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 +€62,789
up €62,789 (+2704.4%), from €2,322 to €65,111
of which Furniture and vehicles: +€63,281
- Cash -€34,414
down €34,414 (-22.1%), from €155,589 to €121,175
mainly Investment in fixed assets (net) (-€64,195) and Other debts (-€56,894)
- Stocks and contracts -€8,547
down €8,547 (-13.2%), from €64,621 to €56,074
- Deferred charges and accrued income -€3,505
down €3,505 (-44.9%), from €7,809 to €4,305
- Other debts -€56,894
down €56,894 (-56.2%), from €101,272 to €44,377
- Debts after one year +€45,725
new in 2025: €45,725
- Current portion of long-term debt +€10,475
new in 2025: €10,475
- Reserves +€9,673
up €9,673 (+30.1%), from €32,126 to €41,799
- Tax, wage and social debts +€9,270
up €9,270 (+31.2%), from €29,741 to €39,011
of which Taxes: +€16,300
- Gross operating margin -€129,106
down €129,106 (-75.3%), from €171,518 to €42,413
- Staff costs -€52,586
down €52,586 (-68.8%), from €76,401 to €23,814
- Financial income -€27,577
down €27,577 (-77.0%), from €35,810 to €8,234
of which Non-recurring financial income: -€33,148
- Taxes -€25,204
down €25,204 (-82.5%), from €30,552 to €5,348
- Other operating charges -€2,240
down €2,240 (-45.2%), from €4,954 to €2,714
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 | €302,165 | €318,294 | +€16,129 | +5.3% |
| Fixed assets | 21/28 | €6,822 | €69,611 | +€62,789 | +920.4% |
| Tangible fixed assets | 22/27 | €2,322 | €65,111 | +€62,789 | +2704.4% |
| Land and buildings | 22 | €1,351 | €1,126 | -€225 | -16.7% |
| Plant, machinery and equipment | 23 | €669 | €403 | -€266 | -39.8% |
| Furniture and vehicles | 24 | €301 | €63,582 | +€63,281 | +20993.5% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €295,343 | €248,683 | -€46,661 | -15.8% |
| Stocks and contracts in progress | 3 | €64,621 | €56,074 | -€8,547 | -13.2% |
| Stocks | 30/36 | €64,621 | €56,074 | -€8,547 | -13.2% |
| Amounts receivable within one year | 40/41 | €1,152 | €176 | -€975 | -84.7% |
| Trade receivables | 40 | €1,152 | €175 | -€976 | -84.8% |
| Other amounts receivable | 41 | - | €1 | +€1 | |
| Current investments | 50/53 | €66,173 | €66,953 | +€780 | +1.2% |
| Cash at bank and in hand | 54/58 | €155,589 | €121,175 | -€34,414 | -22.1% |
| Deferred charges and accrued income | 490/1 | €7,809 | €4,305 | -€3,505 | -44.9% |
| Total equity and liabilities | 10/49 | €302,165 | €318,294 | +€16,129 | +5.3% |
| Equity | 10/15 | €164,395 | €174,069 | +€9,673 | +5.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,126 | €41,799 | +€9,673 | +30.1% |
| Distributable reserves | 133 | €32,126 | €41,799 | +€9,673 | +30.1% |
| Profit (loss) carried forward | 14 | €113,670 | €113,670 | = | 0.0% |
| Amounts payable | 17/49 | €137,770 | €144,225 | +€6,456 | +4.7% |
| Amounts payable after more than one year | 17 | - | €45,725 | +€45,725 | |
| Financial debts | 170/4 | - | €45,725 | +€45,725 | |
| Amounts payable within one year | 42/48 | €137,770 | €98,501 | -€39,269 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | - | €10,475 | +€10,475 | |
| Trade debts | 44 | €6,757 | €4,637 | -€2,120 | -31.4% |
| Suppliers | 440/4 | €6,757 | €4,637 | -€2,120 | -31.4% |
| Taxes, remuneration and social security | 45 | €29,741 | €39,011 | +€9,270 | +31.2% |
| Taxes | 450/3 | €17,493 | €33,793 | +€16,300 | +93.2% |
| Remuneration and social security | 454/9 | €12,248 | €5,218 | -€7,030 | -57.4% |
| Other amounts payable | 47/48 | €101,272 | €44,377 | -€56,894 | -56.2% |
| Non-recurring operating income | 76A | €69,706 | - | -€69,706 | |
| Remuneration, social security and pensions | 62 | €76,401 | €23,814 | -€52,586 | -68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,207 | €1,406 | -€1,801 | -56.2% |
| Other operating charges | 640/8 | €4,954 | €2,714 | -€2,240 | -45.2% |
| Gross operating margin | 9900 | €171,518 | €42,413 | -€129,106 | -75.3% |
| Operating profit (loss) | 9901 | €86,957 | €14,478 | -€72,479 | -83.4% |
| Financial income | 75/76B | €35,810 | €8,234 | -€27,577 | -77.0% |
| Recurring financial income | 75 | €2,662 | €8,234 | +€5,572 | +209.3% |
| Non-recurring financial income | 76B | €33,148 | - | -€33,148 | |
| Financial charges | 65/66B | €9,900 | €7,690 | -€2,209 | -22.3% |
| Recurring financial charges | 65 | €1,936 | €896 | -€1,040 | -53.7% |
| Non-recurring financial charges | 66B | €7,963 | €6,794 | -€1,169 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €112,868 | €15,022 | -€97,847 | -86.7% |
| Income taxes | 67/77 | €30,552 | €5,348 | -€25,204 | -82.5% |
| Profit (loss) for the period | 9904 | €82,316 | €9,673 | -€72,643 | -88.2% |
| Profit (loss) for the period to be appropriated | 9905 | €82,316 | €9,673 | -€72,643 | -88.2% |
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 9 October 2026 via checked.be.