MARECO: 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.
What changed
MARECO
NACE 52.250, Logistics services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1.3m
2024 · €39,257-€1.3m
Equity
€5.0m
2024 · €6.3m-€1.3m
Cash
€1.7m
2024 · €1.2m+€481,842
Balance sheet total
€9.8m
2024 · €11.2m-€1.4m
Largest movements
Assets
- Receivables within one year -€1.8m
down €1.8m (-32.2%), from €5.5m to €3.7m
of which Trade receivables: -€1.6m
- Cash +€481,842
up €481,842 (+39.7%), from €1.2m to €1.7m
mainly Receivables within one year (+€1.8m) and Trade debts (+€911,967)
Equity and liabilities
- Profit (loss) carried forward -€1.3m
down €1.3m (-20.9%), from €6.2m to €4.9m
- Debts after one year -€1.0m
down €1.0m (-99.2%), from €1.0m to €8,000
of which Financial debts: -€1.0m
- Trade debts +€911,967
up €911,967 (+26.0%), from €3.5m to €4.4m
Income statement
- Turnover -€4.8m
down €4.8m (-15.6%), from €31.1m to €26.3m
- Goods and materials -€4.4m
down €4.4m (-15.6%), from €28.4m to €24.0m
- Financial charges +€572,963
up €572,963 (+577%), from €99,354 to €672,318
- Financial income -€360,496
down €360,496 (-60.9%), from €591,470 to €230,974
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
€39,257
Turnover
-€4.8m
Other operating income
-€3,761
Goods and materials
+€4.4m
Services and other goods
+€121,381
Staff costs
-€147,569
Depreciation
+€10,994
Write-downs
-€108,583
Other operating charges
+€133,365
Other operating items
-€2,840
Financial income
-€360,496
Financial charges
-€572,963
Taxes
-€886
Result 2025
-€1.3m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.6m
Investment
-€49,784
Financing
-€1.0m
Cash 2024
€1.2m
From operations (derived)
+€1.6m
Net result for the year
-€1.3m
Depreciation
+€75,387
Receivables after one year
+€72,175
Receivables within one year
+€1.8m
Deferred charges and accrued income
-€23,071
Trade debts
+€911,967
Tax, wage and social debts
+€93,265
Accrued charges and deferred income
-€54,899
Investment (derived)
-€49,784
Investment in fixed assets (net)
-€49,784
Financing
-€1.0m
Debts after one year
-€1.0m
Current portion of long-term debt
-€1,035
Cash 2025
€1.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,169,725 | €9,796,799 | -€1.4m | -12.3% |
| Fixed assets | 21/28 | €624,654 | €599,051 | -€25,603 | -4.1% |
| Intangible fixed assets | 21 | €966 | €0 | -€966 | -100% |
| Tangible fixed assets | 22/27 | €478,266 | €453,629 | -€24,637 | -5.2% |
| Land and buildings | 22 | €413,039 | €362,649 | -€50,390 | -12.2% |
| Furniture and vehicles | 24 | €65,226 | €90,980 | +€25,753 | +39.5% |
| Financial fixed assets | 28 | €145,422 | €145,422 | = | 0.0% |
| Affiliated companies | 280/1 | €145,322 | €145,322 | = | 0.0% |
| Participating interests | 280 | €145,322 | €145,322 | = | 0.0% |
| Other financial fixed assets | 284/8 | €100 | €100 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €10,545,071 | €9,197,748 | -€1.3m | -12.8% |
| Amounts receivable after more than one year | 29 | €3,606,823 | €3,534,649 | -€72,175 | -2.0% |
| Other amounts receivable | 291 | €3,606,823 | €3,534,649 | -€72,175 | -2.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €5,524,165 | €3,744,104 | -€1.8m | -32.2% |
| Trade receivables | 40 | €5,330,364 | €3,698,924 | -€1.6m | -30.6% |
| Other amounts receivable | 41 | €193,801 | €45,180 | -€148,621 | -76.7% |
| Cash at bank and in hand | 54/58 | €1,212,846 | €1,694,688 | +€481,842 | +39.7% |
| Deferred charges and accrued income | 490/1 | €201,236 | €224,307 | +€23,071 | +11.5% |
| Total equity and liabilities | 10/49 | €11,169,725 | €9,796,799 | -€1.4m | -12.3% |
| Equity | 10/15 | €6,304,892 | €5,002,254 | -€1.3m | -20.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,236,692 | €4,934,054 | -€1.3m | -20.9% |
| Amounts payable | 17/49 | €4,864,833 | €4,794,545 | -€70,288 | -1.4% |
| Amounts payable after more than one year | 17 | €1,027,586 | €8,000 | -€1.0m | -99.2% |
| Financial debts | 170/4 | €1,019,586 | €0 | -€1.0m | -100% |
| Credit institutions | 173 | €19,586 | €0 | -€19,586 | -100% |
| Other loans | 174 | €1,000,000 | €0 | -€1.0m | -100% |
| Other amounts payable | 178/9 | €8,000 | €8,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,782,349 | €4,786,545 | +€1.0m | +26.5% |
| Current portion of amounts payable after more than one year | 42 | €20,621 | €19,586 | -€1,035 | -5.0% |
| Trade debts | 44 | €3,503,966 | €4,415,933 | +€911,967 | +26.0% |
| Suppliers | 440/4 | €3,503,966 | €4,415,933 | +€911,967 | +26.0% |
| Taxes, remuneration and social security | 45 | €257,762 | €351,026 | +€93,265 | +36.2% |
| Taxes | 450/3 | €66,475 | €109,615 | +€43,140 | +64.9% |
| Remuneration and social security | 454/9 | €191,287 | €241,411 | +€50,125 | +26.2% |
| Accrued charges and deferred income | 492/3 | €54,899 | €0 | -€54,899 | -100% |
| Operating income | 70/76A | €31,178,517 | €26,323,705 | -€4.9m | -15.6% |
| Turnover | 70 | €31,120,919 | €26,272,708 | -€4.8m | -15.6% |
| Other operating income | 74 | €40,257 | €36,497 | -€3,761 | -9.3% |
| Non-recurring operating income | 76A | €17,340 | €14,500 | -€2,840 | -16.4% |
| Operating charges | 60/66A | €31,627,980 | €27,180,718 | -€4.4m | -14.1% |
| Goods for resale, raw materials and consumables | 60 | €28,413,940 | €23,976,266 | -€4.4m | -15.6% |
| Purchases | 600/8 | €28,413,940 | €23,976,266 | -€4.4m | -15.6% |
| Services and other goods | 61 | €1,376,766 | €1,255,385 | -€121,381 | -8.8% |
| Remuneration, social security and pensions | 62 | €1,720,236 | €1,867,806 | +€147,569 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,380 | €75,387 | -€10,994 | -12.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€108,583 | €0 | +€108,583 | |
| Other operating charges | 640/8 | €139,239 | €5,875 | -€133,365 | -95.8% |
| Operating profit (loss) | 9901 | -€449,463 | -€857,013 | -€407,550 | -90.7% |
| Financial income | 75/76B | €591,470 | €230,974 | -€360,496 | -60.9% |
| Recurring financial income | 75 | €591,470 | €230,974 | -€360,496 | -60.9% |
| Income from current assets | 751 | €217,578 | €230,974 | +€13,396 | +6.2% |
| Other financial income | 752/9 | €373,891 | €0 | -€373,891 | -100% |
| Financial charges | 65/66B | €99,354 | €672,318 | +€572,963 | +577% |
| Recurring financial charges | 65 | €99,354 | €672,318 | +€572,963 | +577% |
| Debt charges | 650 | €56,797 | €7,836 | -€48,960 | -86.2% |
| Other financial charges | 652/9 | €42,558 | €664,481 | +€621,923 | +1,461% |
| Profit (loss) for the period before taxes | 9903 | €42,652 | -€1,298,357 | -€1.3m | |
| Income taxes | 67/77 | €3,395 | €4,281 | +€886 | +26.1% |
| Taxes | 670/3 | €3,395 | €4,281 | +€886 | +26.1% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €39,257 | -€1,302,638 | -€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €39,257 | -€1,302,638 | -€1.3m |
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 13 October 2026 via checked.be.