MAROS: 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.
MAROS
Largest movements
- Cash +€20,452
up €20,452 (+12.2%), from €167,979 to €188,431
mainly Depreciation (+€29,658) and Net result for the year (+€11,440)
- Tangible fixed assets -€17,498
down €17,498 (-4.9%), from €355,829 to €338,331
of which Land and buildings: -€11,260
- Receivables within one year +€9,286
up €9,286 (+157.3%), from €5,904 to €15,190
of which Trade receivables: +€15,000
- Reserves +€11,440
up €11,440 (+36.7%), from €31,132 to €42,572
of which Distributable reserves: +€11,440
- Gross operating margin +€12,394
up €12,394 (+24.7%), from €50,089 to €62,483
- Taxes +€4,462
up €4,462 (+550.9%), from €810 to €5,271
- Depreciation -€743
down €743 (-2.4%), from €30,401 to €29,658
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €533,210 | €545,534 | +€12,324 | +2.3% |
| Fixed assets | 21/28 | €358,110 | €340,611 | -€17,498 | -4.9% |
| Tangible fixed assets | 22/27 | €355,829 | €338,331 | -€17,498 | -4.9% |
| Land and buildings | 22 | €346,427 | €335,167 | -€11,260 | -3.3% |
| Furniture and vehicles | 24 | €9,402 | €3,163 | -€6,239 | -66.4% |
| Financial fixed assets | 28 | €2,281 | €2,281 | = | 0.0% |
| Current assets | 29/58 | €175,101 | €204,923 | +€29,822 | +17.0% |
| Amounts receivable within one year | 40/41 | €5,904 | €15,190 | +€9,286 | +157.3% |
| Trade receivables | 40 | - | €15,000 | +€15,000 | |
| Other amounts receivable | 41 | €5,904 | €190 | -€5,714 | -96.8% |
| Cash at bank and in hand | 54/58 | €167,979 | €188,431 | +€20,452 | +12.2% |
| Deferred charges and accrued income | 490/1 | €1,218 | €1,301 | +€84 | +6.9% |
| Total equity and liabilities | 10/49 | €533,210 | €545,534 | +€12,324 | +2.3% |
| Equity | 10/15 | €350,639 | €362,079 | +€11,440 | +3.3% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €31,132 | €42,572 | +€11,440 | +36.7% |
| Tax-exempt reserves | 132 | €9,289 | €9,289 | = | 0.0% |
| Distributable reserves | 133 | €21,843 | €33,283 | +€11,440 | +52.4% |
| Profit (loss) carried forward | 14 | €299,056 | €299,056 | = | 0.0% |
| Amounts payable | 17/49 | €182,571 | €183,455 | +€884 | +0.5% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 170/4 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €70,177 | €71,412 | +€1,235 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €68,592 | €68,592 | = | 0.0% |
| Trade debts | 44 | €19 | €19 | +€0 | +2.4% |
| Suppliers | 440/4 | €19 | €19 | +€0 | +2.4% |
| Taxes, remuneration and social security | 45 | €52 | €1,317 | +€1,265 | +2443.7% |
| Taxes | 450/3 | €52 | €1,317 | +€1,265 | +2443.7% |
| Other amounts payable | 47/48 | €1,514 | €1,484 | -€30 | -2.0% |
| Accrued charges and deferred income | 492/3 | €12,394 | €12,043 | -€352 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,401 | €29,658 | -€743 | -2.4% |
| Other operating charges | 640/8 | €4,148 | €4,032 | -€116 | -2.8% |
| Gross operating margin | 9900 | €50,089 | €62,483 | +€12,394 | +24.7% |
| Operating profit (loss) | 9901 | €15,540 | €28,793 | +€13,252 | +85.3% |
| Financial charges | 65/66B | €12,441 | €12,082 | -€359 | -2.9% |
| Recurring financial charges | 65 | €12,441 | €12,082 | -€359 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €3,100 | €16,711 | +€13,612 | +439.1% |
| Income taxes | 67/77 | €810 | €5,271 | +€4,462 | +550.9% |
| Profit (loss) for the period | 9904 | €2,290 | €11,440 | +€9,150 | +399.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,290 | €11,440 | +€9,150 | +399.6% |
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 4 October 2026 via checked.be.