MARECTRA: 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.
MARECTRA
Largest movements
- Cash +€25,087
up €25,087 (+31.8%), from €79,004 to €104,091
mainly Net result for the year (+€25,530) and Depreciation (+€23,259)
- Tangible fixed assets -€20,095
down €20,095 (-7.7%), from €260,376 to €240,281
of which Land and buildings: -€22,258
- Receivables within one year +€16,185
up €16,185 (+44.0%), from €36,816 to €53,002
of which Trade receivables: +€16,670
- Reserves +€25,530
up €25,530 (+13.5%), from €189,710 to €215,240
- Debts after one year -€19,155
down €19,155 (-23.0%), from €83,156 to €64,001
- Tax, wage and social debts +€8,972
up €8,972 (+44.2%), from €20,278 to €29,251
- Trade debts +€7,603
up €7,603 (+60.6%), from €12,546 to €20,149
- Gross operating margin -€37,444
down €37,444 (-35.4%), from €105,831 to €68,388
- Taxes -€10,260
down €10,260 (-51.9%), from €19,755 to €9,496
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 | €376,197 | €397,374 | +€21,177 | +5.6% |
| Fixed assets | 21/28 | €260,376 | €240,281 | -€20,095 | -7.7% |
| Tangible fixed assets | 22/27 | €260,376 | €240,281 | -€20,095 | -7.7% |
| Land and buildings | 22 | €258,989 | €236,731 | -€22,258 | -8.6% |
| Plant, machinery and equipment | 23 | €1,387 | €3,550 | +€2,162 | +155.9% |
| Current assets | 29/58 | €115,821 | €157,093 | +€41,272 | +35.6% |
| Amounts receivable within one year | 40/41 | €36,816 | €53,002 | +€16,185 | +44.0% |
| Trade receivables | 40 | €34,998 | €51,668 | +€16,670 | +47.6% |
| Other amounts receivable | 41 | €1,819 | €1,334 | -€485 | -26.7% |
| Cash at bank and in hand | 54/58 | €79,004 | €104,091 | +€25,087 | +31.8% |
| Total equity and liabilities | 10/49 | €376,197 | €397,374 | +€21,177 | +5.6% |
| Equity | 10/15 | €239,288 | €264,818 | +€25,530 | +10.7% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €189,710 | €215,240 | +€25,530 | +13.5% |
| Distributable reserves | 133 | €189,710 | €215,240 | +€25,530 | +13.5% |
| Amounts payable | 17/49 | €136,909 | €132,555 | -€4,353 | -3.2% |
| Amounts payable after more than one year | 17 | €83,156 | €64,001 | -€19,155 | -23.0% |
| Financial debts | 170/4 | €83,156 | €64,001 | -€19,155 | -23.0% |
| Amounts payable within one year | 42/48 | €53,753 | €68,554 | +€14,801 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €20,929 | €19,155 | -€1,774 | -8.5% |
| Trade debts | 44 | €12,546 | €20,149 | +€7,603 | +60.6% |
| Suppliers | 440/4 | €12,546 | €20,149 | +€7,603 | +60.6% |
| Taxes, remuneration and social security | 45 | €20,278 | €29,251 | +€8,972 | +44.2% |
| Taxes | 450/3 | €20,278 | €29,251 | +€8,972 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,399 | €23,259 | +€860 | +3.8% |
| Other operating charges | 640/8 | €9,199 | €8,404 | -€795 | -8.6% |
| Gross operating margin | 9900 | €105,831 | €68,388 | -€37,444 | -35.4% |
| Operating profit (loss) | 9901 | €74,234 | €36,725 | -€37,509 | -50.5% |
| Financial income | 75/76B | €2 | €0 | -€2 | -99.5% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -99.5% |
| Financial charges | 65/66B | €1,960 | €1,699 | -€260 | -13.3% |
| Recurring financial charges | 65 | €1,960 | €1,699 | -€260 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €72,276 | €35,026 | -€37,251 | -51.5% |
| Income taxes | 67/77 | €19,755 | €9,496 | -€10,260 | -51.9% |
| Profit (loss) for the period | 9904 | €52,521 | €25,530 | -€26,991 | -51.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,521 | €25,530 | -€26,991 | -51.4% |
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 9 October 2026 via checked.be.