MAREDCO: 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.
MAREDCO
Largest movements
- Tangible fixed assets -€86,021
down €86,021 (-9.3%), from €920,058 to €834,037
of which Land and buildings: -€44,046
- Cash -€80,057
down €80,057 (-53.0%), from €151,079 to €71,022
mainly Net result for the year (-€160,861) and Investment in fixed assets (net) (-€55,555)
- Receivables within one year +€37,133
up €37,133 (+39.7%), from €93,627 to €130,760
of which Trade receivables: +€37,567
- Profit (loss) carried forward -€160,861
down €160,861 (-54.2%), from €296,570 to €135,709
- Other debts +€66,943
up €66,943 (+124%), from €53,896 to €120,840
- Debts after one year -€32,210
down €32,210 (-5.3%), from €607,326 to €575,116
- Gross operating margin -€451,934
down €451,934, from €449,820 to -€2,114
- Depreciation +€17,597
up €17,597 (+14.2%), from €123,979 to €141,576
- Financial income -€4,892
down €4,892 (-99.9%), from €4,896 to €4
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 | €1,167,544 | €1,042,427 | -€125,116 | -10.7% |
| Fixed assets | 21/28 | €920,131 | €834,110 | -€86,021 | -9.3% |
| Tangible fixed assets | 22/27 | €920,058 | €834,037 | -€86,021 | -9.3% |
| Land and buildings | 22 | €640,927 | €596,881 | -€44,046 | -6.9% |
| Plant, machinery and equipment | 23 | €4,931 | €3,825 | -€1,106 | -22.4% |
| Furniture and vehicles | 24 | €21,911 | €7,206 | -€14,705 | -67.1% |
| Other tangible fixed assets | 26 | €252,290 | €226,125 | -€26,165 | -10.4% |
| Financial fixed assets | 28 | €73 | €73 | = | 0.0% |
| Current assets | 29/58 | €247,413 | €208,318 | -€39,095 | -15.8% |
| Amounts receivable within one year | 40/41 | €93,627 | €130,760 | +€37,133 | +39.7% |
| Trade receivables | 40 | €57,797 | €95,365 | +€37,567 | +65.0% |
| Other amounts receivable | 41 | €35,829 | €35,395 | -€434 | -1.2% |
| Cash at bank and in hand | 54/58 | €151,079 | €71,022 | -€80,057 | -53.0% |
| Deferred charges and accrued income | 490/1 | €2,707 | €6,536 | +€3,829 | +141% |
| Total equity and liabilities | 10/49 | €1,167,544 | €1,042,427 | -€125,116 | -10.7% |
| Equity | 10/15 | €365,870 | €205,009 | -€160,861 | -44.0% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €6,300 | €6,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €296,570 | €135,709 | -€160,861 | -54.2% |
| Amounts payable | 17/49 | €801,674 | €837,418 | +€35,745 | +4.5% |
| Amounts payable after more than one year | 17 | €607,326 | €575,116 | -€32,210 | -5.3% |
| Financial debts | 170/4 | €607,326 | €575,116 | -€32,210 | -5.3% |
| Amounts payable within one year | 42/48 | €193,244 | €261,409 | +€68,165 | +35.3% |
| Current portion of amounts payable after more than one year | 42 | €58,361 | €60,288 | +€1,928 | +3.3% |
| Trade debts | 44 | €75,987 | €79,804 | +€3,817 | +5.0% |
| Suppliers | 440/4 | €75,987 | €79,804 | +€3,817 | +5.0% |
| Taxes, remuneration and social security | 45 | €5,000 | €477 | -€4,523 | -90.5% |
| Taxes | 450/3 | - | €477 | +€477 | |
| Remuneration and social security | 454/9 | €5,000 | - | -€5,000 | |
| Other amounts payable | 47/48 | €53,896 | €120,840 | +€66,943 | +124% |
| Accrued charges and deferred income | 492/3 | €1,104 | €893 | -€211 | -19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,979 | €141,576 | +€17,597 | +14.2% |
| Other operating charges | 640/8 | €4,821 | €8,176 | +€3,354 | +69.6% |
| Gross operating margin | 9900 | €449,820 | -€2,114 | -€451,934 | |
| Operating profit (loss) | 9901 | €321,020 | -€151,865 | -€472,885 | |
| Financial income | 75/76B | €4,896 | €4 | -€4,892 | -99.9% |
| Recurring financial income | 75 | €4,896 | €4 | -€4,892 | -99.9% |
| Financial charges | 65/66B | €7,369 | €8,999 | +€1,629 | +22.1% |
| Recurring financial charges | 65 | €7,369 | €8,999 | +€1,629 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €318,546 | -€160,860 | -€479,406 | |
| Income taxes | 67/77 | €140 | €1 | -€139 | -99.1% |
| Profit (loss) for the period | 9904 | €318,407 | -€160,861 | -€479,268 | |
| Profit (loss) for the period to be appropriated | 9905 | €318,407 | -€160,861 | -€479,268 |
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 15 October 2026 via checked.be.