MARE MANAGEMENT: 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 MANAGEMENT
Largest movements
- Stocks and contracts +€519,106
up €519,106 (+81.8%), from €634,630 to €1.2m
- Receivables within one year -€155,846
down €155,846 (-94.6%), from €164,789 to €8,943
of which Trade receivables: -€137,403
- Tangible fixed assets -€29,373
down €29,373 (-2.5%), from €1.2m to €1.1m
of which Land and buildings: -€37,389
- Debts after one year +€432,641
up €432,641 (+50.4%), from €858,869 to €1.3m
- Current portion of long-term debt -€116,226
down €116,226 (-21.3%), from €546,069 to €429,844
- Other debts -€30,397
down €30,397 (-10.3%), from €295,101 to €264,704
- Tax, wage and social debts +€29,147
up €29,147 (+1320.6%), from €2,207 to €31,354
- Other operating charges -€38,798
down €38,798 (-93.2%), from €41,627 to €2,829
- Taxes +€32,654
up €32,654 (+1479.5%), from €2,207 to €34,861
- Gross operating margin -€17,464
down €17,464 (-11.3%), from €154,092 to €136,628
- Depreciation +€15,835
up €15,835 (+61.1%), from €25,897 to €41,732
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 | €2,003,144 | €2,349,054 | +€345,910 | +17.3% |
| Fixed assets | 21/28 | €1,162,722 | €1,133,349 | -€29,373 | -2.5% |
| Tangible fixed assets | 22/27 | €1,162,722 | €1,133,349 | -€29,373 | -2.5% |
| Land and buildings | 22 | €1,160,541 | €1,123,153 | -€37,389 | -3.2% |
| Furniture and vehicles | 24 | €2,180 | €2,099 | -€81 | -3.7% |
| Leasing and similar rights | 25 | - | €8,097 | +€8,097 | |
| Current assets | 29/58 | €840,422 | €1,215,705 | +€375,283 | +44.7% |
| Stocks and contracts in progress | 3 | €634,630 | €1,153,736 | +€519,106 | +81.8% |
| Stocks | 30/36 | €634,630 | €1,153,736 | +€519,106 | +81.8% |
| Amounts receivable within one year | 40/41 | €164,789 | €8,943 | -€155,846 | -94.6% |
| Trade receivables | 40 | €146,346 | €8,943 | -€137,403 | -93.9% |
| Other amounts receivable | 41 | €18,443 | €0 | -€18,443 | -100.0% |
| Cash at bank and in hand | 54/58 | €38,034 | €53,026 | +€14,991 | +39.4% |
| Deferred charges and accrued income | 490/1 | €2,969 | €0 | -€2,969 | -100.0% |
| Total equity and liabilities | 10/49 | €2,003,144 | €2,349,054 | +€345,910 | +17.3% |
| Equity | 10/15 | €223,854 | €241,062 | +€17,208 | +7.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €205,254 | €222,462 | +€17,208 | +8.4% |
| Tax-exempt reserves | 132 | €58,279 | €56,503 | -€1,776 | -3.0% |
| Distributable reserves | 133 | €146,975 | €165,960 | +€18,984 | +12.9% |
| Provisions and deferred taxes | 16 | €19,426 | €18,834 | -€592 | -3.0% |
| Deferred taxes | 168 | €19,426 | €18,834 | -€592 | -3.0% |
| Amounts payable | 17/49 | €1,759,863 | €2,089,157 | +€329,294 | +18.7% |
| Amounts payable after more than one year | 17 | €858,869 | €1,291,510 | +€432,641 | +50.4% |
| Financial debts | 170/4 | €858,869 | €1,291,510 | +€432,641 | +50.4% |
| Amounts payable within one year | 42/48 | €896,343 | €793,833 | -€102,510 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €546,069 | €429,844 | -€116,226 | -21.3% |
| Trade debts | 44 | €52,965 | €67,931 | +€14,965 | +28.3% |
| Suppliers | 440/4 | €52,965 | €67,931 | +€14,965 | +28.3% |
| Taxes, remuneration and social security | 45 | €2,207 | €31,354 | +€29,147 | +1320.6% |
| Taxes | 450/3 | €2,207 | €31,354 | +€29,147 | +1320.6% |
| Other amounts payable | 47/48 | €295,101 | €264,704 | -€30,397 | -10.3% |
| Accrued charges and deferred income | 492/3 | €4,651 | €3,814 | -€837 | -18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,897 | €41,732 | +€15,835 | +61.1% |
| Other operating charges | 640/8 | €41,627 | €2,829 | -€38,798 | -93.2% |
| Gross operating margin | 9900 | €154,092 | €136,628 | -€17,464 | -11.3% |
| Operating profit (loss) | 9901 | €86,568 | €92,067 | +€5,499 | +6.4% |
| Financial income | 75/76B | €699 | €2,141 | +€1,441 | +206.1% |
| Recurring financial income | 75 | €699 | €2,141 | +€1,441 | +206.1% |
| Financial charges | 65/66B | €42,564 | €42,730 | +€166 | +0.4% |
| Recurring financial charges | 65 | €42,564 | €42,730 | +€166 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €44,703 | €51,477 | +€6,774 | +15.2% |
| Transfer from deferred taxes | 780 | €15,122 | €592 | -€14,530 | -96.1% |
| Income taxes | 67/77 | €2,207 | €34,861 | +€32,654 | +1479.5% |
| Profit (loss) for the period | 9904 | €57,618 | €17,208 | -€40,410 | -70.1% |
| Transfer from tax-exempt reserves | 789 | €45,365 | €1,776 | -€43,589 | -96.1% |
| Profit (loss) for the period to be appropriated | 9905 | €102,983 | €18,984 | -€83,999 | -81.6% |
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 29 September 2026 via checked.be.