MAROH: 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.
MAROH
Largest movements
- Cash +€53,390
up €53,390 (+90.9%), from €58,718 to €112,108
mainly Net result for the year (+€45,522) and Depreciation (+€12,199)
- Tangible fixed assets -€12,199
down €12,199 (-4.3%), from €284,012 to €271,813
- Reserves +€45,522
up €45,522 (+13.9%), from €327,361 to €372,883
of which Distributable reserves: +€45,522
- Gross operating margin +€8,886
up €8,886 (+12.2%), from €72,986 to €81,872
- Depreciation +€5,311
up €5,311 (+77.1%), from €6,887 to €12,199
- Other operating charges -€3,590
down €3,590 (-26.3%), from €13,667 to €10,077
- Financial income +€1,750
up €1,750 (+2111.7%), from €83 to €1,833
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 | €451,361 | €496,883 | +€45,522 | +10.1% |
| Fixed assets | 21/28 | €284,012 | €271,813 | -€12,199 | -4.3% |
| Tangible fixed assets | 22/27 | €284,012 | €271,813 | -€12,199 | -4.3% |
| Land and buildings | 22 | €284,012 | €271,813 | -€12,199 | -4.3% |
| Current assets | 29/58 | €167,350 | €225,070 | +€57,721 | +34.5% |
| Amounts receivable within one year | 40/41 | €6,266 | €10,560 | +€4,294 | +68.5% |
| Trade receivables | 40 | - | €6,546 | +€6,546 | |
| Other amounts receivable | 41 | €6,266 | €4,014 | -€2,251 | -35.9% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €58,718 | €112,108 | +€53,390 | +90.9% |
| Deferred charges and accrued income | 490/1 | €2,366 | €2,402 | +€37 | +1.6% |
| Total equity and liabilities | 10/49 | €451,361 | €496,883 | +€45,522 | +10.1% |
| Equity | 10/15 | €451,361 | €496,883 | +€45,522 | +10.1% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €327,361 | €372,883 | +€45,522 | +13.9% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Distributable reserves | 133 | €314,961 | €360,483 | +€45,522 | +14.5% |
| Amounts payable | 17/49 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,887 | €12,199 | +€5,311 | +77.1% |
| Other operating charges | 640/8 | €13,667 | €10,077 | -€3,590 | -26.3% |
| Gross operating margin | 9900 | €72,986 | €81,872 | +€8,886 | +12.2% |
| Operating profit (loss) | 9901 | €52,431 | €59,596 | +€7,165 | +13.7% |
| Financial income | 75/76B | €83 | €1,833 | +€1,750 | +2111.7% |
| Recurring financial income | 75 | €83 | €1,833 | +€1,750 | +2111.7% |
| Financial charges | 65/66B | €0 | - | = | |
| Recurring financial charges | 65 | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €52,514 | €61,429 | +€8,915 | +17.0% |
| Income taxes | 67/77 | €15,328 | €15,907 | +€579 | +3.8% |
| Profit (loss) for the period | 9904 | €37,186 | €45,522 | +€8,336 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,186 | €45,522 | +€8,336 | +22.4% |
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 29 September 2026 via checked.be.