MARECONVERSION: 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.
MARECONVERSION
Largest movements
- Receivables within one year +€8,496
up €8,496 (+47.2%), from €17,988 to €26,484
of which Trade receivables: +€11,037
- Stocks and contracts +€5,022
up €5,022 (+28.0%), from €17,932 to €22,954
- Cash -€2,966
down €2,966 (-5.9%), from €50,353 to €47,386
mainly Receivables within one year (-€8,496) and Stocks and contracts (-€5,022)
- Trade debts +€11,983
up €11,983 (+67.2%), from €17,830 to €29,813
- Other debts -€4,345
down €4,345 (-13.2%), from €32,842 to €28,497
- Profit (loss) carried forward +€3,767
up €3,767 (+15.8%), from €23,847 to €27,614
- Tax, wage and social debts -€1,416
down €1,416 (-9.2%), from €15,394 to €13,979
of which Taxes: -€1,184
- Accrued charges and deferred income +€1,014
new in 2025: €1,014
- Staff costs +€8,288
up €8,288 (+14.6%), from €56,704 to €64,992
- Financial income +€6,442
up €6,442 (+1,023%), from €629 to €7,071
- Gross operating margin -€5,456
down €5,456 (-7.2%), from €76,143 to €70,688
- Other operating charges -€2,102
down €2,102 (-42.2%), from €4,981 to €2,880
- Depreciation -€1,951
down €1,951 (-88.1%), from €2,214 to €264
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €89,914 | €100,917 | +€11,003 | +12.2% |
| Fixed assets | 21/28 | €3,061 | €2,797 | -€264 | -8.6% |
| Tangible fixed assets | 22/27 | €2,061 | €1,797 | -€264 | -12.8% |
| Other tangible fixed assets | 26 | €2,061 | €1,797 | -€264 | -12.8% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €86,853 | €98,120 | +€11,267 | +13.0% |
| Stocks and contracts in progress | 3 | €17,932 | €22,954 | +€5,022 | +28.0% |
| Stocks | 30/36 | €17,932 | €22,954 | +€5,022 | +28.0% |
| Amounts receivable within one year | 40/41 | €17,988 | €26,484 | +€8,496 | +47.2% |
| Trade receivables | 40 | €15,443 | €26,480 | +€11,037 | +71.5% |
| Other amounts receivable | 41 | €2,545 | €4 | -€2,541 | -99.8% |
| Cash at bank and in hand | 54/58 | €50,353 | €47,386 | -€2,966 | -5.9% |
| Deferred charges and accrued income | 490/1 | €580 | €1,296 | +€716 | +123% |
| Total equity and liabilities | 10/49 | €89,914 | €100,917 | +€11,003 | +12.2% |
| Equity | 10/15 | €23,847 | €27,614 | +€3,767 | +15.8% |
| Profit (loss) carried forward | 14 | €23,847 | €27,614 | +€3,767 | +15.8% |
| Amounts payable | 17/49 | €66,066 | €73,303 | +€7,236 | +11.0% |
| Amounts payable within one year | 42/48 | €66,066 | €72,289 | +€6,222 | +9.4% |
| Trade debts | 44 | €17,830 | €29,813 | +€11,983 | +67.2% |
| Suppliers | 440/4 | €17,830 | €29,813 | +€11,983 | +67.2% |
| Taxes, remuneration and social security | 45 | €15,394 | €13,979 | -€1,416 | -9.2% |
| Taxes | 450/3 | €8,668 | €7,484 | -€1,184 | -13.7% |
| Remuneration and social security | 454/9 | €6,726 | €6,495 | -€231 | -3.4% |
| Other amounts payable | 47/48 | €32,842 | €28,497 | -€4,345 | -13.2% |
| Accrued charges and deferred income | 492/3 | - | €1,014 | +€1,014 | |
| Remuneration, social security and pensions | 62 | €56,704 | €64,992 | +€8,288 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,214 | €264 | -€1,951 | -88.1% |
| Other operating charges | 640/8 | €4,981 | €2,880 | -€2,102 | -42.2% |
| Gross operating margin | 9900 | €76,143 | €70,688 | -€5,456 | -7.2% |
| Operating profit (loss) | 9901 | €12,243 | €2,552 | -€9,691 | -79.2% |
| Financial income | 75/76B | €629 | €7,071 | +€6,442 | +1,023% |
| Recurring financial income | 75 | €629 | €7,071 | +€6,442 | +1,023% |
| Financial charges | 65/66B | €964 | €1,586 | +€622 | +64.5% |
| Recurring financial charges | 65 | €964 | €1,586 | +€622 | +64.5% |
| Profit (loss) for the period before taxes | 9903 | €11,908 | €8,037 | -€3,871 | -32.5% |
| Income taxes | 67/77 | €3,278 | €4,270 | +€992 | +30.3% |
| Profit (loss) for the period | 9904 | €8,630 | €3,767 | -€4,863 | -56.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,630 | €3,767 | -€4,863 | -56.4% |
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 20 October 2026 via checked.be.