MARILOR: 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.
MARILOR
Largest movements
- Cash +€46,129
up €46,129 (+33.9%), from €136,105 to €182,234
mainly Net result for the year (+€164,006) and Receivables within one year (+€12,356)
- Receivables within one year -€12,356
down €12,356 (-51.7%), from €23,881 to €11,525
of which Other amounts receivable: -€9,309
- Reserves +€91,683
up €91,683 (+19.1%), from €480,460 to €572,143
- Debts after one year -€42,328
down €42,328 (-79.9%), from €52,974 to €10,646
- Trade debts -€8,934
down €8,934 (-81.5%), from €10,959 to €2,024
- Financial income +€38,579
up €38,579 (+49.5%), from €78,012 to €116,591
- Gross operating margin -€11,887
down €11,887 (-11.4%), from €104,519 to €92,632
- Taxes +€2,201
up €2,201 (+5.4%), from €40,773 to €42,975
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €717,570 | €758,866 | +€41,296 | +5.8% |
| Fixed assets | 21/28 | €552,295 | €556,318 | +€4,023 | +0.7% |
| Tangible fixed assets | 22/27 | €633 | €4,655 | +€4,023 | +635.9% |
| Plant, machinery and equipment | 23 | - | €2,915 | +€2,915 | |
| Furniture and vehicles | 24 | €633 | €1,740 | +€1,108 | +175.1% |
| Financial fixed assets | 28 | €551,663 | €551,663 | = | 0.0% |
| Current assets | 29/58 | €165,275 | €202,548 | +€37,273 | +22.6% |
| Amounts receivable within one year | 40/41 | €23,881 | €11,525 | -€12,356 | -51.7% |
| Trade receivables | 40 | €3,047 | €0 | -€3,047 | -100.0% |
| Other amounts receivable | 41 | €20,834 | €11,525 | -€9,309 | -44.7% |
| Cash at bank and in hand | 54/58 | €136,105 | €182,234 | +€46,129 | +33.9% |
| Deferred charges and accrued income | 490/1 | €5,289 | €8,789 | +€3,500 | +66.2% |
| Total equity and liabilities | 10/49 | €717,570 | €758,866 | +€41,296 | +5.8% |
| Equity | 10/15 | €587,659 | €679,342 | +€91,683 | +15.6% |
| Reserves | 13 | €480,460 | €572,143 | +€91,683 | +19.1% |
| Distributable reserves | 133 | €480,460 | €572,143 | +€91,683 | +19.1% |
| Profit (loss) carried forward | 14 | €107,199 | €107,199 | +€0 | 0.0% |
| Amounts payable | 17/49 | €129,911 | €79,523 | -€50,388 | -38.8% |
| Amounts payable after more than one year | 17 | €52,974 | €10,646 | -€42,328 | -79.9% |
| Financial debts | 170/4 | €52,974 | €10,646 | -€42,328 | -79.9% |
| Amounts payable within one year | 42/48 | €76,937 | €68,878 | -€8,059 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €45,395 | €45,837 | +€442 | +1.0% |
| Trade debts | 44 | €10,959 | €2,024 | -€8,934 | -81.5% |
| Suppliers | 440/4 | €10,959 | €2,024 | -€8,934 | -81.5% |
| Taxes, remuneration and social security | 45 | €20,584 | €21,016 | +€433 | +2.1% |
| Taxes | 450/3 | €20,584 | €21,016 | +€433 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335 | €368 | +€33 | +9.8% |
| Other operating charges | 640/8 | €641 | €620 | -€20 | -3.2% |
| Gross operating margin | 9900 | €104,519 | €92,632 | -€11,887 | -11.4% |
| Operating profit (loss) | 9901 | €103,544 | €91,644 | -€11,899 | -11.5% |
| Financial income | 75/76B | €78,012 | €116,591 | +€38,579 | +49.5% |
| Recurring financial income | 75 | €78,012 | €116,591 | +€38,579 | +49.5% |
| Financial charges | 65/66B | €1,745 | €1,255 | -€490 | -28.1% |
| Recurring financial charges | 65 | €1,745 | €1,255 | -€490 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €179,810 | €206,980 | +€27,170 | +15.1% |
| Income taxes | 67/77 | €40,773 | €42,975 | +€2,201 | +5.4% |
| Profit (loss) for the period | 9904 | €139,037 | €164,006 | +€24,969 | +18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €139,037 | €164,006 | +€24,969 | +18.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.