MAREVA: 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.
MAREVA
Largest movements
- Tangible fixed assets +€24,936
up €24,936 (+4.8%), from €524,260 to €549,197
of which Furniture and vehicles: +€57,344
- Current investments -€20,000
down €20,000 (-14.3%), from €140,000 to €120,000
- Cash +€11,947
up €11,947 (+25.4%), from €46,964 to €58,910
mainly Net result for the year (+€45,955) and Depreciation (+€36,791)
- Reserves +€45,955
up €45,955 (+21.0%), from €219,180 to €265,135
- Debts after one year -€28,623
down €28,623 (-11.9%), from €241,281 to €212,658
- Gross operating margin +€6,078
up €6,078 (+5.0%), from €121,363 to €127,442
- Depreciation +€3,105
up €3,105 (+9.2%), from €33,686 to €36,791
- Financial charges -€2,691
down €2,691 (-16.2%), from €16,606 to €13,915
- Taxes +€1,639
up €1,639 (+8.1%), from €20,262 to €21,901
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 | €723,543 | €740,511 | +€16,968 | +2.3% |
| Fixed assets | 21/28 | €524,260 | €549,197 | +€24,936 | +4.8% |
| Tangible fixed assets | 22/27 | €524,260 | €549,197 | +€24,936 | +4.8% |
| Land and buildings | 22 | €509,263 | €478,797 | -€30,466 | -6.0% |
| Plant, machinery and equipment | 23 | €12,633 | €10,692 | -€1,941 | -15.4% |
| Furniture and vehicles | 24 | €2,364 | €59,708 | +€57,344 | +2,425% |
| Current assets | 29/58 | €199,282 | €191,314 | -€7,968 | -4.0% |
| Amounts receivable within one year | 40/41 | €8,189 | €10,331 | +€2,141 | +26.1% |
| Trade receivables | 40 | €1,322 | €1,804 | +€481 | +36.4% |
| Other amounts receivable | 41 | €6,867 | €8,527 | +€1,660 | +24.2% |
| Current investments | 50/53 | €140,000 | €120,000 | -€20,000 | -14.3% |
| Cash at bank and in hand | 54/58 | €46,964 | €58,910 | +€11,947 | +25.4% |
| Deferred charges and accrued income | 490/1 | €4,129 | €2,074 | -€2,055 | -49.8% |
| Total equity and liabilities | 10/49 | €723,543 | €740,511 | +€16,968 | +2.3% |
| Equity | 10/15 | €380,314 | €426,269 | +€45,955 | +12.1% |
| Contributions | 10/11 | €154,000 | €154,000 | = | 0.0% |
| Reserves | 13 | €219,180 | €265,135 | +€45,955 | +21.0% |
| Distributable reserves | 133 | €219,180 | €265,135 | +€45,955 | +21.0% |
| Profit (loss) carried forward | 14 | €7,134 | €7,134 | = | 0.0% |
| Provisions and deferred taxes | 16 | €49,534 | €48,413 | -€1,121 | -2.3% |
| Provisions for liabilities and charges | 160/5 | €49,534 | €48,413 | -€1,121 | -2.3% |
| Other liabilities and charges | 164/5 | €49,534 | €48,413 | -€1,121 | -2.3% |
| Amounts payable | 17/49 | €293,694 | €265,829 | -€27,865 | -9.5% |
| Amounts payable after more than one year | 17 | €241,281 | €212,658 | -€28,623 | -11.9% |
| Financial debts | 170/4 | €241,281 | €212,658 | -€28,623 | -11.9% |
| Amounts payable within one year | 42/48 | €44,759 | €46,496 | +€1,738 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €21,626 | €21,123 | -€503 | -2.3% |
| Trade debts | 44 | €367 | €1,870 | +€1,503 | +409% |
| Suppliers | 440/4 | €367 | €1,870 | +€1,503 | +409% |
| Taxes, remuneration and social security | 45 | €12,202 | €12,940 | +€738 | +6.0% |
| Taxes | 450/3 | €12,202 | €12,940 | +€738 | +6.0% |
| Other amounts payable | 47/48 | €10,563 | €10,563 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,654 | €6,674 | -€980 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,686 | €36,791 | +€3,105 | +9.2% |
| Other operating charges | 640/8 | €7,215 | €7,879 | +€664 | +9.2% |
| Non-recurring operating charges | 66A | €3,166 | €3,410 | +€245 | +7.7% |
| Gross operating margin | 9900 | €121,363 | €127,442 | +€6,078 | +5.0% |
| Operating profit (loss) | 9901 | €77,297 | €79,362 | +€2,065 | +2.7% |
| Financial income | 75/76B | €2,093 | €2,409 | +€316 | +15.1% |
| Recurring financial income | 75 | €2,093 | €2,409 | +€316 | +15.1% |
| Financial charges | 65/66B | €16,606 | €13,915 | -€2,691 | -16.2% |
| Recurring financial charges | 65 | €16,606 | €13,915 | -€2,691 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €62,784 | €67,856 | +€5,072 | +8.1% |
| Income taxes | 67/77 | €20,262 | €21,901 | +€1,639 | +8.1% |
| Profit (loss) for the period | 9904 | €42,522 | €45,955 | +€3,433 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,522 | €45,955 | +€3,433 | +8.1% |
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 17 October 2026 via checked.be.