MAROS: 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.
MAROS
Largest movements
- Tangible fixed assets +€13,889
up €13,889 (+10.6%), from €130,972 to €144,860
of which Plant, machinery and equipment: +€14,956
- Cash +€5,188
new in 2025: €5,188
mainly Other debts (+€30,069) and Depreciation (+€10,831)
- Receivables within one year +€1,600
new in 2025: €1,600
- Other debts +€30,069
up €30,069 (+47.8%), from €62,966 to €93,036
- Debts after one year -€10,757
down €10,757 (-28.3%), from €38,023 to €27,267
- Profit (loss) carried forward +€4,934
no longer reported in 2025 (was -€4,934)
- Reserves -€4,673
down €4,673 (-83.5%), from €5,595 to €922
- Gross operating margin +€5,160
up €5,160 (+35.5%), from €14,521 to €19,681
- Depreciation +€1,435
up €1,435 (+15.3%), from €9,395 to €10,831
- Other operating charges -€1,406
down €1,406 (-24.2%), from €5,804 to €4,398
- Taxes +€1,174
up €1,174 (+388.5%), from €302 to €1,476
- Financial charges -€1,127
down €1,127 (-29.3%), from €3,842 to €2,716
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 | €132,934 | €152,348 | +€19,414 | +14.6% |
| Fixed assets | 21/28 | €130,972 | €144,860 | +€13,889 | +10.6% |
| Tangible fixed assets | 22/27 | €130,972 | €144,860 | +€13,889 | +10.6% |
| Land and buildings | 22 | €121,391 | €114,276 | -€7,115 | -5.9% |
| Plant, machinery and equipment | 23 | €9,581 | €24,537 | +€14,956 | +156.1% |
| Furniture and vehicles | 24 | - | €6,048 | +€6,048 | |
| Current assets | 29/58 | €1,962 | €7,488 | +€5,526 | +281.6% |
| Amounts receivable within one year | 40/41 | - | €1,600 | +€1,600 | |
| Trade receivables | 40 | - | €1,600 | +€1,600 | |
| Cash at bank and in hand | 54/58 | - | €5,188 | +€5,188 | |
| Deferred charges and accrued income | 490/1 | €1,962 | €700 | -€1,262 | -64.3% |
| Total equity and liabilities | 10/49 | €132,934 | €152,348 | +€19,414 | +14.6% |
| Equity | 10/15 | €19,261 | €19,522 | +€261 | +1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,595 | €922 | -€4,673 | -83.5% |
| Distributable reserves | 133 | €5,595 | €922 | -€4,673 | -83.5% |
| Profit (loss) carried forward | 14 | -€4,934 | - | +€4,934 | |
| Amounts payable | 17/49 | €113,673 | €132,826 | +€19,154 | +16.8% |
| Amounts payable after more than one year | 17 | €38,023 | €27,267 | -€10,757 | -28.3% |
| Financial debts | 170/4 | €38,023 | €27,267 | -€10,757 | -28.3% |
| Amounts payable within one year | 42/48 | €75,650 | €105,560 | +€29,910 | +39.5% |
| Current portion of amounts payable after more than one year | 42 | €10,218 | €10,757 | +€538 | +5.3% |
| Financial debts | 43 | €780 | - | -€780 | |
| Credit institutions | 430/8 | €780 | - | -€780 | |
| Taxes, remuneration and social security | 45 | €1,685 | €1,768 | +€82 | +4.9% |
| Taxes | 450/3 | €1,685 | €1,768 | +€82 | +4.9% |
| Other amounts payable | 47/48 | €62,966 | €93,036 | +€30,069 | +47.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,395 | €10,831 | +€1,435 | +15.3% |
| Other operating charges | 640/8 | €5,804 | €4,398 | -€1,406 | -24.2% |
| Gross operating margin | 9900 | €14,521 | €19,681 | +€5,160 | +35.5% |
| Operating profit (loss) | 9901 | -€679 | €4,452 | +€5,131 | |
| Financial charges | 65/66B | €3,842 | €2,716 | -€1,127 | -29.3% |
| Recurring financial charges | 65 | €3,842 | €2,716 | -€1,127 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,521 | €1,737 | +€6,258 | |
| Income taxes | 67/77 | €302 | €1,476 | +€1,174 | +388.5% |
| Profit (loss) for the period | 9904 | -€4,823 | €261 | +€5,084 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,823 | €261 | +€5,084 |
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 11 October 2026 via checked.be.