MAROBACE: 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.
MAROBACE
Largest movements
- Cash +€153,392
up €153,392 (+68.3%), from €224,426 to €377,817
mainly Net result for the year (+€154,410) and Depreciation (+€64,240)
- Financial fixed assets +€37,500
new in 2025: €37,500
- Tangible fixed assets -€29,034
down €29,034 (-9.8%), from €296,382 to €267,348
of which Plant, machinery and equipment: -€35,639
- Receivables within one year -€20,379
down €20,379 (-31.5%), from €64,710 to €44,331
of which Other amounts receivable: -€22,874
- Reserves +€154,410
up €154,410 (+64.6%), from €238,906 to €393,315
- Debts after one year -€16,867
down €16,867 (-9.5%), from €177,826 to €160,960
- Current portion of long-term debt +€11,578
up €11,578 (+21.9%), from €52,974 to €64,553
- Gross operating margin +€111,941
up €111,941 (+23.5%), from €475,452 to €587,394
- Taxes +€17,873
up €17,873 (+60.1%), from €29,742 to €47,614
- Depreciation +€14,311
up €14,311 (+28.7%), from €49,928 to €64,240
- Staff costs +€13,688
up €13,688 (+4.9%), from €278,204 to €291,892
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 | €602,439 | €741,936 | +€139,497 | +23.2% |
| Fixed assets | 21/28 | €297,431 | €305,544 | +€8,113 | +2.7% |
| Intangible fixed assets | 21 | €1,048 | €696 | -€353 | -33.7% |
| Tangible fixed assets | 22/27 | €296,382 | €267,348 | -€29,034 | -9.8% |
| Plant, machinery and equipment | 23 | €153,321 | €117,681 | -€35,639 | -23.2% |
| Furniture and vehicles | 24 | €143,062 | €149,667 | +€6,605 | +4.6% |
| Financial fixed assets | 28 | - | €37,500 | +€37,500 | |
| Current assets | 29/58 | €305,008 | €436,392 | +€131,384 | +43.1% |
| Stocks and contracts in progress | 3 | €14,841 | €12,993 | -€1,848 | -12.5% |
| Stocks | 30/36 | €14,841 | €12,993 | -€1,848 | -12.5% |
| Amounts receivable within one year | 40/41 | €64,710 | €44,331 | -€20,379 | -31.5% |
| Trade receivables | 40 | €16,652 | €19,147 | +€2,495 | +15.0% |
| Other amounts receivable | 41 | €48,058 | €25,185 | -€22,874 | -47.6% |
| Cash at bank and in hand | 54/58 | €224,426 | €377,817 | +€153,392 | +68.3% |
| Deferred charges and accrued income | 490/1 | €1,031 | €1,251 | +€220 | +21.3% |
| Total equity and liabilities | 10/49 | €602,439 | €741,936 | +€139,497 | +23.2% |
| Equity | 10/15 | €239,906 | €394,315 | +€154,410 | +64.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €238,906 | €393,315 | +€154,410 | +64.6% |
| Distributable reserves | 133 | €238,906 | €393,315 | +€154,410 | +64.6% |
| Amounts payable | 17/49 | €362,533 | €347,620 | -€14,913 | -4.1% |
| Amounts payable after more than one year | 17 | €177,826 | €160,960 | -€16,867 | -9.5% |
| Financial debts | 170/4 | €177,826 | €160,960 | -€16,867 | -9.5% |
| Amounts payable within one year | 42/48 | €184,707 | €186,661 | +€1,954 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €52,974 | €64,553 | +€11,578 | +21.9% |
| Trade debts | 44 | €23,134 | €24,564 | +€1,430 | +6.2% |
| Suppliers | 440/4 | €23,134 | €24,564 | +€1,430 | +6.2% |
| Advances received on contracts in progress | 46 | €8,941 | €5,870 | -€3,071 | -34.3% |
| Taxes, remuneration and social security | 45 | €98,059 | €91,673 | -€6,385 | -6.5% |
| Taxes | 450/3 | €72,159 | €70,378 | -€1,780 | -2.5% |
| Remuneration and social security | 454/9 | €25,900 | €21,295 | -€4,605 | -17.8% |
| Other amounts payable | 47/48 | €1,599 | - | -€1,599 | |
| Remuneration, social security and pensions | 62 | €278,204 | €291,892 | +€13,688 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,928 | €64,240 | +€14,311 | +28.7% |
| Other operating charges | 640/8 | €2,348 | €690 | -€1,658 | -70.6% |
| Non-recurring operating charges | 66A | - | €15,827 | +€15,827 | |
| Gross operating margin | 9900 | €475,452 | €587,394 | +€111,941 | +23.5% |
| Operating profit (loss) | 9901 | €144,971 | €214,745 | +€69,773 | +48.1% |
| Financial income | 75/76B | €58 | €664 | +€606 | +1045.7% |
| Recurring financial income | 75 | €58 | €664 | +€606 | +1045.7% |
| Financial charges | 65/66B | €10,428 | €13,385 | +€2,957 | +28.4% |
| Recurring financial charges | 65 | €10,428 | €13,385 | +€2,957 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | €134,601 | €202,024 | +€67,422 | +50.1% |
| Income taxes | 67/77 | €29,742 | €47,614 | +€17,873 | +60.1% |
| Profit (loss) for the period | 9904 | €104,860 | €154,410 | +€49,550 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €104,860 | €154,410 | +€49,550 | +47.3% |
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 7 October 2026 via checked.be.