MAREDYS: 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.
MAREDYS
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Cash -€277,317
down €277,317 (-95.5%), from €290,279 to €12,961
mainly Current investments (-€300,000) and Contributions, distributions and other (-€94,210)
- Receivables within one year -€11,060
down €11,060 (-72.7%), from €15,219 to €4,159
of which Other amounts receivable: -€7,088
- Deferred charges and accrued income +€5,986
new in 2025: €5,986
- Other debts +€60,543
up €60,543, from €0 to €60,543
- Reserves -€26,000
down €26,000 (-8.1%), from €320,860 to €294,860
of which Distributable reserves: -€26,000
- Short-term financial debts -€12,762
down €12,762 (-100.0%), from €12,762 to €0
- Gross operating margin -€7,370
down €7,370 (-5.5%), from €132,865 to €125,496
- Depreciation -€4,657
down €4,657 (-17.2%), from €27,079 to €22,422
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 | €357,327 | €378,455 | +€21,129 | +5.9% |
| Fixed assets | 21/28 | €51,829 | €55,349 | +€3,520 | +6.8% |
| Tangible fixed assets | 22/27 | €51,829 | €55,349 | +€3,520 | +6.8% |
| Plant, machinery and equipment | 23 | €9,964 | €31,541 | +€21,577 | +216.6% |
| Furniture and vehicles | 24 | €16,209 | €3,636 | -€12,573 | -77.6% |
| Other tangible fixed assets | 26 | €25,656 | €20,172 | -€5,485 | -21.4% |
| Current assets | 29/58 | €305,498 | €323,106 | +€17,608 | +5.8% |
| Amounts receivable within one year | 40/41 | €15,219 | €4,159 | -€11,060 | -72.7% |
| Trade receivables | 40 | €3,972 | €0 | -€3,972 | -100.0% |
| Other amounts receivable | 41 | €11,247 | €4,159 | -€7,088 | -63.0% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €290,279 | €12,961 | -€277,317 | -95.5% |
| Deferred charges and accrued income | 490/1 | - | €5,986 | +€5,986 | |
| Total equity and liabilities | 10/49 | €357,327 | €378,455 | +€21,129 | +5.9% |
| Equity | 10/15 | €338,398 | €313,069 | -€25,329 | -7.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €320,860 | €294,860 | -€26,000 | -8.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €319,000 | €293,000 | -€26,000 | -8.2% |
| Profit (loss) carried forward | 14 | €5,138 | €5,809 | +€671 | +13.1% |
| Amounts payable | 17/49 | €18,929 | €65,386 | +€46,458 | +245.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €18,929 | €65,386 | +€46,458 | +245.4% |
| Financial debts | 43 | €12,762 | €0 | -€12,762 | -100.0% |
| Credit institutions | 430/8 | €12,762 | €0 | -€12,762 | -100.0% |
| Trade debts | 44 | €3,192 | €3,674 | +€483 | +15.1% |
| Suppliers | 440/4 | €3,192 | €3,674 | +€483 | +15.1% |
| Taxes, remuneration and social security | 45 | €2,975 | €1,169 | -€1,806 | -60.7% |
| Taxes | 450/3 | €2,975 | €1,169 | -€1,806 | -60.7% |
| Other amounts payable | 47/48 | €0 | €60,543 | +€60,543 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,079 | €22,422 | -€4,657 | -17.2% |
| Other operating charges | 640/8 | €329 | €211 | -€119 | -36.0% |
| Gross operating margin | 9900 | €132,865 | €125,496 | -€7,370 | -5.5% |
| Operating profit (loss) | 9901 | €105,456 | €102,862 | -€2,594 | -2.5% |
| Financial charges | 65/66B | €596 | €813 | +€217 | +36.4% |
| Recurring financial charges | 65 | €596 | €813 | +€217 | +36.4% |
| Profit (loss) for the period before taxes | 9903 | €104,860 | €102,050 | -€2,811 | -2.7% |
| Income taxes | 67/77 | €33,712 | €33,169 | -€543 | -1.6% |
| Profit (loss) for the period | 9904 | €71,148 | €68,881 | -€2,268 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €71,148 | €68,881 | -€2,268 | -3.2% |
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 8 October 2026 via checked.be.