MARET: 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.
MARET
Largest movements
- Receivables within one year -€126,765
down €126,765 (-90.8%), from €139,639 to €12,874
of which Trade receivables: -€129,148
- Cash -€82,216
down €82,216 (-35.6%), from €230,941 to €148,726
mainly Trade debts (-€67,741) and Other debts (-€67,430)
- Intangible fixed assets -€27,517
down €27,517 (-4.1%), from €667,491 to €639,974
- Tangible fixed assets +€27,497
up €27,497 (+3.5%), from €779,750 to €807,247
of which Plant, machinery and equipment: +€20,501
- Trade debts -€67,741
down €67,741 (-75.4%), from €89,833 to €22,092
- Other debts -€67,430
no longer reported in 2024 (was €67,430)
- Profit (loss) carried forward -€22,226
down €22,226, from €10,494 to -€11,732
- Gross operating margin -€640,022
down €640,022 (-99.1%), from €646,120 to €6,098
- Financial charges -€17,928
down €17,928 (-63.5%), from €28,223 to €10,295
- Staff costs +€10,818
new in 2024: €10,818
- Depreciation +€7,736
up €7,736 (+37.9%), from €20,430 to €28,166
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,854,519 | €1,678,774 | -€175,745 | -9.5% |
| Fixed assets | 21/28 | €1,447,366 | €1,447,346 | -€19 | 0.0% |
| Intangible fixed assets | 21 | €667,491 | €639,974 | -€27,517 | -4.1% |
| Tangible fixed assets | 22/27 | €779,750 | €807,247 | +€27,497 | +3.5% |
| Land and buildings | 22 | €779,750 | €779,750 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €20,501 | +€20,501 | |
| Furniture and vehicles | 24 | - | €6,997 | +€6,997 | |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €407,153 | €231,428 | -€175,725 | -43.2% |
| Stocks and contracts in progress | 3 | €15,909 | €33,117 | +€17,208 | +108% |
| Stocks | 30/36 | €15,909 | €33,117 | +€17,208 | +108% |
| Amounts receivable within one year | 40/41 | €139,639 | €12,874 | -€126,765 | -90.8% |
| Trade receivables | 40 | €138,682 | €9,534 | -€129,148 | -93.1% |
| Other amounts receivable | 41 | €957 | €3,340 | +€2,383 | +249% |
| Cash at bank and in hand | 54/58 | €230,941 | €148,726 | -€82,216 | -35.6% |
| Deferred charges and accrued income | 490/1 | €20,664 | €36,711 | +€16,047 | +77.7% |
| Total equity and liabilities | 10/49 | €1,854,519 | €1,678,774 | -€175,745 | -9.5% |
| Equity | 10/15 | €1,318,928 | €1,278,873 | -€40,055 | -3.0% |
| Contributions | 10/11 | €159,500 | €159,500 | = | 0.0% |
| Contributions outside capital | 11 | €159,500 | €159,500 | = | 0.0% |
| Other | 1109/19 | €159,500 | €159,500 | = | 0.0% |
| Revaluation surpluses | 12 | €703,430 | €703,430 | = | 0.0% |
| Reserves | 13 | €445,505 | €427,675 | -€17,830 | -4.0% |
| Tax-exempt reserves | 132 | €432,505 | €414,675 | -€17,830 | -4.1% |
| Distributable reserves | 133 | €13,000 | €13,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,494 | -€11,732 | -€22,226 | |
| Provisions and deferred taxes | 16 | €144,168 | €138,225 | -€5,943 | -4.1% |
| Deferred taxes | 168 | €144,168 | €138,225 | -€5,943 | -4.1% |
| Amounts payable | 17/49 | €391,422 | €261,676 | -€129,746 | -33.1% |
| Amounts payable after more than one year | 17 | €200,000 | €200,000 | = | 0.0% |
| Financial debts | 170/4 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €167,563 | €31,665 | -€135,898 | -81.1% |
| Trade debts | 44 | €89,833 | €22,092 | -€67,741 | -75.4% |
| Suppliers | 440/4 | €89,833 | €22,092 | -€67,741 | -75.4% |
| Taxes, remuneration and social security | 45 | €10,300 | €9,573 | -€727 | -7.1% |
| Taxes | 450/3 | €5,800 | €6,894 | +€1,094 | +18.9% |
| Remuneration and social security | 454/9 | €4,500 | €2,679 | -€1,821 | -40.5% |
| Other amounts payable | 47/48 | €67,430 | - | -€67,430 | |
| Accrued charges and deferred income | 492/3 | €23,859 | €30,011 | +€6,152 | +25.8% |
| Remuneration, social security and pensions | 62 | - | €10,818 | +€10,818 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,430 | €28,166 | +€7,736 | +37.9% |
| Other operating charges | 640/8 | €6,093 | €2,818 | -€3,275 | -53.8% |
| Gross operating margin | 9900 | €646,120 | €6,098 | -€640,022 | -99.1% |
| Operating profit (loss) | 9901 | €619,597 | -€35,703 | -€655,300 | |
| Financial income | 75/76B | €39 | - | -€39 | |
| Recurring financial income | 75 | €39 | - | -€39 | |
| Financial charges | 65/66B | €28,223 | €10,295 | -€17,928 | -63.5% |
| Recurring financial charges | 65 | €28,223 | €10,295 | -€17,928 | -63.5% |
| Profit (loss) for the period before taxes | 9903 | €591,412 | -€45,999 | -€637,411 | |
| Transfer from deferred taxes | 780 | €4,413 | €5,943 | +€1,531 | +34.7% |
| Transfer to deferred taxes | 680 | €148,581 | - | -€148,581 | |
| Income taxes | 67/77 | €1,300 | - | -€1,300 | |
| Profit (loss) for the period | 9904 | €445,944 | -€40,055 | -€485,999 | |
| Transfer from tax-exempt reserves | 789 | €13,238 | €17,830 | +€4,592 | +34.7% |
| Transfer to tax-exempt reserves | 689 | €445,743 | - | -€445,743 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,439 | -€22,226 | -€35,665 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.