MARO RECYCLING: what changed
MARO RECYCLING
Largest movements
- Receivables within one year -€494,588
down €494,588 (-59.2%), from €836,069 to €341,481
of which Trade receivables: -€464,365
- Current investments +€400,000
up €400,000 (+28.6%), from €1.4m to €1.8m
- Cash -€72,065
down €72,065 (-16.4%), from €440,571 to €368,506
mainly Current investments (-€400,000) and Trade debts (-€375,050)
- Trade debts -€375,050
down €375,050 (-44.9%), from €835,819 to €460,769
- Reserves +€148,382
up €148,382 (+12.4%), from €1.2m to €1.3m
of which Distributable reserves: +€148,382
- Tax, wage and social debts +€46,838
up €46,838 (+125%), from €37,347 to €84,185
- Gross operating margin +€86,199
up €86,199 (+61.5%), from €140,255 to €226,454
- Taxes +€17,141
up €17,141 (+50.5%), from €33,950 to €51,091
- Write-downs +€14,518
up €14,518 (+312%), from €4,661 to €19,179
- Financial income -€9,713
down €9,713 (-19.6%), from €49,436 to €39,723
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,684,712 | €2,510,061 | -€174,652 | -6.5% |
| Current assets | 29/58 | €2,684,712 | €2,510,061 | -€174,652 | -6.5% |
| Amounts receivable within one year | 40/41 | €836,069 | €341,481 | -€494,588 | -59.2% |
| Trade receivables | 40 | €776,189 | €311,824 | -€464,365 | -59.8% |
| Other amounts receivable | 41 | €59,880 | €29,656 | -€30,223 | -50.5% |
| Current investments | 50/53 | €1,400,000 | €1,800,000 | +€400,000 | +28.6% |
| Cash at bank and in hand | 54/58 | €440,571 | €368,506 | -€72,065 | -16.4% |
| Deferred charges and accrued income | 490/1 | €8,072 | €74 | -€7,998 | -99.1% |
| Total equity and liabilities | 10/49 | €2,684,712 | €2,510,061 | -€174,652 | -6.5% |
| Equity | 10/15 | €1,256,193 | €1,404,575 | +€148,382 | +11.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €0 | - | = | |
| Issued capital | 100 | €0 | - | = | |
| Contributions outside capital | 11 | €61,500 | €61,500 | = | 0.0% |
| Other | 1109/19 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,194,693 | €1,343,075 | +€148,382 | +12.4% |
| Non-distributable reserves | 130/1 | €6,375 | €6,375 | = | 0.0% |
| Legal reserve | 130 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €6,375 | €6,375 | = | 0.0% |
| Distributable reserves | 133 | €1,188,317 | €1,336,699 | +€148,382 | +12.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,428,519 | €1,105,486 | -€323,034 | -22.6% |
| Amounts payable within one year | 42/48 | €1,428,519 | €1,105,486 | -€323,034 | -22.6% |
| Trade debts | 44 | €835,819 | €460,769 | -€375,050 | -44.9% |
| Suppliers | 440/4 | €835,819 | €460,769 | -€375,050 | -44.9% |
| Taxes, remuneration and social security | 45 | €37,347 | €84,185 | +€46,838 | +125% |
| Taxes | 450/3 | €37,347 | €84,185 | +€46,838 | +125% |
| Other amounts payable | 47/48 | €555,353 | €560,532 | +€5,179 | +0.9% |
| Non-recurring operating income | 76A | €5,210 | €0 | -€5,210 | -100% |
| Remuneration, social security and pensions | 62 | €716 | €742 | +€26 | +3.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,661 | €19,179 | +€14,518 | +312% |
| Other operating charges | 640/8 | €1,517 | €1,464 | -€53 | -3.5% |
| Gross operating margin | 9900 | €140,255 | €226,454 | +€86,199 | +61.5% |
| Operating profit (loss) | 9901 | €133,361 | €205,069 | +€71,708 | +53.8% |
| Financial income | 75/76B | €49,436 | €39,723 | -€9,713 | -19.6% |
| Recurring financial income | 75 | €49,436 | €39,723 | -€9,713 | -19.6% |
| Financial charges | 65/66B | €7,311 | €7,819 | +€508 | +6.9% |
| Recurring financial charges | 65 | €7,311 | €7,819 | +€508 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | €175,486 | €236,973 | +€61,487 | +35.0% |
| Income taxes | 67/77 | €33,950 | €51,091 | +€17,141 | +50.5% |
| Profit (loss) for the period | 9904 | €141,536 | €185,882 | +€44,346 | +31.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €141,536 | €185,882 | +€44,346 | +31.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.