MarMax: 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.
MarMax
Largest movements
- Cash -€7,850
down €7,850 (-18.6%), from €42,218 to €34,368
mainly Contributions, distributions and other (-€125,000) and Investment in fixed assets (net) (-€21,292)
- Tangible fixed assets +€5,662
up €5,662 (+3.6%), from €156,685 to €162,347
of which Land and buildings: +€11,748
- Other debts +€16,925
up €16,925 (+28.6%), from €59,222 to €76,147
- Debts after one year -€16,082
down €16,082 (-45.0%), from €35,733 to €19,651
- Profit (loss) carried forward +€3,870
up €3,870 (+11.2%), from €34,493 to €38,363
- Current portion of long-term debt -€3,493
down €3,493 (-17.8%), from €19,575 to €16,082
- Tax, wage and social debts -€2,202
down €2,202 (-4.6%), from €47,817 to €45,614
- Gross operating margin +€72,308
up €72,308 (+61.3%), from €117,917 to €190,224
- Financial charges -€35,167
down €35,167 (-93.2%), from €37,716 to €2,549
- Taxes +€27,188
up €27,188 (+195.5%), from €13,904 to €41,091
- Depreciation -€2,661
down €2,661 (-14.5%), from €18,291 to €15,630
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 | €199,939 | €199,124 | -€815 | -0.4% |
| Fixed assets | 21/28 | €156,685 | €162,347 | +€5,662 | +3.6% |
| Tangible fixed assets | 22/27 | €156,685 | €162,347 | +€5,662 | +3.6% |
| Land and buildings | 22 | €103,937 | €115,684 | +€11,748 | +11.3% |
| Plant, machinery and equipment | 23 | €512 | €450 | -€62 | -12.1% |
| Furniture and vehicles | 24 | €29,149 | €25,643 | -€3,505 | -12.0% |
| Other tangible fixed assets | 26 | €23,088 | €20,569 | -€2,518 | -10.9% |
| Current assets | 29/58 | €43,255 | €36,777 | -€6,477 | -15.0% |
| Amounts receivable within one year | 40/41 | €140 | €750 | +€610 | +435.6% |
| Trade receivables | 40 | €140 | €750 | +€610 | +435.6% |
| Cash at bank and in hand | 54/58 | €42,218 | €34,368 | -€7,850 | -18.6% |
| Deferred charges and accrued income | 490/1 | €897 | €1,659 | +€763 | +85.0% |
| Total equity and liabilities | 10/49 | €199,939 | €199,124 | -€815 | -0.4% |
| Equity | 10/15 | €37,593 | €41,463 | +€3,870 | +10.3% |
| Contributions | 10/11 | €3,100 | €3,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,493 | €38,363 | +€3,870 | +11.2% |
| Amounts payable | 17/49 | €162,346 | €157,661 | -€4,685 | -2.9% |
| Amounts payable after more than one year | 17 | €35,733 | €19,651 | -€16,082 | -45.0% |
| Financial debts | 170/4 | €35,733 | €19,651 | -€16,082 | -45.0% |
| Amounts payable within one year | 42/48 | €126,614 | €138,011 | +€11,397 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €19,575 | €16,082 | -€3,493 | -17.8% |
| Trade debts | 44 | - | €168 | +€168 | |
| Suppliers | 440/4 | - | €168 | +€168 | |
| Taxes, remuneration and social security | 45 | €47,817 | €45,614 | -€2,202 | -4.6% |
| Taxes | 450/3 | €47,817 | €45,614 | -€2,202 | -4.6% |
| Other amounts payable | 47/48 | €59,222 | €76,147 | +€16,925 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,291 | €15,630 | -€2,661 | -14.5% |
| Other operating charges | 640/8 | €1,758 | €2,086 | +€327 | +18.6% |
| Gross operating margin | 9900 | €117,917 | €190,224 | +€72,308 | +61.3% |
| Operating profit (loss) | 9901 | €97,868 | €172,509 | +€74,641 | +76.3% |
| Financial income | 75/76B | €0 | €1 | +€1 | +2460.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +2460.0% |
| Financial charges | 65/66B | €37,716 | €2,549 | -€35,167 | -93.2% |
| Recurring financial charges | 65 | €37,716 | €2,549 | -€35,167 | -93.2% |
| Profit (loss) for the period before taxes | 9903 | €60,151 | €169,961 | +€109,810 | +182.6% |
| Income taxes | 67/77 | €13,904 | €41,091 | +€27,188 | +195.5% |
| Profit (loss) for the period | 9904 | €46,248 | €128,870 | +€82,622 | +178.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,248 | €128,870 | +€82,622 | +178.7% |
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 11 October 2026 via checked.be.