MAR Construct: 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 Construct
Largest movements
- Cash +€12,690
up €12,690 (+1,037%), from €1,224 to €13,914
mainly Trade debts (+€7,202) and Depreciation (+€4,824)
- Receivables within one year +€4,731
up €4,731 (+238%), from €1,984 to €6,715
of which Trade receivables: +€6,412
- Tangible fixed assets -€4,201
down €4,201 (-58.0%), from €7,247 to €3,046
of which Furniture and vehicles: -€3,599
- Deferred charges and accrued income -€354
no longer reported in 2025 (was €354)
- Trade debts +€7,202
up €7,202 (+602%), from €1,196 to €8,398
- Profit (loss) carried forward +€3,936
up €3,936 (+111%), from €3,558 to €7,494
- Other debts +€1,625
up €1,625 (+190%), from €857 to €2,482
- Gross operating margin +€2,496
up €2,496 (+32.0%), from €7,808 to €10,303
- Depreciation +€1,926
up €1,926 (+66.5%), from €2,898 to €4,824
- Financial charges +€146
up €146 (+490%), from €30 to €176
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 | €10,810 | €23,675 | +€12,865 | +119% |
| Fixed assets | 21/28 | €7,247 | €3,046 | -€4,201 | -58.0% |
| Tangible fixed assets | 22/27 | €7,247 | €3,046 | -€4,201 | -58.0% |
| Plant, machinery and equipment | 23 | €1,296 | €695 | -€602 | -46.4% |
| Furniture and vehicles | 24 | €5,950 | €2,352 | -€3,599 | -60.5% |
| Current assets | 29/58 | €3,563 | €20,629 | +€17,066 | +479% |
| Amounts receivable within one year | 40/41 | €1,984 | €6,715 | +€4,731 | +238% |
| Trade receivables | 40 | €148 | €6,560 | +€6,412 | +4,343% |
| Other amounts receivable | 41 | €1,837 | €155 | -€1,682 | -91.6% |
| Cash at bank and in hand | 54/58 | €1,224 | €13,914 | +€12,690 | +1,037% |
| Deferred charges and accrued income | 490/1 | €354 | - | -€354 | |
| Total equity and liabilities | 10/49 | €10,810 | €23,675 | +€12,865 | +119% |
| Equity | 10/15 | €6,058 | €9,994 | +€3,936 | +65.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,558 | €7,494 | +€3,936 | +111% |
| Amounts payable | 17/49 | €4,751 | €13,681 | +€8,929 | +188% |
| Amounts payable within one year | 42/48 | €4,751 | €13,681 | +€8,929 | +188% |
| Trade debts | 44 | €1,196 | €8,398 | +€7,202 | +602% |
| Suppliers | 440/4 | €1,196 | €8,398 | +€7,202 | +602% |
| Taxes, remuneration and social security | 45 | €2,698 | €2,801 | +€103 | +3.8% |
| Taxes | 450/3 | €1,388 | €2,801 | +€1,413 | +102% |
| Remuneration and social security | 454/9 | €1,310 | - | -€1,310 | |
| Other amounts payable | 47/48 | €857 | €2,482 | +€1,625 | +190% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,898 | €4,824 | +€1,926 | +66.5% |
| Other operating charges | 640/8 | €202 | €232 | +€30 | +14.9% |
| Gross operating margin | 9900 | €7,808 | €10,303 | +€2,496 | +32.0% |
| Operating profit (loss) | 9901 | €4,708 | €5,247 | +€539 | +11.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | +233% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +233% |
| Financial charges | 65/66B | €30 | €176 | +€146 | +490% |
| Recurring financial charges | 65 | €30 | €176 | +€146 | +490% |
| Profit (loss) for the period before taxes | 9903 | €4,678 | €5,071 | +€393 | +8.4% |
| Income taxes | 67/77 | €1,120 | €1,135 | +€15 | +1.4% |
| Profit (loss) for the period | 9904 | €3,558 | €3,936 | +€378 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,558 | €3,936 | +€378 | +10.6% |
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.