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.
MARECO
Largest movements
- Tangible fixed assets +€41,964
up €41,964 (+39.6%), from €105,890 to €147,854
of which Furniture and vehicles: +€28,850
- Cash -€16,959
down €16,959 (-87.2%), from €19,454 to €2,495
mainly Investment in fixed assets (net) (-€60,676) and Tax, wage and social debts (-€30,975)
- Deferred charges and accrued income -€2,162
no longer reported in 2025 (was €2,162)
- Debts after one year +€40,917
new in 2025: €40,917
- Tax, wage and social debts -€30,975
down €30,975 (-90.5%), from €34,244 to €3,269
- Short-term financial debts +€8,529
new in 2025: €8,529
- Profit (loss) carried forward +€7,901
up €7,901 (+8.3%), from €95,550 to €103,451
- Accrued charges and deferred income -€5,096
no longer reported in 2025 (was €5,096)
- Gross operating margin -€25,398
down €25,398 (-45.7%), from €55,538 to €30,140
- Taxes -€5,191
down €5,191 (-72.4%), from €7,166 to €1,975
- Other operating charges -€1,258
down €1,258 (-67.3%), from €1,870 to €612
- Depreciation +€910
up €910 (+5.1%), from €17,802 to €18,712
- Financial charges +€904
up €904 (+2511.1%), from €36 to €940
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 | €136,890 | €160,490 | +€23,600 | +17.2% |
| Fixed assets | 21/28 | €105,890 | €147,854 | +€41,964 | +39.6% |
| Tangible fixed assets | 22/27 | €105,890 | €147,854 | +€41,964 | +39.6% |
| Land and buildings | 22 | €81,200 | €75,300 | -€5,900 | -7.3% |
| Plant, machinery and equipment | 23 | €12,376 | €31,390 | +€19,014 | +153.6% |
| Furniture and vehicles | 24 | €12,314 | €41,164 | +€28,850 | +234.3% |
| Current assets | 29/58 | €31,000 | €12,636 | -€18,364 | -59.2% |
| Amounts receivable within one year | 40/41 | €9,384 | €10,141 | +€757 | +8.1% |
| Trade receivables | 40 | - | €7,572 | +€7,572 | |
| Other amounts receivable | 41 | €9,384 | €2,569 | -€6,815 | -72.6% |
| Cash at bank and in hand | 54/58 | €19,454 | €2,495 | -€16,959 | -87.2% |
| Deferred charges and accrued income | 490/1 | €2,162 | - | -€2,162 | |
| Total equity and liabilities | 10/49 | €136,890 | €160,490 | +€23,600 | +17.2% |
| Equity | 10/15 | €97,550 | €105,451 | +€7,901 | +8.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,550 | €103,451 | +€7,901 | +8.3% |
| Amounts payable | 17/49 | €39,340 | €55,039 | +€15,699 | +39.9% |
| Amounts payable after more than one year | 17 | - | €40,917 | +€40,917 | |
| Financial debts | 170/4 | - | €40,917 | +€40,917 | |
| Amounts payable within one year | 42/48 | €34,244 | €14,122 | -€20,122 | -58.8% |
| Financial debts | 43 | - | €8,529 | +€8,529 | |
| Credit institutions | 430/8 | - | €8,529 | +€8,529 | |
| Trade debts | 44 | - | €2,324 | +€2,324 | |
| Suppliers | 440/4 | - | €2,324 | +€2,324 | |
| Taxes, remuneration and social security | 45 | €34,244 | €3,269 | -€30,975 | -90.5% |
| Taxes | 450/3 | €34,244 | €3,269 | -€30,975 | -90.5% |
| Accrued charges and deferred income | 492/3 | €5,096 | - | -€5,096 | |
| Non-recurring operating income | 76A | - | €16,989 | +€16,989 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,802 | €18,712 | +€910 | +5.1% |
| Other operating charges | 640/8 | €1,870 | €612 | -€1,258 | -67.3% |
| Gross operating margin | 9900 | €55,538 | €30,140 | -€25,398 | -45.7% |
| Operating profit (loss) | 9901 | €35,866 | €10,816 | -€25,050 | -69.8% |
| Financial charges | 65/66B | €36 | €940 | +€904 | +2511.1% |
| Recurring financial charges | 65 | €36 | €940 | +€904 | +2511.1% |
| Profit (loss) for the period before taxes | 9903 | €35,830 | €9,876 | -€25,954 | -72.4% |
| Income taxes | 67/77 | €7,166 | €1,975 | -€5,191 | -72.4% |
| Profit (loss) for the period | 9904 | €28,664 | €7,901 | -€20,763 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,664 | €7,901 | -€20,763 | -72.4% |
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.