MAROJE: 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.
MAROJE
Largest movements
- Tangible fixed assets +€179,524
up €179,524 (+2477.0%), from €7,248 to €186,772
of which Land and buildings: +€173,277
- Intangible fixed assets -€8,000
down €8,000 (-36.4%), from €21,984 to €13,984
- Cash +€3,833
up €3,833 (+2.6%), from €145,541 to €149,374
mainly Debts after one year (+€152,625) and Other debts (+€118,131)
- Debts after one year +€152,625
new in 2025: €152,625
- Other debts +€118,131
up €118,131 (+254.4%), from €46,428 to €164,560
- Profit (loss) carried forward -€104,821
down €104,821 (-95.2%), from €110,147 to €5,327
- Current portion of long-term debt +€14,761
new in 2025: €14,761
- Other operating charges +€22,287
up €22,287 (+2052.1%), from €1,086 to €23,374
- Gross operating margin +€14,814
up €14,814 (+20.5%), from €72,227 to €87,041
- Financial charges +€4,129
up €4,129 (+2631.0%), from €157 to €4,286
- Depreciation +€1,097
up €1,097 (+9.2%), from €11,929 to €13,026
- Write-downs +€1,028
new in 2025: €1,028
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 | €199,819 | €376,457 | +€176,638 | +88.4% |
| Fixed assets | 21/28 | €29,231 | €200,755 | +€171,524 | +586.8% |
| Intangible fixed assets | 21 | €21,984 | €13,984 | -€8,000 | -36.4% |
| Tangible fixed assets | 22/27 | €7,248 | €186,772 | +€179,524 | +2477.0% |
| Land and buildings | 22 | - | €173,277 | +€173,277 | |
| Plant, machinery and equipment | 23 | €3,735 | €3,319 | -€416 | -11.1% |
| Furniture and vehicles | 24 | €3,512 | €10,176 | +€6,664 | +189.7% |
| Current assets | 29/58 | €170,588 | €175,702 | +€5,114 | +3.0% |
| Amounts receivable within one year | 40/41 | €25,047 | €26,328 | +€1,281 | +5.1% |
| Trade receivables | 40 | €25,047 | €26,328 | +€1,281 | +5.1% |
| Cash at bank and in hand | 54/58 | €145,541 | €149,374 | +€3,833 | +2.6% |
| Total equity and liabilities | 10/49 | €199,819 | €376,457 | +€176,638 | +88.4% |
| Equity | 10/15 | €115,147 | €10,327 | -€104,821 | -91.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €110,147 | €5,327 | -€104,821 | -95.2% |
| Amounts payable | 17/49 | €84,672 | €366,131 | +€281,459 | +332.4% |
| Amounts payable after more than one year | 17 | - | €152,625 | +€152,625 | |
| Financial debts | 170/4 | - | €152,625 | +€152,625 | |
| Amounts payable within one year | 42/48 | €84,672 | €213,506 | +€128,834 | +152.2% |
| Current portion of amounts payable after more than one year | 42 | - | €14,761 | +€14,761 | |
| Trade debts | 44 | €1,401 | - | -€1,401 | |
| Suppliers | 440/4 | €1,401 | - | -€1,401 | |
| Taxes, remuneration and social security | 45 | €36,843 | €34,185 | -€2,658 | -7.2% |
| Taxes | 450/3 | €19,317 | €23,148 | +€3,831 | +19.8% |
| Remuneration and social security | 454/9 | €17,525 | €11,036 | -€6,489 | -37.0% |
| Other amounts payable | 47/48 | €46,428 | €164,560 | +€118,131 | +254.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,929 | €13,026 | +€1,097 | +9.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,028 | +€1,028 | |
| Other operating charges | 640/8 | €1,086 | €23,374 | +€22,287 | +2052.1% |
| Gross operating margin | 9900 | €72,227 | €87,041 | +€14,814 | +20.5% |
| Operating profit (loss) | 9901 | €59,212 | €49,614 | -€9,599 | -16.2% |
| Financial charges | 65/66B | €157 | €4,286 | +€4,129 | +2631.0% |
| Recurring financial charges | 65 | €157 | €4,286 | +€4,129 | +2631.0% |
| Profit (loss) for the period before taxes | 9903 | €59,055 | €45,328 | -€13,728 | -23.2% |
| Income taxes | 67/77 | €10,154 | €10,148 | -€6 | -0.1% |
| Profit (loss) for the period | 9904 | €48,901 | €35,180 | -€13,722 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €48,901 | €35,180 | -€13,722 | -28.1% |
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 10 October 2026 via checked.be.