MARO: 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.
MARO
Largest movements
- Receivables within one year -€599,160
down €599,160 (-99.6%), from €601,465 to €2,305
of which Other amounts receivable: -€599,160
- Other debts -€589,993
down €589,993 (-100.0%), from €589,993 to €0
- Revaluation surpluses -€10,643
down €10,643 (-8.1%), from €131,261 to €120,618
- Gross operating margin -€3,299
down €3,299, from €1,720 to -€1,579
- Financial income +€723
up €723, from €0 to €723
- Financial charges +€332
up €332 (+234.8%), from €141 to €473
- Other operating charges +€252
up €252 (+7.3%), from €3,470 to €3,722
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 | €809,435 | €212,471 | -€596,964 | -73.8% |
| Fixed assets | 21/28 | €196,786 | €193,239 | -€3,548 | -1.8% |
| Tangible fixed assets | 22/27 | €196,786 | €193,239 | -€3,548 | -1.8% |
| Land and buildings | 22 | €196,786 | €193,239 | -€3,548 | -1.8% |
| Current assets | 29/58 | €612,649 | €19,233 | -€593,416 | -96.9% |
| Amounts receivable within one year | 40/41 | €601,465 | €2,305 | -€599,160 | -99.6% |
| Trade receivables | 40 | €172 | €172 | = | 0.0% |
| Other amounts receivable | 41 | €601,293 | €2,133 | -€599,160 | -99.6% |
| Cash at bank and in hand | 54/58 | €2,500 | €8,098 | +€5,599 | +224.0% |
| Deferred charges and accrued income | 490/1 | €8,684 | €8,830 | +€146 | +1.7% |
| Total equity and liabilities | 10/49 | €809,435 | €212,471 | -€596,964 | -73.8% |
| Equity | 10/15 | €210,592 | €201,993 | -€8,599 | -4.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €131,261 | €120,618 | -€10,643 | -8.1% |
| Reserves | 13 | €17,331 | €19,375 | +€2,044 | +11.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €11,131 | €13,175 | +€2,044 | +18.4% |
| Amounts payable | 17/49 | €598,843 | €10,479 | -€588,364 | -98.3% |
| Amounts payable within one year | 42/48 | €598,843 | €10,479 | -€588,364 | -98.3% |
| Trade debts | 44 | €7,476 | €9,105 | +€1,629 | +21.8% |
| Suppliers | 440/4 | €7,476 | €9,105 | +€1,629 | +21.8% |
| Taxes, remuneration and social security | 45 | €1,374 | €1,374 | = | 0.0% |
| Taxes | 450/3 | €1,374 | €1,374 | = | 0.0% |
| Other amounts payable | 47/48 | €589,993 | €0 | -€589,993 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,548 | €3,548 | = | 0.0% |
| Other operating charges | 640/8 | €3,470 | €3,722 | +€252 | +7.3% |
| Gross operating margin | 9900 | €1,720 | -€1,579 | -€3,299 | |
| Operating profit (loss) | 9901 | -€5,297 | -€8,848 | -€3,551 | -67.0% |
| Financial income | 75/76B | €0 | €723 | +€723 | |
| Recurring financial income | 75 | €0 | €723 | +€723 | |
| Financial charges | 65/66B | €141 | €473 | +€332 | +234.8% |
| Recurring financial charges | 65 | €141 | €473 | +€332 | +234.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,438 | -€8,599 | -€3,161 | -58.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€5,438 | -€8,599 | -€3,161 | -58.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,438 | -€8,599 | -€3,161 | -58.1% |
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 12 October 2026 via checked.be.