MARES: 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.
MARES
Largest movements
- Receivables after one year -€1.1m
no longer reported in 2025 (was €1.1m)
- Reserves -€649,691
down €649,691 (-98.1%), from €662,191 to €12,500
of which Tax-exempt reserves: -€649,691
- Profit (loss) carried forward -€266,023
down €266,023, from €128,523 to -€137,500
- Provisions -€216,564
no longer reported in 2025 (was €216,564)
- Gross operating margin -€41,269
no longer reported in 2025 (was €41,269)
- Financial income -€16,508
no longer reported in 2025 (was €16,508)
- Financial charges -€1,234
no longer reported in 2025 (was €1,234)
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,132,278 | - | -€1.1m | |
| Current assets | 29/58 | €1,132,278 | - | -€1.1m | |
| Amounts receivable after more than one year | 29 | €1,132,278 | - | -€1.1m | |
| Other amounts receivable | 291 | €1,132,278 | - | -€1.1m | |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,132,278 | €0 | -€1.1m | -100.0% |
| Equity | 10/15 | €915,714 | €0 | -€915,714 | -100.0% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | - | €125,000 | +€125,000 | |
| Issued capital | 100 | - | €125,000 | +€125,000 | |
| Reserves | 13 | €662,191 | €12,500 | -€649,691 | -98.1% |
| Tax-exempt reserves | 132 | €649,691 | €0 | -€649,691 | -100.0% |
| Distributable reserves | 133 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,523 | -€137,500 | -€266,023 | |
| Provisions and deferred taxes | 16 | €216,564 | - | -€216,564 | |
| Deferred taxes | 168 | €216,564 | - | -€216,564 | |
| Amounts payable | 17/49 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €42,000 | - | -€42,000 | |
| Other operating charges | 640/8 | €116 | - | -€116 | |
| Non-recurring operating charges | 66A | - | €266,023 | +€266,023 | |
| Gross operating margin | 9900 | €41,269 | - | -€41,269 | |
| Operating profit (loss) | 9901 | €41,153 | -€266,023 | -€307,177 | |
| Financial income | 75/76B | €16,508 | - | -€16,508 | |
| Recurring financial income | 75 | €16,508 | - | -€16,508 | |
| Financial charges | 65/66B | €1,234 | - | -€1,234 | |
| Recurring financial charges | 65 | €1,234 | - | -€1,234 | |
| Profit (loss) for the period before taxes | 9903 | €56,427 | -€266,023 | -€322,450 | |
| Profit (loss) for the period | 9904 | €56,427 | -€266,023 | -€322,450 | |
| Profit (loss) for the period to be appropriated | 9905 | €56,427 | -€266,023 | -€322,450 |
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 7 October 2026 via checked.be.