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
- Tangible fixed assets -€24,591
down €24,591 (-14.6%), from €168,600 to €144,008
- Deferred charges and accrued income -€16,000
no longer reported in 2025 (was €16,000)
- Receivables within one year +€11,604
up €11,604 (+47.3%), from €24,516 to €36,121
of which Other amounts receivable: +€12,323
- Cash -€9,121
down €9,121 (-67.4%), from €13,534 to €4,413
mainly Debts after one year (-€28,891) and Contributions, distributions and other (-€16,143)
- Stocks and contracts +€4,560
up €4,560 (+2.4%), from €189,001 to €193,561
- Debts after one year -€28,891
down €28,891 (-19.9%), from €144,864 to €115,973
- Reserves -€16,143
down €16,143 (-13.3%), from €121,036 to €104,893
of which Distributable reserves: -€16,143
- Other debts +€15,982
up €15,982 (+1,668%), from €958 to €16,940
- Gross operating margin +€10,002
up €10,002 (+16.0%), from €62,522 to €72,525
- Taxes +€5,880
up €5,880, from -€3,009 to €2,872
- Depreciation -€1,886
down €1,886 (-6.8%), from €27,713 to €25,827
- Financial charges +€1,306
up €1,306 (+17.9%), from €7,303 to €8,609
- Staff costs +€822
up €822 (+2.8%), from €29,413 to €30,235
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 | €411,651 | €378,103 | -€33,548 | -8.1% |
| Fixed assets | 21/28 | €168,600 | €144,008 | -€24,591 | -14.6% |
| Tangible fixed assets | 22/27 | €168,600 | €144,008 | -€24,591 | -14.6% |
| Land and buildings | 22 | €128,605 | €121,480 | -€7,125 | -5.5% |
| Plant, machinery and equipment | 23 | €26,472 | €16,812 | -€9,660 | -36.5% |
| Furniture and vehicles | 24 | €13,522 | €5,716 | -€7,806 | -57.7% |
| Current assets | 29/58 | €243,051 | €234,095 | -€8,956 | -3.7% |
| Stocks and contracts in progress | 3 | €189,001 | €193,561 | +€4,560 | +2.4% |
| Stocks | 30/36 | €189,001 | €193,561 | +€4,560 | +2.4% |
| Amounts receivable within one year | 40/41 | €24,516 | €36,121 | +€11,604 | +47.3% |
| Trade receivables | 40 | €3,614 | €2,895 | -€719 | -19.9% |
| Other amounts receivable | 41 | €20,903 | €33,226 | +€12,323 | +59.0% |
| Cash at bank and in hand | 54/58 | €13,534 | €4,413 | -€9,121 | -67.4% |
| Deferred charges and accrued income | 490/1 | €16,000 | - | -€16,000 | |
| Total equity and liabilities | 10/49 | €411,651 | €378,103 | -€33,548 | -8.1% |
| Equity | 10/15 | €154,732 | €140,106 | -€14,626 | -9.5% |
| Contributions | 10/11 | €41,320 | €41,320 | = | 0.0% |
| Contributions outside capital | 11 | €41,320 | €41,320 | = | 0.0% |
| Share premium | 1100/10 | €37,564 | €37,564 | = | 0.0% |
| Other | 1109/19 | €3,756 | €3,756 | = | 0.0% |
| Reserves | 13 | €121,036 | €104,893 | -€16,143 | -13.3% |
| Tax-exempt reserves | 132 | €127 | €127 | = | 0.0% |
| Distributable reserves | 133 | €120,909 | €104,765 | -€16,143 | -13.4% |
| Profit (loss) carried forward | 14 | -€7,624 | -€6,107 | +€1,518 | +19.9% |
| Amounts payable | 17/49 | €256,919 | €237,997 | -€18,922 | -7.4% |
| Amounts payable after more than one year | 17 | €144,864 | €115,973 | -€28,891 | -19.9% |
| Financial debts | 170/4 | €144,864 | €115,973 | -€28,891 | -19.9% |
| Amounts payable within one year | 42/48 | €112,055 | €122,023 | +€9,969 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €29,946 | €26,837 | -€3,109 | -10.4% |
| Financial debts | 43 | €25,000 | €23,000 | -€2,000 | -8.0% |
| Credit institutions | 430/8 | €25,000 | €23,000 | -€2,000 | -8.0% |
| Trade debts | 44 | €38,497 | €39,449 | +€952 | +2.5% |
| Suppliers | 440/4 | €38,497 | €39,449 | +€952 | +2.5% |
| Advances received on contracts in progress | 46 | €563 | €1,589 | +€1,026 | +182% |
| Taxes, remuneration and social security | 45 | €17,090 | €14,209 | -€2,882 | -16.9% |
| Taxes | 450/3 | €11,869 | €8,715 | -€3,153 | -26.6% |
| Remuneration and social security | 454/9 | €5,222 | €5,493 | +€272 | +5.2% |
| Other amounts payable | 47/48 | €958 | €16,940 | +€15,982 | +1,668% |
| Remuneration, social security and pensions | 62 | €29,413 | €30,235 | +€822 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,713 | €25,827 | -€1,886 | -6.8% |
| Other operating charges | 640/8 | €3,222 | €3,464 | +€243 | +7.5% |
| Non-recurring operating charges | 66A | €5,808 | - | -€5,808 | |
| Gross operating margin | 9900 | €62,522 | €72,525 | +€10,002 | +16.0% |
| Operating profit (loss) | 9901 | -€3,634 | €12,998 | +€16,632 | |
| Financial income | 75/76B | €304 | - | -€304 | |
| Recurring financial income | 75 | €304 | - | -€304 | |
| Financial charges | 65/66B | €7,303 | €8,609 | +€1,306 | +17.9% |
| Recurring financial charges | 65 | €7,303 | €8,609 | +€1,306 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,633 | €4,390 | +€15,023 | |
| Income taxes | 67/77 | -€3,009 | €2,872 | +€5,880 | |
| Profit (loss) for the period | 9904 | -€7,624 | €1,518 | +€9,142 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,624 | €1,518 | +€9,142 |
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 13 October 2026 via checked.be.