MARIVOET: 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.
MARIVOET
Largest movements
- Cash +€105,560
up €105,560 (+150%), from €70,457 to €176,018
mainly Depreciation (+€134,214) and Receivables within one year (+€90,706)
- Tangible fixed assets -€96,382
down €96,382 (-8.7%), from €1.1m to €1.0m
of which Plant, machinery and equipment: -€68,997
- Receivables within one year -€90,706
down €90,706 (-81.3%), from €111,504 to €20,798
of which Trade receivables: -€55,160
- Debts after one year -€75,050
down €75,050 (-16.0%), from €469,428 to €394,378
- Trade debts -€20,360
down €20,360 (-32.1%), from €63,430 to €43,070
- Gross operating margin +€86,892
up €86,892 (+13.3%), from €653,617 to €740,510
- Staff costs +€46,277
up €46,277 (+9.7%), from €476,608 to €522,885
- Taxes +€10,766
up €10,766 (+120%), from €8,958 to €19,723
- Depreciation +€10,064
up €10,064 (+8.1%), from €124,150 to €134,214
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 | €1,336,435 | €1,254,874 | -€81,561 | -6.1% |
| Fixed assets | 21/28 | €1,103,967 | €1,007,585 | -€96,382 | -8.7% |
| Tangible fixed assets | 22/27 | €1,103,967 | €1,007,585 | -€96,382 | -8.7% |
| Land and buildings | 22 | €824,414 | €803,611 | -€20,803 | -2.5% |
| Plant, machinery and equipment | 23 | €257,589 | €188,592 | -€68,997 | -26.8% |
| Furniture and vehicles | 24 | €21,964 | €15,382 | -€6,582 | -30.0% |
| Current assets | 29/58 | €232,468 | €247,289 | +€14,821 | +6.4% |
| Stocks and contracts in progress | 3 | €44,183 | €44,183 | = | 0.0% |
| Stocks | 30/36 | €44,183 | €44,183 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €111,504 | €20,798 | -€90,706 | -81.3% |
| Trade receivables | 40 | €62,281 | €7,120 | -€55,160 | -88.6% |
| Other amounts receivable | 41 | €49,224 | €13,678 | -€35,546 | -72.2% |
| Cash at bank and in hand | 54/58 | €70,457 | €176,018 | +€105,560 | +150% |
| Deferred charges and accrued income | 490/1 | €6,323 | €6,290 | -€33 | -0.5% |
| Total equity and liabilities | 10/49 | €1,336,435 | €1,254,874 | -€81,561 | -6.1% |
| Equity | 10/15 | €659,605 | €672,149 | +€12,544 | +1.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €641,013 | €653,557 | +€12,544 | +2.0% |
| Tax-exempt reserves | 132 | €217,132 | €217,132 | = | 0.0% |
| Distributable reserves | 133 | €423,881 | €436,424 | +€12,544 | +3.0% |
| Amounts payable | 17/49 | €676,830 | €582,725 | -€94,105 | -13.9% |
| Amounts payable after more than one year | 17 | €469,428 | €394,378 | -€75,050 | -16.0% |
| Financial debts | 170/4 | €469,428 | €394,378 | -€75,050 | -16.0% |
| Amounts payable within one year | 42/48 | €207,402 | €188,347 | -€19,055 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €73,637 | €72,887 | -€750 | -1.0% |
| Financial debts | 43 | €12,500 | €2,083 | -€10,417 | -83.3% |
| Credit institutions | 430/8 | €12,500 | €2,083 | -€10,417 | -83.3% |
| Trade debts | 44 | €63,430 | €43,070 | -€20,360 | -32.1% |
| Suppliers | 440/4 | €63,430 | €43,070 | -€20,360 | -32.1% |
| Taxes, remuneration and social security | 45 | €57,835 | €70,307 | +€12,472 | +21.6% |
| Taxes | 450/3 | €3,183 | €13,909 | +€10,726 | +337% |
| Remuneration and social security | 454/9 | €54,652 | €56,398 | +€1,746 | +3.2% |
| Remuneration, social security and pensions | 62 | €476,608 | €522,885 | +€46,277 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,150 | €134,214 | +€10,064 | +8.1% |
| Other operating charges | 640/8 | €6,742 | €10,630 | +€3,887 | +57.7% |
| Gross operating margin | 9900 | €653,617 | €740,510 | +€86,892 | +13.3% |
| Operating profit (loss) | 9901 | €46,117 | €72,781 | +€26,664 | +57.8% |
| Financial income | 75/76B | €10,578 | €9,964 | -€614 | -5.8% |
| Recurring financial income | 75 | €10,578 | €9,964 | -€614 | -5.8% |
| Financial charges | 65/66B | €22,216 | €20,768 | -€1,447 | -6.5% |
| Recurring financial charges | 65 | €22,216 | €20,768 | -€1,447 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €34,479 | €61,977 | +€27,498 | +79.8% |
| Income taxes | 67/77 | €8,958 | €19,723 | +€10,766 | +120% |
| Profit (loss) for the period | 9904 | €25,521 | €42,253 | +€16,732 | +65.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,521 | €42,253 | +€16,732 | +65.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.