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 -€61,290
down €61,290 (-3.5%), from €1.7m to €1.7m
of which Land and buildings: -€58,581
- Debts after one year -€70,104
down €70,104 (-5.7%), from €1.2m to €1.2m
- Profit (loss) carried forward +€29,981
up €29,981, from -€29,981 to €0
- Reserves +€25,267
up €25,267 (+603.8%), from €4,184 to €29,451
of which Distributable reserves: +€25,267
- Gross operating margin +€8,627
up €8,627 (+5.4%), from €160,375 to €169,002
- Financial charges +€3,236
up €3,236 (+13.7%), from €23,634 to €26,870
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 | €1,973,264 | €1,933,722 | -€39,542 | -2.0% |
| Fixed assets | 21/28 | €1,936,058 | €1,874,768 | -€61,290 | -3.2% |
| Tangible fixed assets | 22/27 | €1,737,057 | €1,675,767 | -€61,290 | -3.5% |
| Land and buildings | 22 | €1,725,637 | €1,667,056 | -€58,581 | -3.4% |
| Other tangible fixed assets | 26 | €11,420 | €8,711 | -€2,709 | -23.7% |
| Financial fixed assets | 28 | €199,001 | €199,001 | = | 0.0% |
| Current assets | 29/58 | €37,205 | €58,953 | +€21,748 | +58.5% |
| Cash at bank and in hand | 54/58 | €31,775 | €51,417 | +€19,642 | +61.8% |
| Deferred charges and accrued income | 490/1 | €5,430 | €7,536 | +€2,106 | +38.8% |
| Total equity and liabilities | 10/49 | €1,973,264 | €1,933,722 | -€39,542 | -2.0% |
| Equity | 10/15 | €559,344 | €614,591 | +€55,247 | +9.9% |
| Contributions | 10/11 | €585,140 | €585,140 | = | 0.0% |
| Reserves | 13 | €4,184 | €29,451 | +€25,267 | +603.8% |
| Non-distributable reserves | 130/1 | €2,944 | €2,944 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,944 | €2,944 | = | 0.0% |
| Distributable reserves | 133 | €1,240 | €26,507 | +€25,267 | +2037.4% |
| Profit (loss) carried forward | 14 | -€29,981 | €0 | +€29,981 | |
| Amounts payable | 17/49 | €1,413,920 | €1,319,131 | -€94,789 | -6.7% |
| Amounts payable after more than one year | 17 | €1,222,832 | €1,152,728 | -€70,104 | -5.7% |
| Financial debts | 170/4 | €1,222,832 | €1,152,728 | -€70,104 | -5.7% |
| Amounts payable within one year | 42/48 | €178,275 | €153,167 | -€25,108 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €97,882 | €81,556 | -€16,326 | -16.7% |
| Trade debts | 44 | €412 | €0 | -€412 | -100.0% |
| Suppliers | 440/4 | €412 | €0 | -€412 | -100.0% |
| Taxes, remuneration and social security | 45 | €12,763 | €3,212 | -€9,551 | -74.8% |
| Taxes | 450/3 | €12,763 | €3,212 | -€9,551 | -74.8% |
| Other amounts payable | 47/48 | €67,218 | €68,399 | +€1,181 | +1.8% |
| Accrued charges and deferred income | 492/3 | €12,813 | €13,236 | +€422 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,290 | €61,290 | = | 0.0% |
| Other operating charges | 640/8 | €6,807 | €7,179 | +€372 | +5.5% |
| Gross operating margin | 9900 | €160,375 | €169,002 | +€8,627 | +5.4% |
| Operating profit (loss) | 9901 | €92,278 | €100,533 | +€8,255 | +8.9% |
| Financial charges | 65/66B | €23,634 | €26,870 | +€3,236 | +13.7% |
| Recurring financial charges | 65 | €23,634 | €26,870 | +€3,236 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €68,644 | €73,663 | +€5,019 | +7.3% |
| Income taxes | 67/77 | €17,794 | €18,416 | +€622 | +3.5% |
| Profit (loss) for the period | 9904 | €50,849 | €55,247 | +€4,398 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €50,849 | €55,247 | +€4,398 | +8.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.