MARO GROUP: 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 GROUP
Largest movements
- Cash +€107,537
up €107,537 (+40.1%), from €268,080 to €375,617
mainly Net result for the year (+€82,261) and Advances received (+€47,205)
- Receivables within one year -€16,335
down €16,335 (-93.8%), from €17,420 to €1,085
of which Other amounts receivable: -€17,322
- Stocks and contracts +€15,719
up €15,719 (+3.7%), from €424,700 to €440,419
- Advances received +€47,205
up €47,205 (+42.4%), from €111,406 to €158,612
- Tax, wage and social debts +€42,529
up €42,529 (+87.1%), from €48,810 to €91,339
of which Taxes: +€42,768
- Short-term financial debts +€27,500
up €27,500, from €0 to €27,500
- Other debts +€24,986
up €24,986 (+9994.4%), from €250 to €25,236
- Trade debts -€23,352
down €23,352 (-26.3%), from €88,795 to €65,442
- Staff costs +€26,758
up €26,758 (+37.6%), from €71,249 to €98,007
- Taxes -€10,451
down €10,451 (-25.2%), from €41,544 to €31,093
- Depreciation +€9,194
up €9,194 (+30.5%), from €30,160 to €39,354
- Gross operating margin +€6,771
up €6,771 (+2.6%), from €262,180 to €268,950
- Financial charges +€4,767
up €4,767 (+49.4%), from €9,649 to €14,416
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 | €823,170 | €931,580 | +€108,410 | +13.2% |
| Fixed assets | 21/28 | €112,969 | €113,779 | +€810 | +0.7% |
| Intangible fixed assets | 21 | €111 | €0 | -€111 | -100.0% |
| Tangible fixed assets | 22/27 | €106,228 | €107,149 | +€921 | +0.9% |
| Plant, machinery and equipment | 23 | €2,639 | €1,799 | -€839 | -31.8% |
| Furniture and vehicles | 24 | €103,589 | €105,350 | +€1,760 | +1.7% |
| Financial fixed assets | 28 | €6,630 | €6,630 | = | 0.0% |
| Current assets | 29/58 | €710,200 | €817,801 | +€107,601 | +15.2% |
| Stocks and contracts in progress | 3 | €424,700 | €440,419 | +€15,719 | +3.7% |
| Stocks | 30/36 | €424,700 | €440,419 | +€15,719 | +3.7% |
| Amounts receivable within one year | 40/41 | €17,420 | €1,085 | -€16,335 | -93.8% |
| Trade receivables | 40 | €99 | €1,085 | +€987 | +999.5% |
| Other amounts receivable | 41 | €17,322 | €0 | -€17,322 | -100.0% |
| Cash at bank and in hand | 54/58 | €268,080 | €375,617 | +€107,537 | +40.1% |
| Deferred charges and accrued income | 490/1 | - | €679 | +€679 | |
| Total equity and liabilities | 10/49 | €823,170 | €931,580 | +€108,410 | +13.2% |
| Equity | 10/15 | €346,074 | €348,335 | +€2,261 | +0.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €341,074 | €343,335 | +€2,261 | +0.7% |
| Amounts payable | 17/49 | €477,096 | €583,245 | +€106,149 | +22.2% |
| Amounts payable after more than one year | 17 | €206,100 | €189,804 | -€16,296 | -7.9% |
| Financial debts | 170/4 | €206,100 | €189,804 | -€16,296 | -7.9% |
| Amounts payable within one year | 42/48 | €270,995 | €393,241 | +€122,245 | +45.1% |
| Current portion of amounts payable after more than one year | 42 | €21,734 | €25,111 | +€3,377 | +15.5% |
| Financial debts | 43 | €0 | €27,500 | +€27,500 | |
| Credit institutions | 430/8 | €0 | €27,500 | +€27,500 | |
| Trade debts | 44 | €88,795 | €65,442 | -€23,352 | -26.3% |
| Suppliers | 440/4 | €88,795 | €65,442 | -€23,352 | -26.3% |
| Advances received on contracts in progress | 46 | €111,406 | €158,612 | +€47,205 | +42.4% |
| Taxes, remuneration and social security | 45 | €48,810 | €91,339 | +€42,529 | +87.1% |
| Taxes | 450/3 | €42,135 | €84,903 | +€42,768 | +101.5% |
| Remuneration and social security | 454/9 | €6,676 | €6,437 | -€239 | -3.6% |
| Other amounts payable | 47/48 | €250 | €25,236 | +€24,986 | +9994.4% |
| Accrued charges and deferred income | 492/3 | - | €200 | +€200 | |
| Remuneration, social security and pensions | 62 | €71,249 | €98,007 | +€26,758 | +37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,160 | €39,354 | +€9,194 | +30.5% |
| Other operating charges | 640/8 | €3,424 | €6,935 | +€3,510 | +102.5% |
| Non-recurring operating charges | 66A | €3,339 | €0 | -€3,339 | -100.0% |
| Gross operating margin | 9900 | €262,180 | €268,950 | +€6,771 | +2.6% |
| Operating profit (loss) | 9901 | €154,007 | €124,654 | -€29,353 | -19.1% |
| Financial income | 75/76B | €6,545 | €3,116 | -€3,429 | -52.4% |
| Recurring financial income | 75 | €6,545 | €3,116 | -€3,429 | -52.4% |
| Financial charges | 65/66B | €9,649 | €14,416 | +€4,767 | +49.4% |
| Recurring financial charges | 65 | €9,649 | €14,416 | +€4,767 | +49.4% |
| Profit (loss) for the period before taxes | 9903 | €150,904 | €113,354 | -€37,550 | -24.9% |
| Income taxes | 67/77 | €41,544 | €31,093 | -€10,451 | -25.2% |
| Profit (loss) for the period | 9904 | €109,360 | €82,261 | -€27,099 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €109,360 | €82,261 | -€27,099 | -24.8% |
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 12 October 2026 via checked.be.