MAREM: 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.
MAREM
Largest movements
- Receivables within one year +€215,712
up €215,712 (+114.8%), from €187,979 to €403,691
of which Trade receivables: +€275,768
- Stocks and contracts -€85,000
down €85,000 (-11.2%), from €761,000 to €676,000
- Cash -€75,202
down €75,202 (-55.9%), from €134,418 to €59,216
mainly Receivables within one year (-€215,712) and Deferred charges and accrued income (-€59,502)
- Deferred charges and accrued income +€59,502
up €59,502 (+1483.0%), from €4,012 to €63,515
- Trade debts +€140,445
up €140,445 (+31.1%), from €450,921 to €591,365
- Current portion of long-term debt -€50,997
down €50,997 (-13.7%), from €372,260 to €321,263
- Debts after one year -€20,651
no longer reported in 2025 (was €20,651)
- Other debts +€19,519
up €19,519 (+34.0%), from €57,484 to €77,003
- Reserves +€19,025
up €19,025 (+10.3%), from €184,689 to €203,715
of which Distributable reserves: +€19,025
- Financial income +€3,945
up €3,945 (+861.1%), from €458 to €4,403
- Taxes +€1,616
up €1,616 (+19.5%), from €8,277 to €9,892
- Financial charges -€1,194
down €1,194 (-4.7%), from €25,569 to €24,375
- Gross operating margin +€1,133
up €1,133 (+1.6%), from €69,652 to €70,786
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 | €1,295,523 | €1,404,243 | +€108,720 | +8.4% |
| Fixed assets | 21/28 | €208,114 | €201,822 | -€6,292 | -3.0% |
| Tangible fixed assets | 22/27 | €208,114 | €201,822 | -€6,292 | -3.0% |
| Land and buildings | 22 | €202,526 | €188,972 | -€13,553 | -6.7% |
| Plant, machinery and equipment | 23 | €4,965 | €11,995 | +€7,030 | +141.6% |
| Furniture and vehicles | 24 | €623 | €854 | +€231 | +37.1% |
| Current assets | 29/58 | €1,087,409 | €1,202,421 | +€115,012 | +10.6% |
| Stocks and contracts in progress | 3 | €761,000 | €676,000 | -€85,000 | -11.2% |
| Stocks | 30/36 | €761,000 | €676,000 | -€85,000 | -11.2% |
| Amounts receivable within one year | 40/41 | €187,979 | €403,691 | +€215,712 | +114.8% |
| Trade receivables | 40 | €5,236 | €281,005 | +€275,768 | +5266.4% |
| Other amounts receivable | 41 | €182,742 | €122,686 | -€60,056 | -32.9% |
| Cash at bank and in hand | 54/58 | €134,418 | €59,216 | -€75,202 | -55.9% |
| Deferred charges and accrued income | 490/1 | €4,012 | €63,515 | +€59,502 | +1483.0% |
| Total equity and liabilities | 10/49 | €1,295,523 | €1,404,243 | +€108,720 | +8.4% |
| Equity | 10/15 | €391,462 | €410,487 | +€19,025 | +4.9% |
| Contributions | 10/11 | €206,162 | €206,162 | = | 0.0% |
| Reserves | 13 | €184,689 | €203,715 | +€19,025 | +10.3% |
| Tax-exempt reserves | 132 | €2,356 | €2,356 | = | 0.0% |
| Distributable reserves | 133 | €182,333 | €201,358 | +€19,025 | +10.4% |
| Profit (loss) carried forward | 14 | €611 | €611 | = | 0.0% |
| Amounts payable | 17/49 | €904,061 | €993,756 | +€89,695 | +9.9% |
| Amounts payable after more than one year | 17 | €20,651 | - | -€20,651 | |
| Financial debts | 170/4 | €20,651 | - | -€20,651 | |
| Amounts payable within one year | 42/48 | €883,410 | €993,756 | +€110,345 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €372,260 | €321,263 | -€50,997 | -13.7% |
| Financial debts | 43 | €755 | - | -€755 | |
| Credit institutions | 430/8 | €755 | - | -€755 | |
| Trade debts | 44 | €450,921 | €591,365 | +€140,445 | +31.1% |
| Suppliers | 440/4 | €450,921 | €591,365 | +€140,445 | +31.1% |
| Taxes, remuneration and social security | 45 | €1,990 | €4,124 | +€2,134 | +107.2% |
| Taxes | 450/3 | €1,990 | €4,124 | +€2,134 | +107.2% |
| Other amounts payable | 47/48 | €57,484 | €77,003 | +€19,519 | +34.0% |
| Remuneration, social security and pensions | 62 | €49 | €339 | +€290 | +597.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,673 | €16,993 | +€320 | +1.9% |
| Other operating charges | 640/8 | €4,161 | €4,565 | +€404 | +9.7% |
| Gross operating margin | 9900 | €69,652 | €70,786 | +€1,133 | +1.6% |
| Operating profit (loss) | 9901 | €48,770 | €48,889 | +€119 | +0.2% |
| Financial income | 75/76B | €458 | €4,403 | +€3,945 | +861.1% |
| Recurring financial income | 75 | €458 | €4,403 | +€3,945 | +861.1% |
| Financial charges | 65/66B | €25,569 | €24,375 | -€1,194 | -4.7% |
| Recurring financial charges | 65 | €25,569 | €24,375 | -€1,194 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €23,660 | €28,917 | +€5,258 | +22.2% |
| Income taxes | 67/77 | €8,277 | €9,892 | +€1,616 | +19.5% |
| Profit (loss) for the period | 9904 | €15,383 | €19,025 | +€3,642 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,383 | €19,025 | +€3,642 | +23.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.