MAR-SERVICES: 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-SERVICES
Largest movements
- Cash +€202,487
up €202,487 (+129.9%), from €155,886 to €358,373
mainly Net result for the year (+€152,426) and Tax, wage and social debts (+€72,720)
- Current investments +€63,202
up €63,202 (+108.7%), from €58,154 to €121,355
- Tangible fixed assets -€53,493
down €53,493 (-58.5%), from €91,452 to €37,960
- Reserves +€131,741
up €131,741 (+156.5%), from €84,196 to €215,937
of which Distributable reserves: +€147,211
- Tax, wage and social debts +€72,720
new in 2025: €72,720
- Profit (loss) carried forward +€20,685
no longer reported in 2025 (was -€20,685)
- Other debts -€13,750
down €13,750 (-6.7%), from €206,101 to €192,351
- Accrued charges and deferred income +€5,312
up €5,312 (+89.2%), from €5,958 to €11,269
- Gross operating margin +€216,970
up €216,970 (+1014.2%), from €21,393 to €238,363
- Taxes +€73,282
up €73,282, from -€166 to €73,116
- Depreciation -€5,476
down €5,476 (-27.2%), from €20,128 to €14,652
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 | €305,766 | €517,797 | +€212,030 | +69.3% |
| Fixed assets | 21/28 | €91,452 | €37,960 | -€53,493 | -58.5% |
| Tangible fixed assets | 22/27 | €91,452 | €37,960 | -€53,493 | -58.5% |
| Land and buildings | 22 | €91,452 | €37,960 | -€53,493 | -58.5% |
| Current assets | 29/58 | €214,314 | €479,837 | +€265,523 | +123.9% |
| Amounts receivable within one year | 40/41 | €274 | €109 | -€166 | -60.4% |
| Other amounts receivable | 41 | €274 | €109 | -€166 | -60.4% |
| Current investments | 50/53 | €58,154 | €121,355 | +€63,202 | +108.7% |
| Cash at bank and in hand | 54/58 | €155,886 | €358,373 | +€202,487 | +129.9% |
| Total equity and liabilities | 10/49 | €305,766 | €517,797 | +€212,030 | +69.3% |
| Equity | 10/15 | €82,103 | €234,529 | +€152,426 | +185.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €84,196 | €215,937 | +€131,741 | +156.5% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,591 | €18,122 | -€15,469 | -46.1% |
| Distributable reserves | 133 | €47,506 | €194,717 | +€147,211 | +309.9% |
| Profit (loss) carried forward | 14 | -€20,685 | - | +€20,685 | |
| Provisions and deferred taxes | 16 | €11,199 | €6,043 | -€5,156 | -46.0% |
| Deferred taxes | 168 | €11,199 | €6,043 | -€5,156 | -46.0% |
| Amounts payable | 17/49 | €212,464 | €277,225 | +€64,761 | +30.5% |
| Amounts payable within one year | 42/48 | €206,507 | €265,956 | +€59,449 | +28.8% |
| Trade debts | 44 | €405 | €884 | +€479 | +118.2% |
| Suppliers | 440/4 | €405 | €884 | +€479 | +118.2% |
| Taxes, remuneration and social security | 45 | - | €72,720 | +€72,720 | |
| Taxes | 450/3 | - | €72,720 | +€72,720 | |
| Other amounts payable | 47/48 | €206,101 | €192,351 | -€13,750 | -6.7% |
| Accrued charges and deferred income | 492/3 | €5,958 | €11,269 | +€5,312 | +89.2% |
| Non-recurring operating income | 76A | - | €203,720 | +€203,720 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,128 | €14,652 | -€5,476 | -27.2% |
| Other operating charges | 640/8 | €3,944 | €4,244 | +€300 | +7.6% |
| Gross operating margin | 9900 | €21,393 | €238,363 | +€216,970 | +1014.2% |
| Operating profit (loss) | 9901 | -€2,679 | €219,467 | +€222,146 | |
| Financial income | 75/76B | €1,931 | €2,127 | +€196 | +10.2% |
| Recurring financial income | 75 | €1,931 | €2,127 | +€196 | +10.2% |
| Financial charges | 65/66B | €59 | €1,209 | +€1,150 | +1941.3% |
| Recurring financial charges | 65 | €59 | €1,209 | +€1,150 | +1941.3% |
| Profit (loss) for the period before taxes | 9903 | -€807 | €220,386 | +€221,193 | |
| Transfer from deferred taxes | 780 | €4,173 | €5,156 | +€983 | +23.6% |
| Income taxes | 67/77 | -€166 | €73,116 | +€73,282 | |
| Profit (loss) for the period | 9904 | €3,532 | €152,426 | +€148,894 | +4216.0% |
| Transfer from tax-exempt reserves | 789 | €12,519 | €15,469 | +€2,950 | +23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €16,051 | €167,895 | +€151,844 | +946.0% |
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 7 October 2026 via checked.be.