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.
What changed
MAREC
NACE 93.299, Other amusement and recreation activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€379,993
2024 · €607,334-€227,341
Equity
€2.6m
2024 · €2.2m+€347,487
Cash
€689,564
2024 · €863,310-€173,746
Balance sheet total
€6.1m
2024 · €5.9m+€288,053
Largest movements
Assets
- Current investments +€700,000
up €700,000 (+100.0%), from €700,000 to €1.4m
- Tangible fixed assets -€236,056
down €236,056 (-5.9%), from €4.0m to €3.8m
of which Other tangible fixed assets: -€240,909
- Cash -€173,746
down €173,746 (-20.1%), from €863,310 to €689,564
mainly Current investments (-€700,000) and Debts after one year (-€167,000)
Equity and liabilities
- Reserves +€375,000
up €375,000 (+100.0%), from €375,000 to €750,000
of which Distributable reserves: +€375,000
- Debts after one year -€167,000
down €167,000 (-6.9%), from €2.4m to €2.2m
Income statement
- Staff costs +€329,191
up €329,191 (+72.7%), from €452,920 to €782,110
- Services and other goods -€110,075
down €110,075 (-10.8%), from €1.0m to €909,844
- Other operating income -€86,990
down €86,990 (-37.2%), from €234,045 to €147,055
- Taxes -€59,364
down €59,364 (-31.3%), from €189,481 to €130,117
of which Taxes: -€58,954
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.
Result 2024
€607,334
Turnover
+€19,939
Other operating income
-€86,990
Goods and materials
+€1,702
Services and other goods
+€110,075
Staff costs
-€329,191
Depreciation
-€2,057
Write-downs
-€998
Other operating charges
-€459
Other operating items
-€2,880
Financial income
+€1,319
Financial charges
+€2,871
Taxes
+€59,364
Deferred taxes and other
-€36
Result 2025
€379,993
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.
From operations
+€815,259
Investment
-€789,498
Financing
-€199,507
Cash 2024
€863,310
From operations (derived)
+€815,259
Net result for the year
+€379,993
Depreciation
+€325,554
Receivables within one year
-€17,148
Deferred charges and accrued income
+€19,292
Provisions
-€10,836
Trade debts
+€43,357
Tax, wage and social debts
+€45,525
Advances received
-€6,736
Other debts
+€36,578
Accrued charges and deferred income
-€322
Investment (derived)
-€789,498
Investment in fixed assets (net)
-€89,498
Current investments
-€700,000
Financing
-€199,507
Debts after one year
-€167,000
Contributions, distributions and other
-€32,507
Cash 2025
€689,564
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,855,626 | €6,143,679 | +€288,053 | +4.9% |
| Fixed assets | 21/28 | €3,998,970 | €3,762,914 | -€236,056 | -5.9% |
| Tangible fixed assets | 22/27 | €3,994,162 | €3,758,105 | -€236,056 | -5.9% |
| Plant, machinery and equipment | 23 | €39,780 | €29,703 | -€10,077 | -25.3% |
| Furniture and vehicles | 24 | €96,794 | €107,723 | +€10,930 | +11.3% |
| Other tangible fixed assets | 26 | €3,854,304 | €3,613,395 | -€240,909 | -6.3% |
| Assets under construction and advance payments | 27 | €3,285 | €7,285 | +€4,000 | +121.8% |
| Financial fixed assets | 28 | €4,809 | €4,809 | = | 0.0% |
| Other financial fixed assets | 284/8 | €4,809 | €4,809 | = | 0.0% |
| Shares | 284 | €99 | €99 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €4,709 | €4,709 | = | 0.0% |
| Current assets | 29/58 | €1,856,656 | €2,380,765 | +€524,109 | +28.2% |
| Amounts receivable within one year | 40/41 | €74,075 | €91,222 | +€17,148 | +23.1% |
| Trade receivables | 40 | €38,191 | €39,925 | +€1,734 | +4.5% |
| Other amounts receivable | 41 | €35,884 | €51,297 | +€15,413 | +43.0% |
| Current investments | 50/53 | €700,000 | €1,400,000 | +€700,000 | +100.0% |
| Other investments | 51/53 | €700,000 | €1,400,000 | +€700,000 | +100.0% |
| Cash at bank and in hand | 54/58 | €863,310 | €689,564 | -€173,746 | -20.1% |
| Deferred charges and accrued income | 490/1 | €219,271 | €199,979 | -€19,292 | -8.8% |
| Total equity and liabilities | 10/49 | €5,855,626 | €6,143,679 | +€288,053 | +4.9% |
| Equity | 10/15 | €2,243,178 | €2,590,665 | +€347,487 | +15.5% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €375,000 | €750,000 | +€375,000 | +100.0% |
| Non-distributable reserves | 130/1 | €37,500 | €37,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €337,500 | €712,500 | +€375,000 | +111.1% |
| Profit (loss) carried forward | 14 | €816,768 | €821,761 | +€4,993 | +0.6% |
| Investment grants | 15 | €676,410 | €643,903 | -€32,507 | -4.8% |
| Provisions and deferred taxes | 16 | €225,470 | €214,634 | -€10,836 | -4.8% |
| Deferred taxes | 168 | €225,470 | €214,634 | -€10,836 | -4.8% |
| Amounts payable | 17/49 | €3,386,978 | €3,338,380 | -€48,598 | -1.4% |
| Amounts payable after more than one year | 17 | €2,405,000 | €2,238,000 | -€167,000 | -6.9% |
| Financial debts | 170/4 | €2,405,000 | €2,238,000 | -€167,000 | -6.9% |
| Credit institutions | 173 | €2,405,000 | €2,238,000 | -€167,000 | -6.9% |
| Amounts payable within one year | 42/48 | €779,362 | €898,087 | +€118,724 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €167,000 | €167,000 | = | 0.0% |
| Trade debts | 44 | €62,223 | €105,580 | +€43,357 | +69.7% |
| Suppliers | 440/4 | €62,223 | €105,580 | +€43,357 | +69.7% |
| Advances received on contracts in progress | 46 | €96,852 | €90,116 | -€6,736 | -7.0% |
| Taxes, remuneration and social security | 45 | €177,898 | €223,424 | +€45,525 | +25.6% |
| Taxes | 450/3 | €63,765 | €24,224 | -€39,541 | -62.0% |
| Remuneration and social security | 454/9 | €114,134 | €199,200 | +€85,066 | +74.5% |
| Other amounts payable | 47/48 | €275,389 | €311,967 | +€36,578 | +13.3% |
| Accrued charges and deferred income | 492/3 | €202,616 | €202,293 | -€322 | -0.2% |
| Operating income | 70/76A | €2,643,894 | €2,577,215 | -€66,679 | -2.5% |
| Turnover | 70 | €2,409,850 | €2,429,789 | +€19,939 | +0.8% |
| Other operating income | 74 | €234,045 | €147,055 | -€86,990 | -37.2% |
| Non-recurring operating income | 76A | - | €372 | +€372 | |
| Operating charges | 60/66A | €1,887,090 | €2,111,269 | +€224,179 | +11.9% |
| Goods for resale, raw materials and consumables | 60 | €2,758 | €1,056 | -€1,702 | -61.7% |
| Purchases | 600/8 | €2,758 | €1,056 | -€1,702 | -61.7% |
| Services and other goods | 61 | €1,019,919 | €909,844 | -€110,075 | -10.8% |
| Remuneration, social security and pensions | 62 | €452,920 | €782,110 | +€329,191 | +72.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €323,498 | €325,554 | +€2,057 | +0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,047 | €12,045 | +€998 | +9.0% |
| Other operating charges | 640/8 | €76,948 | €77,407 | +€459 | +0.6% |
| Non-recurring operating charges | 66A | - | €3,252 | +€3,252 | |
| Operating profit (loss) | 9901 | €756,805 | €465,946 | -€290,859 | -38.4% |
| Financial income | 75/76B | €76,272 | €77,591 | +€1,319 | +1.7% |
| Recurring financial income | 75 | €76,272 | €77,591 | +€1,319 | +1.7% |
| Income from current assets | 751 | €43,688 | €45,083 | +€1,395 | +3.2% |
| Other financial income | 752/9 | €32,584 | €32,508 | -€76 | -0.2% |
| Financial charges | 65/66B | €47,134 | €44,263 | -€2,871 | -6.1% |
| Recurring financial charges | 65 | €47,134 | €44,263 | -€2,871 | -6.1% |
| Debt charges | 650 | €16,884 | €15,797 | -€1,087 | -6.4% |
| Other financial charges | 652/9 | €30,250 | €28,466 | -€1,784 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €785,943 | €499,275 | -€286,668 | -36.5% |
| Transfer from deferred taxes | 780 | €10,872 | €10,836 | -€36 | -0.3% |
| Income taxes | 67/77 | €189,481 | €130,117 | -€59,364 | -31.3% |
| Taxes | 670/3 | €189,481 | €130,527 | -€58,954 | -31.1% |
| Tax adjustments and reversals of tax provisions | 77 | - | €410 | +€410 | |
| Profit (loss) for the period | 9904 | €607,334 | €379,993 | -€227,341 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €607,334 | €379,993 | -€227,341 | -37.4% |
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 5 October 2026 via checked.be.