MAR & LIS: 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 & LIS
Largest movements
- Tangible fixed assets +€2.9m
up €2.9m (+134.8%), from €2.2m to €5.1m
of which Land and buildings: +€3.0m
- Financial fixed assets -€1.4m
no longer reported in 2025 (was €1.4m)
- Receivables within one year -€449,121
no longer reported in 2025 (was €449,121)
- Other debts +€674,200
up €674,200 (+53.5%), from €1.3m to €1.9m
- Debts after one year +€228,393
up €228,393 (+29.9%), from €764,097 to €992,491
- Reserves +€148,000
up €148,000 (+13.4%), from €1.1m to €1.3m
- Tax, wage and social debts -€97,892
down €97,892 (-58.6%), from €167,082 to €69,190
of which Taxes: -€89,710
- Accrued charges and deferred income +€68,577
new in 2025: €68,577
- Financial income -€423,286
down €423,286 (-80.6%), from €525,032 to €101,747
of which Financial income: -€423,286
- Depreciation +€179,317
up €179,317 (+158.1%), from €113,406 to €292,724
- Taxes -€122,218
down €122,218 (-77.1%), from €158,448 to €36,230
- Financial charges +€112,852
up €112,852 (+764.6%), from €14,759 to €127,611
- Gross operating margin +€36,603
up €36,603 (+6.7%), from €545,475 to €582,077
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 | €4,044,531 | €5,092,735 | +€1.0m | +25.9% |
| Fixed assets | 21/28 | €3,583,013 | €5,071,180 | +€1.5m | +41.5% |
| Tangible fixed assets | 22/27 | €2,159,759 | €5,071,180 | +€2.9m | +134.8% |
| Land and buildings | 22 | €2,076,059 | €5,054,380 | +€3.0m | +143.5% |
| Furniture and vehicles | 24 | €25,200 | €16,800 | -€8,400 | -33.3% |
| Assets under construction and advance payments | 27 | €58,500 | - | -€58,500 | |
| Financial fixed assets | 28 | €1,423,253 | - | -€1.4m | |
| Current assets | 29/58 | €461,518 | €21,554 | -€439,964 | -95.3% |
| Amounts receivable within one year | 40/41 | €449,121 | - | -€449,121 | |
| Other amounts receivable | 41 | €449,121 | - | -€449,121 | |
| Cash at bank and in hand | 54/58 | €12,397 | €21,554 | +€9,157 | +73.9% |
| Total equity and liabilities | 10/49 | €4,044,531 | €5,092,735 | +€1.0m | +25.9% |
| Equity | 10/15 | €1,759,255 | €1,907,930 | +€148,675 | +8.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,105,000 | €1,253,000 | +€148,000 | +13.4% |
| Distributable reserves | 133 | €1,105,000 | €1,253,000 | +€148,000 | +13.4% |
| Profit (loss) carried forward | 14 | €634,255 | €634,930 | +€675 | +0.1% |
| Amounts payable | 17/49 | €2,285,276 | €3,184,804 | +€899,529 | +39.4% |
| Amounts payable after more than one year | 17 | €764,097 | €992,491 | +€228,393 | +29.9% |
| Financial debts | 170/4 | €764,097 | €992,491 | +€228,393 | +29.9% |
| Amounts payable within one year | 42/48 | €1,521,178 | €2,123,737 | +€602,558 | +39.6% |
| Current portion of amounts payable after more than one year | 42 | €73,174 | €92,117 | +€18,943 | +25.9% |
| Trade debts | 44 | €20,037 | €27,345 | +€7,308 | +36.5% |
| Suppliers | 440/4 | €20,037 | €27,345 | +€7,308 | +36.5% |
| Taxes, remuneration and social security | 45 | €167,082 | €69,190 | -€97,892 | -58.6% |
| Taxes | 450/3 | €158,900 | €69,190 | -€89,710 | -56.5% |
| Remuneration and social security | 454/9 | €8,182 | - | -€8,182 | |
| Other amounts payable | 47/48 | €1,260,884 | €1,935,084 | +€674,200 | +53.5% |
| Accrued charges and deferred income | 492/3 | - | €68,577 | +€68,577 | |
| Remuneration, social security and pensions | 62 | €71,387 | €51,947 | -€19,440 | -27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,406 | €292,724 | +€179,317 | +158.1% |
| Other operating charges | 640/8 | €22,477 | €26,638 | +€4,161 | +18.5% |
| Gross operating margin | 9900 | €545,475 | €582,077 | +€36,603 | +6.7% |
| Operating profit (loss) | 9901 | €338,205 | €210,769 | -€127,435 | -37.7% |
| Financial income | 75/76B | €525,032 | €101,747 | -€423,286 | -80.6% |
| Recurring financial income | 75 | €525,032 | €101,747 | -€423,286 | -80.6% |
| Non-recurring financial income | 76B | - | €101,747 | +€101,747 | |
| Financial charges | 65/66B | €14,759 | €127,611 | +€112,852 | +764.6% |
| Recurring financial charges | 65 | €14,759 | €127,611 | +€112,852 | +764.6% |
| Profit (loss) for the period before taxes | 9903 | €848,478 | €184,905 | -€663,573 | -78.2% |
| Income taxes | 67/77 | €158,448 | €36,230 | -€122,218 | -77.1% |
| Profit (loss) for the period | 9904 | €690,030 | €148,675 | -€541,355 | -78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €690,030 | €148,675 | -€541,355 | -78.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.