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.
MARE
Largest movements
- Cash -€82,295
down €82,295 (-91.3%), from €90,183 to €7,889
mainly Debts after one year (-€78,318) and Tax, wage and social debts (-€22,117)
- Debts after one year -€78,318
down €78,318 (-47.8%), from €163,836 to €85,518
of which Financial debts: -€78,318
- Gross operating margin -€147,794
down €147,794 (-78.5%), from €188,160 to €40,365
- Taxes -€32,295
down €32,295 (-72.6%), from €44,493 to €12,199
- Financial income -€22,101
down €22,101 (-47.6%), from €46,445 to €24,344
- Financial charges -€21,503
down €21,503 (-50.7%), from €42,430 to €20,927
- Depreciation -€20,521
down €20,521 (-49.6%), from €41,383 to €20,861
From the 30-06-2025 result to the 31-12-2025 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 30-06-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 30-06-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,428,849 | €2,322,755 | -€106,094 | -4.4% |
| Fixed assets | 21/28 | €874,355 | €853,493 | -€20,861 | -2.4% |
| Tangible fixed assets | 22/27 | €874,355 | €853,493 | -€20,861 | -2.4% |
| Land and buildings | 22 | €874,355 | €853,493 | -€20,861 | -2.4% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €1,554,495 | €1,469,262 | -€85,233 | -5.5% |
| Amounts receivable after more than one year | 29 | €221,051 | €224,612 | +€3,561 | +1.6% |
| Other amounts receivable | 291 | €221,051 | €224,612 | +€3,561 | +1.6% |
| Amounts receivable within one year | 40/41 | €1,243,232 | €1,236,656 | -€6,576 | -0.5% |
| Trade receivables | 40 | €102,137 | €0 | -€102,137 | -100.0% |
| Other amounts receivable | 41 | €1,141,095 | €1,236,656 | +€95,561 | +8.4% |
| Cash at bank and in hand | 54/58 | €90,183 | €7,889 | -€82,295 | -91.3% |
| Deferred charges and accrued income | 490/1 | €28 | €105 | +€77 | +269.9% |
| Total equity and liabilities | 10/49 | €2,428,849 | €2,322,755 | -€106,094 | -4.4% |
| Equity | 10/15 | €1,537,396 | €1,529,758 | -€7,638 | -0.5% |
| Contributions | 10/11 | €1,250,000 | €1,250,000 | = | 0.0% |
| Reserves | 13 | €287,396 | €279,758 | -€7,638 | -2.7% |
| Non-distributable reserves | 130/1 | €3,554 | €3,554 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,554 | €3,554 | = | 0.0% |
| Distributable reserves | 133 | €283,842 | €276,204 | -€7,638 | -2.7% |
| Profit (loss) carried forward | 14 | - | €0 | +€0 | |
| Amounts payable | 17/49 | €891,453 | €792,998 | -€98,456 | -11.0% |
| Amounts payable after more than one year | 17 | €163,836 | €85,518 | -€78,318 | -47.8% |
| Financial debts | 170/4 | €156,636 | €78,318 | -€78,318 | -50.0% |
| Other amounts payable | 178/9 | €7,200 | €7,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €625,293 | €592,342 | -€32,951 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €78,318 | €78,318 | = | 0.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,358 | €8,319 | +€6,961 | +512.6% |
| Suppliers | 440/4 | €1,358 | €8,319 | +€6,961 | +512.6% |
| Advances received on contracts in progress | 46 | - | €3,373 | +€3,373 | |
| Taxes, remuneration and social security | 45 | €25,795 | €3,679 | -€22,117 | -85.7% |
| Taxes | 450/3 | €25,795 | €3,679 | -€22,117 | -85.7% |
| Other amounts payable | 47/48 | €519,822 | €498,653 | -€21,169 | -4.1% |
| Accrued charges and deferred income | 492/3 | €102,325 | €115,138 | +€12,813 | +12.5% |
| Non-recurring operating income | 76A | €64,564 | €0 | -€64,564 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,383 | €20,861 | -€20,521 | -49.6% |
| Other operating charges | 640/8 | €11,391 | €18,361 | +€6,970 | +61.2% |
| Gross operating margin | 9900 | €188,160 | €40,365 | -€147,794 | -78.5% |
| Operating profit (loss) | 9901 | €135,386 | €1,143 | -€134,243 | -99.2% |
| Financial income | 75/76B | €46,445 | €24,344 | -€22,101 | -47.6% |
| Recurring financial income | 75 | €46,445 | €24,344 | -€22,101 | -47.6% |
| Financial charges | 65/66B | €42,430 | €20,927 | -€21,503 | -50.7% |
| Recurring financial charges | 65 | €42,430 | €20,927 | -€21,503 | -50.7% |
| Profit (loss) for the period before taxes | 9903 | €139,401 | €4,560 | -€134,841 | -96.7% |
| Income taxes | 67/77 | €44,493 | €12,199 | -€32,295 | -72.6% |
| Profit (loss) for the period | 9904 | €94,908 | -€7,638 | -€102,546 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,908 | -€7,638 | -€102,546 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.