amounts receivable | 41 | €2,156 | €1,279 | -€877 | -40.7% |
| Cash at bank and in hand | 54/58 | - | €21,822 | +€21,822 | |
| Deferred charges and accrued income | 490/1 | €6,574 | €12,418 | +€5,843 | +88.9% |
| Total equity and liabilities | 10/49 | €32,472 | €54,577 | +€22,106 | +68.1% |
| Equity | 10/15 | €5,400 | €7,070 | +€1,671 | +30.9% |
| Contributions | 10/11 | €9,679 | €9,679 | = | 0.0% |
| Reserves | 13 | €1,900 | €1,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,179 | -€4,509 | +€1,671 | +27.0% |
| Amounts payable | 17/49 | €27,072 | €47,507 | +€20,435 | +75.5% |
| Amounts payable after more than one year | 17 | €4,446 | €7,577 | +€3,132 | +70.4% |
| Financial debts | 170/4 | €4,446 | €7,577 | +€3,132 | +70.4% |
| Amounts payable within one year | 42/48 | €22,326 | €37,245 | +€14,919 | +66.8% |
| Current portion of amounts payable after more than one year | 42 | €2,440 | €4,269 | +€1,829 | +75.0% |
| Financial debts | 43 | €6,922 | €0 | -€6,922 | -100% |
| Credit institutions | 430/8 | €6,922 | €0 | -€6,922 | -100% |
| Trade debts | 44 | €4,725 | €25,661 | +€20,937 | +443% |
| Suppliers | 440/4 | €4,725 | €25,661 | +€20,937 | +443% |
| Taxes, remuneration and social security | 45 | €8,240 | €7,220 | -€1,021 | -12.4% |
| Taxes | 450/3 | €6,840 | €3,443 | -€3,397 | -49.7% |
| Remuneration and social security | 454/9 | €1,400 | €3,777 | +€2,377 | +170% |
| Other amounts payable | 47/48 | - | €95 | +€95 | |
| Accrued charges and deferred income | 492/3 | €300 | €2,684 | +€2,384 | +795% |
| Non-recurring operating income | 76A | €144 | €0 | -€144 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,354 | €4,887 | -€467 | -8.7% |
| Other operating charges | 640/8 | €2,031 | €2,043 | +€12 | +0.6% |
| Gross operating margin | 9900 | €11,360 | €14,905 | +€3,545 | +31.2% |
| Operating profit (loss) | 9901 | €3,975 | €7,975 | +€4,000 | +101% |
| Financial charges | 65/66B | €2,145 | €5,558 | +€3,413 | +159% |
| Recurring financial charges | 65 | €2,145 | €5,558 | +€3,413 | +159% |
| Profit (loss) for the period before taxes | 9903 | €1,830 | €2,416 | +€587 | +32.1% |
| Income taxes | 67/77 | €705 | €746 | +€40 | +5.7% |
| Profit (loss) for the period | 9904 | €1,124 | €1,671 | +€546 | +48.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,124 | €1,671 | +€546 | +48.6% |
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 18 October 2026 via checked.be.