MARAET: 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.
MARAET
Largest movements
- Tangible fixed assets +€60,249
up €60,249 (+182%), from €33,056 to €93,305
of which Plant, machinery and equipment: +€58,450
- Receivables within one year +€16,591
up €16,591 (+3.6%), from €458,427 to €475,018
of which Trade receivables: +€68,531
- Stocks and contracts +€16,102
up €16,102 (+35.5%), from €45,411 to €61,513
- Cash +€7,065
up €7,065 (+30.2%), from €23,357 to €30,422
mainly Trade debts (+€170,356) and Tax, wage and social debts (+€37,672)
- Trade debts +€170,356
up €170,356 (+39.7%), from €429,021 to €599,378
- Profit (loss) carried forward -€108,021
down €108,021, from €14,135 to -€93,886
- Tax, wage and social debts +€37,672
up €37,672 (+38.2%), from €98,545 to €136,217
of which Remuneration and social security: +€24,283
- Staff costs +€136,383
up €136,383 (+42.0%), from €324,554 to €460,936
- Depreciation -€75,111
down €75,111 (-79.6%), from €94,376 to €19,266
- Gross operating margin -€7,721
down €7,721 (-2.0%), from €379,131 to €371,410
- Financial income -€5,862
down €5,862 (-39.5%), from €14,854 to €8,992
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 | €560,251 | €660,258 | +€100,007 | +17.9% |
| Fixed assets | 21/28 | €33,056 | €93,305 | +€60,249 | +182% |
| Tangible fixed assets | 22/27 | €33,056 | €93,305 | +€60,249 | +182% |
| Plant, machinery and equipment | 23 | €17,766 | €76,217 | +€58,450 | +329% |
| Furniture and vehicles | 24 | €2,418 | €1,227 | -€1,191 | -49.2% |
| Other tangible fixed assets | 26 | €12,872 | €15,861 | +€2,989 | +23.2% |
| Current assets | 29/58 | €527,195 | €566,953 | +€39,758 | +7.5% |
| Stocks and contracts in progress | 3 | €45,411 | €61,513 | +€16,102 | +35.5% |
| Stocks | 30/36 | €45,411 | €61,513 | +€16,102 | +35.5% |
| Amounts receivable within one year | 40/41 | €458,427 | €475,018 | +€16,591 | +3.6% |
| Trade receivables | 40 | €44,596 | €113,127 | +€68,531 | +154% |
| Other amounts receivable | 41 | €413,831 | €361,890 | -€51,941 | -12.6% |
| Cash at bank and in hand | 54/58 | €23,357 | €30,422 | +€7,065 | +30.2% |
| Total equity and liabilities | 10/49 | €560,251 | €660,258 | +€100,007 | +17.9% |
| Equity | 10/15 | €32,685 | -€75,336 | -€108,021 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,135 | -€93,886 | -€108,021 | |
| Amounts payable | 17/49 | €527,566 | €735,594 | +€208,028 | +39.4% |
| Amounts payable within one year | 42/48 | €527,566 | €735,594 | +€208,028 | +39.4% |
| Trade debts | 44 | €429,021 | €599,378 | +€170,356 | +39.7% |
| Suppliers | 440/4 | €429,021 | €599,378 | +€170,356 | +39.7% |
| Taxes, remuneration and social security | 45 | €98,545 | €136,217 | +€37,672 | +38.2% |
| Taxes | 450/3 | €39,061 | €52,450 | +€13,389 | +34.3% |
| Remuneration and social security | 454/9 | €59,483 | €83,766 | +€24,283 | +40.8% |
| Non-recurring operating income | 76A | - | €5,750 | +€5,750 | |
| Remuneration, social security and pensions | 62 | €324,554 | €460,936 | +€136,383 | +42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,376 | €19,266 | -€75,111 | -79.6% |
| Other operating charges | 640/8 | €5,187 | €5,316 | +€129 | +2.5% |
| Gross operating margin | 9900 | €379,131 | €371,410 | -€7,721 | -2.0% |
| Operating profit (loss) | 9901 | -€44,986 | -€114,108 | -€69,122 | -154% |
| Financial income | 75/76B | €14,854 | €8,992 | -€5,862 | -39.5% |
| Recurring financial income | 75 | €14,854 | €8,992 | -€5,862 | -39.5% |
| Financial charges | 65/66B | €3,782 | €2,390 | -€1,392 | -36.8% |
| Recurring financial charges | 65 | €3,782 | €2,390 | -€1,392 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | -€33,913 | -€107,506 | -€73,593 | -217% |
| Income taxes | 67/77 | €171 | €515 | +€344 | +201% |
| Profit (loss) for the period | 9904 | -€34,085 | -€108,021 | -€73,937 | -217% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,085 | -€108,021 | -€73,937 | -217% |
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 19 October 2026 via checked.be.