MAREDOC: what changed
Two fiscal 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.
MAREDOC
Largest movements
- Stocks and contracts +€249,457
new in 2025: €249,457
- Tangible fixed assets -€4,924
down €4,924 (-2.2%), from €222,401 to €217,477
- Short-term financial debts +€165,000
new in 2025: €165,000
- Debts after one year +€77,466
up €77,466 (+62.1%), from €124,827 to €202,292
of which Other amounts payable: +€88,500
- Gross operating margin +€7,530
up €7,530 (+105.6%), from €7,129 to €14,659
- Taxes +€323
up €323, from €0 to €323
- Depreciation +€311
up €311 (+6.7%), from €4,613 to €4,924
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 | €224,350 | €471,513 | +€247,163 | +110.2% |
| Fixed assets | 21/28 | €222,401 | €217,477 | -€4,924 | -2.2% |
| Tangible fixed assets | 22/27 | €222,401 | €217,477 | -€4,924 | -2.2% |
| Land and buildings | 22 | €222,401 | €217,477 | -€4,924 | -2.2% |
| Current assets | 29/58 | €1,949 | €254,036 | +€252,086 | +12932.0% |
| Stocks and contracts in progress | 3 | - | €249,457 | +€249,457 | |
| Stocks | 30/36 | - | €249,457 | +€249,457 | |
| Cash at bank and in hand | 54/58 | €1,949 | €4,579 | +€2,630 | +134.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €224,350 | €471,513 | +€247,163 | +110.2% |
| Equity | 10/15 | €81,164 | €84,390 | +€3,226 | +4.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €56,164 | €59,390 | +€3,226 | +5.7% |
| Distributable reserves | 133 | €56,164 | €59,390 | +€3,226 | +5.7% |
| Amounts payable | 17/49 | €143,186 | €387,123 | +€243,937 | +170.4% |
| Amounts payable after more than one year | 17 | €124,827 | €202,292 | +€77,466 | +62.1% |
| Financial debts | 170/4 | €93,470 | €82,435 | -€11,034 | -11.8% |
| Other amounts payable | 178/9 | €31,357 | €119,857 | +€88,500 | +282.2% |
| Amounts payable within one year | 42/48 | €18,359 | €184,831 | +€166,471 | +906.7% |
| Current portion of amounts payable after more than one year | 42 | €10,599 | €11,034 | +€436 | +4.1% |
| Financial debts | 43 | - | €165,000 | +€165,000 | |
| Credit institutions | 430/8 | - | €165,000 | +€165,000 | |
| Trade debts | 44 | €6,328 | €8,474 | +€2,146 | +33.9% |
| Suppliers | 440/4 | €6,328 | €8,474 | +€2,146 | +33.9% |
| Taxes, remuneration and social security | 45 | €1,433 | €323 | -€1,111 | -77.5% |
| Taxes | 450/3 | €1,433 | €323 | -€1,111 | -77.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,613 | €4,924 | +€311 | +6.7% |
| Other operating charges | 640/8 | €1,517 | €1,432 | -€85 | -5.6% |
| Gross operating margin | 9900 | €7,129 | €14,659 | +€7,530 | +105.6% |
| Operating profit (loss) | 9901 | €999 | €8,303 | +€7,304 | +731.3% |
| Financial charges | 65/66B | €4,678 | €4,755 | +€77 | +1.6% |
| Recurring financial charges | 65 | €4,678 | €4,755 | +€77 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,679 | €3,548 | +€7,228 | |
| Income taxes | 67/77 | €0 | €323 | +€323 | |
| Profit (loss) for the period | 9904 | -€3,679 | €3,226 | +€6,905 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,679 | €3,226 | +€6,905 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.