MARESTREM: 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.
MARESTREM
Largest movements
- Receivables after one year +€117,813
up €117,813 (+103%), from €114,586 to €232,399
- Cash -€88,672
down €88,672 (-66.7%), from €132,877 to €44,205
mainly Receivables after one year (-€117,813) and Tax, wage and social debts (-€45,879)
- Deferred charges and accrued income +€9,664
new in 2025: €9,664
- Receivables within one year -€6,676
down €6,676 (-6.6%), from €100,994 to €94,318
- Reserves +€82,021
up €82,021 (+27.7%), from €295,888 to €377,909
- Tax, wage and social debts -€45,879
down €45,879 (-97.3%), from €47,129 to €1,250
- Trade debts -€6,295
down €6,295 (-56.6%), from €11,125 to €4,830
- Gross operating margin +€9,511
up €9,511 (+11.0%), from €86,786 to €96,297
- Other operating charges -€6,345
down €6,345 (-94.1%), from €6,745 to €400
- Financial income +€3,594
up €3,594 (+59.2%), from €6,070 to €9,664
- Provisions +€2,252
no longer reported in 2025 (was -€2,252)
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.
Derived cash bridge
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 | €354,239 | €384,081 | +€29,842 | +8.4% |
| Fixed assets | 21/28 | €5,782 | €3,495 | -€2,287 | -39.6% |
| Tangible fixed assets | 22/27 | €5,782 | €3,495 | -€2,287 | -39.6% |
| Furniture and vehicles | 24 | €4,450 | €2,472 | -€1,979 | -44.5% |
| Other tangible fixed assets | 26 | €1,331 | €1,023 | -€308 | -23.1% |
| Current assets | 29/58 | €348,458 | €380,586 | +€32,128 | +9.2% |
| Amounts receivable after more than one year | 29 | €114,586 | €232,399 | +€117,813 | +103% |
| Other amounts receivable | 291 | €114,586 | €232,399 | +€117,813 | +103% |
| Amounts receivable within one year | 40/41 | €100,994 | €94,318 | -€6,676 | -6.6% |
| Trade receivables | 40 | €100,994 | €94,318 | -€6,676 | -6.6% |
| Cash at bank and in hand | 54/58 | €132,877 | €44,205 | -€88,672 | -66.7% |
| Deferred charges and accrued income | 490/1 | - | €9,664 | +€9,664 | |
| Total equity and liabilities | 10/49 | €354,239 | €384,081 | +€29,842 | +8.4% |
| Equity | 10/15 | €295,889 | €377,910 | +€82,021 | +27.7% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €295,888 | €377,909 | +€82,021 | +27.7% |
| Distributable reserves | 133 | €295,888 | €377,909 | +€82,021 | +27.7% |
| Amounts payable | 17/49 | €58,351 | €6,171 | -€52,179 | -89.4% |
| Amounts payable within one year | 42/48 | €58,351 | €6,171 | -€52,179 | -89.4% |
| Trade debts | 44 | €11,125 | €4,830 | -€6,295 | -56.6% |
| Suppliers | 440/4 | €11,125 | €4,830 | -€6,295 | -56.6% |
| Taxes, remuneration and social security | 45 | €47,129 | €1,250 | -€45,879 | -97.3% |
| Taxes | 450/3 | €47,129 | €1,250 | -€45,879 | -97.3% |
| Other amounts payable | 47/48 | €97 | €91 | -€5 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,920 | €2,287 | +€366 | +19.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,252 | - | +€2,252 | |
| Other operating charges | 640/8 | €6,745 | €400 | -€6,345 | -94.1% |
| Non-recurring operating charges | 66A | €2,252 | - | -€2,252 | |
| Gross operating margin | 9900 | €86,786 | €96,297 | +€9,511 | +11.0% |
| Operating profit (loss) | 9901 | €78,121 | €93,611 | +€15,490 | +19.8% |
| Financial income | 75/76B | €6,070 | €9,664 | +€3,594 | +59.2% |
| Recurring financial income | 75 | €6,070 | €9,664 | +€3,594 | +59.2% |
| Financial charges | 65/66B | €3,026 | €3,225 | +€200 | +6.6% |
| Recurring financial charges | 65 | €3,026 | €3,225 | +€200 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €81,165 | €100,049 | +€18,884 | +23.3% |
| Income taxes | 67/77 | €17,500 | €18,028 | +€528 | +3.0% |
| Profit (loss) for the period | 9904 | €63,665 | €82,021 | +€18,356 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €63,665 | €82,021 | +€18,356 | +28.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.