MARE: 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.
What changed
MARE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€43,361
2024 · -€17,117+€60,478
Equity
€655,494
2024 · €612,134+€43,361
Cash
€42,125
2024 · €20,464+€21,662
Balance sheet total
€3.2m
2024 · €913,905+€2.3m
Largest movements
Assets
- Stocks and contracts +€2.2m
up €2.2m (+1020.9%), from €219,346 to €2.5m
Equity and liabilities
- Short-term financial debts +€1.3m
new in 2025: €1.3m
- Other debts +€976,327
up €976,327 (+540.1%), from €180,782 to €1.2m
- Profit (loss) carried forward +€43,361
new in 2025: €43,361
Income statement
- Gross operating margin +€21,133
up €21,133 (+20.7%), from €102,101 to €123,234
- Other operating charges -€12,248
down €12,248 (-43.2%), from €28,334 to €16,086
- Depreciation +€3,725
up €3,725 (+9.0%), from €41,521 to €45,246
- Financial charges +€3,365
up €3,365 (+22.4%), from €14,993 to €18,358
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.
Result 2024
-€17,117
Gross operating margin
+€21,133
Depreciation
-€3,725
Other operating charges
+€12,248
Other operating items
+€33,600
Financial income
-€0
Financial charges
-€3,365
Taxes
+€586
Result 2025
€43,361
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.
From operations
-€1.2m
Investment
-€68,772
Financing
+€1.3m
Cash 2024
€20,464
From operations (derived)
-€1.2m
Net result for the year
+€43,361
Depreciation
+€45,246
Stocks and contracts
-€2.2m
Receivables within one year
+€8,363
Smaller working-capital items
-€10,213
Trade debts
-€10,288
Other debts
+€976,327
Investment (derived)
-€68,772
Investment in fixed assets (net)
-€68,772
Financing
+€1.3m
Debts after one year
+€20,273
Current portion of long-term debt
+€3,714
Short-term financial debts
+€1.3m
Cash 2025
€42,125
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €913,905 | €3,194,488 | +€2.3m | +249.5% |
| Fixed assets | 21/28 | €659,367 | €682,893 | +€23,526 | +3.6% |
| Tangible fixed assets | 22/27 | €659,367 | €682,893 | +€23,526 | +3.6% |
| Land and buildings | 22 | €647,120 | €670,932 | +€23,811 | +3.7% |
| Plant, machinery and equipment | 23 | €12,247 | €11,961 | -€286 | -2.3% |
| Current assets | 29/58 | €254,537 | €2,511,595 | +€2.3m | +886.7% |
| Stocks and contracts in progress | 3 | €219,346 | €2,458,601 | +€2.2m | +1020.9% |
| Stocks | 30/36 | €219,346 | €2,458,601 | +€2.2m | +1020.9% |
| Amounts receivable within one year | 40/41 | €11,268 | €2,905 | -€8,363 | -74.2% |
| Trade receivables | 40 | €9,970 | €2,905 | -€7,065 | -70.9% |
| Other amounts receivable | 41 | €1,299 | €0 | -€1,299 | -100.0% |
| Cash at bank and in hand | 54/58 | €20,464 | €42,125 | +€21,662 | +105.9% |
| Deferred charges and accrued income | 490/1 | €3,460 | €7,964 | +€4,504 | +130.2% |
| Total equity and liabilities | 10/49 | €913,905 | €3,194,488 | +€2.3m | +249.5% |
| Equity | 10/15 | €612,134 | €655,494 | +€43,361 | +7.1% |
| Contributions | 10/11 | €391,672 | €391,672 | = | 0.0% |
| Capital | 10 | €391,672 | €391,672 | = | 0.0% |
| Issued capital | 100 | €391,672 | €391,672 | = | 0.0% |
| Reserves | 13 | €220,462 | €220,462 | = | 0.0% |
| Non-distributable reserves | 130/1 | €39,167 | €39,167 | = | 0.0% |
| Legal reserve | 130 | €39,167 | €39,167 | = | 0.0% |
| Distributable reserves | 133 | €181,295 | €181,295 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €43,361 | +€43,361 | |
| Amounts payable | 17/49 | €301,771 | €2,538,994 | +€2.2m | +741.4% |
| Amounts payable after more than one year | 17 | €75,833 | €96,106 | +€20,273 | +26.7% |
| Financial debts | 170/4 | €75,833 | €96,106 | +€20,273 | +26.7% |
| Amounts payable within one year | 42/48 | €216,228 | €2,434,830 | +€2.2m | +1026.0% |
| Current portion of amounts payable after more than one year | 42 | €13,183 | €16,897 | +€3,714 | +28.2% |
| Financial debts | 43 | - | €1,252,906 | +€1.3m | |
| Credit institutions | 430/8 | - | €1,252,906 | +€1.3m | |
| Trade debts | 44 | €11,288 | €1,001 | -€10,288 | -91.1% |
| Suppliers | 440/4 | €11,288 | €1,001 | -€10,288 | -91.1% |
| Taxes, remuneration and social security | 45 | €10,975 | €6,918 | -€4,058 | -37.0% |
| Taxes | 450/3 | €8,409 | €4,357 | -€4,053 | -48.2% |
| Remuneration and social security | 454/9 | €2,566 | €2,561 | -€5 | -0.2% |
| Other amounts payable | 47/48 | €180,782 | €1,157,108 | +€976,327 | +540.1% |
| Accrued charges and deferred income | 492/3 | €9,709 | €8,057 | -€1,652 | -17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,521 | €45,246 | +€3,725 | +9.0% |
| Other operating charges | 640/8 | €28,334 | €16,086 | -€12,248 | -43.2% |
| Non-recurring operating charges | 66A | €33,600 | €0 | -€33,600 | -100.0% |
| Gross operating margin | 9900 | €102,101 | €123,234 | +€21,133 | +20.7% |
| Operating profit (loss) | 9901 | -€1,355 | €61,902 | +€63,257 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €14,993 | €18,358 | +€3,365 | +22.4% |
| Recurring financial charges | 65 | €14,993 | €18,358 | +€3,365 | +22.4% |
| Profit (loss) for the period before taxes | 9903 | -€16,348 | €43,544 | +€59,892 | |
| Income taxes | 67/77 | €769 | €183 | -€586 | -76.2% |
| Profit (loss) for the period | 9904 | -€17,117 | €43,361 | +€60,478 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,117 | €43,361 | +€60,478 |
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 9 October 2026 via checked.be.