MAREX: what changed
MAREX
Largest movements
- Cash -€86,048
down €86,048 (-72.0%), from €119,460 to €33,412
mainly Net result for the year (-€92,517) and Debts after one year (-€18,737)
- Tangible fixed assets -€27,207
down €27,207 (-9.1%), from €298,457 to €271,250
of which Furniture and vehicles: -€21,101
- Receivables within one year -€5,517
down €5,517 (-24.7%), from €22,377 to €16,860
- Reserves -€92,517
down €92,517 (-29.5%), from €313,510 to €220,993
- Debts after one year -€18,737
down €18,737 (-40.1%), from €46,713 to €27,975
- Current portion of long-term debt -€5,496
down €5,496 (-22.7%), from €24,233 to €18,737
- Gross operating margin -€151,754
down €151,754, from €90,860 to -€60,894
- Taxes -€11,962
down €11,962 (-94.8%), from €12,621 to €659
- Depreciation +€11,621
up €11,621 (+74.6%), from €15,586 to €27,207
- Other operating charges +€1,376
up €1,376 (+186%), from €740 to €2,116
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €440,334 | €321,562 | -€118,772 | -27.0% |
| Fixed assets | 21/28 | €298,497 | €271,290 | -€27,207 | -9.1% |
| Tangible fixed assets | 22/27 | €298,457 | €271,250 | -€27,207 | -9.1% |
| Land and buildings | 22 | €200,256 | €194,481 | -€5,775 | -2.9% |
| Plant, machinery and equipment | 23 | €991 | €661 | -€330 | -33.3% |
| Furniture and vehicles | 24 | €97,210 | €76,108 | -€21,101 | -21.7% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €141,837 | €50,272 | -€91,565 | -64.6% |
| Amounts receivable within one year | 40/41 | €22,377 | €16,860 | -€5,517 | -24.7% |
| Other amounts receivable | 41 | €22,377 | €16,860 | -€5,517 | -24.7% |
| Cash at bank and in hand | 54/58 | €119,460 | €33,412 | -€86,048 | -72.0% |
| Total equity and liabilities | 10/49 | €440,334 | €321,562 | -€118,772 | -27.0% |
| Equity | 10/15 | €325,910 | €233,393 | -€92,517 | -28.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €313,510 | €220,993 | -€92,517 | -29.5% |
| Distributable reserves | 133 | €313,510 | €220,993 | -€92,517 | -29.5% |
| Amounts payable | 17/49 | €114,424 | €88,169 | -€26,255 | -22.9% |
| Amounts payable after more than one year | 17 | €46,713 | €27,975 | -€18,737 | -40.1% |
| Financial debts | 170/4 | €46,713 | €27,975 | -€18,737 | -40.1% |
| Amounts payable within one year | 42/48 | €55,979 | €52,212 | -€3,768 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €24,233 | €18,737 | -€5,496 | -22.7% |
| Trade debts | 44 | €16,427 | €18,714 | +€2,287 | +13.9% |
| Suppliers | 440/4 | €16,427 | €18,714 | +€2,287 | +13.9% |
| Taxes, remuneration and social security | 45 | €15,319 | €14,761 | -€558 | -3.6% |
| Taxes | 450/3 | €12,519 | €11,961 | -€558 | -4.5% |
| Remuneration and social security | 454/9 | €2,800 | €2,800 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €11,732 | €7,982 | -€3,750 | -32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,586 | €27,207 | +€11,621 | +74.6% |
| Other operating charges | 640/8 | €740 | €2,116 | +€1,376 | +186% |
| Gross operating margin | 9900 | €90,860 | -€60,894 | -€151,754 | |
| Operating profit (loss) | 9901 | €74,534 | -€90,217 | -€164,750 | |
| Financial income | 75/76B | €789 | €1,544 | +€755 | +95.6% |
| Recurring financial income | 75 | €789 | €1,544 | +€755 | +95.6% |
| Financial charges | 65/66B | €2,689 | €3,185 | +€496 | +18.5% |
| Recurring financial charges | 65 | €2,689 | €3,185 | +€496 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €72,634 | -€91,858 | -€164,492 | |
| Income taxes | 67/77 | €12,621 | €659 | -€11,962 | -94.8% |
| Profit (loss) for the period | 9904 | €60,013 | -€92,517 | -€152,530 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,013 | -€92,517 | -€152,530 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.