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 -€277
down €277 (-61.3%), from €452 to €175
mainly Other debts (-€13,669) and Trade debts (-€5,183)
- Receivables within one year -€140
no longer reported in 2025 (was €140)
- Debts after one year +€15,177
up €15,177 (+43.7%), from €34,720 to €49,897
- Other debts -€13,669
down €13,669 (-98.2%), from €13,919 to €250
- Trade debts -€5,183
down €5,183 (-52.8%), from €9,824 to €4,642
- Profit (loss) carried forward +€3,189
up €3,189 (+3.9%), from -€81,872 to -€78,683
- Accrued charges and deferred income +€69
new in 2025: €69
- Gross operating margin -€9,953
down €9,953 (-71.3%), from €13,958 to €4,005
- Other operating charges -€3,179
down €3,179 (-86.2%), from €3,686 to €507
- Depreciation -€500
no longer reported in 2025 (was €500)
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 | €592 | €175 | -€417 | -70.5% |
| Current assets | 29/58 | €592 | €175 | -€417 | -70.5% |
| Amounts receivable within one year | 40/41 | €140 | - | -€140 | |
| Other amounts receivable | 41 | €140 | - | -€140 | |
| Cash at bank and in hand | 54/58 | €452 | €175 | -€277 | -61.3% |
| Total equity and liabilities | 10/49 | €592 | €175 | -€417 | -70.5% |
| Equity | 10/15 | -€57,872 | -€54,683 | +€3,189 | +5.5% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€81,872 | -€78,683 | +€3,189 | +3.9% |
| Amounts payable | 17/49 | €58,464 | €54,858 | -€3,606 | -6.2% |
| Amounts payable after more than one year | 17 | €34,720 | €49,897 | +€15,177 | +43.7% |
| Other amounts payable | 178/9 | €34,720 | €49,897 | +€15,177 | +43.7% |
| Amounts payable within one year | 42/48 | €23,744 | €4,892 | -€18,852 | -79.4% |
| Trade debts | 44 | €9,824 | €4,642 | -€5,183 | -52.8% |
| Suppliers | 440/4 | €9,824 | €4,642 | -€5,183 | -52.8% |
| Other amounts payable | 47/48 | €13,919 | €250 | -€13,669 | -98.2% |
| Accrued charges and deferred income | 492/3 | - | €69 | +€69 | |
| Non-recurring operating income | 76A | €16,413 | - | -€16,413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €500 | - | -€500 | |
| Other operating charges | 640/8 | €3,686 | €507 | -€3,179 | -86.2% |
| Gross operating margin | 9900 | €13,958 | €4,005 | -€9,953 | -71.3% |
| Operating profit (loss) | 9901 | €9,772 | €3,497 | -€6,275 | -64.2% |
| Financial charges | 65/66B | €216 | €308 | +€93 | +43.0% |
| Recurring financial charges | 65 | €216 | €308 | +€93 | +43.0% |
| Profit (loss) for the period before taxes | 9903 | €9,556 | €3,189 | -€6,367 | -66.6% |
| Profit (loss) for the period | 9904 | €9,556 | €3,189 | -€6,367 | -66.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,556 | €3,189 | -€6,367 | -66.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.