MARABOE: 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.
MARABOE
Largest movements
- Tangible fixed assets +€826,037
up €826,037 (+188.4%), from €438,378 to €1.3m
of which Land and buildings: +€820,664
- Cash -€37,091
down €37,091 (-45.3%), from €81,812 to €44,721
mainly Investment in fixed assets (net) (-€925,502) and Receivables within one year (-€32,035)
- Receivables within one year +€32,035
up €32,035 (+45.2%), from €70,950 to €102,985
of which Other amounts receivable: +€23,295
- Debts after one year +€625,771
up €625,771 (+233.5%), from €267,960 to €893,731
- Other debts +€130,490
new in 2025: €130,490
- Current portion of long-term debt +€37,786
up €37,786 (+45.9%), from €82,389 to €120,175
- Profit (loss) carried forward +€23,643
up €23,643 (+53.1%), from €44,544 to €68,187
- Taxes -€47,975
down €47,975, from €30,184 to -€17,791
- Gross operating margin -€43,373
down €43,373 (-12.7%), from €341,788 to €298,414
- Depreciation +€27,103
up €27,103 (+37.5%), from €72,362 to €99,464
- Other operating charges -€15,106
down €15,106 (-27.9%), from €54,214 to €39,108
- Financial charges +€9,403
up €9,403 (+47.3%), from €19,893 to €29,296
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 | €801,245 | €1,622,226 | +€820,981 | +102.5% |
| Fixed assets | 21/28 | €438,483 | €1,264,520 | +€826,037 | +188.4% |
| Tangible fixed assets | 22/27 | €438,378 | €1,264,415 | +€826,037 | +188.4% |
| Land and buildings | 22 | €395,567 | €1,216,231 | +€820,664 | +207.5% |
| Plant, machinery and equipment | 23 | €38,647 | €45,568 | +€6,921 | +17.9% |
| Furniture and vehicles | 24 | €4,164 | €2,617 | -€1,547 | -37.2% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €362,762 | €357,706 | -€5,056 | -1.4% |
| Amounts receivable within one year | 40/41 | €70,950 | €102,985 | +€32,035 | +45.2% |
| Trade receivables | 40 | €6,337 | €15,076 | +€8,740 | +137.9% |
| Other amounts receivable | 41 | €64,613 | €87,908 | +€23,295 | +36.1% |
| Current investments | 50/53 | €210,000 | €210,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €81,812 | €44,721 | -€37,091 | -45.3% |
| Total equity and liabilities | 10/49 | €801,245 | €1,622,226 | +€820,981 | +102.5% |
| Equity | 10/15 | €447,504 | €471,147 | +€23,643 | +5.3% |
| Contributions | 10/11 | €193,600 | €193,600 | = | 0.0% |
| Reserves | 13 | €209,360 | €209,360 | = | 0.0% |
| Distributable reserves | 133 | €209,360 | €209,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,544 | €68,187 | +€23,643 | +53.1% |
| Amounts payable | 17/49 | €353,741 | €1,151,079 | +€797,338 | +225.4% |
| Amounts payable after more than one year | 17 | €267,960 | €893,731 | +€625,771 | +233.5% |
| Financial debts | 170/4 | €267,960 | €893,731 | +€625,771 | +233.5% |
| Amounts payable within one year | 42/48 | €85,781 | €257,348 | +€171,567 | +200.0% |
| Current portion of amounts payable after more than one year | 42 | €82,389 | €120,175 | +€37,786 | +45.9% |
| Trade debts | 44 | €1,499 | - | -€1,499 | |
| Suppliers | 440/4 | €1,499 | - | -€1,499 | |
| Taxes, remuneration and social security | 45 | €1,893 | €6,683 | +€4,790 | +253.0% |
| Taxes | 450/3 | - | €831 | +€831 | |
| Remuneration and social security | 454/9 | €1,893 | €5,852 | +€3,959 | +209.1% |
| Other amounts payable | 47/48 | - | €130,490 | +€130,490 | |
| Remuneration, social security and pensions | 62 | €96,262 | €88,740 | -€7,522 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,362 | €99,464 | +€27,103 | +37.5% |
| Other operating charges | 640/8 | €54,214 | €39,108 | -€15,106 | -27.9% |
| Non-recurring operating charges | 66A | - | €36,000 | +€36,000 | |
| Gross operating margin | 9900 | €341,788 | €298,414 | -€43,373 | -12.7% |
| Operating profit (loss) | 9901 | €118,950 | €35,102 | -€83,849 | -70.5% |
| Financial income | 75/76B | €468 | €47 | -€421 | -89.9% |
| Recurring financial income | 75 | €468 | €47 | -€421 | -89.9% |
| Financial charges | 65/66B | €19,893 | €29,296 | +€9,403 | +47.3% |
| Recurring financial charges | 65 | €19,893 | €29,296 | +€9,403 | +47.3% |
| Profit (loss) for the period before taxes | 9903 | €99,525 | €5,852 | -€93,672 | -94.1% |
| Income taxes | 67/77 | €30,184 | -€17,791 | -€47,975 | |
| Profit (loss) for the period | 9904 | €69,341 | €23,643 | -€45,698 | -65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €69,341 | €23,643 | -€45,698 | -65.9% |
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 10 October 2026 via checked.be.