MAREAU: 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.
MAREAU
Largest movements
- Receivables within one year -€24,181
down €24,181 (-26.4%), from €91,586 to €67,405
of which Trade receivables: -€22,170
- Cash +€16,746
up €16,746 (+2854.5%), from €587 to €17,333
mainly Receivables within one year (+€24,181) and Trade debts (+€4,504)
- Advances received -€11,955
down €11,955 (-48.5%), from €24,663 to €12,707
- Other debts -€4,961
down €4,961 (-10.1%), from €49,350 to €44,389
- Trade debts +€4,504
up €4,504 (+59.3%), from €7,593 to €12,097
- Tax, wage and social debts +€3,866
up €3,866 (+189.8%), from €2,037 to €5,904
of which Taxes: +€2,549
- Depreciation -€1,306
down €1,306 (-100.0%), from €1,306 to €0
- Gross operating margin -€923
down €923 (-32.9%), from €2,806 to €1,883
- Financial charges +€570
up €570 (+1017.8%), from €56 to €626
- Other operating charges +€42
up €42 (+7.2%), from €583 to €625
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 | €92,832 | €84,770 | -€8,062 | -8.7% |
| Formation expenses | 20 | €0 | - | = | |
| Current assets | 29/58 | €92,832 | €84,770 | -€8,062 | -8.7% |
| Stocks and contracts in progress | 3 | €355 | €0 | -€355 | -100.0% |
| Stocks | 30/36 | €355 | €0 | -€355 | -100.0% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €91,586 | €67,405 | -€24,181 | -26.4% |
| Trade receivables | 40 | €88,440 | €66,270 | -€22,170 | -25.1% |
| Other amounts receivable | 41 | €3,147 | €1,136 | -€2,011 | -63.9% |
| Cash at bank and in hand | 54/58 | €587 | €17,333 | +€16,746 | +2854.5% |
| Deferred charges and accrued income | 490/1 | €304 | €32 | -€271 | -89.3% |
| Total equity and liabilities | 10/49 | €92,832 | €84,770 | -€8,062 | -8.7% |
| Equity | 10/15 | €9,190 | €9,674 | +€484 | +5.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €3,190 | €3,674 | +€484 | +15.2% |
| Distributable reserves | 133 | €3,190 | €3,674 | +€484 | +15.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €83,642 | €75,096 | -€8,546 | -10.2% |
| Amounts payable within one year | 42/48 | €83,642 | €75,096 | -€8,546 | -10.2% |
| Trade debts | 44 | €7,593 | €12,097 | +€4,504 | +59.3% |
| Suppliers | 440/4 | €7,593 | €12,097 | +€4,504 | +59.3% |
| Advances received on contracts in progress | 46 | €24,663 | €12,707 | -€11,955 | -48.5% |
| Taxes, remuneration and social security | 45 | €2,037 | €5,904 | +€3,866 | +189.8% |
| Taxes | 450/3 | €719 | €3,268 | +€2,549 | +354.4% |
| Remuneration and social security | 454/9 | €1,318 | €2,636 | +€1,318 | +100.0% |
| Other amounts payable | 47/48 | €49,350 | €44,389 | -€4,961 | -10.1% |
| Non-recurring operating income | 76A | - | €538 | +€538 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,306 | €0 | -€1,306 | -100.0% |
| Other operating charges | 640/8 | €583 | €625 | +€42 | +7.2% |
| Gross operating margin | 9900 | €2,806 | €1,883 | -€923 | -32.9% |
| Operating profit (loss) | 9901 | €917 | €1,258 | +€340 | +37.1% |
| Financial income | 75/76B | €8 | €0 | -€8 | -100.0% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -100.0% |
| Financial charges | 65/66B | €56 | €626 | +€570 | +1017.8% |
| Recurring financial charges | 65 | €56 | €626 | +€570 | +1017.8% |
| Profit (loss) for the period before taxes | 9903 | €870 | €631 | -€239 | -27.4% |
| Income taxes | 67/77 | €174 | €147 | -€27 | -15.4% |
| Profit (loss) for the period | 9904 | €696 | €484 | -€212 | -30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €696 | €484 | -€212 | -30.4% |
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 7 October 2026 via checked.be.