MARELE: 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.
MARELE
Largest movements
- Receivables within one year +€57,426
up €57,426 (+3305.1%), from €1,738 to €59,163
of which Trade receivables: +€56,798
- Tangible fixed assets +€50,578
up €50,578 (+37.8%), from €133,773 to €184,352
of which Furniture and vehicles: +€66,391
- Cash -€14,006
down €14,006 (-23.1%), from €60,626 to €46,620
mainly Contributions, distributions and other (-€157,700) and Investment in fixed assets (net) (-€79,677)
- Other debts +€109,924
up €109,924 (+353.9%), from €31,064 to €140,988
- Reserves -€69,380
down €69,380 (-23.8%), from €291,899 to €222,519
of which Distributable reserves: -€68,978
- Tax, wage and social debts +€32,625
up €32,625 (+232.3%), from €14,043 to €46,667
of which Taxes: +€30,683
- Trade debts +€22,525
up €22,525 (+4942.2%), from €456 to €22,981
- Gross operating margin +€76,950
up €76,950 (+57.5%), from €133,718 to €210,669
- Financial charges +€39,518
up €39,518 (+566.3%), from €6,979 to €46,496
- Taxes +€11,563
up €11,563 (+35.1%), from €32,927 to €44,490
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 | €626,912 | €722,606 | +€95,693 | +15.3% |
| Fixed assets | 21/28 | €553,533 | €604,112 | +€50,578 | +9.1% |
| Tangible fixed assets | 22/27 | €133,773 | €184,352 | +€50,578 | +37.8% |
| Land and buildings | 22 | €80,141 | €71,526 | -€8,614 | -10.7% |
| Furniture and vehicles | 24 | €29,634 | €96,025 | +€66,391 | +224.0% |
| Other tangible fixed assets | 26 | €23,999 | €16,800 | -€7,199 | -30.0% |
| Financial fixed assets | 28 | €419,760 | €419,760 | = | 0.0% |
| Current assets | 29/58 | €73,379 | €118,494 | +€45,115 | +61.5% |
| Stocks and contracts in progress | 3 | €6,500 | €6,500 | = | 0.0% |
| Stocks | 30/36 | €6,500 | €6,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,738 | €59,163 | +€57,426 | +3305.1% |
| Trade receivables | 40 | €1,165 | €57,964 | +€56,798 | +4874.1% |
| Other amounts receivable | 41 | €572 | €1,200 | +€627 | +109.6% |
| Cash at bank and in hand | 54/58 | €60,626 | €46,620 | -€14,006 | -23.1% |
| Deferred charges and accrued income | 490/1 | €4,515 | €6,211 | +€1,696 | +37.6% |
| Total equity and liabilities | 10/49 | €626,912 | €722,606 | +€95,693 | +15.3% |
| Equity | 10/15 | €408,350 | €338,970 | -€69,380 | -17.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €291,899 | €222,519 | -€69,380 | -23.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €402 | €0 | -€402 | -100.0% |
| Distributable reserves | 133 | €285,297 | €216,319 | -€68,978 | -24.2% |
| Profit (loss) carried forward | 14 | €54,451 | €54,451 | = | 0.0% |
| Amounts payable | 17/49 | €218,563 | €383,636 | +€165,074 | +75.5% |
| Amounts payable after more than one year | 17 | €173,000 | €173,000 | = | 0.0% |
| Financial debts | 170/4 | €173,000 | €173,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €45,563 | €210,636 | +€165,074 | +362.3% |
| Trade debts | 44 | €456 | €22,981 | +€22,525 | +4942.2% |
| Suppliers | 440/4 | €456 | €22,981 | +€22,525 | +4942.2% |
| Taxes, remuneration and social security | 45 | €14,043 | €46,667 | +€32,625 | +232.3% |
| Taxes | 450/3 | €13,987 | €44,670 | +€30,683 | +219.4% |
| Remuneration and social security | 454/9 | €55 | €1,997 | +€1,942 | +3509.9% |
| Other amounts payable | 47/48 | €31,064 | €140,988 | +€109,924 | +353.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,169 | €29,099 | -€1,070 | -3.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,955 | €2,263 | -€691 | -23.4% |
| Gross operating margin | 9900 | €133,718 | €210,669 | +€76,950 | +57.5% |
| Operating profit (loss) | 9901 | €100,594 | €179,306 | +€78,712 | +78.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €6,979 | €46,496 | +€39,518 | +566.3% |
| Recurring financial charges | 65 | €6,979 | €46,496 | +€39,518 | +566.3% |
| Profit (loss) for the period before taxes | 9903 | €93,616 | €132,810 | +€39,194 | +41.9% |
| Income taxes | 67/77 | €32,927 | €44,490 | +€11,563 | +35.1% |
| Profit (loss) for the period | 9904 | €60,689 | €88,320 | +€27,631 | +45.5% |
| Transfer from tax-exempt reserves | 789 | - | €402 | +€402 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,689 | €88,722 | +€28,033 | +46.2% |
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 6 October 2026 via checked.be.