MAREELS: 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.
MAREELS
Largest movements
- Receivables within one year -€2,225
down €2,225 (-32.0%), from €6,956 to €4,731
of which Trade receivables: -€1,260
- Cash -€1,712
down €1,712 (-41.5%), from €4,124 to €2,411
mainly Net result for the year (-€18,306) and Trade debts (-€280)
- Tangible fixed assets -€651
down €651 (-50.0%), from €1,301 to €651
- Profit (loss) carried forward -€18,306
down €18,306 (-7.7%), from -€236,436 to -€254,742
- Short-term financial debts +€7,337
up €7,337, from €0 to €7,337
- Other debts +€5,925
up €5,925 (+6.1%), from €96,392 to €102,317
- Tax, wage and social debts +€736
up €736 (+125.3%), from €587 to €1,323
of which Remuneration and social security: +€735
- Trade debts -€280
down €280 (-7.3%), from €3,837 to €3,557
- Staff costs +€9,240
up €9,240 (+42.6%), from €21,695 to €30,935
- Gross operating margin +€5,128
up €5,128 (+53.3%), from €9,626 to €14,754
- Financial charges -€2,176
down €2,176 (-76.4%), from €2,849 to €672
- Other operating charges -€229
down €229 (-16.6%), from €1,381 to €1,151
- Financial income +€156
up €156 (+81.2%), from €192 to €349
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,430 | €15,842 | -€4,588 | -22.5% |
| Fixed assets | 21/28 | €1,351 | €700 | -€651 | -48.2% |
| Tangible fixed assets | 22/27 | €1,301 | €651 | -€651 | -50.0% |
| Land and buildings | 22 | €1,301 | €651 | -€651 | -50.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €19,079 | €15,142 | -€3,937 | -20.6% |
| Stocks and contracts in progress | 3 | €8,000 | €8,000 | = | 0.0% |
| Stocks | 30/36 | €8,000 | €8,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,956 | €4,731 | -€2,225 | -32.0% |
| Trade receivables | 40 | €4,716 | €3,456 | -€1,260 | -26.7% |
| Other amounts receivable | 41 | €2,240 | €1,274 | -€965 | -43.1% |
| Cash at bank and in hand | 54/58 | €4,124 | €2,411 | -€1,712 | -41.5% |
| Total equity and liabilities | 10/49 | €20,430 | €15,842 | -€4,588 | -22.5% |
| Equity | 10/15 | -€155,385 | -€173,692 | -€18,306 | -11.8% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €56,261 | €56,261 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €56,261 | €56,261 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€236,436 | -€254,742 | -€18,306 | -7.7% |
| Amounts payable | 17/49 | €175,816 | €189,534 | +€13,718 | +7.8% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Financial debts | 170/4 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €100,816 | €114,534 | +€13,718 | +13.6% |
| Financial debts | 43 | €0 | €7,337 | +€7,337 | |
| Credit institutions | 430/8 | €0 | €7,337 | +€7,337 | |
| Trade debts | 44 | €3,837 | €3,557 | -€280 | -7.3% |
| Suppliers | 440/4 | €3,837 | €3,557 | -€280 | -7.3% |
| Taxes, remuneration and social security | 45 | €587 | €1,323 | +€736 | +125.3% |
| Taxes | 450/3 | - | €0 | +€0 | |
| Remuneration and social security | 454/9 | €587 | €1,323 | +€735 | +125.2% |
| Other amounts payable | 47/48 | €96,392 | €102,317 | +€5,925 | +6.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €21,695 | €30,935 | +€9,240 | +42.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €651 | €651 | = | 0.0% |
| Other operating charges | 640/8 | €1,381 | €1,151 | -€229 | -16.6% |
| Gross operating margin | 9900 | €9,626 | €14,754 | +€5,128 | +53.3% |
| Operating profit (loss) | 9901 | -€14,100 | -€17,982 | -€3,882 | -27.5% |
| Financial income | 75/76B | €192 | €349 | +€156 | +81.2% |
| Recurring financial income | 75 | €192 | €349 | +€156 | +81.2% |
| Financial charges | 65/66B | €2,849 | €672 | -€2,176 | -76.4% |
| Recurring financial charges | 65 | €2,849 | €672 | -€2,176 | -76.4% |
| Profit (loss) for the period before taxes | 9903 | -€16,757 | -€18,306 | -€1,550 | -9.2% |
| Profit (loss) for the period | 9904 | -€16,757 | -€18,306 | -€1,550 | -9.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,757 | -€18,306 | -€1,550 | -9.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.