Maroen: 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.
Maroen
Largest movements
- Receivables within one year +€93,029
up €93,029 (+17.2%), from €541,361 to €634,390
of which Trade receivables: +€112,205
- Tangible fixed assets -€18,957
down €18,957 (-21.7%), from €87,435 to €68,477
- Reserves +€32,762
up €32,762 (+25.8%), from €127,207 to €159,969
of which Distributable reserves: +€32,762
- Advances received +€26,150
up €26,150 (+149%), from €17,523 to €43,673
- Debts after one year -€23,118
down €23,118 (-29.4%), from €78,725 to €55,607
- Trade debts +€19,097
up €19,097 (+31.7%), from €60,154 to €79,251
- Other debts +€13,205
up €13,205 (+7.1%), from €186,991 to €200,195
- Other operating charges -€43,622
down €43,622 (-87.7%), from €49,729 to €6,107
- Gross operating margin -€29,263
down €29,263 (-18.5%), from €157,836 to €128,573
- Financial charges -€9,896
down €9,896 (-46.3%), from €21,351 to €11,455
- Financial income -€4,698
down €4,698 (-94.7%), from €4,962 to €264
- Staff costs +€3,467
up €3,467 (+7.3%), from €47,402 to €50,870
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 | €631,100 | €707,329 | +€76,230 | +12.1% |
| Fixed assets | 21/28 | €88,935 | €69,977 | -€18,957 | -21.3% |
| Tangible fixed assets | 22/27 | €87,435 | €68,477 | -€18,957 | -21.7% |
| Land and buildings | 22 | €67,863 | €62,169 | -€5,694 | -8.4% |
| Plant, machinery and equipment | 23 | €8,626 | €1,333 | -€7,293 | -84.5% |
| Furniture and vehicles | 24 | €10,945 | €4,975 | -€5,970 | -54.5% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €542,165 | €637,352 | +€95,187 | +17.6% |
| Amounts receivable within one year | 40/41 | €541,361 | €634,390 | +€93,029 | +17.2% |
| Trade receivables | 40 | €518,005 | €630,210 | +€112,205 | +21.7% |
| Other amounts receivable | 41 | €23,356 | €4,180 | -€19,176 | -82.1% |
| Cash at bank and in hand | 54/58 | €1 | €1 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €803 | €2,961 | +€2,158 | +269% |
| Total equity and liabilities | 10/49 | €631,100 | €707,329 | +€76,230 | +12.1% |
| Equity | 10/15 | €133,407 | €166,169 | +€32,762 | +24.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €127,207 | €159,969 | +€32,762 | +25.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €125,347 | €158,109 | +€32,762 | +26.1% |
| Amounts payable | 17/49 | €497,693 | €541,161 | +€43,468 | +8.7% |
| Amounts payable after more than one year | 17 | €78,725 | €55,607 | -€23,118 | -29.4% |
| Financial debts | 170/4 | €78,725 | €55,607 | -€23,118 | -29.4% |
| Amounts payable within one year | 42/48 | €414,967 | €481,554 | +€66,586 | +16.0% |
| Current portion of amounts payable after more than one year | 42 | €24,156 | €23,118 | -€1,038 | -4.3% |
| Financial debts | 43 | €21,322 | €24,001 | +€2,679 | +12.6% |
| Credit institutions | 430/8 | €21,322 | €24,001 | +€2,679 | +12.6% |
| Trade debts | 44 | €60,154 | €79,251 | +€19,097 | +31.7% |
| Suppliers | 440/4 | €60,154 | €79,251 | +€19,097 | +31.7% |
| Advances received on contracts in progress | 46 | €17,523 | €43,673 | +€26,150 | +149% |
| Taxes, remuneration and social security | 45 | €104,823 | €111,316 | +€6,493 | +6.2% |
| Taxes | 450/3 | €17,237 | €25,454 | +€8,217 | +47.7% |
| Remuneration and social security | 454/9 | €87,586 | €85,862 | -€1,724 | -2.0% |
| Other amounts payable | 47/48 | €186,991 | €200,195 | +€13,205 | +7.1% |
| Accrued charges and deferred income | 492/3 | €4,000 | €4,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €47,402 | €50,870 | +€3,467 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,190 | €20,455 | +€265 | +1.3% |
| Other operating charges | 640/8 | €49,729 | €6,107 | -€43,622 | -87.7% |
| Gross operating margin | 9900 | €157,836 | €128,573 | -€29,263 | -18.5% |
| Operating profit (loss) | 9901 | €40,514 | €51,141 | +€10,627 | +26.2% |
| Financial income | 75/76B | €4,962 | €264 | -€4,698 | -94.7% |
| Recurring financial income | 75 | €4,962 | €264 | -€4,698 | -94.7% |
| Financial charges | 65/66B | €21,351 | €11,455 | -€9,896 | -46.3% |
| Recurring financial charges | 65 | €21,351 | €11,455 | -€9,896 | -46.3% |
| Profit (loss) for the period before taxes | 9903 | €24,124 | €39,950 | +€15,826 | +65.6% |
| Income taxes | 67/77 | €9,750 | €7,188 | -€2,562 | -26.3% |
| Profit (loss) for the period | 9904 | €14,374 | €32,762 | +€18,387 | +128% |
| Profit (loss) for the period to be appropriated | 9905 | €14,374 | €32,762 | +€18,387 | +128% |
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 15 October 2026 via checked.be.