MAR-BELA: 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-BELA
Largest movements
- Receivables within one year +€23,334
up €23,334 (+27.6%), from €84,491 to €107,825
of which Trade receivables: +€22,155
- Tangible fixed assets +€6,401
up €6,401 (+21,778%), from €29 to €6,430
of which Furniture and vehicles: +€6,430
- Profit (loss) carried forward +€30,237
up €30,237 (+63.9%), from €47,350 to €77,587
- Current portion of long-term debt -€5,623
no longer reported in 2025 (was €5,623)
- Tax, wage and social debts +€3,639
up €3,639 (+13,979%), from €26 to €3,665
- Gross operating margin +€14,360
up €14,360 (+64.4%), from €22,287 to €36,647
- Taxes +€3,639
new in 2025: €3,639
- Financial charges +€989
up €989 (+105%), from €942 to €1,931
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 | €86,021 | €115,196 | +€29,175 | +33.9% |
| Fixed assets | 21/28 | €29 | €6,430 | +€6,401 | +21,778% |
| Tangible fixed assets | 22/27 | €29 | €6,430 | +€6,401 | +21,778% |
| Plant, machinery and equipment | 23 | €29 | - | -€29 | |
| Furniture and vehicles | 24 | - | €6,430 | +€6,430 | |
| Current assets | 29/58 | €85,992 | €108,766 | +€22,774 | +26.5% |
| Amounts receivable within one year | 40/41 | €84,491 | €107,825 | +€23,334 | +27.6% |
| Trade receivables | 40 | €83,294 | €105,448 | +€22,155 | +26.6% |
| Other amounts receivable | 41 | €1,197 | €2,377 | +€1,179 | +98.5% |
| Cash at bank and in hand | 54/58 | €917 | €274 | -€643 | -70.1% |
| Deferred charges and accrued income | 490/1 | €584 | €668 | +€83 | +14.2% |
| Total equity and liabilities | 10/49 | €86,021 | €115,196 | +€29,175 | +33.9% |
| Equity | 10/15 | €70,410 | €100,647 | +€30,237 | +42.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €16,860 | €16,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,350 | €77,587 | +€30,237 | +63.9% |
| Amounts payable | 17/49 | €15,612 | €14,549 | -€1,062 | -6.8% |
| Amounts payable within one year | 42/48 | €15,575 | €14,549 | -€1,025 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €5,623 | - | -€5,623 | |
| Trade debts | 44 | €9,761 | €10,032 | +€271 | +2.8% |
| Suppliers | 440/4 | €9,761 | €10,032 | +€271 | +2.8% |
| Taxes, remuneration and social security | 45 | €26 | €3,665 | +€3,639 | +13,979% |
| Taxes | 450/3 | €26 | €3,665 | +€3,639 | +13,979% |
| Other amounts payable | 47/48 | €165 | €852 | +€687 | +416% |
| Accrued charges and deferred income | 492/3 | €37 | - | -€37 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206 | €529 | +€323 | +157% |
| Other operating charges | 640/8 | €378 | €310 | -€67 | -17.8% |
| Gross operating margin | 9900 | €22,287 | €36,647 | +€14,360 | +64.4% |
| Operating profit (loss) | 9901 | €21,703 | €35,808 | +€14,104 | +65.0% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €942 | €1,931 | +€989 | +105% |
| Recurring financial charges | 65 | €942 | €1,931 | +€989 | +105% |
| Profit (loss) for the period before taxes | 9903 | €20,764 | €33,876 | +€13,112 | +63.1% |
| Income taxes | 67/77 | - | €3,639 | +€3,639 | |
| Profit (loss) for the period | 9904 | €20,764 | €30,237 | +€9,473 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,764 | €30,237 | +€9,473 | +45.6% |
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 13 October 2026 via checked.be.