MAREEN: 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.
MAREEN
Largest movements
- Tangible fixed assets -€70,477
down €70,477 (-15.3%), from €461,093 to €390,616
of which Land and buildings: -€56,208
- Receivables within one year -€16,953
down €16,953 (-17.5%), from €96,636 to €79,683
of which Trade receivables: -€20,769
- Cash +€12,355
up €12,355 (+1,118%), from €1,106 to €13,461
mainly Depreciation (+€77,930) and Other debts (+€26,158)
- Trade debts -€55,781
down €55,781 (-55.2%), from €101,088 to €45,307
- Debts after one year -€36,623
down €36,623 (-15.4%), from €237,329 to €200,707
- Profit (loss) carried forward -€35,973
down €35,973 (-42.5%), from -€84,582 to -€120,555
- Other debts +€26,158
up €26,158 (+8.6%), from €303,849 to €330,007
- Short-term financial debts +€24,692
new in 2025: €24,692
- Staff costs -€71,455
down €71,455 (-63.7%), from €112,125 to €40,670
- Gross operating margin -€45,818
down €45,818 (-31.1%), from €147,121 to €101,304
- Financial charges +€2,395
up €2,395 (+34.8%), from €6,887 to €9,282
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 | €747,065 | €672,739 | -€74,326 | -9.9% |
| Fixed assets | 21/28 | €461,093 | €390,616 | -€70,477 | -15.3% |
| Tangible fixed assets | 22/27 | €461,093 | €390,616 | -€70,477 | -15.3% |
| Land and buildings | 22 | €420,627 | €364,419 | -€56,208 | -13.4% |
| Plant, machinery and equipment | 23 | €6,541 | €4,261 | -€2,280 | -34.9% |
| Furniture and vehicles | 24 | €33,924 | €21,935 | -€11,989 | -35.3% |
| Current assets | 29/58 | €285,972 | €282,124 | -€3,848 | -1.3% |
| Stocks and contracts in progress | 3 | €174,849 | €179,962 | +€5,114 | +2.9% |
| Stocks | 30/36 | €78,830 | €79,930 | +€1,100 | +1.4% |
| Contracts in progress | 37 | €96,019 | €100,032 | +€4,014 | +4.2% |
| Amounts receivable within one year | 40/41 | €96,636 | €79,683 | -€16,953 | -17.5% |
| Trade receivables | 40 | €92,012 | €71,243 | -€20,769 | -22.6% |
| Other amounts receivable | 41 | €4,624 | €8,440 | +€3,816 | +82.5% |
| Cash at bank and in hand | 54/58 | €1,106 | €13,461 | +€12,355 | +1,118% |
| Deferred charges and accrued income | 490/1 | €13,382 | €9,018 | -€4,364 | -32.6% |
| Total equity and liabilities | 10/49 | €747,065 | €672,739 | -€74,326 | -9.9% |
| Equity | 10/15 | €58,777 | €22,804 | -€35,973 | -61.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €124,767 | €124,767 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €122,908 | €122,908 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€84,582 | -€120,555 | -€35,973 | -42.5% |
| Amounts payable | 17/49 | €688,288 | €649,935 | -€38,353 | -5.6% |
| Amounts payable after more than one year | 17 | €237,329 | €200,707 | -€36,623 | -15.4% |
| Financial debts | 170/4 | €237,329 | €200,707 | -€36,623 | -15.4% |
| Amounts payable within one year | 42/48 | €450,958 | €449,228 | -€1,730 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €37,247 | €36,623 | -€625 | -1.7% |
| Financial debts | 43 | - | €24,692 | +€24,692 | |
| Credit institutions | 430/8 | - | €24,692 | +€24,692 | |
| Trade debts | 44 | €101,088 | €45,307 | -€55,781 | -55.2% |
| Suppliers | 440/4 | €101,088 | €45,307 | -€55,781 | -55.2% |
| Taxes, remuneration and social security | 45 | €8,773 | €12,600 | +€3,826 | +43.6% |
| Taxes | 450/3 | €8,170 | €9,096 | +€925 | +11.3% |
| Remuneration and social security | 454/9 | €603 | €3,504 | +€2,901 | +481% |
| Other amounts payable | 47/48 | €303,849 | €330,007 | +€26,158 | +8.6% |
| Remuneration, social security and pensions | 62 | €112,125 | €40,670 | -€71,455 | -63.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,155 | €77,930 | +€775 | +1.0% |
| Other operating charges | 640/8 | €11,730 | €10,375 | -€1,355 | -11.6% |
| Gross operating margin | 9900 | €147,121 | €101,304 | -€45,818 | -31.1% |
| Operating profit (loss) | 9901 | -€53,888 | -€27,672 | +€26,217 | +48.7% |
| Financial income | 75/76B | €6 | €1,157 | +€1,151 | +20,596% |
| Recurring financial income | 75 | €6 | €1,157 | +€1,151 | +20,596% |
| Financial charges | 65/66B | €6,887 | €9,282 | +€2,395 | +34.8% |
| Recurring financial charges | 65 | €6,887 | €9,282 | +€2,395 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | -€60,770 | -€35,797 | +€24,974 | +41.1% |
| Income taxes | 67/77 | €185 | €176 | -€9 | -4.6% |
| Profit (loss) for the period | 9904 | -€60,955 | -€35,973 | +€24,982 | +41.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,955 | -€35,973 | +€24,982 | +41.0% |
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 20 October 2026 via checked.be.