MAR & C°: 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 & C°
Largest movements
- Current investments +€31,000
up €31,000 (+59.6%), from €52,000 to €83,000
- Tangible fixed assets -€18,546
down €18,546 (-34.8%), from €53,249 to €34,702
of which Land and buildings: -€17,336
- Receivables within one year +€9,483
up €9,483 (+75.8%), from €12,503 to €21,986
of which Other amounts receivable: +€5,671
- Cash -€4,199
down €4,199 (-15.3%), from €27,427 to €23,229
mainly Current investments (-€31,000) and Debts after one year (-€14,481)
- Reserves +€28,106
up €28,106 (+28.1%), from €100,101 to €128,208
- Debts after one year -€14,481
down €14,481 (-100.0%), from €14,481 to €0
- Tax, wage and social debts +€4,037
up €4,037 (+31.2%), from €12,933 to €16,970
- Depreciation -€12,627
down €12,627 (-40.5%), from €31,173 to €18,546
- Gross operating margin +€9,984
up €9,984 (+14.4%), from €69,433 to €79,417
- Taxes +€8,640
up €8,640 (+74.5%), from €11,593 to €20,233
- Financial charges -€4,008
down €4,008 (-73.7%), from €5,436 to €1,427
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 | €149,865 | €168,498 | +€18,634 | +12.4% |
| Fixed assets | 21/28 | €53,249 | €34,702 | -€18,546 | -34.8% |
| Tangible fixed assets | 22/27 | €53,249 | €34,702 | -€18,546 | -34.8% |
| Land and buildings | 22 | €49,780 | €32,444 | -€17,336 | -34.8% |
| Plant, machinery and equipment | 23 | €1,248 | €867 | -€381 | -30.5% |
| Furniture and vehicles | 24 | €2,220 | €1,391 | -€829 | -37.3% |
| Current assets | 29/58 | €96,616 | €133,796 | +€37,180 | +38.5% |
| Stocks and contracts in progress | 3 | €3,039 | €3,863 | +€824 | +27.1% |
| Stocks | 30/36 | €3,039 | €3,863 | +€824 | +27.1% |
| Amounts receivable within one year | 40/41 | €12,503 | €21,986 | +€9,483 | +75.8% |
| Trade receivables | 40 | €0 | €3,812 | +€3,812 | |
| Other amounts receivable | 41 | €12,503 | €18,174 | +€5,671 | +45.4% |
| Current investments | 50/53 | €52,000 | €83,000 | +€31,000 | +59.6% |
| Cash at bank and in hand | 54/58 | €27,427 | €23,229 | -€4,199 | -15.3% |
| Deferred charges and accrued income | 490/1 | €1,647 | €1,718 | +€71 | +4.3% |
| Total equity and liabilities | 10/49 | €149,865 | €168,498 | +€18,634 | +12.4% |
| Equity | 10/15 | €100,101 | €128,208 | +€28,106 | +28.1% |
| Reserves | 13 | €100,101 | €128,208 | +€28,106 | +28.1% |
| Distributable reserves | 133 | €100,101 | €128,208 | +€28,106 | +28.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €49,763 | €40,291 | -€9,473 | -19.0% |
| Amounts payable after more than one year | 17 | €14,481 | €0 | -€14,481 | -100.0% |
| Financial debts | 170/4 | €14,481 | €0 | -€14,481 | -100.0% |
| Amounts payable within one year | 42/48 | €32,726 | €38,541 | +€5,815 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €14,161 | €14,481 | +€319 | +2.3% |
| Trade debts | 44 | €4,031 | €5,490 | +€1,459 | +36.2% |
| Suppliers | 440/4 | €4,031 | €5,490 | +€1,459 | +36.2% |
| Taxes, remuneration and social security | 45 | €12,933 | €16,970 | +€4,037 | +31.2% |
| Taxes | 450/3 | €12,933 | €16,970 | +€4,037 | +31.2% |
| Other amounts payable | 47/48 | €1,600 | €1,600 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,557 | €1,750 | -€807 | -31.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,173 | €18,546 | -€12,627 | -40.5% |
| Other operating charges | 640/8 | €2,320 | €2,323 | +€3 | +0.1% |
| Gross operating margin | 9900 | €69,433 | €79,417 | +€9,984 | +14.4% |
| Operating profit (loss) | 9901 | €35,940 | €58,548 | +€22,608 | +62.9% |
| Financial income | 75/76B | €517 | €984 | +€467 | +90.2% |
| Recurring financial income | 75 | €517 | €984 | +€467 | +90.2% |
| Financial charges | 65/66B | €5,436 | €1,427 | -€4,008 | -73.7% |
| Recurring financial charges | 65 | €5,436 | €1,427 | -€4,008 | -73.7% |
| Profit (loss) for the period before taxes | 9903 | €31,022 | €58,105 | +€27,083 | +87.3% |
| Income taxes | 67/77 | €11,593 | €20,233 | +€8,640 | +74.5% |
| Profit (loss) for the period | 9904 | €19,429 | €37,872 | +€18,442 | +94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,429 | €37,872 | +€18,442 | +94.9% |
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 5 October 2026 via checked.be.