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
- Stocks and contracts -€733,681
down €733,681 (-32.9%), from €2.2m to €1.5m
- Receivables within one year +€464,507
up €464,507 (+127%), from €366,619 to €831,126
of which Trade receivables: +€438,407
- Cash +€301,406
up €301,406 (+716%), from €42,094 to €343,500
mainly Stocks and contracts (+€733,681) and Advances received (+€528,471)
- Tangible fixed assets -€54,081
down €54,081 (-77.7%), from €69,596 to €15,514
of which Furniture and vehicles: -€51,775
- Receivables after one year +€40,000
up €40,000 (+5.2%), from €771,000 to €811,000
- Advances received +€528,471
up €528,471 (+809%), from €65,341 to €593,812
- Reserves -€452,778
down €452,778 (-20.1%), from €2.3m to €1.8m
of which Distributable reserves: -€452,778
- Tax, wage and social debts -€187,646
down €187,646 (-59.3%), from €316,570 to €128,924
of which Taxes: -€184,962
- Other debts +€163,616
up €163,616 (+38.3%), from €427,711 to €591,327
- Gross operating margin -€114,235
down €114,235 (-27.0%), from €423,023 to €308,787
- Taxes -€24,546
down €24,546 (-28.5%), from €85,990 to €61,443
- Staff costs -€14,207
down €14,207 (-12.6%), from €112,751 to €98,544
- Depreciation -€14,173
down €14,173 (-44.6%), from €31,801 to €17,628
- Financial income +€6,036
up €6,036 (+47.3%), from €12,756 to €18,793
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 | €3,492,749 | €3,528,079 | +€35,330 | +1.0% |
| Fixed assets | 21/28 | €69,846 | €15,764 | -€54,081 | -77.4% |
| Tangible fixed assets | 22/27 | €69,596 | €15,514 | -€54,081 | -77.7% |
| Land and buildings | 22 | €1,206 | €678 | -€528 | -43.8% |
| Plant, machinery and equipment | 23 | €3,616 | €1,838 | -€1,778 | -49.2% |
| Furniture and vehicles | 24 | €64,773 | €12,998 | -€51,775 | -79.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €3,422,904 | €3,512,315 | +€89,411 | +2.6% |
| Amounts receivable after more than one year | 29 | €771,000 | €811,000 | +€40,000 | +5.2% |
| Trade receivables | 290 | €771,000 | €811,000 | +€40,000 | +5.2% |
| Stocks and contracts in progress | 3 | €2,231,917 | €1,498,236 | -€733,681 | -32.9% |
| Stocks | 30/36 | €2,231,917 | €1,498,236 | -€733,681 | -32.9% |
| Amounts receivable within one year | 40/41 | €366,619 | €831,126 | +€464,507 | +127% |
| Trade receivables | 40 | €202,438 | €640,845 | +€438,407 | +217% |
| Other amounts receivable | 41 | €164,180 | €190,281 | +€26,101 | +15.9% |
| Cash at bank and in hand | 54/58 | €42,094 | €343,500 | +€301,406 | +716% |
| Deferred charges and accrued income | 490/1 | €11,274 | €28,453 | +€17,179 | +152% |
| Total equity and liabilities | 10/49 | €3,492,749 | €3,528,079 | +€35,330 | +1.0% |
| Equity | 10/15 | €2,259,653 | €1,806,875 | -€452,778 | -20.0% |
| Contributions | 10/11 | €6,255 | €6,255 | = | 0.0% |
| Reserves | 13 | €2,253,398 | €1,800,620 | -€452,778 | -20.1% |
| Tax-exempt reserves | 132 | €26,750 | €26,750 | = | 0.0% |
| Distributable reserves | 133 | €2,226,648 | €1,773,870 | -€452,778 | -20.3% |
| Amounts payable | 17/49 | €1,233,096 | €1,721,204 | +€488,108 | +39.6% |
| Amounts payable within one year | 42/48 | €1,233,096 | €1,721,204 | +€488,108 | +39.6% |
| Trade debts | 44 | €423,475 | €407,141 | -€16,333 | -3.9% |
| Suppliers | 440/4 | €423,475 | €407,141 | -€16,333 | -3.9% |
| Advances received on contracts in progress | 46 | €65,341 | €593,812 | +€528,471 | +809% |
| Taxes, remuneration and social security | 45 | €316,570 | €128,924 | -€187,646 | -59.3% |
| Taxes | 450/3 | €304,850 | €119,888 | -€184,962 | -60.7% |
| Remuneration and social security | 454/9 | €11,720 | €9,036 | -€2,684 | -22.9% |
| Other amounts payable | 47/48 | €427,711 | €591,327 | +€163,616 | +38.3% |
| Non-recurring operating income | 76A | - | €33,795 | +€33,795 | |
| Remuneration, social security and pensions | 62 | €112,751 | €98,544 | -€14,207 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,801 | €17,628 | -€14,173 | -44.6% |
| Other operating charges | 640/8 | €8,174 | €2,438 | -€5,736 | -70.2% |
| Gross operating margin | 9900 | €423,023 | €308,787 | -€114,235 | -27.0% |
| Operating profit (loss) | 9901 | €270,296 | €190,177 | -€80,119 | -29.6% |
| Financial income | 75/76B | €12,756 | €18,793 | +€6,036 | +47.3% |
| Recurring financial income | 75 | €12,756 | €18,793 | +€6,036 | +47.3% |
| Financial charges | 65/66B | €24,047 | €23,304 | -€743 | -3.1% |
| Recurring financial charges | 65 | €24,047 | €23,304 | -€743 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €259,005 | €185,665 | -€73,341 | -28.3% |
| Income taxes | 67/77 | €85,990 | €61,443 | -€24,546 | -28.5% |
| Profit (loss) for the period | 9904 | €173,016 | €124,222 | -€48,794 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €173,016 | €124,222 | -€48,794 | -28.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.