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
- Cash +€267,206
up €267,206 (+596.9%), from €44,765 to €311,972
mainly Depreciation (+€307,127) and Stocks and contracts (+€190,185)
- Tangible fixed assets -€227,973
down €227,973 (-7.3%), from €3.1m to €2.9m
of which Land and buildings: -€212,513
- Stocks and contracts -€190,185
down €190,185 (-23.0%), from €826,092 to €635,907
- Receivables within one year -€160,582
down €160,582 (-82.4%), from €194,923 to €34,341
of which Trade receivables: -€126,007
- Debts after one year -€244,298
down €244,298 (-13.2%), from €1.9m to €1.6m
- Reserves +€172,746
up €172,746 (+14.7%), from €1.2m to €1.3m
of which Distributable reserves: +€109,596
- Trade debts -€136,075
down €136,075 (-30.7%), from €443,757 to €307,683
- Current portion of long-term debt -€100,000
down €100,000 (-29.0%), from €344,298 to €244,298
- Gross operating margin -€623,078
down €623,078 (-48.3%), from €1.3m to €666,284
- Depreciation -€270,318
down €270,318 (-46.8%), from €577,445 to €307,127
- Financial charges -€101,467
down €101,467 (-61.4%), from €165,376 to €63,909
- Taxes -€50,095
down €50,095 (-44.5%), from €112,683 to €62,588
- Staff costs -€23,846
down €23,846 (-38.1%), from €62,633 to €38,787
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,203,233 | €3,894,350 | -€308,882 | -7.3% |
| Fixed assets | 21/28 | €3,108,820 | €2,880,976 | -€227,844 | -7.3% |
| Tangible fixed assets | 22/27 | €3,105,820 | €2,877,847 | -€227,973 | -7.3% |
| Land and buildings | 22 | €2,996,872 | €2,784,359 | -€212,513 | -7.1% |
| Plant, machinery and equipment | 23 | €103,202 | €79,794 | -€23,408 | -22.7% |
| Furniture and vehicles | 24 | €5,746 | €13,694 | +€7,947 | +138.3% |
| Financial fixed assets | 28 | €3,000 | €3,129 | +€129 | +4.3% |
| Current assets | 29/58 | €1,094,413 | €1,013,374 | -€81,039 | -7.4% |
| Stocks and contracts in progress | 3 | €826,092 | €635,907 | -€190,185 | -23.0% |
| Stocks | 30/36 | €826,092 | €635,907 | -€190,185 | -23.0% |
| Amounts receivable within one year | 40/41 | €194,923 | €34,341 | -€160,582 | -82.4% |
| Trade receivables | 40 | €137,542 | €11,535 | -€126,007 | -91.6% |
| Other amounts receivable | 41 | €57,380 | €22,806 | -€34,575 | -60.3% |
| Cash at bank and in hand | 54/58 | €44,765 | €311,972 | +€267,206 | +596.9% |
| Deferred charges and accrued income | 490/1 | €28,633 | €31,155 | +€2,522 | +8.8% |
| Total equity and liabilities | 10/49 | €4,203,233 | €3,894,350 | -€308,882 | -7.3% |
| Equity | 10/15 | €1,327,480 | €1,497,392 | +€169,912 | +12.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €1,174,645 | €1,347,392 | +€172,746 | +14.7% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,200 | €147,350 | +€63,150 | +75.0% |
| Distributable reserves | 133 | €1,075,445 | €1,185,042 | +€109,596 | +10.2% |
| Investment grants | 15 | €2,835 | €0 | -€2,835 | -100.0% |
| Provisions and deferred taxes | 16 | €1,460 | €0 | -€1,460 | -100.0% |
| Deferred taxes | 168 | €1,460 | €0 | -€1,460 | -100.0% |
| Amounts payable | 17/49 | €2,874,292 | €2,396,958 | -€477,334 | -16.6% |
| Amounts payable after more than one year | 17 | €1,854,296 | €1,609,998 | -€244,298 | -13.2% |
| Financial debts | 170/4 | €1,854,296 | €1,609,998 | -€244,298 | -13.2% |
| Amounts payable within one year | 42/48 | €1,002,604 | €776,961 | -€225,643 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €344,298 | €244,298 | -€100,000 | -29.0% |
| Trade debts | 44 | €443,757 | €307,683 | -€136,075 | -30.7% |
| Suppliers | 440/4 | €443,757 | €307,683 | -€136,075 | -30.7% |
| Taxes, remuneration and social security | 45 | €17,893 | €14,015 | -€3,877 | -21.7% |
| Taxes | 450/3 | €17,893 | €14,015 | -€3,877 | -21.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €196,656 | €210,965 | +€14,309 | +7.3% |
| Accrued charges and deferred income | 492/3 | €17,392 | €9,999 | -€7,392 | -42.5% |
| Non-recurring operating income | 76A | €15,000 | €10,363 | -€4,637 | -30.9% |
| Remuneration, social security and pensions | 62 | €62,633 | €38,787 | -€23,846 | -38.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €577,445 | €307,127 | -€270,318 | -46.8% |
| Other operating charges | 640/8 | €48,168 | €25,466 | -€22,701 | -47.1% |
| Gross operating margin | 9900 | €1,289,362 | €666,284 | -€623,078 | -48.3% |
| Operating profit (loss) | 9901 | €601,117 | €294,905 | -€306,212 | -50.9% |
| Financial income | 75/76B | €396 | €2,879 | +€2,482 | +626.3% |
| Recurring financial income | 75 | €396 | €2,879 | +€2,482 | +626.3% |
| Financial charges | 65/66B | €165,376 | €63,909 | -€101,467 | -61.4% |
| Recurring financial charges | 65 | €165,376 | €63,909 | -€101,467 | -61.4% |
| Profit (loss) for the period before taxes | 9903 | €436,137 | €233,874 | -€202,263 | -46.4% |
| Transfer from deferred taxes | 780 | €0 | €1,460 | +€1,460 | |
| Income taxes | 67/77 | €112,683 | €62,588 | -€50,095 | -44.5% |
| Profit (loss) for the period | 9904 | €323,455 | €172,746 | -€150,708 | -46.6% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €63,150 | -€21,050 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €239,255 | €109,596 | -€129,658 | -54.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.