MARIAGAARDE: 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.
What changed
MARIAGAARDE
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€35,988
2024 · €22,751-€58,739
Equity
-€757,037
2024 · -€721,048-€35,988
Cash
€231,939
2024 · €181,624+€50,315
Balance sheet total
€14.8m
2024 · €15.3m-€463,323
Largest movements
Assets
- Tangible fixed assets -€513,691
down €513,691 (-3.4%), from €15.1m to €14.5m
of which Land and buildings: -€508,333
Equity and liabilities
- Debts after one year -€388,726
down €388,726 (-14.9%), from €2.6m to €2.2m
Income statement
- Gross operating margin -€45,282
down €45,282 (-6.5%), from €692,064 to €646,783
- Other operating charges +€10,197
up €10,197 (+19.4%), from €52,480 to €62,676
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
€22,751
Gross operating margin
-€45,282
Depreciation
+€2,481
Other operating charges
-€10,197
Financial income
-€1,396
Financial charges
-€4,345
Result 2025
-€35,988
raises the resultlowers the result
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.
From operations
+€484,136
Investment
-€49,096
Financing
-€384,725
Cash 2024
€181,624
From operations (derived)
+€484,136
Net result for the year
-€35,988
Depreciation
+€562,787
Receivables within one year
-€1,909
Deferred charges and accrued income
+€1,856
Provisions
-€48,380
Trade debts
+€2,378
Tax, wage and social debts
-€6,196
Other debts
-€433
Accrued charges and deferred income
+€10,021
Investment (derived)
-€49,096
Investment in fixed assets (net)
-€49,096
Financing
-€384,725
Debts after one year
-€388,726
Current portion of long-term debt
+€4,001
Cash 2025
€231,939
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,271,294 | €14,807,971 | -€463,323 | -3.0% |
| Fixed assets | 21/28 | €15,062,653 | €14,548,962 | -€513,691 | -3.4% |
| Tangible fixed assets | 22/27 | €15,062,626 | €14,548,935 | -€513,691 | -3.4% |
| Land and buildings | 22 | €15,006,468 | €14,498,135 | -€508,333 | -3.4% |
| Furniture and vehicles | 24 | €56,158 | €50,799 | -€5,359 | -9.5% |
| Financial fixed assets | 28 | €27 | €27 | = | 0.0% |
| Current assets | 29/58 | €208,641 | €259,009 | +€50,368 | +24.1% |
| Amounts receivable within one year | 40/41 | €11,174 | €13,084 | +€1,909 | +17.1% |
| Trade receivables | 40 | €11,174 | €13,084 | +€1,909 | +17.1% |
| Cash at bank and in hand | 54/58 | €181,624 | €231,939 | +€50,315 | +27.7% |
| Deferred charges and accrued income | 490/1 | €15,843 | €13,987 | -€1,856 | -11.7% |
| Total equity and liabilities | 10/49 | €15,271,294 | €14,807,971 | -€463,323 | -3.0% |
| Equity | 10/15 | -€721,048 | -€757,037 | -€35,988 | -5.0% |
| Contributions | 10/11 | €432,078 | €432,078 | = | 0.0% |
| Capital | 10 | €432,078 | €432,078 | = | 0.0% |
| Issued capital | 100 | €432,078 | €432,078 | = | 0.0% |
| Reserves | 13 | €1,303,194 | €1,210,782 | -€92,412 | -7.1% |
| Non-distributable reserves | 130/1 | €43,208 | €43,208 | = | 0.0% |
| Legal reserve | 130 | €43,208 | €43,208 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,085,132 | €992,721 | -€92,412 | -8.5% |
| Distributable reserves | 133 | €174,854 | €174,854 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,456,320 | -€2,399,897 | +€56,423 | +2.3% |
| Provisions and deferred taxes | 16 | €195,631 | €147,250 | -€48,380 | -24.7% |
| Deferred taxes | 168 | €195,631 | €147,250 | -€48,380 | -24.7% |
| Amounts payable | 17/49 | €15,796,711 | €15,417,757 | -€378,954 | -2.4% |
| Amounts payable after more than one year | 17 | €2,611,499 | €2,222,773 | -€388,726 | -14.9% |
| Financial debts | 170/4 | €2,611,499 | €2,222,773 | -€388,726 | -14.9% |
| Amounts payable within one year | 42/48 | €13,140,254 | €13,140,005 | -€249 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €381,208 | €385,209 | +€4,001 | +1.0% |
| Trade debts | 44 | €10,058 | €12,437 | +€2,378 | +23.6% |
| Suppliers | 440/4 | €10,058 | €12,437 | +€2,378 | +23.6% |
| Taxes, remuneration and social security | 45 | €16,375 | €10,178 | -€6,196 | -37.8% |
| Taxes | 450/3 | €16,375 | €10,178 | -€6,196 | -37.8% |
| Other amounts payable | 47/48 | €12,732,613 | €12,732,180 | -€433 | 0.0% |
| Accrued charges and deferred income | 492/3 | €44,958 | €54,979 | +€10,021 | +22.3% |
| Non-recurring operating income | 76A | €100,000 | - | -€100,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €565,268 | €562,787 | -€2,481 | -0.4% |
| Other operating charges | 640/8 | €52,480 | €62,676 | +€10,197 | +19.4% |
| Gross operating margin | 9900 | €692,064 | €646,783 | -€45,282 | -6.5% |
| Operating profit (loss) | 9901 | €74,317 | €21,319 | -€52,998 | -71.3% |
| Financial income | 75/76B | €1,429 | €33 | -€1,396 | -97.7% |
| Recurring financial income | 75 | €1,429 | €33 | -€1,396 | -97.7% |
| Financial charges | 65/66B | €101,376 | €105,721 | +€4,345 | +4.3% |
| Recurring financial charges | 65 | €101,376 | €105,721 | +€4,345 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | -€25,630 | -€84,369 | -€58,739 | -229% |
| Transfer from deferred taxes | 780 | €48,381 | €48,380 | -€0 | 0.0% |
| Profit (loss) for the period | 9904 | €22,751 | -€35,988 | -€58,739 | |
| Transfer from tax-exempt reserves | 789 | €92,412 | €92,412 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €115,162 | €56,423 | -€58,739 | -51.0% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.