MAR-HAR: 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-HAR
Largest movements
- Cash +€84,461
up €84,461 (+1608.4%), from €5,251 to €89,712
mainly Other debts (+€129,996) and Smaller working-capital items (+€175)
- Receivables within one year +€41,930
up €41,930 (+11986.4%), from €350 to €42,280
- Other debts +€129,996
up €129,996 (+418.0%), from €31,101 to €161,096
- Profit (loss) carried forward -€3,780
down €3,780 (-12.3%), from -€30,642 to -€34,422
- Staff costs -€34,791
no longer reported in 2025 (was €34,791)
- Gross operating margin -€8,823
down €8,823, from €5,350 to -€3,473
- Financial charges -€523
down €523 (-64.2%), from €814 to €291
- Taxes -€384
new in 2025: -€384
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 | €5,601 | €131,991 | +€126,390 | +2256.5% |
| Current assets | 29/58 | €5,601 | €131,991 | +€126,390 | +2256.5% |
| Amounts receivable within one year | 40/41 | €350 | €42,280 | +€41,930 | +11986.4% |
| Trade receivables | 40 | €350 | €42,280 | +€41,930 | +11986.4% |
| Cash at bank and in hand | 54/58 | €5,251 | €89,712 | +€84,461 | +1608.4% |
| Total equity and liabilities | 10/49 | €5,601 | €131,991 | +€126,390 | +2256.5% |
| Equity | 10/15 | -€25,642 | -€29,422 | -€3,780 | -14.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,642 | -€34,422 | -€3,780 | -12.3% |
| Amounts payable | 17/49 | €31,244 | €161,414 | +€130,170 | +416.6% |
| Amounts payable within one year | 42/48 | €31,244 | €161,414 | +€130,170 | +416.6% |
| Trade debts | 44 | - | €318 | +€318 | |
| Suppliers | 440/4 | - | €318 | +€318 | |
| Taxes, remuneration and social security | 45 | €143 | - | -€143 | |
| Taxes | 450/3 | €143 | - | -€143 | |
| Other amounts payable | 47/48 | €31,101 | €161,096 | +€129,996 | +418.0% |
| Remuneration, social security and pensions | 62 | €34,791 | - | -€34,791 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €5,350 | -€3,473 | -€8,823 | |
| Operating profit (loss) | 9901 | -€29,829 | -€3,873 | +€25,956 | +87.0% |
| Financial charges | 65/66B | €814 | €291 | -€523 | -64.2% |
| Recurring financial charges | 65 | €814 | €291 | -€523 | -64.2% |
| Profit (loss) for the period before taxes | 9903 | -€30,642 | -€4,164 | +€26,479 | +86.4% |
| Income taxes | 67/77 | - | -€384 | -€384 | |
| Profit (loss) for the period | 9904 | -€30,642 | -€3,780 | +€26,863 | +87.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,642 | -€3,780 | +€26,863 | +87.7% |
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 29 September 2026 via checked.be.