MAREBA: what changed
Two financial 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.
MAREBA
Largest movements
- Current investments +€116,697
up €116,697 (+80.7%), from €144,660 to €261,357
- Cash -€30,726
down €30,726 (-8.1%), from €377,713 to €346,987
mainly Current investments (-€116,697) and Contributions, distributions and other (-€84,300)
- Receivables within one year +€12,492
up €12,492 (+24.3%), from €51,434 to €63,926
of which Trade receivables: +€9,981
- Tangible fixed assets -€9,011
down €9,011 (-31.9%), from €28,261 to €19,250
of which Furniture and vehicles: -€16,157
- Other debts +€78,656
up €78,656 (+594%), from €13,242 to €91,898
- Reserves +€9,355
up €9,355 (+1.7%), from €534,918 to €544,274
- Gross operating margin -€62,970
down €62,970 (-30.1%), from €209,025 to €146,055
- Taxes -€21,215
down €21,215 (-32.3%), from €65,736 to €44,521
- Financial income +€6,460
up €6,460 (+185%), from €3,501 to €9,962
- Depreciation -€3,255
down €3,255 (-48.8%), from €6,664 to €3,409
- Financial charges +€2,446
up €2,446 (+140%), from €1,749 to €4,195
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.
Derived cash bridge
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 | €605,649 | €696,600 | +€90,951 | +15.0% |
| Fixed assets | 21/28 | €28,261 | €19,250 | -€9,011 | -31.9% |
| Tangible fixed assets | 22/27 | €28,261 | €19,250 | -€9,011 | -31.9% |
| Plant, machinery and equipment | 23 | €1,318 | €2,971 | +€1,653 | +125% |
| Furniture and vehicles | 24 | €17,045 | €888 | -€16,157 | -94.8% |
| Other tangible fixed assets | 26 | €9,899 | €15,391 | +€5,493 | +55.5% |
| Current assets | 29/58 | €577,388 | €677,349 | +€99,962 | +17.3% |
| Amounts receivable within one year | 40/41 | €51,434 | €63,926 | +€12,492 | +24.3% |
| Trade receivables | 40 | €49,292 | €59,272 | +€9,981 | +20.2% |
| Other amounts receivable | 41 | €2,143 | €4,654 | +€2,511 | +117% |
| Current investments | 50/53 | €144,660 | €261,357 | +€116,697 | +80.7% |
| Cash at bank and in hand | 54/58 | €377,713 | €346,987 | -€30,726 | -8.1% |
| Deferred charges and accrued income | 490/1 | €3,580 | €5,079 | +€1,499 | +41.9% |
| Total equity and liabilities | 10/49 | €605,649 | €696,600 | +€90,951 | +15.0% |
| Equity | 10/15 | €541,118 | €550,474 | +€9,355 | +1.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €534,918 | €544,274 | +€9,355 | +1.7% |
| Distributable reserves | 133 | €534,918 | €544,274 | +€9,355 | +1.7% |
| Amounts payable | 17/49 | €64,531 | €146,126 | +€81,595 | +126% |
| Amounts payable within one year | 42/48 | €63,990 | €145,534 | +€81,544 | +127% |
| Trade debts | 44 | €8,419 | €5,728 | -€2,692 | -32.0% |
| Suppliers | 440/4 | €8,419 | €5,728 | -€2,692 | -32.0% |
| Taxes, remuneration and social security | 45 | €42,329 | €47,908 | +€5,579 | +13.2% |
| Taxes | 450/3 | €42,329 | €47,908 | +€5,579 | +13.2% |
| Other amounts payable | 47/48 | €13,242 | €91,898 | +€78,656 | +594% |
| Accrued charges and deferred income | 492/3 | €541 | €592 | +€51 | +9.5% |
| Non-recurring operating income | 76A | - | €4,509 | +€4,509 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,664 | €3,409 | -€3,255 | -48.8% |
| Other operating charges | 640/8 | €433 | €338 | -€95 | -22.0% |
| Non-recurring operating charges | 66A | €270 | €9,899 | +€9,629 | +3,566% |
| Gross operating margin | 9900 | €209,025 | €146,055 | -€62,970 | -30.1% |
| Operating profit (loss) | 9901 | €201,657 | €132,409 | -€69,248 | -34.3% |
| Financial income | 75/76B | €3,501 | €9,962 | +€6,460 | +185% |
| Recurring financial income | 75 | €3,501 | €9,962 | +€6,460 | +185% |
| Financial charges | 65/66B | €1,749 | €4,195 | +€2,446 | +140% |
| Recurring financial charges | 65 | €1,749 | €4,195 | +€2,446 | +140% |
| Profit (loss) for the period before taxes | 9903 | €203,410 | €138,176 | -€65,234 | -32.1% |
| Income taxes | 67/77 | €65,736 | €44,521 | -€21,215 | -32.3% |
| Profit (loss) for the period | 9904 | €137,674 | €93,655 | -€44,019 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €137,674 | €93,655 | -€44,019 | -32.0% |
Source: filed annual accounts (NBB), financial 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 October 2026 via checked.be.