MARO: 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.
MARO
Largest movements
- Cash -€53,847
down €53,847 (-85.7%), from €62,831 to €8,984
mainly Debts after one year (-€26,714) and Net result for the year (-€20,009)
- Tangible fixed assets -€7,681
down €7,681 (-7.6%), from €100,764 to €93,083
- Debts after one year -€26,714
down €26,714 (-100.0%), from €26,714 to €0
- Profit (loss) carried forward -€20,009
down €20,009 (-155.7%), from -€12,854 to -€32,863
- Current portion of long-term debt -€16,744
down €16,744 (-100.0%), from €16,744 to €0
- Trade debts +€2,072
up €2,072 (+346.1%), from €599 to €2,670
- Gross operating margin -€2,930
down €2,930 (-52.9%), from -€5,542 to -€8,472
- Financial charges -€1,174
down €1,174 (-42.9%), from €2,733 to €1,560
- Other operating charges +€370
up €370 (+10.8%), from €3,436 to €3,806
- Financial income +€310
up €310 (+25.9%), from €1,199 to €1,509
- Depreciation -€117
down €117 (-1.5%), from €7,798 to €7,681
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 | €199,593 | €138,198 | -€61,395 | -30.8% |
| Fixed assets | 21/28 | €100,764 | €93,083 | -€7,681 | -7.6% |
| Tangible fixed assets | 22/27 | €100,764 | €93,083 | -€7,681 | -7.6% |
| Land and buildings | 22 | €100,764 | €93,083 | -€7,681 | -7.6% |
| Current assets | 29/58 | €98,829 | €45,114 | -€53,715 | -54.4% |
| Amounts receivable after more than one year | 29 | €34,000 | €34,000 | = | 0.0% |
| Other amounts receivable | 291 | €34,000 | €34,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,826 | €1,959 | +€133 | +7.3% |
| Trade receivables | 40 | €800 | €800 | = | 0.0% |
| Other amounts receivable | 41 | €1,026 | €1,159 | +€133 | +12.9% |
| Cash at bank and in hand | 54/58 | €62,831 | €8,984 | -€53,847 | -85.7% |
| Deferred charges and accrued income | 490/1 | €172 | €172 | = | 0.0% |
| Total equity and liabilities | 10/49 | €199,593 | €138,198 | -€61,395 | -30.8% |
| Equity | 10/15 | €155,536 | €135,527 | -€20,009 | -12.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €18,391 | €18,391 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €3,391 | €3,391 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,854 | -€32,863 | -€20,009 | -155.7% |
| Amounts payable | 17/49 | €44,056 | €2,670 | -€41,386 | -93.9% |
| Amounts payable after more than one year | 17 | €26,714 | €0 | -€26,714 | -100.0% |
| Financial debts | 170/4 | €26,714 | €0 | -€26,714 | -100.0% |
| Amounts payable within one year | 42/48 | €17,342 | €2,670 | -€14,672 | -84.6% |
| Current portion of amounts payable after more than one year | 42 | €16,744 | €0 | -€16,744 | -100.0% |
| Trade debts | 44 | €599 | €2,670 | +€2,072 | +346.1% |
| Suppliers | 440/4 | €599 | €2,670 | +€2,072 | +346.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,798 | €7,681 | -€117 | -1.5% |
| Other operating charges | 640/8 | €3,436 | €3,806 | +€370 | +10.8% |
| Gross operating margin | 9900 | -€5,542 | -€8,472 | -€2,930 | -52.9% |
| Operating profit (loss) | 9901 | -€16,776 | -€19,959 | -€3,183 | -19.0% |
| Financial income | 75/76B | €1,199 | €1,509 | +€310 | +25.9% |
| Recurring financial income | 75 | €1,199 | €1,509 | +€310 | +25.9% |
| Financial charges | 65/66B | €2,733 | €1,560 | -€1,174 | -42.9% |
| Recurring financial charges | 65 | €2,733 | €1,560 | -€1,174 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | -€18,310 | -€20,009 | -€1,699 | -9.3% |
| Income taxes | 67/77 | €68 | €0 | -€68 | -100.0% |
| Profit (loss) for the period | 9904 | -€18,378 | -€20,009 | -€1,631 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,378 | -€20,009 | -€1,631 | -8.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.