MAREL: 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.
MAREL
Largest movements
- Receivables within one year +€832,557
up €832,557 (+113.5%), from €733,638 to €1.6m
of which Trade receivables: +€541,178
- Tangible fixed assets -€115,250
down €115,250 (-27.4%), from €420,849 to €305,599
- Cash -€99,453
down €99,453 (-58.7%), from €169,430 to €69,977
mainly Receivables within one year (-€832,557) and Other debts (-€254,765)
- Deferred charges and accrued income -€26,518
down €26,518 (-49.5%), from €53,595 to €27,077
- Profit (loss) carried forward +€505,022
up €505,022 (+184.3%), from €274,040 to €779,061
- Other debts -€254,765
down €254,765 (-73.9%), from €344,735 to €89,970
- Trade debts +€211,467
up €211,467 (+141.7%), from €149,201 to €360,667
- Tax, wage and social debts +€98,287
up €98,287 (+32.3%), from €304,071 to €402,359
of which Remuneration and social security: +€98,560
- Gross operating margin +€243,073
up €243,073 (+11.3%), from €2.1m to €2.4m
- Staff costs +€225,597
up €225,597 (+18.2%), from €1.2m to €1.5m
- Taxes +€87,218
up €87,218 (+82.8%), from €105,382 to €192,600
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 | €1,499,852 | €2,060,613 | +€560,761 | +37.4% |
| Fixed assets | 21/28 | €522,861 | €397,365 | -€125,496 | -24.0% |
| Intangible fixed assets | 21 | €101,606 | €91,360 | -€10,246 | -10.1% |
| Tangible fixed assets | 22/27 | €420,849 | €305,599 | -€115,250 | -27.4% |
| Furniture and vehicles | 24 | €420,849 | €305,599 | -€115,250 | -27.4% |
| Financial fixed assets | 28 | €406 | €406 | = | 0.0% |
| Current assets | 29/58 | €976,991 | €1,663,248 | +€686,257 | +70.2% |
| Stocks and contracts in progress | 3 | €20,328 | €0 | -€20,328 | -100.0% |
| Contracts in progress | 37 | €20,328 | €0 | -€20,328 | -100.0% |
| Amounts receivable within one year | 40/41 | €733,638 | €1,566,195 | +€832,557 | +113.5% |
| Trade receivables | 40 | €576,844 | €1,118,022 | +€541,178 | +93.8% |
| Other amounts receivable | 41 | €156,794 | €448,173 | +€291,379 | +185.8% |
| Cash at bank and in hand | 54/58 | €169,430 | €69,977 | -€99,453 | -58.7% |
| Deferred charges and accrued income | 490/1 | €53,595 | €27,077 | -€26,518 | -49.5% |
| Total equity and liabilities | 10/49 | €1,499,852 | €2,060,613 | +€560,761 | +37.4% |
| Equity | 10/15 | €693,595 | €1,198,617 | +€505,022 | +72.8% |
| Contributions | 10/11 | €327,799 | €327,799 | = | 0.0% |
| Capital | 10 | €327,799 | €327,799 | = | 0.0% |
| Issued capital | 100 | €327,799 | €327,799 | = | 0.0% |
| Reserves | 13 | €91,757 | €91,757 | = | 0.0% |
| Non-distributable reserves | 130/1 | €32,780 | €32,780 | = | 0.0% |
| Legal reserve | 130 | €32,780 | €32,780 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,807 | €29,807 | = | 0.0% |
| Distributable reserves | 133 | €29,170 | €29,170 | = | 0.0% |
| Profit (loss) carried forward | 14 | €274,040 | €779,061 | +€505,022 | +184.3% |
| Amounts payable | 17/49 | €806,256 | €861,996 | +€55,740 | +6.9% |
| Amounts payable within one year | 42/48 | €798,006 | €852,996 | +€54,990 | +6.9% |
| Trade debts | 44 | €149,201 | €360,667 | +€211,467 | +141.7% |
| Suppliers | 440/4 | €149,201 | €360,667 | +€211,467 | +141.7% |
| Taxes, remuneration and social security | 45 | €304,071 | €402,359 | +€98,287 | +32.3% |
| Taxes | 450/3 | €118,560 | €118,288 | -€272 | -0.2% |
| Remuneration and social security | 454/9 | €185,511 | €284,070 | +€98,560 | +53.1% |
| Other amounts payable | 47/48 | €344,735 | €89,970 | -€254,765 | -73.9% |
| Accrued charges and deferred income | 492/3 | €8,250 | €9,000 | +€750 | +9.1% |
| Non-recurring operating income | 76A | €22,268 | €0 | -€22,268 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,238,882 | €1,464,479 | +€225,597 | +18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,935 | €128,052 | +€16,117 | +14.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €336 | €5,379 | +€5,042 | +1499.2% |
| Other operating charges | 640/8 | €24,480 | €8,053 | -€16,427 | -67.1% |
| Non-recurring operating charges | 66A | €124,314 | €64,930 | -€59,384 | -47.8% |
| Gross operating margin | 9900 | €2,143,983 | €2,387,056 | +€243,073 | +11.3% |
| Operating profit (loss) | 9901 | €644,035 | €716,163 | +€72,128 | +11.2% |
| Financial income | 75/76B | €17,957 | €28,172 | +€10,215 | +56.9% |
| Recurring financial income | 75 | €17,957 | €28,172 | +€10,215 | +56.9% |
| Financial charges | 65/66B | €6,218 | €8,826 | +€2,607 | +41.9% |
| Recurring financial charges | 65 | €6,218 | €8,826 | +€2,607 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €655,774 | €735,510 | +€79,736 | +12.2% |
| Income taxes | 67/77 | €105,382 | €192,600 | +€87,218 | +82.8% |
| Profit (loss) for the period | 9904 | €550,392 | €542,910 | -€7,483 | -1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €550,392 | €542,910 | -€7,483 | -1.4% |
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 5 October 2026 via checked.be.