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 -€10,461
down €10,461 (-14.1%), from €74,390 to €63,929
of which Plant, machinery and equipment: -€8,047
- Cash +€3,801
up €3,801 (+7.0%), from €54,044 to €57,845
mainly Depreciation (+€22,590) and Net result for the year (+€3,628)
- Receivables within one year -€3,201
down €3,201 (-81.8%), from €3,914 to €713
of which Trade receivables: -€3,172
- Debts after one year -€18,633
down €18,633 (-50.5%), from €36,878 to €18,244
- Profit (loss) carried forward +€3,628
up €3,628 (+17.2%), from €21,099 to €24,727
- Other debts +€2,714
up €2,714 (+16.0%), from €16,969 to €19,683
- Staff costs +€36,490
up €36,490 (+49.3%), from €74,052 to €110,543
- Gross operating margin +€27,682
up €27,682 (+22.3%), from €123,936 to €151,617
- Depreciation +€3,455
up €3,455 (+18.1%), from €19,135 to €22,590
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 | €145,202 | €133,394 | -€11,808 | -8.1% |
| Formation expenses | 20 | €1,491 | €832 | -€658 | -44.2% |
| Fixed assets | 21/28 | €76,057 | €65,511 | -€10,546 | -13.9% |
| Intangible fixed assets | 21 | €1,367 | €1,282 | -€85 | -6.2% |
| Tangible fixed assets | 22/27 | €74,390 | €63,929 | -€10,461 | -14.1% |
| Plant, machinery and equipment | 23 | €49,180 | €41,132 | -€8,047 | -16.4% |
| Furniture and vehicles | 24 | €25,210 | €20,265 | -€4,945 | -19.6% |
| Other tangible fixed assets | 26 | - | €2,532 | +€2,532 | |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €67,654 | €67,050 | -€603 | -0.9% |
| Stocks and contracts in progress | 3 | €4,986 | €4,367 | -€619 | -12.4% |
| Stocks | 30/36 | €4,986 | €4,367 | -€619 | -12.4% |
| Amounts receivable within one year | 40/41 | €3,914 | €713 | -€3,201 | -81.8% |
| Trade receivables | 40 | €3,563 | €392 | -€3,172 | -89.0% |
| Other amounts receivable | 41 | €351 | €322 | -€29 | -8.3% |
| Cash at bank and in hand | 54/58 | €54,044 | €57,845 | +€3,801 | +7.0% |
| Deferred charges and accrued income | 490/1 | €4,710 | €4,126 | -€584 | -12.4% |
| Total equity and liabilities | 10/49 | €145,202 | €133,394 | -€11,808 | -8.1% |
| Equity | 10/15 | €36,099 | €39,727 | +€3,628 | +10.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,099 | €24,727 | +€3,628 | +17.2% |
| Amounts payable | 17/49 | €109,103 | €93,667 | -€15,436 | -14.1% |
| Amounts payable after more than one year | 17 | €36,878 | €18,244 | -€18,633 | -50.5% |
| Financial debts | 170/4 | €36,878 | €18,244 | -€18,633 | -50.5% |
| Amounts payable within one year | 42/48 | €70,962 | €74,053 | +€3,091 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €18,317 | €18,633 | +€316 | +1.7% |
| Trade debts | 44 | €9,157 | €8,525 | -€632 | -6.9% |
| Suppliers | 440/4 | €9,157 | €8,525 | -€632 | -6.9% |
| Taxes, remuneration and social security | 45 | €26,518 | €27,211 | +€693 | +2.6% |
| Taxes | 450/3 | €17,776 | €16,300 | -€1,476 | -8.3% |
| Remuneration and social security | 454/9 | €8,743 | €10,912 | +€2,169 | +24.8% |
| Other amounts payable | 47/48 | €16,969 | €19,683 | +€2,714 | +16.0% |
| Accrued charges and deferred income | 492/3 | €1,264 | €1,370 | +€106 | +8.4% |
| Remuneration, social security and pensions | 62 | €74,052 | €110,543 | +€36,490 | +49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,135 | €22,590 | +€3,455 | +18.1% |
| Other operating charges | 640/8 | €4,978 | €4,848 | -€130 | -2.6% |
| Gross operating margin | 9900 | €123,936 | €151,617 | +€27,682 | +22.3% |
| Operating profit (loss) | 9901 | €25,770 | €13,636 | -€12,134 | -47.1% |
| Financial income | 75/76B | €112 | €268 | +€156 | +139.9% |
| Recurring financial income | 75 | €112 | €268 | +€156 | +139.9% |
| Financial charges | 65/66B | €7,377 | €7,387 | +€10 | +0.1% |
| Recurring financial charges | 65 | €7,377 | €7,387 | +€10 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €18,505 | €6,517 | -€11,988 | -64.8% |
| Income taxes | 67/77 | €4,306 | €2,889 | -€1,417 | -32.9% |
| Profit (loss) for the period | 9904 | €14,200 | €3,628 | -€10,571 | -74.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,200 | €3,628 | -€10,571 | -74.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.