MARE NOSTRUM: 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 NOSTRUM
Largest movements
- Tangible fixed assets +€385,681
up €385,681 (+55.7%), from €692,610 to €1.1m
of which Furniture and vehicles: +€340,687
- Receivables after one year -€120,465
down €120,465 (-13.0%), from €928,375 to €807,910
- Receivables within one year +€27,151
up €27,151 (+23.1%), from €117,638 to €144,789
of which Trade receivables: +€53,527
- Cash -€24,590
down €24,590 (-98.9%), from €24,870 to €280
mainly Investment in fixed assets (net) (-€531,740) and Other debts (-€187,817)
- Revaluation surpluses +€400,000
new in 2025: €400,000
- Other debts -€187,817
no longer reported in 2025 (was €187,817)
- Short-term financial debts +€165,000
up €165,000 (+70.2%), from €235,000 to €400,000
- Debts after one year -€68,798
down €68,798 (-10.2%), from €675,987 to €607,190
- Current portion of long-term debt -€22,538
down €22,538 (-24.7%), from €91,336 to €68,798
- Staff costs +€115,437
up €115,437 (+17.9%), from €645,852 to €761,289
- Taxes -€59,016
down €59,016 (-94.1%), from €62,708 to €3,692
- Gross operating margin -€51,083
down €51,083 (-5.1%), from €997,058 to €945,975
- Depreciation +€31,823
up €31,823 (+27.9%), from €114,236 to €146,058
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 | €1,808,006 | €2,090,072 | +€282,066 | +15.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €704,421 | €1,090,103 | +€385,681 | +54.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €692,610 | €1,078,292 | +€385,681 | +55.7% |
| Plant, machinery and equipment | 23 | €220,631 | €265,625 | +€44,994 | +20.4% |
| Furniture and vehicles | 24 | €471,979 | €812,667 | +€340,687 | +72.2% |
| Financial fixed assets | 28 | €11,811 | €11,811 | = | 0.0% |
| Current assets | 29/58 | €1,103,584 | €999,969 | -€103,615 | -9.4% |
| Amounts receivable after more than one year | 29 | €928,375 | €807,910 | -€120,465 | -13.0% |
| Other amounts receivable | 291 | €928,375 | €807,910 | -€120,465 | -13.0% |
| Amounts receivable within one year | 40/41 | €117,638 | €144,789 | +€27,151 | +23.1% |
| Trade receivables | 40 | €53,541 | €107,068 | +€53,527 | +100.0% |
| Other amounts receivable | 41 | €64,097 | €37,721 | -€26,376 | -41.2% |
| Cash at bank and in hand | 54/58 | €24,870 | €280 | -€24,590 | -98.9% |
| Deferred charges and accrued income | 490/1 | €32,701 | €46,991 | +€14,289 | +43.7% |
| Total equity and liabilities | 10/49 | €1,808,006 | €2,090,072 | +€282,066 | +15.6% |
| Equity | 10/15 | €251,799 | €655,029 | +€403,230 | +160.1% |
| Contributions | 10/11 | €245,000 | €245,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €400,000 | +€400,000 | |
| Reserves | 13 | €687,480 | €687,480 | = | 0.0% |
| Distributable reserves | 133 | €687,480 | €687,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€711,027 | -€703,157 | +€7,870 | +1.1% |
| Investment grants | 15 | €30,346 | €25,706 | -€4,640 | -15.3% |
| Provisions and deferred taxes | 16 | €5,364 | €4,701 | -€663 | -12.4% |
| Deferred taxes | 168 | €5,364 | €4,701 | -€663 | -12.4% |
| Amounts payable | 17/49 | €1,550,843 | €1,430,342 | -€120,501 | -7.8% |
| Amounts payable after more than one year | 17 | €675,987 | €607,190 | -€68,798 | -10.2% |
| Financial debts | 170/4 | €675,987 | €607,190 | -€68,798 | -10.2% |
| Amounts payable within one year | 42/48 | €867,691 | €816,984 | -€50,707 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €91,336 | €68,798 | -€22,538 | -24.7% |
| Financial debts | 43 | €235,000 | €400,000 | +€165,000 | +70.2% |
| Credit institutions | 430/8 | €235,000 | €400,000 | +€165,000 | +70.2% |
| Trade debts | 44 | €141,736 | €143,736 | +€2,000 | +1.4% |
| Suppliers | 440/4 | €141,736 | €143,736 | +€2,000 | +1.4% |
| Taxes, remuneration and social security | 45 | €211,803 | €204,451 | -€7,352 | -3.5% |
| Taxes | 450/3 | €173,383 | €160,246 | -€13,137 | -7.6% |
| Remuneration and social security | 454/9 | €38,420 | €44,205 | +€5,785 | +15.1% |
| Other amounts payable | 47/48 | €187,817 | - | -€187,817 | |
| Accrued charges and deferred income | 492/3 | €7,164 | €6,168 | -€996 | -13.9% |
| Non-recurring operating income | 76A | €26,163 | - | -€26,163 | |
| Remuneration, social security and pensions | 62 | €645,852 | €761,289 | +€115,437 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,236 | €146,058 | +€31,823 | +27.9% |
| Other operating charges | 640/8 | €3,861 | €2,315 | -€1,546 | -40.0% |
| Gross operating margin | 9900 | €997,058 | €945,975 | -€51,083 | -5.1% |
| Operating profit (loss) | 9901 | €233,110 | €36,313 | -€196,797 | -84.4% |
| Financial income | 75/76B | €34,564 | €30,300 | -€4,264 | -12.3% |
| Recurring financial income | 75 | €34,564 | €30,300 | -€4,264 | -12.3% |
| Financial charges | 65/66B | €50,411 | €55,713 | +€5,302 | +10.5% |
| Recurring financial charges | 65 | €50,411 | €55,713 | +€5,302 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €217,263 | €10,900 | -€206,363 | -95.0% |
| Transfer from deferred taxes | 780 | €663 | €663 | = | 0.0% |
| Income taxes | 67/77 | €62,708 | €3,692 | -€59,016 | -94.1% |
| Profit (loss) for the period | 9904 | €155,218 | €7,870 | -€147,348 | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €155,218 | €7,870 | -€147,348 | -94.9% |
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 4 October 2026 via checked.be.