MAR & DI: 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 & DI
Largest movements
- Cash -€24,144
down €24,144 (-56.4%), from €42,817 to €18,674
mainly Other debts (-€431,122) and Net result for the year (-€86,602)
- Tangible fixed assets -€10,156
down €10,156 (-22.3%), from €45,454 to €35,298
of which Land and buildings: -€6,982
- Receivables within one year -€8,371
down €8,371 (-21.4%), from €39,137 to €30,766
of which Trade receivables: -€13,541
- Stocks and contracts +€5,652
up €5,652 (+1.5%), from €371,924 to €377,576
- Debts after one year +€500,000
new in 2025: €500,000
- Other debts -€431,122
down €431,122 (-71.2%), from €605,600 to €174,478
- Profit (loss) carried forward -€86,602
down €86,602 (-37.9%), from -€228,589 to -€315,191
- Tax, wage and social debts -€17,367
down €17,367 (-36.9%), from €47,080 to €29,712
of which Remuneration and social security: -€13,361
- Gross operating margin -€29,573
down €29,573 (-48.4%), from €61,159 to €31,586
- Staff costs +€29,085
up €29,085 (+40.6%), from €71,678 to €100,763
- Other operating charges -€3,637
down €3,637 (-52.8%), from €6,888 to €3,250
- Depreciation -€3,342
down €3,342 (-20.3%), from €16,433 to €13,091
- Financial charges -€1,808
down €1,808 (-47.8%), from €3,781 to €1,973
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 | €524,940 | €488,460 | -€36,481 | -6.9% |
| Fixed assets | 21/28 | €69,939 | €60,887 | -€9,052 | -12.9% |
| Intangible fixed assets | 21 | €2,410 | €1,534 | -€877 | -36.4% |
| Tangible fixed assets | 22/27 | €45,454 | €35,298 | -€10,156 | -22.3% |
| Land and buildings | 22 | €35,783 | €28,801 | -€6,982 | -19.5% |
| Plant, machinery and equipment | 23 | €1,978 | €667 | -€1,311 | -66.3% |
| Furniture and vehicles | 24 | €7,693 | €5,830 | -€1,863 | -24.2% |
| Financial fixed assets | 28 | €22,075 | €24,055 | +€1,980 | +9.0% |
| Current assets | 29/58 | €455,001 | €427,572 | -€27,429 | -6.0% |
| Stocks and contracts in progress | 3 | €371,924 | €377,576 | +€5,652 | +1.5% |
| Stocks | 30/36 | €371,924 | €377,576 | +€5,652 | +1.5% |
| Amounts receivable within one year | 40/41 | €39,137 | €30,766 | -€8,371 | -21.4% |
| Trade receivables | 40 | €26,359 | €12,819 | -€13,541 | -51.4% |
| Other amounts receivable | 41 | €12,777 | €17,947 | +€5,170 | +40.5% |
| Cash at bank and in hand | 54/58 | €42,817 | €18,674 | -€24,144 | -56.4% |
| Deferred charges and accrued income | 490/1 | €1,123 | €557 | -€566 | -50.4% |
| Total equity and liabilities | 10/49 | €524,940 | €488,460 | -€36,481 | -6.9% |
| Equity | 10/15 | -€178,589 | -€265,191 | -€86,602 | -48.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€228,589 | -€315,191 | -€86,602 | -37.9% |
| Amounts payable | 17/49 | €703,529 | €753,650 | +€50,121 | +7.1% |
| Amounts payable after more than one year | 17 | - | €500,000 | +€500,000 | |
| Financial debts | 170/4 | - | €500,000 | +€500,000 | |
| Amounts payable within one year | 42/48 | €703,529 | €253,650 | -€449,879 | -63.9% |
| Trade debts | 44 | €50,850 | €49,460 | -€1,390 | -2.7% |
| Suppliers | 440/4 | €50,850 | €49,460 | -€1,390 | -2.7% |
| Taxes, remuneration and social security | 45 | €47,080 | €29,712 | -€17,367 | -36.9% |
| Taxes | 450/3 | €19,960 | €15,954 | -€4,006 | -20.1% |
| Remuneration and social security | 454/9 | €27,119 | €13,759 | -€13,361 | -49.3% |
| Other amounts payable | 47/48 | €605,600 | €174,478 | -€431,122 | -71.2% |
| Remuneration, social security and pensions | 62 | €71,678 | €100,763 | +€29,085 | +40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,433 | €13,091 | -€3,342 | -20.3% |
| Other operating charges | 640/8 | €6,888 | €3,250 | -€3,637 | -52.8% |
| Gross operating margin | 9900 | €61,159 | €31,586 | -€29,573 | -48.4% |
| Operating profit (loss) | 9901 | -€33,839 | -€85,518 | -€51,680 | -153% |
| Financial income | 75/76B | €950 | €1,147 | +€197 | +20.8% |
| Recurring financial income | 75 | €950 | €1,147 | +€197 | +20.8% |
| Financial charges | 65/66B | €3,781 | €1,973 | -€1,808 | -47.8% |
| Recurring financial charges | 65 | €3,781 | €1,973 | -€1,808 | -47.8% |
| Profit (loss) for the period before taxes | 9903 | -€36,670 | -€86,344 | -€49,674 | -135% |
| Income taxes | 67/77 | €275 | €258 | -€17 | -6.2% |
| Profit (loss) for the period | 9904 | -€36,945 | -€86,602 | -€49,657 | -134% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,945 | -€86,602 | -€49,657 | -134% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.