MARETEAM: 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.
MARETEAM
Largest movements
- Receivables within one year +€257,401
up €257,401 (+141%), from €183,127 to €440,529
of which Other amounts receivable: +€302,789
- Cash +€221,916
up €221,916 (+14.8%), from €1.5m to €1.7m
mainly Net result for the year (+€603,289) and Trade debts (+€65,133)
- Tangible fixed assets -€43,007
down €43,007 (-22.4%), from €191,740 to €148,734
of which Furniture and vehicles: -€42,324
- Reserves +€1.4m
up €1.4m (+158%), from €864,805 to €2.2m
of which Distributable reserves: +€1.4m
- Profit (loss) carried forward -€844,492
no longer reported in 2025 (was €844,492)
- Tax, wage and social debts -€149,706
down €149,706 (-75.9%), from €197,131 to €47,425
of which Taxes: -€127,345
- Trade debts +€65,133
up €65,133 (+78.8%), from €82,675 to €147,808
- Gross operating margin -€175,964
down €175,964 (-15.8%), from €1.1m to €939,639
- Taxes -€49,602
down €49,602 (-19.8%), from €250,063 to €200,461
- Financial income +€19,793
up €19,793 (+147%), from €13,443 to €33,237
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 | €2,068,919 | €2,488,360 | +€419,441 | +20.3% |
| Fixed assets | 21/28 | €197,403 | €154,425 | -€42,978 | -21.8% |
| Tangible fixed assets | 22/27 | €191,740 | €148,734 | -€43,007 | -22.4% |
| Furniture and vehicles | 24 | €182,436 | €140,113 | -€42,324 | -23.2% |
| Other tangible fixed assets | 26 | €9,304 | €8,621 | -€683 | -7.3% |
| Financial fixed assets | 28 | €5,662 | €5,691 | +€28 | +0.5% |
| Current assets | 29/58 | €1,871,516 | €2,333,935 | +€462,419 | +24.7% |
| Amounts receivable after more than one year | 29 | €181,250 | €168,750 | -€12,500 | -6.9% |
| Trade receivables | 290 | €181,250 | €168,750 | -€12,500 | -6.9% |
| Amounts receivable within one year | 40/41 | €183,127 | €440,529 | +€257,401 | +141% |
| Trade receivables | 40 | €179,833 | €134,446 | -€45,387 | -25.2% |
| Other amounts receivable | 41 | €3,294 | €306,083 | +€302,789 | +9,191% |
| Cash at bank and in hand | 54/58 | €1,494,641 | €1,716,557 | +€221,916 | +14.8% |
| Deferred charges and accrued income | 490/1 | €12,498 | €8,099 | -€4,398 | -35.2% |
| Total equity and liabilities | 10/49 | €2,068,919 | €2,488,360 | +€419,441 | +20.3% |
| Equity | 10/15 | €1,769,297 | €2,291,586 | +€522,289 | +29.5% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €864,805 | €2,231,586 | +€1.4m | +158% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,274 | €1,274 | = | 0.0% |
| Distributable reserves | 133 | €857,531 | €2,224,312 | +€1.4m | +159% |
| Profit (loss) carried forward | 14 | €844,492 | - | -€844,492 | |
| Amounts payable | 17/49 | €299,622 | €196,774 | -€102,848 | -34.3% |
| Amounts payable within one year | 42/48 | €299,622 | €196,774 | -€102,848 | -34.3% |
| Trade debts | 44 | €82,675 | €147,808 | +€65,133 | +78.8% |
| Suppliers | 440/4 | €82,675 | €147,808 | +€65,133 | +78.8% |
| Advances received on contracts in progress | 46 | €780 | - | -€780 | |
| Taxes, remuneration and social security | 45 | €197,131 | €47,425 | -€149,706 | -75.9% |
| Taxes | 450/3 | €164,637 | €37,293 | -€127,345 | -77.3% |
| Remuneration and social security | 454/9 | €32,494 | €10,132 | -€22,362 | -68.8% |
| Other amounts payable | 47/48 | €19,036 | €1,541 | -€17,495 | -91.9% |
| Non-recurring operating income | 76A | - | €780 | +€780 | |
| Remuneration, social security and pensions | 62 | €81,436 | €82,875 | +€1,439 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,749 | €47,607 | +€8,858 | +22.9% |
| Other operating charges | 640/8 | €3,466 | €3,710 | +€245 | +7.1% |
| Gross operating margin | 9900 | €1,115,604 | €939,639 | -€175,964 | -15.8% |
| Operating profit (loss) | 9901 | €991,953 | €805,447 | -€186,507 | -18.8% |
| Financial income | 75/76B | €13,443 | €33,237 | +€19,793 | +147% |
| Recurring financial income | 75 | €13,443 | €33,237 | +€19,793 | +147% |
| Financial charges | 65/66B | €28,905 | €34,934 | +€6,029 | +20.9% |
| Recurring financial charges | 65 | €28,905 | €34,934 | +€6,029 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €976,492 | €803,750 | -€172,742 | -17.7% |
| Income taxes | 67/77 | €250,063 | €200,461 | -€49,602 | -19.8% |
| Profit (loss) for the period | 9904 | €726,429 | €603,289 | -€123,140 | -17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €726,429 | €603,289 | -€123,140 | -17.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.