MAROR: 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.
MAROR
Largest movements
- Tangible fixed assets -€23,080
down €23,080 (-3.6%), from €633,691 to €610,611
of which Land and buildings: -€22,280
- Current investments +€23,065
new in 2025: €23,065
- Revaluation surpluses -€18,170
down €18,170 (-3.0%), from €600,670 to €582,499
- Reserves +€18,170
up €18,170 (+12.9%), from €141,099 to €159,269
of which Distributable reserves: +€18,170
- Gross operating margin +€28,435
up €28,435 (+613.0%), from €4,638 to €33,074
- Other operating charges +€4,186
up €4,186 (+58.8%), from €7,118 to €11,303
- Depreciation -€2,403
down €2,403 (-9.4%), from €25,483 to €23,080
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 | €662,285 | €660,674 | -€1,611 | -0.2% |
| Fixed assets | 21/28 | €634,718 | €611,638 | -€23,080 | -3.6% |
| Tangible fixed assets | 22/27 | €633,691 | €610,611 | -€23,080 | -3.6% |
| Land and buildings | 22 | €629,943 | €607,663 | -€22,280 | -3.5% |
| Plant, machinery and equipment | 23 | €42 | €0 | -€42 | -100.0% |
| Furniture and vehicles | 24 | €3,706 | €2,948 | -€758 | -20.4% |
| Financial fixed assets | 28 | €1,026 | €1,026 | = | 0.0% |
| Current assets | 29/58 | €27,568 | €49,037 | +€21,469 | +77.9% |
| Amounts receivable within one year | 40/41 | €6,681 | €10,488 | +€3,807 | +57.0% |
| Trade receivables | 40 | €6,650 | €10,037 | +€3,386 | +50.9% |
| Other amounts receivable | 41 | €31 | €451 | +€420 | +1372.2% |
| Current investments | 50/53 | - | €23,065 | +€23,065 | |
| Cash at bank and in hand | 54/58 | €18,093 | €12,476 | -€5,616 | -31.0% |
| Deferred charges and accrued income | 490/1 | €2,794 | €3,008 | +€214 | +7.7% |
| Total equity and liabilities | 10/49 | €662,285 | €660,674 | -€1,611 | -0.2% |
| Equity | 10/15 | €537,311 | €535,687 | -€1,624 | -0.3% |
| Contributions | 10/11 | €167,328 | €167,328 | = | 0.0% |
| Capital | 10 | €167,328 | €167,328 | = | 0.0% |
| Issued capital | 100 | €167,328 | €167,328 | = | 0.0% |
| Revaluation surpluses | 12 | €600,670 | €582,499 | -€18,170 | -3.0% |
| Reserves | 13 | €141,099 | €159,269 | +€18,170 | +12.9% |
| Non-distributable reserves | 130/1 | €2,007 | €2,007 | = | 0.0% |
| Legal reserve | 130 | €2,007 | €2,007 | = | 0.0% |
| Distributable reserves | 133 | €139,092 | €157,262 | +€18,170 | +13.1% |
| Profit (loss) carried forward | 14 | -€371,785 | -€373,409 | -€1,624 | -0.4% |
| Amounts payable | 17/49 | €124,974 | €124,987 | +€13 | 0.0% |
| Amounts payable within one year | 42/48 | €124,974 | €124,987 | +€13 | 0.0% |
| Trade debts | 44 | €5,407 | €1,754 | -€3,653 | -67.6% |
| Suppliers | 440/4 | €5,407 | €1,754 | -€3,653 | -67.6% |
| Taxes, remuneration and social security | 45 | €1,505 | €2,202 | +€698 | +46.4% |
| Taxes | 450/3 | €1,505 | €2,202 | +€698 | +46.4% |
| Other amounts payable | 47/48 | €118,063 | €121,031 | +€2,968 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,483 | €23,080 | -€2,403 | -9.4% |
| Other operating charges | 640/8 | €7,118 | €11,303 | +€4,186 | +58.8% |
| Gross operating margin | 9900 | €4,638 | €33,074 | +€28,435 | +613.0% |
| Operating profit (loss) | 9901 | -€27,962 | -€1,310 | +€26,653 | +95.3% |
| Financial income | 75/76B | €81 | €126 | +€45 | +54.9% |
| Recurring financial income | 75 | €81 | €126 | +€45 | +54.9% |
| Financial charges | 65/66B | €46 | €58 | +€12 | +25.5% |
| Recurring financial charges | 65 | €46 | €58 | +€12 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | -€27,927 | -€1,242 | +€26,685 | +95.6% |
| Income taxes | 67/77 | €380 | €383 | +€3 | +0.8% |
| Profit (loss) for the period | 9904 | -€28,307 | -€1,624 | +€26,683 | +94.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,307 | -€1,624 | +€26,683 | +94.3% |
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 29 September 2026 via checked.be.