MAREX: 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.
MAREX
Largest movements
- Cash -€57,206
down €57,206 (-46.8%), from €122,252 to €65,047
mainly Contributions, distributions and other (-€100,000) and Debts after one year (-€73,997)
- Tangible fixed assets -€43,690
down €43,690 (-4.1%), from €1.1m to €1.0m
of which Land and buildings: -€44,498
- Reserves -€100,000
down €100,000 (-16.2%), from €615,385 to €515,385
of which Distributable reserves: -€100,000
- Other debts +€99,237
up €99,237 (+13,001%), from €763 to €100,000
- Debts after one year -€73,997
down €73,997 (-13.0%), from €567,418 to €493,422
of which Financial debts: -€73,997
- Profit (loss) carried forward -€29,936
down €29,936 (-58.5%), from €51,200 to €21,264
- Gross operating margin -€17,536
down €17,536 (-25.3%), from €69,349 to €51,812
- Financial income -€4,928
down €4,928 (-52.2%), from €9,449 to €4,521
- Financial charges +€2,607
up €2,607 (+24.4%), from €10,681 to €13,287
- Other operating charges -€1,609
down €1,609 (-7.7%), from €20,954 to €19,345
- Depreciation -€1,224
down €1,224 (-2.3%), from €54,414 to €53,189
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 | €1,354,344 | €1,253,979 | -€100,365 | -7.4% |
| Fixed assets | 21/28 | €1,061,438 | €1,017,748 | -€43,690 | -4.1% |
| Tangible fixed assets | 22/27 | €1,059,438 | €1,015,748 | -€43,690 | -4.1% |
| Land and buildings | 22 | €1,009,061 | €964,563 | -€44,498 | -4.4% |
| Plant, machinery and equipment | 23 | €205 | - | -€205 | |
| Furniture and vehicles | 24 | €39,665 | €33,003 | -€6,662 | -16.8% |
| Other tangible fixed assets | 26 | €10,507 | €18,182 | +€7,675 | +73.0% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €292,906 | €236,231 | -€56,675 | -19.3% |
| Amounts receivable after more than one year | 29 | €124,000 | €124,000 | = | 0.0% |
| Other amounts receivable | 291 | €124,000 | €124,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €224 | €9,768 | +€9,544 | +4,257% |
| Other amounts receivable | 41 | €224 | €9,768 | +€9,544 | +4,257% |
| Cash at bank and in hand | 54/58 | €122,252 | €65,047 | -€57,206 | -46.8% |
| Deferred charges and accrued income | 490/1 | €46,429 | €37,416 | -€9,013 | -19.4% |
| Total equity and liabilities | 10/49 | €1,354,344 | €1,253,979 | -€100,365 | -7.4% |
| Equity | 10/15 | €685,135 | €555,199 | -€129,936 | -19.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €615,385 | €515,385 | -€100,000 | -16.2% |
| Tax-exempt reserves | 132 | €155,000 | €155,000 | = | 0.0% |
| Distributable reserves | 133 | €460,385 | €360,385 | -€100,000 | -21.7% |
| Profit (loss) carried forward | 14 | €51,200 | €21,264 | -€29,936 | -58.5% |
| Amounts payable | 17/49 | €669,209 | €698,780 | +€29,571 | +4.4% |
| Amounts payable after more than one year | 17 | €567,418 | €493,422 | -€73,997 | -13.0% |
| Financial debts | 170/4 | €563,713 | €489,716 | -€73,997 | -13.1% |
| Other amounts payable | 178/9 | €3,705 | €3,705 | = | 0.0% |
| Amounts payable within one year | 42/48 | €84,589 | €179,848 | +€95,259 | +113% |
| Current portion of amounts payable after more than one year | 42 | €74,188 | €74,539 | +€352 | +0.5% |
| Taxes, remuneration and social security | 45 | €9,638 | €5,309 | -€4,329 | -44.9% |
| Taxes | 450/3 | €9,638 | €5,309 | -€4,329 | -44.9% |
| Other amounts payable | 47/48 | €763 | €100,000 | +€99,237 | +13,001% |
| Accrued charges and deferred income | 492/3 | €17,201 | €25,510 | +€8,309 | +48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,414 | €53,189 | -€1,224 | -2.3% |
| Other operating charges | 640/8 | €20,954 | €19,345 | -€1,609 | -7.7% |
| Gross operating margin | 9900 | €69,349 | €51,812 | -€17,536 | -25.3% |
| Operating profit (loss) | 9901 | -€6,019 | -€20,722 | -€14,703 | -244% |
| Financial income | 75/76B | €9,449 | €4,521 | -€4,928 | -52.2% |
| Recurring financial income | 75 | €9,449 | €4,521 | -€4,928 | -52.2% |
| Financial charges | 65/66B | €10,681 | €13,287 | +€2,607 | +24.4% |
| Recurring financial charges | 65 | €10,681 | €13,287 | +€2,607 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,251 | -€29,488 | -€22,237 | -307% |
| Income taxes | 67/77 | €607 | €448 | -€159 | -26.2% |
| Profit (loss) for the period | 9904 | -€7,858 | -€29,936 | -€22,078 | -281% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,858 | -€29,936 | -€22,078 | -281% |
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 15 October 2026 via checked.be.