MAR EN CO: 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 EN CO
Largest movements
- Tangible fixed assets +€33,147
up €33,147 (+412%), from €8,046 to €41,193
of which Furniture and vehicles: +€32,417
- Receivables within one year +€6,404
up €6,404 (+64.5%), from €9,933 to €16,338
of which Trade receivables: +€15,059
- Cash -€2,262
down €2,262 (-8.2%), from €27,628 to €25,366
mainly Investment in fixed assets (net) (-€39,143) and Receivables within one year (-€6,404)
- Deferred charges and accrued income -€869
down €869 (-94.2%), from €922 to €53
- Other debts +€16,067
new in 2025: €16,067
- Reserves +€14,824
up €14,824 (+45.6%), from €32,516 to €47,340
- Tax, wage and social debts +€3,081
up €3,081 (+26.7%), from €11,550 to €14,632
- Trade debts +€2,449
up €2,449 (+167%), from €1,463 to €3,912
- Gross operating margin -€14,392
down €14,392 (-35.1%), from €40,978 to €26,586
- Taxes -€4,024
down €4,024 (-47.0%), from €8,566 to €4,542
- Other operating charges -€1,461
down €1,461 (-55.8%), from €2,618 to €1,157
- Depreciation +€803
up €803 (+15.5%), from €5,194 to €5,996
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 | €46,529 | €82,949 | +€36,420 | +78.3% |
| Fixed assets | 21/28 | €8,046 | €41,193 | +€33,147 | +412% |
| Tangible fixed assets | 22/27 | €8,046 | €41,193 | +€33,147 | +412% |
| Plant, machinery and equipment | 23 | €581 | €1,310 | +€730 | +126% |
| Furniture and vehicles | 24 | €7,466 | €39,882 | +€32,417 | +434% |
| Current assets | 29/58 | €38,483 | €41,757 | +€3,274 | +8.5% |
| Amounts receivable within one year | 40/41 | €9,933 | €16,338 | +€6,404 | +64.5% |
| Trade receivables | 40 | €1,278 | €16,338 | +€15,059 | +1,178% |
| Other amounts receivable | 41 | €8,655 | - | -€8,655 | |
| Cash at bank and in hand | 54/58 | €27,628 | €25,366 | -€2,262 | -8.2% |
| Deferred charges and accrued income | 490/1 | €922 | €53 | -€869 | -94.2% |
| Total equity and liabilities | 10/49 | €46,529 | €82,949 | +€36,420 | +78.3% |
| Equity | 10/15 | €33,516 | €48,340 | +€14,824 | +44.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €32,516 | €47,340 | +€14,824 | +45.6% |
| Distributable reserves | 133 | €32,516 | €47,340 | +€14,824 | +45.6% |
| Amounts payable | 17/49 | €13,013 | €34,610 | +€21,597 | +166% |
| Amounts payable within one year | 42/48 | €13,013 | €34,610 | +€21,597 | +166% |
| Trade debts | 44 | €1,463 | €3,912 | +€2,449 | +167% |
| Suppliers | 440/4 | €1,463 | €3,912 | +€2,449 | +167% |
| Taxes, remuneration and social security | 45 | €11,550 | €14,632 | +€3,081 | +26.7% |
| Taxes | 450/3 | €11,550 | €14,632 | +€3,081 | +26.7% |
| Other amounts payable | 47/48 | - | €16,067 | +€16,067 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,194 | €5,996 | +€803 | +15.5% |
| Other operating charges | 640/8 | €2,618 | €1,157 | -€1,461 | -55.8% |
| Gross operating margin | 9900 | €40,978 | €26,586 | -€14,392 | -35.1% |
| Operating profit (loss) | 9901 | €33,167 | €19,432 | -€13,735 | -41.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €11 | €66 | +€55 | +488% |
| Recurring financial charges | 65 | €11 | €66 | +€55 | +488% |
| Profit (loss) for the period before taxes | 9903 | €33,156 | €19,366 | -€13,789 | -41.6% |
| Income taxes | 67/77 | €8,566 | €4,542 | -€4,024 | -47.0% |
| Profit (loss) for the period | 9904 | €24,590 | €14,824 | -€9,766 | -39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,590 | €14,824 | -€9,766 | -39.7% |
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 15 October 2026 via checked.be.