MARO MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€10,473
up €10,473 (+25.9%), from €40,410 to €50,883
of which Trade receivables: +€12,420
- Cash +€7,087
up €7,087 (+83.7%), from €8,469 to €15,556
mainly Net result for the year (+€99,842) and Other debts (+€22,287)
- Tangible fixed assets +€4,887
up €4,887 (+759.7%), from €643 to €5,531
- Other debts +€22,287
up €22,287 (+65.4%), from €34,102 to €56,389
- Tax, wage and social debts +€2,465
up €2,465 (+268.0%), from €920 to €3,385
- Reserves -€2,158
down €2,158 (-15.2%), from €14,215 to €12,058
- Gross operating margin +€22,713
up €22,713 (+20.9%), from €108,718 to €131,431
- Taxes +€5,066
up €5,066 (+22.3%), from €22,692 to €27,757
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 | €49,523 | €71,971 | +€22,448 | +45.3% |
| Fixed assets | 21/28 | €643 | €5,531 | +€4,887 | +759.7% |
| Tangible fixed assets | 22/27 | €643 | €5,531 | +€4,887 | +759.7% |
| Furniture and vehicles | 24 | €643 | €5,531 | +€4,887 | +759.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €48,879 | €66,440 | +€17,561 | +35.9% |
| Amounts receivable within one year | 40/41 | €40,410 | €50,883 | +€10,473 | +25.9% |
| Trade receivables | 40 | €13,310 | €25,730 | +€12,420 | +93.3% |
| Other amounts receivable | 41 | €27,100 | €25,153 | -€1,947 | -7.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €8,469 | €15,556 | +€7,087 | +83.7% |
| Total equity and liabilities | 10/49 | €49,523 | €71,971 | +€22,448 | +45.3% |
| Equity | 10/15 | €14,315 | €12,158 | -€2,158 | -15.1% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €14,215 | €12,058 | -€2,158 | -15.2% |
| Distributable reserves | 133 | €14,215 | €12,058 | -€2,158 | -15.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,207 | €59,813 | +€24,606 | +69.9% |
| Amounts payable within one year | 42/48 | €35,207 | €59,813 | +€24,606 | +69.9% |
| Trade debts | 44 | €185 | €39 | -€146 | -79.0% |
| Suppliers | 440/4 | €185 | €39 | -€146 | -79.0% |
| Taxes, remuneration and social security | 45 | €920 | €3,385 | +€2,465 | +268.0% |
| Taxes | 450/3 | €920 | €3,385 | +€2,465 | +268.0% |
| Other amounts payable | 47/48 | €34,102 | €56,389 | +€22,287 | +65.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €908 | €1,113 | +€204 | +22.5% |
| Other operating charges | 640/8 | €576 | €655 | +€78 | +13.6% |
| Non-recurring operating charges | 66A | - | €2,009 | +€2,009 | |
| Gross operating margin | 9900 | €108,718 | €131,431 | +€22,713 | +20.9% |
| Operating profit (loss) | 9901 | €107,233 | €127,655 | +€20,422 | +19.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | +700.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +700.0% |
| Financial charges | 65/66B | €54 | €55 | +€1 | +2.5% |
| Recurring financial charges | 65 | €54 | €55 | +€1 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €107,179 | €127,600 | +€20,420 | +19.1% |
| Income taxes | 67/77 | €22,692 | €27,757 | +€5,066 | +22.3% |
| Profit (loss) for the period | 9904 | €84,488 | €99,842 | +€15,354 | +18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €84,488 | €99,842 | +€15,354 | +18.2% |
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 11 October 2026 via checked.be.