MARED INTERNATIONAL: 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.
MARED INTERNATIONAL
Largest movements
- Cash +€100,920
up €100,920 (+66.0%), from €152,899 to €253,818
mainly Net result for the year (+€107,539) and Trade debts (+€43,694)
- Receivables within one year +€49,424
up €49,424 (+12.3%), from €402,841 to €452,265
of which Trade receivables: +€35,259
- Tangible fixed assets -€12,979
down €12,979 (-93.5%), from €13,880 to €901
- Reserves +€107,539
up €107,539 (+17.5%), from €615,810 to €723,349
of which Distributable reserves: +€107,539
- Trade debts +€43,694
up €43,694 (+1,087%), from €4,021 to €47,715
- Tax, wage and social debts -€9,318
down €9,318 (-18.6%), from €50,163 to €40,845
- Gross operating margin +€7,525
up €7,525 (+5.4%), from €138,603 to €146,128
- Taxes +€2,897
up €2,897 (+6.6%), from €44,163 to €47,060
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 | €682,694 | €824,609 | +€141,915 | +20.8% |
| Fixed assets | 21/28 | €14,880 | €1,901 | -€12,979 | -87.2% |
| Tangible fixed assets | 22/27 | €13,880 | €901 | -€12,979 | -93.5% |
| Furniture and vehicles | 24 | €13,880 | €901 | -€12,979 | -93.5% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €667,814 | €822,708 | +€154,894 | +23.2% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €402,841 | €452,265 | +€49,424 | +12.3% |
| Trade receivables | 40 | €15,732 | €50,991 | +€35,259 | +224% |
| Other amounts receivable | 41 | €387,109 | €401,274 | +€14,165 | +3.7% |
| Cash at bank and in hand | 54/58 | €152,899 | €253,818 | +€100,920 | +66.0% |
| Deferred charges and accrued income | 490/1 | €12,074 | €16,624 | +€4,550 | +37.7% |
| Total equity and liabilities | 10/49 | €682,694 | €824,609 | +€141,915 | +20.8% |
| Equity | 10/15 | €628,510 | €736,049 | +€107,539 | +17.1% |
| Contributions | 10/11 | €12,700 | €12,700 | = | 0.0% |
| Reserves | 13 | €615,810 | €723,349 | +€107,539 | +17.5% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €613,810 | €721,349 | +€107,539 | +17.5% |
| Amounts payable | 17/49 | €54,184 | €88,560 | +€34,376 | +63.4% |
| Amounts payable within one year | 42/48 | €54,184 | €88,560 | +€34,376 | +63.4% |
| Trade debts | 44 | €4,021 | €47,715 | +€43,694 | +1,087% |
| Suppliers | 440/4 | €4,021 | €47,715 | +€43,694 | +1,087% |
| Taxes, remuneration and social security | 45 | €50,163 | €40,845 | -€9,318 | -18.6% |
| Taxes | 450/3 | €50,163 | €40,845 | -€9,318 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,978 | €12,979 | +€0 | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €138,603 | €146,128 | +€7,525 | +5.4% |
| Operating profit (loss) | 9901 | €125,238 | €132,750 | +€7,512 | +6.0% |
| Financial income | 75/76B | €23,613 | €22,978 | -€635 | -2.7% |
| Recurring financial income | 75 | €23,613 | €22,978 | -€635 | -2.7% |
| Financial charges | 65/66B | €2,505 | €1,128 | -€1,377 | -55.0% |
| Recurring financial charges | 65 | €2,505 | €1,128 | -€1,377 | -55.0% |
| Profit (loss) for the period before taxes | 9903 | €146,345 | €154,599 | +€8,254 | +5.6% |
| Income taxes | 67/77 | €44,163 | €47,060 | +€2,897 | +6.6% |
| Profit (loss) for the period | 9904 | €102,182 | €107,539 | +€5,357 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €102,182 | €107,539 | +€5,357 | +5.2% |
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 17 October 2026 via checked.be.