MAREOD: 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.
MAREOD
Largest movements
- Current investments -€191,833
down €191,833 (-100.0%), from €191,833 to €0
- Tangible fixed assets -€82,428
down €82,428 (-6.7%), from €1.2m to €1.2m
of which Land and buildings: -€77,527
- Cash +€55,619
up €55,619 (+309.8%), from €17,955 to €73,574
mainly Current investments (+€191,833) and Depreciation (+€58,077)
- Other debts -€165,594
down €165,594 (-69.1%), from €239,619 to €74,025
- Debts after one year -€30,595
down €30,595 (-14.1%), from €216,814 to €186,219
of which Financial debts: -€30,435
- Profit (loss) carried forward -€17,704
down €17,704 (-5.3%), from €335,463 to €317,759
- Gross operating margin +€10,118
up €10,118 (+18.9%), from €53,665 to €63,783
- Financial income +€4,928
up €4,928 (+4155.5%), from €119 to €5,047
- Financial charges -€2,326
down €2,326 (-14.5%), from €16,014 to €13,688
- Other operating charges +€1,654
up €1,654 (+12.6%), from €13,114 to €14,768
- Depreciation -€778
down €778 (-1.3%), from €58,855 to €58,077
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 | €1,510,638 | €1,282,958 | -€227,680 | -15.1% |
| Fixed assets | 21/28 | €1,238,672 | €1,156,244 | -€82,428 | -6.7% |
| Tangible fixed assets | 22/27 | €1,238,486 | €1,156,058 | -€82,428 | -6.7% |
| Land and buildings | 22 | €1,194,600 | €1,117,072 | -€77,527 | -6.5% |
| Plant, machinery and equipment | 23 | €43,886 | €38,985 | -€4,901 | -11.2% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €271,966 | €126,714 | -€145,252 | -53.4% |
| Amounts receivable within one year | 40/41 | €61,239 | €51,838 | -€9,401 | -15.4% |
| Trade receivables | 40 | €450 | €379 | -€71 | -15.7% |
| Other amounts receivable | 41 | €60,789 | €51,459 | -€9,330 | -15.3% |
| Current investments | 50/53 | €191,833 | €0 | -€191,833 | -100.0% |
| Cash at bank and in hand | 54/58 | €17,955 | €73,574 | +€55,619 | +309.8% |
| Deferred charges and accrued income | 490/1 | €939 | €1,302 | +€363 | +38.7% |
| Total equity and liabilities | 10/49 | €1,510,638 | €1,282,958 | -€227,680 | -15.1% |
| Equity | 10/15 | €1,001,743 | €984,039 | -€17,704 | -1.8% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €576,280 | €576,280 | = | 0.0% |
| Tax-exempt reserves | 132 | €380 | €380 | = | 0.0% |
| Distributable reserves | 133 | €575,900 | €575,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €335,463 | €317,759 | -€17,704 | -5.3% |
| Amounts payable | 17/49 | €508,895 | €298,918 | -€209,976 | -41.3% |
| Amounts payable after more than one year | 17 | €216,814 | €186,219 | -€30,595 | -14.1% |
| Financial debts | 170/4 | €216,654 | €186,219 | -€30,435 | -14.0% |
| Other amounts payable | 178/9 | €160 | €0 | -€160 | -100.0% |
| Amounts payable within one year | 42/48 | €280,375 | €108,397 | -€171,977 | -61.3% |
| Current portion of amounts payable after more than one year | 42 | €30,015 | €30,435 | +€420 | +1.4% |
| Trade debts | 44 | €9,067 | €2,056 | -€7,011 | -77.3% |
| Suppliers | 440/4 | €9,067 | €2,056 | -€7,011 | -77.3% |
| Taxes, remuneration and social security | 45 | €1,673 | €1,881 | +€208 | +12.4% |
| Taxes | 450/3 | €1,474 | €1,682 | +€208 | +14.1% |
| Remuneration and social security | 454/9 | €199 | €199 | = | 0.0% |
| Other amounts payable | 47/48 | €239,619 | €74,025 | -€165,594 | -69.1% |
| Accrued charges and deferred income | 492/3 | €11,706 | €4,303 | -€7,404 | -63.2% |
| Non-recurring operating income | 76A | €896 | €3,229 | +€2,333 | +260.2% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,855 | €58,077 | -€778 | -1.3% |
| Other operating charges | 640/8 | €13,114 | €14,768 | +€1,654 | +12.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €53,665 | €63,783 | +€10,118 | +18.9% |
| Operating profit (loss) | 9901 | -€18,304 | -€9,063 | +€9,242 | +50.5% |
| Financial income | 75/76B | €119 | €5,047 | +€4,928 | +4155.5% |
| Recurring financial income | 75 | €119 | €5,047 | +€4,928 | +4155.5% |
| Financial charges | 65/66B | €16,014 | €13,688 | -€2,326 | -14.5% |
| Recurring financial charges | 65 | €16,014 | €13,688 | -€2,326 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | -€34,199 | -€17,704 | +€16,496 | +48.2% |
| Income taxes | 67/77 | -€99 | €0 | +€99 | |
| Profit (loss) for the period | 9904 | -€34,101 | -€17,704 | +€16,397 | +48.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,101 | -€17,704 | +€16,397 | +48.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.