MAREC: 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.
MAREC
Largest movements
- Cash -€47,831
down €47,831 (-81.7%), from €58,551 to €10,720
mainly Net result for the year (-€62,027) and Receivables within one year (-€42,448)
- Receivables within one year +€42,448
up €42,448 (+6.8%), from €625,823 to €668,271
of which Trade receivables: +€89,992
- Tangible fixed assets -€16,970
down €16,970 (-3.8%), from €443,484 to €426,514
of which Land and buildings: -€14,791
- Deferred charges and accrued income -€15,178
down €15,178 (-75.4%), from €20,136 to €4,958
- Profit (loss) carried forward -€62,027
down €62,027 (-30.2%), from €205,383 to €143,356
- Other debts +€26,500
new in 2024: €26,500
- Trade debts +€23,555
up €23,555 (+14297.7%), from €165 to €23,720
- Debts after one year -€22,643
down €22,643 (-4.9%), from €463,744 to €441,101
- Financial income -€605,220
down €605,220 (-100.0%), from €605,379 to €159
of which Non-recurring financial income: -€605,000
- Taxes -€48,356
down €48,356 (-99.4%), from €48,628 to €273
- Other operating charges -€13,920
down €13,920 (-35.6%), from €39,131 to €25,212
- Gross operating margin -€9,455
down €9,455 (-55.8%), from €16,934 to €7,480
- Depreciation -€6,759
down €6,759 (-22.5%), from €29,987 to €23,228
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,250,624 | €1,219,344 | -€31,280 | -2.5% |
| Fixed assets | 21/28 | €546,115 | €535,395 | -€10,720 | -2.0% |
| Tangible fixed assets | 22/27 | €443,484 | €426,514 | -€16,970 | -3.8% |
| Land and buildings | 22 | €430,954 | €416,163 | -€14,791 | -3.4% |
| Furniture and vehicles | 24 | €12,530 | €10,351 | -€2,179 | -17.4% |
| Financial fixed assets | 28 | €102,631 | €108,881 | +€6,250 | +6.1% |
| Current assets | 29/58 | €704,510 | €683,949 | -€20,561 | -2.9% |
| Amounts receivable within one year | 40/41 | €625,823 | €668,271 | +€42,448 | +6.8% |
| Trade receivables | 40 | €42,170 | €132,162 | +€89,992 | +213.4% |
| Other amounts receivable | 41 | €583,652 | €536,109 | -€47,543 | -8.1% |
| Cash at bank and in hand | 54/58 | €58,551 | €10,720 | -€47,831 | -81.7% |
| Deferred charges and accrued income | 490/1 | €20,136 | €4,958 | -€15,178 | -75.4% |
| Total equity and liabilities | 10/49 | €1,250,624 | €1,219,344 | -€31,280 | -2.5% |
| Equity | 10/15 | €708,952 | €646,925 | -€62,027 | -8.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €484,977 | €484,977 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €316 | €316 | = | 0.0% |
| Distributable reserves | 133 | €482,802 | €482,802 | = | 0.0% |
| Profit (loss) carried forward | 14 | €205,383 | €143,356 | -€62,027 | -30.2% |
| Provisions and deferred taxes | 16 | €163 | €163 | = | 0.0% |
| Deferred taxes | 168 | €163 | €163 | = | 0.0% |
| Amounts payable | 17/49 | €541,510 | €572,257 | +€30,747 | +5.7% |
| Amounts payable after more than one year | 17 | €463,744 | €441,101 | -€22,643 | -4.9% |
| Financial debts | 170/4 | €463,744 | €441,101 | -€22,643 | -4.9% |
| Amounts payable within one year | 42/48 | €77,765 | €131,155 | +€53,390 | +68.7% |
| Current portion of amounts payable after more than one year | 42 | €21,990 | €22,643 | +€653 | +3.0% |
| Trade debts | 44 | €165 | €23,720 | +€23,555 | +14297.7% |
| Suppliers | 440/4 | €165 | €23,720 | +€23,555 | +14297.7% |
| Taxes, remuneration and social security | 45 | €55,610 | €58,292 | +€2,682 | +4.8% |
| Taxes | 450/3 | €53,081 | €58,292 | +€5,211 | +9.8% |
| Remuneration and social security | 454/9 | €2,529 | - | -€2,529 | |
| Other amounts payable | 47/48 | - | €26,500 | +€26,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,987 | €23,228 | -€6,759 | -22.5% |
| Other operating charges | 640/8 | €39,131 | €25,212 | -€13,920 | -35.6% |
| Gross operating margin | 9900 | €16,934 | €7,480 | -€9,455 | -55.8% |
| Operating profit (loss) | 9901 | -€52,184 | -€40,960 | +€11,224 | +21.5% |
| Financial income | 75/76B | €605,379 | €159 | -€605,220 | -100.0% |
| Recurring financial income | 75 | €379 | €159 | -€220 | -58.1% |
| Non-recurring financial income | 76B | €605,000 | - | -€605,000 | |
| Financial charges | 65/66B | €21,765 | €20,953 | -€812 | -3.7% |
| Recurring financial charges | 65 | €21,765 | €20,953 | -€812 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €531,430 | -€61,755 | -€593,185 | |
| Income taxes | 67/77 | €48,628 | €273 | -€48,356 | -99.4% |
| Profit (loss) for the period | 9904 | €482,802 | -€62,027 | -€544,829 | |
| Profit (loss) for the period to be appropriated | 9905 | €482,802 | -€62,027 | -€544,829 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.