MARECHIARO: 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.
MARECHIARO
Largest movements
- Cash -€16,330
down €16,330 (-34.0%), from €48,079 to €31,749
mainly Tax, wage and social debts (-€6,455) and Receivables within one year (-€5,733)
- Receivables within one year +€5,733
up €5,733 (+599.9%), from €956 to €6,688
of which Other amounts receivable: +€2,916
- Tangible fixed assets -€2,629
down €2,629 (-16.0%), from €16,398 to €13,769
of which Plant, machinery and equipment: -€2,345
- Tax, wage and social debts -€6,455
down €6,455 (-50.5%), from €12,794 to €6,339
of which Remuneration and social security: -€5,146
- Profit (loss) carried forward -€4,011
down €4,011 (-16.5%), from €24,306 to €20,295
- Debts after one year -€3,130
no longer reported in 2025 (was €3,130)
- Taxes -€9,999
down €9,999 (-83.2%), from €12,024 to €2,025
- Gross operating margin -€9,935
down €9,935 (-20.7%), from €47,975 to €38,040
- Staff costs +€4,156
up €4,156 (+13.3%), from €31,245 to €35,401
- Financial charges -€3,244
down €3,244, from €3,183 to -€61
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 | €72,677 | €59,667 | -€13,010 | -17.9% |
| Fixed assets | 21/28 | €16,635 | €14,006 | -€2,629 | -15.8% |
| Tangible fixed assets | 22/27 | €16,398 | €13,769 | -€2,629 | -16.0% |
| Plant, machinery and equipment | 23 | €15,760 | €13,415 | -€2,345 | -14.9% |
| Furniture and vehicles | 24 | €638 | €354 | -€284 | -44.6% |
| Financial fixed assets | 28 | €238 | €238 | = | 0.0% |
| Current assets | 29/58 | €56,042 | €45,661 | -€10,381 | -18.5% |
| Stocks and contracts in progress | 3 | €6,348 | €6,296 | -€53 | -0.8% |
| Stocks | 30/36 | €6,348 | €6,296 | -€53 | -0.8% |
| Amounts receivable within one year | 40/41 | €956 | €6,688 | +€5,733 | +599.9% |
| Trade receivables | 40 | €956 | €3,772 | +€2,817 | +294.8% |
| Other amounts receivable | 41 | - | €2,916 | +€2,916 | |
| Cash at bank and in hand | 54/58 | €48,079 | €31,749 | -€16,330 | -34.0% |
| Deferred charges and accrued income | 490/1 | €659 | €928 | +€269 | +40.8% |
| Total equity and liabilities | 10/49 | €72,677 | €59,667 | -€13,010 | -17.9% |
| Equity | 10/15 | €44,766 | €40,755 | -€4,011 | -9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,306 | €20,295 | -€4,011 | -16.5% |
| Amounts payable | 17/49 | €27,911 | €18,912 | -€9,000 | -32.2% |
| Amounts payable after more than one year | 17 | €3,130 | - | -€3,130 | |
| Financial debts | 170/4 | €3,130 | - | -€3,130 | |
| Amounts payable within one year | 42/48 | €24,781 | €18,912 | -€5,870 | -23.7% |
| Current portion of amounts payable after more than one year | 42 | €5,364 | €6,080 | +€716 | +13.4% |
| Taxes, remuneration and social security | 45 | €12,794 | €6,339 | -€6,455 | -50.5% |
| Taxes | 450/3 | €3,718 | €2,409 | -€1,309 | -35.2% |
| Remuneration and social security | 454/9 | €9,076 | €3,930 | -€5,146 | -56.7% |
| Other amounts payable | 47/48 | €6,623 | €6,492 | -€131 | -2.0% |
| Remuneration, social security and pensions | 62 | €31,245 | €35,401 | +€4,156 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,396 | €3,629 | +€233 | +6.9% |
| Other operating charges | 640/8 | €627 | €1,060 | +€433 | +69.0% |
| Gross operating margin | 9900 | €47,975 | €38,040 | -€9,935 | -20.7% |
| Operating profit (loss) | 9901 | €12,707 | -€2,050 | -€14,757 | |
| Financial income | 75/76B | €0 | €3 | +€3 | +2963.6% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +2963.6% |
| Financial charges | 65/66B | €3,183 | -€61 | -€3,244 | |
| Recurring financial charges | 65 | €3,183 | -€61 | -€3,244 | |
| Profit (loss) for the period before taxes | 9903 | €9,524 | -€1,986 | -€11,510 | |
| Income taxes | 67/77 | €12,024 | €2,025 | -€9,999 | -83.2% |
| Profit (loss) for the period | 9904 | -€2,500 | -€4,011 | -€1,511 | -60.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,500 | -€4,011 | -€1,511 | -60.4% |
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 10 October 2026 via checked.be.