MAROEL: 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.
MAROEL
Largest movements
- Financial fixed assets -€47,236
down €47,236 (-3.4%), from €1.4m to €1.4m
- Receivables within one year +€18,061
new in 2025: €18,061
- Cash -€15,257
down €15,257 (-39.1%), from €39,051 to €23,794
mainly Other debts (-€143,521) and Receivables within one year (-€18,061)
- Other debts -€143,521
down €143,521 (-67.2%), from €213,521 to €70,000
- Reserves +€88,674
up €88,674 (+431%), from €20,577 to €109,251
- Financial income +€81,628
new in 2025: €81,628
- Financial charges +€8,969
up €8,969 (+19.8%), from €45,306 to €54,274
- Gross operating margin -€4,052
down €4,052 (-5.5%), from €73,348 to €69,296
- Other operating charges +€1,583
up €1,583 (+2,508%), from €63 to €1,646
- Taxes -€831
down €831 (-13.1%), from €6,338 to €5,507
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.
Derived cash bridge
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 | €1,442,128 | €1,398,396 | -€43,733 | -3.0% |
| Fixed assets | 21/28 | €1,403,077 | €1,356,175 | -€46,902 | -3.3% |
| Tangible fixed assets | 22/27 | €3,077 | €3,411 | +€334 | +10.9% |
| Plant, machinery and equipment | 23 | €3,077 | €3,411 | +€334 | +10.9% |
| Financial fixed assets | 28 | €1,400,000 | €1,352,764 | -€47,236 | -3.4% |
| Current assets | 29/58 | €39,051 | €42,221 | +€3,170 | +8.1% |
| Amounts receivable within one year | 40/41 | - | €18,061 | +€18,061 | |
| Other amounts receivable | 41 | - | €18,061 | +€18,061 | |
| Cash at bank and in hand | 54/58 | €39,051 | €23,794 | -€15,257 | -39.1% |
| Deferred charges and accrued income | 490/1 | - | €366 | +€366 | |
| Total equity and liabilities | 10/49 | €1,442,128 | €1,398,396 | -€43,733 | -3.0% |
| Equity | 10/15 | €90,577 | €179,251 | +€88,674 | +97.9% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €20,577 | €109,251 | +€88,674 | +431% |
| Distributable reserves | 133 | €20,577 | €109,251 | +€88,674 | +431% |
| Amounts payable | 17/49 | €1,351,551 | €1,219,145 | -€132,406 | -9.8% |
| Amounts payable after more than one year | 17 | €1,051,227 | €1,051,398 | +€171 | 0.0% |
| Financial debts | 170/4 | €1,051,227 | €1,051,398 | +€171 | 0.0% |
| Amounts payable within one year | 42/48 | €300,324 | €167,747 | -€132,577 | -44.1% |
| Current portion of amounts payable after more than one year | 42 | €78,945 | €88,835 | +€9,890 | +12.5% |
| Trade debts | 44 | - | €1,054 | +€1,054 | |
| Suppliers | 440/4 | - | €1,054 | +€1,054 | |
| Taxes, remuneration and social security | 45 | €7,858 | €7,858 | = | 0.0% |
| Taxes | 450/3 | €7,858 | €838 | -€7,020 | -89.3% |
| Remuneration and social security | 454/9 | - | €7,020 | +€7,020 | |
| Other amounts payable | 47/48 | €213,521 | €70,000 | -€143,521 | -67.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,064 | €824 | -€240 | -22.5% |
| Other operating charges | 640/8 | €63 | €1,646 | +€1,583 | +2,508% |
| Gross operating margin | 9900 | €73,348 | €69,296 | -€4,052 | -5.5% |
| Operating profit (loss) | 9901 | €72,221 | €66,826 | -€5,395 | -7.5% |
| Financial income | 75/76B | - | €81,628 | +€81,628 | |
| Recurring financial income | 75 | - | €81,628 | +€81,628 | |
| Financial charges | 65/66B | €45,306 | €54,274 | +€8,969 | +19.8% |
| Recurring financial charges | 65 | €45,306 | €54,274 | +€8,969 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | €26,915 | €94,180 | +€67,265 | +250% |
| Income taxes | 67/77 | €6,338 | €5,507 | -€831 | -13.1% |
| Profit (loss) for the period | 9904 | €20,577 | €88,674 | +€68,096 | +331% |
| Profit (loss) for the period to be appropriated | 9905 | €20,577 | €88,674 | +€68,096 | +331% |
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 28 October 2026 via checked.be.