MARECAT: 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.
MARECAT
Largest movements
- Tangible fixed assets +€2.3m
up €2.3m (+107.4%), from €2.1m to €4.4m
of which Land and buildings: +€2.3m
- Stocks and contracts -€803,081
no longer reported in 2024 (was €803,081)
- Receivables within one year -€157,977
down €157,977 (-48.0%), from €328,788 to €170,811
- Cash -€89,500
down €89,500 (-91.7%), from €97,598 to €8,098
mainly Investment in fixed assets (net) (-€2.5m) and Short-term financial debts (-€998,168)
- Reserves +€1.4m
up €1.4m (+21264.8%), from €6,500 to €1.4m
of which Tax-exempt reserves: +€810,737
- Short-term financial debts -€998,168
no longer reported in 2024 (was €998,168)
- Other debts +€822,282
up €822,282 (+81.1%), from €1.0m to €1.8m
- Provisions +€580,246
up €580,246 (+952.4%), from €60,924 to €641,170
of which Provisions for liabilities and charges: +€310,000
- Debts after one year -€537,067
down €537,067 (-80.3%), from €668,988 to €131,921
- Gross operating margin +€1.9m
up €1.9m (+350.1%), from €549,461 to €2.5m
- Purchases and services -€1.9m
down €1.9m (-69.3%), from €2.7m to €832,715
- Turnover +€802,102
up €802,102 (+75.4%), from €1.1m to €1.9m
- Other operating charges +€236,268
up €236,268 (+1036.8%), from €22,789 to €259,057
- Provisions +€185,000
new in 2024: €185,000
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 | €3,350,061 | €4,577,648 | +€1.2m | +36.6% |
| Fixed assets | 21/28 | €2,120,594 | €4,398,739 | +€2.3m | +107.4% |
| Tangible fixed assets | 22/27 | €2,120,594 | €4,398,739 | +€2.3m | +107.4% |
| Land and buildings | 22 | €2,106,355 | €4,391,617 | +€2.3m | +108.5% |
| Furniture and vehicles | 24 | €14,239 | €7,122 | -€7,117 | -50.0% |
| Current assets | 29/58 | €1,229,467 | €178,909 | -€1.1m | -85.4% |
| Stocks and contracts in progress | 3 | €803,081 | - | -€803,081 | |
| Stocks | 30/36 | €803,081 | - | -€803,081 | |
| Amounts receivable within one year | 40/41 | €328,788 | €170,811 | -€157,977 | -48.0% |
| Other amounts receivable | 41 | €328,788 | €170,811 | -€157,977 | -48.0% |
| Cash at bank and in hand | 54/58 | €97,598 | €8,098 | -€89,500 | -91.7% |
| Total equity and liabilities | 10/49 | €3,350,061 | €4,577,648 | +€1.2m | +36.6% |
| Equity | 10/15 | €170,339 | €1,549,620 | +€1.4m | +809.7% |
| Contributions | 10/11 | €65,000 | €160,908 | +€95,908 | +147.6% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Outside capital | 11 | - | €95,908 | +€95,908 | |
| Other | 1109/19 | - | €95,908 | +€95,908 | |
| Reserves | 13 | €6,500 | €1,388,712 | +€1.4m | +21264.8% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €810,737 | +€810,737 | |
| Distributable reserves | 133 | - | €571,475 | +€571,475 | |
| Profit (loss) carried forward | 14 | €98,839 | - | -€98,839 | |
| Provisions and deferred taxes | 16 | €60,924 | €641,170 | +€580,246 | +952.4% |
| Provisions for liabilities and charges | 160/5 | €60,924 | €370,924 | +€310,000 | +508.8% |
| Taxes | 161 | €60,924 | €185,924 | +€125,000 | +205.2% |
| Major repairs and maintenance | 162 | - | €90,000 | +€90,000 | |
| Environmental obligations | 163 | - | €95,000 | +€95,000 | |
| Deferred taxes | 168 | - | €270,246 | +€270,246 | |
| Amounts payable | 17/49 | €3,118,798 | €2,386,858 | -€731,940 | -23.5% |
| Amounts payable after more than one year | 17 | €668,988 | €131,921 | -€537,067 | -80.3% |
| Financial debts | 170/4 | €668,988 | €131,921 | -€537,067 | -80.3% |
| Amounts payable within one year | 42/48 | €2,449,810 | €2,254,937 | -€194,873 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €196,508 | €40,675 | -€155,833 | -79.3% |
| Financial debts | 43 | €998,168 | - | -€998,168 | |
| Other loans | 439 | €998,168 | - | -€998,168 | |
| Trade debts | 44 | €190,706 | €63,907 | -€126,799 | -66.5% |
| Suppliers | 440/4 | €190,706 | €63,907 | -€126,799 | -66.5% |
| Advances received on contracts in progress | 46 | €7,000 | €5,270 | -€1,730 | -24.7% |
| Taxes, remuneration and social security | 45 | €44,000 | €309,375 | +€265,375 | +603.1% |
| Taxes | 450/3 | €44,000 | €249,375 | +€205,375 | +466.8% |
| Remuneration and social security | 454/9 | - | €60,000 | +€60,000 | |
| Other amounts payable | 47/48 | €1,013,428 | €1,835,710 | +€822,282 | +81.1% |
| Turnover | 70 | €1,063,589 | €1,865,691 | +€802,102 | +75.4% |
| Non-recurring operating income | 76A | €2,195,490 | €1,440,406 | -€755,084 | -34.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,709,618 | €832,715 | -€1.9m | -69.3% |
| Remuneration, social security and pensions | 62 | €43,132 | €32,027 | -€11,105 | -25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,689 | €186,414 | +€86,725 | +87.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €63,073 | -€21,503 | -€84,576 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €185,000 | +€185,000 | |
| Other operating charges | 640/8 | €22,789 | €259,057 | +€236,268 | +1036.8% |
| Non-recurring operating charges | 66A | €41,738 | - | -€41,738 | |
| Gross operating margin | 9900 | €549,461 | €2,473,382 | +€1.9m | +350.1% |
| Operating profit (loss) | 9901 | €279,040 | €1,832,387 | +€1.6m | +556.7% |
| Financial charges | 65/66B | €119,790 | €68,767 | -€51,023 | -42.6% |
| Recurring financial charges | 65 | €58,865 | €68,767 | +€9,902 | +16.8% |
| Non-recurring financial charges | 66B | €60,925 | - | -€60,925 | |
| Profit (loss) for the period before taxes | 9903 | €159,250 | €1,763,620 | +€1.6m | +1007.5% |
| Transfer to deferred taxes | 680 | - | €270,246 | +€270,246 | |
| Income taxes | 67/77 | €44,000 | €150,000 | +€106,000 | +240.9% |
| Profit (loss) for the period | 9904 | €115,250 | €1,343,374 | +€1.2m | +1065.6% |
| Transfer to tax-exempt reserves | 689 | - | €810,737 | +€810,737 | |
| Profit (loss) for the period to be appropriated | 9905 | €115,250 | €532,637 | +€417,387 | +362.2% |
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 30 September 2026 via checked.be.