MAREVE: what changed
Two fiscal 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.
What changed
MAREVE
NACE 43.320, Joinery installation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€164,836
2024 · €356,811-€191,976
Equity
€424,856
2024 · €421,417+€3,439
Cash
€445,235
2024 · €175,897+€269,338
Balance sheet total
€967,326
2024 · €968,875-€1,549
Largest movements
Assets
- Receivables within one year -€287,890
down €287,890 (-48.0%), from €600,103 to €312,213
of which Other amounts receivable: -€256,367
- Cash +€269,338
up €269,338 (+153.1%), from €175,897 to €445,235
mainly Receivables within one year (+€287,890) and Net result for the year (+€164,836)
- Tangible fixed assets +€13,229
up €13,229 (+8.4%), from €158,166 to €171,395
of which Furniture and vehicles: +€29,211
Equity and liabilities
- Other debts -€70,000
down €70,000 (-30.4%), from €230,000 to €160,000
- Advances received +€55,512
up €55,512 (+228.4%), from €24,300 to €79,812
- Trade debts +€17,071
up €17,071 (+152.8%), from €11,170 to €28,241
Income statement
- Gross operating margin -€233,646
down €233,646 (-42.9%), from €544,716 to €311,070
- Staff costs +€5,999
up €5,999 (+5.1%), from €118,285 to €124,284
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.
Result 2024
€356,811
Gross operating margin
-€233,646
Staff costs
-€5,999
Depreciation
+€1,737
Other operating charges
+€2,709
Financial income
-€1,029
Financial charges
+€1,518
Taxes
+€1,108
Deferred taxes and other
+€41,626
Result 2025
€164,836
Cash bridge derived
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.
From operations
+€474,053
Investment
-€37,711
Financing
-€167,004
Cash 2024
€175,897
From operations (derived)
+€474,053
Net result for the year
+€164,836
Depreciation
+€24,482
Stocks and contracts
-€4,264
Receivables within one year
+€287,890
Smaller working-capital items
+€278
Trade debts
+€17,071
Tax, wage and social debts
-€1,751
Advances received
+€55,512
Other debts
-€70,000
Investment (derived)
-€37,711
Investment in fixed assets (net)
-€37,711
Financing
-€167,004
Debts after one year
-€2,927
Current portion of long-term debt
-€2,680
Contributions, distributions and other
-€161,396
Cash 2025
€445,235
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €968,875 | €967,326 | -€1,549 | -0.2% |
| Fixed assets | 21/28 | €158,216 | €171,445 | +€13,229 | +8.4% |
| Tangible fixed assets | 22/27 | €158,166 | €171,395 | +€13,229 | +8.4% |
| Land and buildings | 22 | €144,720 | €127,551 | -€17,169 | -11.9% |
| Plant, machinery and equipment | 23 | - | €1,187 | +€1,187 | |
| Furniture and vehicles | 24 | €13,445 | €42,657 | +€29,211 | +217.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €810,659 | €795,881 | -€14,778 | -1.8% |
| Stocks and contracts in progress | 3 | €30,711 | €34,975 | +€4,264 | +13.9% |
| Stocks | 30/36 | €18,851 | €24,730 | +€5,879 | +31.2% |
| Contracts in progress | 37 | €11,860 | €10,245 | -€1,615 | -13.6% |
| Amounts receivable within one year | 40/41 | €600,103 | €312,213 | -€287,890 | -48.0% |
| Trade receivables | 40 | €67,981 | €36,458 | -€31,523 | -46.4% |
| Other amounts receivable | 41 | €532,122 | €275,755 | -€256,367 | -48.2% |
| Cash at bank and in hand | 54/58 | €175,897 | €445,235 | +€269,338 | +153.1% |
| Deferred charges and accrued income | 490/1 | €3,947 | €3,457 | -€490 | -12.4% |
| Total equity and liabilities | 10/49 | €968,875 | €967,326 | -€1,549 | -0.2% |
| Equity | 10/15 | €421,417 | €424,856 | +€3,439 | +0.8% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €244,750 | €244,338 | -€412 | -0.2% |
| Tax-exempt reserves | 132 | €244,750 | €244,338 | -€412 | -0.2% |
| Profit (loss) carried forward | 14 | €143,673 | €148,921 | +€5,248 | +3.7% |
| Investment grants | 15 | €10,994 | €9,598 | -€1,396 | -12.7% |
| Provisions and deferred taxes | 16 | €43,748 | €43,536 | -€212 | -0.5% |
| Deferred taxes | 168 | €43,748 | €43,536 | -€212 | -0.5% |
| Amounts payable | 17/49 | €503,710 | €498,934 | -€4,776 | -0.9% |
| Amounts payable after more than one year | 17 | €197,723 | €194,796 | -€2,927 | -1.5% |
| Financial debts | 170/4 | €197,723 | €194,796 | -€2,927 | -1.5% |
| Amounts payable within one year | 42/48 | €305,986 | €304,137 | -€1,849 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €38,765 | €36,085 | -€2,680 | -6.9% |
| Trade debts | 44 | €11,170 | €28,241 | +€17,071 | +152.8% |
| Suppliers | 440/4 | €11,170 | €28,241 | +€17,071 | +152.8% |
| Advances received on contracts in progress | 46 | €24,300 | €79,812 | +€55,512 | +228.4% |
| Taxes, remuneration and social security | 45 | €1,751 | - | -€1,751 | |
| Taxes | 450/3 | €1,751 | - | -€1,751 | |
| Other amounts payable | 47/48 | €230,000 | €160,000 | -€70,000 | -30.4% |
| Non-recurring operating income | 76A | €166,506 | - | -€166,506 | |
| Remuneration, social security and pensions | 62 | €118,285 | €124,284 | +€5,999 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,219 | €24,482 | -€1,737 | -6.6% |
| Other operating charges | 640/8 | €6,749 | €4,040 | -€2,709 | -40.1% |
| Gross operating margin | 9900 | €544,716 | €311,070 | -€233,646 | -42.9% |
| Operating profit (loss) | 9901 | €393,463 | €158,265 | -€235,199 | -59.8% |
| Financial income | 75/76B | €15,104 | €14,075 | -€1,029 | -6.8% |
| Recurring financial income | 75 | €15,104 | €14,075 | -€1,029 | -6.8% |
| Financial charges | 65/66B | €7,451 | €5,933 | -€1,518 | -20.4% |
| Recurring financial charges | 65 | €7,451 | €5,933 | -€1,518 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €401,117 | €166,406 | -€234,710 | -58.5% |
| Transfer from deferred taxes | 780 | €212 | €212 | = | 0.0% |
| Transfer to deferred taxes | 680 | €41,626 | - | -€41,626 | |
| Income taxes | 67/77 | €2,891 | €1,783 | -€1,108 | -38.3% |
| Profit (loss) for the period | 9904 | €356,811 | €164,836 | -€191,976 | -53.8% |
| Transfer from tax-exempt reserves | 789 | €412 | €412 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €124,880 | - | -€124,880 | |
| Profit (loss) for the period to be appropriated | 9905 | €232,343 | €165,248 | -€67,096 | -28.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.