MARO: what changed
Two fiscal 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
No asset line moved by more than 1% of the balance sheet total.
- Profit (loss) carried forward +€6,537
up €6,537 (+32.7%), from -€19,986 to -€13,449
- Other debts -€3,733
down €3,733 (-2.5%), from €150,002 to €146,269
- Short-term financial debts -€2,177
no longer reported in 2025 (was €2,177)
- Gross operating margin -€1,853
down €1,853 (-15.0%), from €12,364 to €10,511
- Other operating charges -€1,136
down €1,136 (-42.7%), from €2,664 to €1,528
- Depreciation +€728
up €728 (+41.0%), from €1,774 to €2,502
- Financial income -€518
down €518 (-40.0%), from €1,296 to €778
of which Non-recurring financial income: -€503
- Financial charges -€324
down €324 (-49.6%), from €652 to €329
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 | €160,452 | €161,198 | +€746 | +0.5% |
| Fixed assets | 21/28 | €33,775 | €34,291 | +€516 | +1.5% |
| Tangible fixed assets | 22/27 | €33,775 | €34,291 | +€516 | +1.5% |
| Land and buildings | 22 | - | €1,273 | +€1,273 | |
| Plant, machinery and equipment | 23 | €28,887 | €28,887 | = | 0.0% |
| Furniture and vehicles | 24 | €4,888 | €4,131 | -€757 | -15.5% |
| Current assets | 29/58 | €126,677 | €126,908 | +€230 | +0.2% |
| Stocks and contracts in progress | 3 | €123,175 | €123,175 | = | 0.0% |
| Stocks | 30/36 | €123,175 | €123,175 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,020 | €1,642 | -€378 | -18.7% |
| Trade receivables | 40 | €2,020 | €1,642 | -€378 | -18.7% |
| Cash at bank and in hand | 54/58 | - | €728 | +€728 | |
| Deferred charges and accrued income | 490/1 | €1,482 | €1,362 | -€120 | -8.1% |
| Total equity and liabilities | 10/49 | €160,452 | €161,198 | +€746 | +0.5% |
| Equity | 10/15 | -€245 | €6,291 | +€6,537 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,140 | €1,140 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,140 | €1,140 | = | 0.0% |
| Other | 1319 | €1,140 | €1,140 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,986 | -€13,449 | +€6,537 | +32.7% |
| Amounts payable | 17/49 | €160,698 | €154,907 | -€5,791 | -3.6% |
| Amounts payable within one year | 42/48 | €160,698 | €154,907 | -€5,791 | -3.6% |
| Financial debts | 43 | €2,177 | - | -€2,177 | |
| Credit institutions | 430/8 | €2,177 | - | -€2,177 | |
| Trade debts | 44 | €6,862 | €7,345 | +€483 | +7.0% |
| Suppliers | 440/4 | €6,862 | €7,345 | +€483 | +7.0% |
| Taxes, remuneration and social security | 45 | €1,657 | €1,293 | -€363 | -21.9% |
| Taxes | 450/3 | €1,657 | €1,293 | -€363 | -21.9% |
| Other amounts payable | 47/48 | €150,002 | €146,269 | -€3,733 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,774 | €2,502 | +€728 | +41.0% |
| Other operating charges | 640/8 | €2,664 | €1,528 | -€1,136 | -42.7% |
| Gross operating margin | 9900 | €12,364 | €10,511 | -€1,853 | -15.0% |
| Operating profit (loss) | 9901 | €7,926 | €6,481 | -€1,445 | -18.2% |
| Financial income | 75/76B | €1,296 | €778 | -€518 | -40.0% |
| Recurring financial income | 75 | €15 | €0 | -€15 | -97.5% |
| Non-recurring financial income | 76B | €1,281 | €778 | -€503 | -39.3% |
| Financial charges | 65/66B | €652 | €329 | -€324 | -49.6% |
| Recurring financial charges | 65 | €652 | €329 | -€324 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €8,570 | €6,931 | -€1,639 | -19.1% |
| Income taxes | 67/77 | €402 | €394 | -€8 | -2.1% |
| Profit (loss) for the period | 9904 | €8,167 | €6,537 | -€1,631 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,167 | €6,537 | -€1,631 | -20.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.