MAREHILL: 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.
MAREHILL
Largest movements
- Cash +€300,234
up €300,234 (+42.7%), from €703,779 to €1.0m
mainly Net result for the year (+€237,653) and Receivables within one year (+€77,735)
- Receivables within one year -€77,735
down €77,735 (-37.6%), from €206,779 to €129,044
of which Other amounts receivable: -€122,922
- Tangible fixed assets -€44,297
down €44,297 (-1.8%), from €2.4m to €2.4m
of which Land and buildings: -€36,099
- Reserves +€235,987
up €235,987 (+14.4%), from €1.6m to €1.9m
of which Distributable reserves: +€235,987
- Debts after one year -€50,711
down €50,711 (-4.8%), from €1.1m to €1.0m
of which Financial debts: -€50,711
- Tax, wage and social debts +€45,202
up €45,202 (+588%), from €7,689 to €52,891
- Short-term financial debts -€44,150
down €44,150 (-100%), from €44,150 to €0
- Gross operating margin +€49,946
up €49,946 (+10.8%), from €462,320 to €512,265
- Other operating charges +€17,307
up €17,307 (+217%), from €7,986 to €25,294
- Taxes +€9,885
up €9,885 (+10.3%), from €95,884 to €105,769
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 | €3,327,339 | €3,503,583 | +€176,244 | +5.3% |
| Fixed assets | 21/28 | €2,414,074 | €2,369,777 | -€44,297 | -1.8% |
| Tangible fixed assets | 22/27 | €2,414,074 | €2,369,777 | -€44,297 | -1.8% |
| Land and buildings | 22 | €2,169,816 | €2,133,716 | -€36,099 | -1.7% |
| Plant, machinery and equipment | 23 | €10,553 | €9,905 | -€648 | -6.1% |
| Furniture and vehicles | 24 | €16,638 | €13,308 | -€3,330 | -20.0% |
| Other tangible fixed assets | 26 | €217,068 | €212,847 | -€4,220 | -1.9% |
| Current assets | 29/58 | €913,265 | €1,133,806 | +€220,541 | +24.1% |
| Amounts receivable within one year | 40/41 | €206,779 | €129,044 | -€77,735 | -37.6% |
| Trade receivables | 40 | €0 | €45,187 | +€45,187 | |
| Other amounts receivable | 41 | €206,779 | €83,857 | -€122,922 | -59.4% |
| Cash at bank and in hand | 54/58 | €703,779 | €1,004,013 | +€300,234 | +42.7% |
| Deferred charges and accrued income | 490/1 | €2,707 | €749 | -€1,958 | -72.3% |
| Total equity and liabilities | 10/49 | €3,327,339 | €3,503,583 | +€176,244 | +5.3% |
| Equity | 10/15 | €2,032,869 | €2,268,855 | +€235,987 | +11.6% |
| Contributions | 10/11 | €396,600 | €396,600 | = | 0.0% |
| Reserves | 13 | €1,636,269 | €1,872,255 | +€235,987 | +14.4% |
| Tax-exempt reserves | 132 | €195,905 | €195,905 | = | 0.0% |
| Distributable reserves | 133 | €1,440,364 | €1,676,350 | +€235,987 | +16.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,294,470 | €1,234,727 | -€59,743 | -4.6% |
| Amounts payable after more than one year | 17 | €1,050,711 | €1,000,000 | -€50,711 | -4.8% |
| Financial debts | 170/4 | €50,711 | €0 | -€50,711 | -100% |
| Other amounts payable | 178/9 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €171,293 | €159,194 | -€12,099 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €60,475 | €50,711 | -€9,765 | -16.1% |
| Financial debts | 43 | €44,150 | €0 | -€44,150 | -100% |
| Credit institutions | 430/8 | €44,150 | €0 | -€44,150 | -100% |
| Trade debts | 44 | €11,952 | €12,749 | +€797 | +6.7% |
| Suppliers | 440/4 | €11,952 | €12,749 | +€797 | +6.7% |
| Taxes, remuneration and social security | 45 | €7,689 | €52,891 | +€45,202 | +588% |
| Taxes | 450/3 | €7,689 | €52,891 | +€45,202 | +588% |
| Other amounts payable | 47/48 | €47,028 | €42,844 | -€4,184 | -8.9% |
| Accrued charges and deferred income | 492/3 | €72,467 | €75,533 | +€3,067 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,423 | €68,221 | +€3,798 | +5.9% |
| Other operating charges | 640/8 | €7,986 | €25,294 | +€17,307 | +217% |
| Gross operating margin | 9900 | €462,320 | €512,265 | +€49,946 | +10.8% |
| Operating profit (loss) | 9901 | €389,911 | €418,751 | +€28,840 | +7.4% |
| Financial income | 75/76B | €45 | €121 | +€76 | +171% |
| Recurring financial income | 75 | €45 | €121 | +€76 | +171% |
| Financial charges | 65/66B | €75,531 | €75,450 | -€81 | -0.1% |
| Recurring financial charges | 65 | €75,531 | €75,450 | -€81 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €314,425 | €343,422 | +€28,998 | +9.2% |
| Income taxes | 67/77 | €95,884 | €105,769 | +€9,885 | +10.3% |
| Profit (loss) for the period | 9904 | €218,540 | €237,653 | +€19,112 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €218,540 | €237,653 | +€19,112 | +8.7% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.