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
- Cash -€21,769
down €21,769 (-55.5%), from €39,234 to €17,465
mainly Stocks and contracts (-€20,420) and Trade debts (-€14,320)
- Stocks and contracts +€20,420
up €20,420 (+2.7%), from €763,694 to €784,114
- Tangible fixed assets -€12,671
down €12,671 (-21.0%), from €60,268 to €47,597
- Receivables within one year +€12,234
up €12,234 (+31.1%), from €39,330 to €51,565
of which Trade receivables: +€12,232
- Trade debts -€14,320
down €14,320 (-19.1%), from €74,794 to €60,474
- Other debts +€10,454
up €10,454 (+1.2%), from €868,826 to €879,281
- Staff costs -€23,518
down €23,518 (-41.9%), from €56,192 to €32,674
- Depreciation +€9,585
up €9,585 (+310.7%), from €3,085 to €12,671
- Taxes -€7,396
down €7,396 (-50.2%), from €14,722 to €7,326
- Gross operating margin +€3,219
up €3,219 (+5.6%), from €57,912 to €61,131
- Financial charges +€735
up €735 (+110.1%), from €668 to €1,402
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €904,045 | €900,741 | -€3,304 | -0.4% |
| Fixed assets | 21/28 | €60,268 | €47,597 | -€12,671 | -21.0% |
| Tangible fixed assets | 22/27 | €60,268 | €47,597 | -€12,671 | -21.0% |
| Furniture and vehicles | 24 | €60,268 | €47,597 | -€12,671 | -21.0% |
| Current assets | 29/58 | €843,777 | €853,144 | +€9,366 | +1.1% |
| Stocks and contracts in progress | 3 | €763,694 | €784,114 | +€20,420 | +2.7% |
| Stocks | 30/36 | €763,694 | €784,114 | +€20,420 | +2.7% |
| Amounts receivable within one year | 40/41 | €39,330 | €51,565 | +€12,234 | +31.1% |
| Trade receivables | 40 | €39,330 | €51,563 | +€12,232 | +31.1% |
| Other amounts receivable | 41 | - | €2 | +€2 | |
| Cash at bank and in hand | 54/58 | €39,234 | €17,465 | -€21,769 | -55.5% |
| Deferred charges and accrued income | 490/1 | €1,519 | €0 | -€1,519 | -100.0% |
| Total equity and liabilities | 10/49 | €904,045 | €900,741 | -€3,304 | -0.4% |
| Equity | 10/15 | -€75,418 | -€75,951 | -€533 | -0.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €330 | €330 | = | 0.0% |
| Non-distributable reserves | 130/1 | €330 | €330 | = | 0.0% |
| Reserves not available under the articles | 1311 | €330 | €330 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,748 | -€96,282 | -€533 | -0.6% |
| Amounts payable | 17/49 | €979,463 | €976,692 | -€2,771 | -0.3% |
| Amounts payable within one year | 42/48 | €979,463 | €976,692 | -€2,771 | -0.3% |
| Trade debts | 44 | €74,794 | €60,474 | -€14,320 | -19.1% |
| Suppliers | 440/4 | €74,794 | €60,474 | -€14,320 | -19.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €35,843 | €36,938 | +€1,094 | +3.1% |
| Taxes | 450/3 | €33,556 | €36,648 | +€3,092 | +9.2% |
| Remuneration and social security | 454/9 | €2,287 | €289 | -€1,998 | -87.4% |
| Other amounts payable | 47/48 | €868,826 | €879,281 | +€10,454 | +1.2% |
| Remuneration, social security and pensions | 62 | €56,192 | €32,674 | -€23,518 | -41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,085 | €12,671 | +€9,585 | +310.7% |
| Other operating charges | 640/8 | €7,350 | €7,621 | +€272 | +3.7% |
| Gross operating margin | 9900 | €57,912 | €61,131 | +€3,219 | +5.6% |
| Operating profit (loss) | 9901 | -€8,714 | €8,165 | +€16,880 | |
| Financial income | 75/76B | €0 | €29 | +€29 | |
| Recurring financial income | 75 | €0 | €29 | +€29 | |
| Financial charges | 65/66B | €668 | €1,402 | +€735 | +110.1% |
| Recurring financial charges | 65 | €668 | €1,402 | +€735 | +110.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,382 | €6,792 | +€16,174 | |
| Income taxes | 67/77 | €14,722 | €7,326 | -€7,396 | -50.2% |
| Profit (loss) for the period | 9904 | -€24,104 | -€533 | +€23,571 | +97.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,104 | -€533 | +€23,571 | +97.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.