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 -€31,021
down €31,021 (-97.1%), from €31,945 to €924
mainly Investment in fixed assets (net) (-€29,340) and Current investments (-€16,699)
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€137,238
down €137,238 (-84.9%), from €161,662 to €24,425
- Gross operating margin +€13,861
up €13,861 (+21.9%), from €63,291 to €77,152
- Financial charges -€8,657
down €8,657 (-15.1%), from €57,308 to €48,651
of which Non-recurring financial charges: -€11,000
- Depreciation +€6,180
up €6,180 (+23.4%), from €26,370 to €32,549
- Other operating charges +€2,539
up €2,539 (+16.5%), from €15,412 to €17,952
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 | €2,703,078 | €2,684,622 | -€18,457 | -0.7% |
| Fixed assets | 21/28 | €1,013,170 | €1,009,960 | -€3,210 | -0.3% |
| Tangible fixed assets | 22/27 | €369,194 | €378,985 | +€9,790 | +2.7% |
| Land and buildings | 22 | €339,040 | €355,846 | +€16,806 | +5.0% |
| Plant, machinery and equipment | 23 | €27,529 | €21,526 | -€6,003 | -21.8% |
| Furniture and vehicles | 24 | €2,626 | €1,613 | -€1,013 | -38.6% |
| Financial fixed assets | 28 | €643,975 | €630,975 | -€13,000 | -2.0% |
| Current assets | 29/58 | €1,689,909 | €1,674,662 | -€15,247 | -0.9% |
| Amounts receivable within one year | 40/41 | €76,777 | €79,071 | +€2,294 | +3.0% |
| Trade receivables | 40 | €66,239 | €56,944 | -€9,296 | -14.0% |
| Other amounts receivable | 41 | €10,537 | €22,127 | +€11,590 | +110% |
| Current investments | 50/53 | €1,577,968 | €1,594,667 | +€16,699 | +1.1% |
| Cash at bank and in hand | 54/58 | €31,945 | €924 | -€31,021 | -97.1% |
| Deferred charges and accrued income | 490/1 | €3,219 | €0 | -€3,219 | -100% |
| Total equity and liabilities | 10/49 | €2,703,078 | €2,684,622 | -€18,457 | -0.7% |
| Equity | 10/15 | €1,986,308 | €1,987,303 | +€996 | +0.1% |
| Contributions | 10/11 | €501,837 | €501,837 | = | 0.0% |
| Reserves | 13 | €50,184 | €50,184 | = | 0.0% |
| Distributable reserves | 133 | €50,184 | €50,184 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,434,287 | €1,435,283 | +€996 | +0.1% |
| Amounts payable | 17/49 | €716,771 | €697,318 | -€19,452 | -2.7% |
| Amounts payable within one year | 42/48 | €668,688 | €657,458 | -€11,230 | -1.7% |
| Trade debts | 44 | €9,276 | €2,288 | -€6,988 | -75.3% |
| Suppliers | 440/4 | €9,276 | €2,288 | -€6,988 | -75.3% |
| Taxes, remuneration and social security | 45 | €7,061 | €10,505 | +€3,444 | +48.8% |
| Taxes | 450/3 | €7,061 | €10,505 | +€3,444 | +48.8% |
| Other amounts payable | 47/48 | €652,351 | €644,665 | -€7,686 | -1.2% |
| Accrued charges and deferred income | 492/3 | €48,083 | €39,861 | -€8,223 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,370 | €32,549 | +€6,180 | +23.4% |
| Other operating charges | 640/8 | €15,412 | €17,952 | +€2,539 | +16.5% |
| Gross operating margin | 9900 | €63,291 | €77,152 | +€13,861 | +21.9% |
| Operating profit (loss) | 9901 | €21,509 | €26,651 | +€5,142 | +23.9% |
| Financial income | 75/76B | €161,662 | €24,425 | -€137,238 | -84.9% |
| Recurring financial income | 75 | €161,662 | €24,425 | -€137,238 | -84.9% |
| Financial charges | 65/66B | €57,308 | €48,651 | -€8,657 | -15.1% |
| Recurring financial charges | 65 | €46,307 | €48,651 | +€2,344 | +5.1% |
| Non-recurring financial charges | 66B | €11,000 | €0 | -€11,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | €125,864 | €2,425 | -€123,439 | -98.1% |
| Income taxes | 67/77 | €138 | €1,429 | +€1,292 | +938% |
| Profit (loss) for the period | 9904 | €125,727 | €996 | -€124,731 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €125,727 | €996 | -€124,731 | -99.2% |
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 26 October 2026 via checked.be.