MAROS: what changed
MAROS
Largest movements
- Cash +€27,538
up €27,538 (+690%), from €3,989 to €31,527
mainly Net result for the year (+€78,385) and Depreciation (+€23,855)
- Tangible fixed assets -€23,855
down €23,855 (-8.9%), from €267,694 to €243,839
- Receivables within one year -€4,779
down €4,779 (-9.0%), from €53,022 to €48,243
- Reserves +€78,385
up €78,385 (+220%), from €35,646 to €114,031
- Other debts -€71,546
down €71,546 (-92.2%), from €77,613 to €6,067
- Debts after one year -€24,986
down €24,986 (-17.7%), from €141,097 to €116,111
- Tax, wage and social debts +€23,308
up €23,308 (+165%), from €14,148 to €37,457
of which Taxes: +€32,365
- Trade debts -€14,126
down €14,126 (-93.0%), from €15,198 to €1,071
- Gross operating margin +€66,848
up €66,848 (+63.9%), from €104,628 to €171,476
- Taxes +€32,583
up €32,583 (+1,139%), from €2,862 to €35,444
- Staff costs -€15,042
down €15,042 (-34.2%), from €43,954 to €28,911
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €328,399 | €325,592 | -€2,806 | -0.9% |
| Fixed assets | 21/28 | €267,694 | €243,839 | -€23,855 | -8.9% |
| Tangible fixed assets | 22/27 | €267,694 | €243,839 | -€23,855 | -8.9% |
| Other tangible fixed assets | 26 | €267,694 | €243,839 | -€23,855 | -8.9% |
| Current assets | 29/58 | €60,704 | €81,753 | +€21,048 | +34.7% |
| Amounts receivable within one year | 40/41 | €53,022 | €48,243 | -€4,779 | -9.0% |
| Trade receivables | 40 | €53,022 | €48,243 | -€4,779 | -9.0% |
| Current investments | 50/53 | €135 | €135 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,989 | €31,527 | +€27,538 | +690% |
| Deferred charges and accrued income | 490/1 | €3,559 | €1,848 | -€1,710 | -48.1% |
| Total equity and liabilities | 10/49 | €328,399 | €325,592 | -€2,806 | -0.9% |
| Equity | 10/15 | €55,646 | €134,031 | +€78,385 | +141% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €35,646 | €114,031 | +€78,385 | +220% |
| Distributable reserves | 133 | €35,646 | €114,031 | +€78,385 | +220% |
| Amounts payable | 17/49 | €272,753 | €191,561 | -€81,192 | -29.8% |
| Amounts payable after more than one year | 17 | €141,097 | €116,111 | -€24,986 | -17.7% |
| Financial debts | 170/4 | €141,097 | €116,111 | -€24,986 | -17.7% |
| Amounts payable within one year | 42/48 | €131,655 | €75,449 | -€56,206 | -42.7% |
| Current portion of amounts payable after more than one year | 42 | €24,697 | €30,855 | +€6,159 | +24.9% |
| Trade debts | 44 | €15,198 | €1,071 | -€14,126 | -93.0% |
| Suppliers | 440/4 | €15,198 | €1,071 | -€14,126 | -93.0% |
| Taxes, remuneration and social security | 45 | €14,148 | €37,457 | +€23,308 | +165% |
| Taxes | 450/3 | €5,092 | €37,457 | +€32,365 | +636% |
| Remuneration and social security | 454/9 | €9,057 | - | -€9,057 | |
| Other amounts payable | 47/48 | €77,613 | €6,067 | -€71,546 | -92.2% |
| Remuneration, social security and pensions | 62 | €43,954 | €28,911 | -€15,042 | -34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,271 | €23,855 | +€584 | +2.5% |
| Other operating charges | 640/8 | €2,885 | €2,918 | +€33 | +1.2% |
| Gross operating margin | 9900 | €104,628 | €171,476 | +€66,848 | +63.9% |
| Operating profit (loss) | 9901 | €34,519 | €115,792 | +€81,273 | +235% |
| Financial charges | 65/66B | €2,106 | €1,962 | -€144 | -6.8% |
| Recurring financial charges | 65 | €2,106 | €1,962 | -€144 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €32,412 | €113,830 | +€81,417 | +251% |
| Income taxes | 67/77 | €2,862 | €35,444 | +€32,583 | +1,139% |
| Profit (loss) for the period | 9904 | €29,551 | €78,385 | +€48,835 | +165% |
| Profit (loss) for the period to be appropriated | 9905 | €29,551 | €78,385 | +€48,835 | +165% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.