Mares David: what changed
Mares David
Largest movements
- Stocks and contracts -€27,160
down €27,160 (-60.4%), from €44,945 to €17,785
of which Stocks: -€20,135
- Tangible fixed assets -€17,728
down €17,728 (-74.8%), from €23,693 to €5,965
of which Furniture and vehicles: -€15,126
- Cash +€11,705
up €11,705 (+43.7%), from €26,777 to €38,482
mainly Net result for the year (+€32,036) and Stocks and contracts (+€27,160)
- Receivables within one year -€6,186
down €6,186 (-5.6%), from €109,547 to €103,361
of which Trade receivables: -€6,557
- Trade debts -€61,614
down €61,614 (-53.9%), from €114,231 to €52,617
- Profit (loss) carried forward +€32,036
up €32,036 (+87.8%), from -€36,501 to -€4,466
- Debts after one year -€11,676
down €11,676 (-68.8%), from €16,980 to €5,304
- Tax, wage and social debts +€4,546
up €4,546 (+213%), from €2,134 to €6,680
of which Taxes: +€3,362
- Current portion of long-term debt -€2,511
down €2,511 (-17.7%), from €14,187 to €11,676
- Gross operating margin +€33,777
up €33,777 (+86.7%), from €38,971 to €72,748
- Staff costs -€30,575
down €30,575 (-58.0%), from €52,679 to €22,103
- Depreciation -€6,522
down €6,522 (-43.9%), from €14,843 to €8,321
- Financial charges -€3,430
down €3,430 (-46.8%), from €7,336 to €3,906
- Taxes +€2,931
new in 2025: €2,931
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €204,962 | €165,593 | -€39,369 | -19.2% |
| Fixed assets | 21/28 | €23,693 | €5,965 | -€17,728 | -74.8% |
| Tangible fixed assets | 22/27 | €23,693 | €5,965 | -€17,728 | -74.8% |
| Plant, machinery and equipment | 23 | €5,557 | €2,955 | -€2,602 | -46.8% |
| Furniture and vehicles | 24 | €18,137 | €3,010 | -€15,126 | -83.4% |
| Current assets | 29/58 | €181,269 | €159,628 | -€21,641 | -11.9% |
| Stocks and contracts in progress | 3 | €44,945 | €17,785 | -€27,160 | -60.4% |
| Stocks | 30/36 | €34,660 | €14,525 | -€20,135 | -58.1% |
| Contracts in progress | 37 | €10,285 | €3,260 | -€7,025 | -68.3% |
| Amounts receivable within one year | 40/41 | €109,547 | €103,361 | -€6,186 | -5.6% |
| Trade receivables | 40 | €100,058 | €93,501 | -€6,557 | -6.6% |
| Other amounts receivable | 41 | €9,489 | €9,860 | +€371 | +3.9% |
| Cash at bank and in hand | 54/58 | €26,777 | €38,482 | +€11,705 | +43.7% |
| Total equity and liabilities | 10/49 | €204,962 | €165,593 | -€39,369 | -19.2% |
| Equity | 10/15 | €55,385 | €87,421 | +€32,036 | +57.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €90,886 | €90,886 | = | 0.0% |
| Distributable reserves | 133 | €90,886 | €90,886 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,501 | -€4,466 | +€32,036 | +87.8% |
| Amounts payable | 17/49 | €149,577 | €78,172 | -€71,405 | -47.7% |
| Amounts payable after more than one year | 17 | €16,980 | €5,304 | -€11,676 | -68.8% |
| Financial debts | 170/4 | €16,980 | €5,304 | -€11,676 | -68.8% |
| Amounts payable within one year | 42/48 | €132,597 | €72,868 | -€59,729 | -45.0% |
| Current portion of amounts payable after more than one year | 42 | €14,187 | €11,676 | -€2,511 | -17.7% |
| Trade debts | 44 | €114,231 | €52,617 | -€61,614 | -53.9% |
| Suppliers | 440/4 | €114,231 | €52,617 | -€61,614 | -53.9% |
| Advances received on contracts in progress | 46 | - | €713 | +€713 | |
| Taxes, remuneration and social security | 45 | €2,134 | €6,680 | +€4,546 | +213% |
| Taxes | 450/3 | €734 | €4,095 | +€3,362 | +458% |
| Remuneration and social security | 454/9 | €1,400 | €2,585 | +€1,185 | +84.6% |
| Other amounts payable | 47/48 | €2,046 | €1,183 | -€863 | -42.2% |
| Remuneration, social security and pensions | 62 | €52,679 | €22,103 | -€30,575 | -58.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,843 | €8,321 | -€6,522 | -43.9% |
| Other operating charges | 640/8 | €972 | €2,073 | +€1,102 | +113% |
| Non-recurring operating charges | 66A | - | €1,407 | +€1,407 | |
| Gross operating margin | 9900 | €38,971 | €72,748 | +€33,777 | +86.7% |
| Operating profit (loss) | 9901 | -€29,523 | €38,843 | +€68,366 | |
| Financial income | 75/76B | €358 | €30 | -€328 | -91.7% |
| Recurring financial income | 75 | €358 | €30 | -€328 | -91.7% |
| Financial charges | 65/66B | €7,336 | €3,906 | -€3,430 | -46.8% |
| Recurring financial charges | 65 | €7,336 | €3,906 | -€3,430 | -46.8% |
| Profit (loss) for the period before taxes | 9903 | -€36,501 | €34,966 | +€71,468 | |
| Income taxes | 67/77 | - | €2,931 | +€2,931 | |
| Profit (loss) for the period | 9904 | -€36,501 | €32,036 | +€68,537 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,501 | €32,036 | +€68,537 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.