MARELEC INVEST: what changed
What changed
MARELEC INVEST
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€22,861
2024 · -€8,852+€31,713
Equity
€1.1m
2024 · €1.1m+€22,849
Cash
€31,475
2024 · €300,336-€268,861
Balance sheet total
€17.8m
2024 · €13.3m+€4.5m
Largest movements
Assets
- Tangible fixed assets +€5.3m
up €5.3m (+42.4%), from €12.4m to €17.7m
of which Land and buildings: +€11.3m
- Current investments -€500,000
down €500,000 (-100%), from €500,000 to €0
- Cash -€268,861
down €268,861 (-89.5%), from €300,336 to €31,475
mainly Investment in fixed assets (net) (-€5.6m) and Trade debts (-€400,351)
Equity and liabilities
- Debts after one year +€4.9m
up €4.9m (+43.7%), from €11.2m to €16.1m
- Trade debts -€400,351
down €400,351 (-87.0%), from €460,283 to €59,932
Income statement
- Other operating charges +€15,011
up €15,011 (+35.5%), from €42,284 to €57,296
- Gross operating margin +€10,030
up €10,030 (+2.3%), from €433,432 to €443,462
- Depreciation -€7,450
down €7,450 (-1.9%), from €389,746 to €382,295
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€8,852
Gross operating margin
+€10,030
Depreciation
+€7,450
Other operating charges
-€15,011
Financial income
+€1,987
Financial charges
+€3,085
Taxes
+€3,306
Deferred taxes and other
+€20,866
Result 2025
€22,861
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€21,103
Investment
-€5.1m
Financing
+€4.9m
Cash 2024
€300,336
From operations (derived)
-€21,103
Net result for the year
+€22,861
Depreciation
+€382,295
Smaller working-capital items
-€4,652
Provisions
-€21,257
Trade debts
-€400,351
Investment (derived)
-€5.1m
Investment in fixed assets (net)
-€5.6m
Current investments
+€500,000
Financing
+€4.9m
Debts after one year
+€4.9m
Contributions, distributions and other
-€12
Cash 2025
€31,475
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,289,463 | €17,780,054 | +€4.5m | +33.8% |
| Fixed assets | 21/28 | €12,407,239 | €17,672,689 | +€5.3m | +42.4% |
| Tangible fixed assets | 22/27 | €12,407,239 | €17,672,689 | +€5.3m | +42.4% |
| Land and buildings | 22 | €6,380,085 | €17,639,597 | +€11.3m | +176% |
| Plant, machinery and equipment | 23 | €43,898 | €33,092 | -€10,806 | -24.6% |
| Assets under construction and advance payments | 27 | €5,983,255 | €0 | -€6.0m | -100% |
| Current assets | 29/58 | €882,224 | €107,364 | -€774,860 | -87.8% |
| Amounts receivable within one year | 40/41 | €80,197 | €73,531 | -€6,665 | -8.3% |
| Trade receivables | 40 | €71,732 | €64,937 | -€6,795 | -9.5% |
| Other amounts receivable | 41 | €8,464 | €8,594 | +€130 | +1.5% |
| Current investments | 50/53 | €500,000 | €0 | -€500,000 | -100% |
| Cash at bank and in hand | 54/58 | €300,336 | €31,475 | -€268,861 | -89.5% |
| Deferred charges and accrued income | 490/1 | €1,692 | €2,358 | +€666 | +39.4% |
| Total equity and liabilities | 10/49 | €13,289,463 | €17,780,054 | +€4.5m | +33.8% |
| Equity | 10/15 | €1,124,632 | €1,147,481 | +€22,849 | +2.0% |
| Contributions | 10/11 | €53,245 | €53,245 | = | 0.0% |
| Reserves | 13 | €1,137,682 | €1,095,383 | -€42,299 | -3.7% |
| Non-distributable reserves | 130/1 | €5,200 | €5,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,200 | €5,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €219,482 | €177,183 | -€42,299 | -19.3% |
| Distributable reserves | 133 | €913,000 | €913,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,351 | -€1,191 | +€65,160 | +98.2% |
| Investment grants | 15 | €56 | €44 | -€12 | -20.8% |
| Provisions and deferred taxes | 16 | €70,524 | €49,268 | -€21,257 | -30.1% |
| Deferred taxes | 168 | €70,524 | €49,268 | -€21,257 | -30.1% |
| Amounts payable | 17/49 | €12,094,307 | €16,583,305 | +€4.5m | +37.1% |
| Amounts payable after more than one year | 17 | €11,223,333 | €16,123,333 | +€4.9m | +43.7% |
| Financial debts | 170/4 | €11,223,333 | €16,123,333 | +€4.9m | +43.7% |
| Amounts payable within one year | 42/48 | €860,283 | €459,972 | -€400,311 | -46.5% |
| Current portion of amounts payable after more than one year | 42 | €400,000 | €400,000 | = | 0.0% |
| Trade debts | 44 | €460,283 | €59,932 | -€400,351 | -87.0% |
| Suppliers | 440/4 | €460,283 | €59,932 | -€400,351 | -87.0% |
| Advances received on contracts in progress | 46 | - | €33 | +€33 | |
| Taxes, remuneration and social security | 45 | €0 | €7 | +€7 | |
| Taxes | 450/3 | €0 | €7 | +€7 | |
| Accrued charges and deferred income | 492/3 | €10,691 | €0 | -€10,691 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €389,746 | €382,295 | -€7,450 | -1.9% |
| Other operating charges | 640/8 | €42,284 | €57,296 | +€15,011 | +35.5% |
| Gross operating margin | 9900 | €433,432 | €443,462 | +€10,030 | +2.3% |
| Operating profit (loss) | 9901 | €1,402 | €3,871 | +€2,469 | +176% |
| Financial income | 75/76B | €12,594 | €14,581 | +€1,987 | +15.8% |
| Recurring financial income | 75 | €12,594 | €14,581 | +€1,987 | +15.8% |
| Financial charges | 65/66B | €19,085 | €16,000 | -€3,085 | -16.2% |
| Recurring financial charges | 65 | €19,085 | €16,000 | -€3,085 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,089 | €2,452 | +€7,541 | |
| Transfer from deferred taxes | 780 | €390 | €21,257 | +€20,866 | +5,344% |
| Income taxes | 67/77 | €4,153 | €847 | -€3,306 | -79.6% |
| Profit (loss) for the period | 9904 | -€8,852 | €22,861 | +€31,713 | |
| Transfer from tax-exempt reserves | 789 | €663 | €42,299 | +€41,637 | +6,284% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,189 | €65,160 | +€73,350 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.