MAROSAN: 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.
MAROSAN
Largest movements
- Cash +€8,378
up €8,378 (+1,448%), from €578 to €8,956
mainly Net result for the year (+€29,567) and Short-term financial debts (+€4,050)
- Reserves +€29,567
up €29,567 (+34.7%), from €85,241 to €114,808
- Current portion of long-term debt -€21,405
no longer reported in 2025 (was €21,405)
- Trade debts -€5,903
down €5,903 (-32.0%), from €18,470 to €12,567
- Gross operating margin +€12,801
up €12,801 (+29.7%), from €43,087 to €55,888
- Taxes +€7,448
up €7,448 (+64.0%), from €11,635 to €19,083
- Financial charges -€4,993
down €4,993 (-23.5%), from €21,274 to €16,281
- Depreciation -€1,119
no longer reported in 2025 (was €1,119)
- Financial income -€664
down €664 (-5.4%), from €12,190 to €11,525
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.
Derived cash bridge
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 | €561,544 | €568,031 | +€6,487 | +1.2% |
| Fixed assets | 21/28 | €294,706 | €294,176 | -€530 | -0.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €294,176 | €294,176 | = | 0.0% |
| Land and buildings | 22 | €294,176 | €294,176 | = | 0.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €530 | - | -€530 | |
| Current assets | 29/58 | €266,838 | €273,855 | +€7,017 | +2.6% |
| Amounts receivable after more than one year | 29 | €86,401 | €86,401 | = | 0.0% |
| Other amounts receivable | 291 | €86,401 | €86,401 | = | 0.0% |
| Stocks and contracts in progress | 3 | €980 | - | -€980 | |
| Stocks | 30/36 | €980 | - | -€980 | |
| Amounts receivable within one year | 40/41 | €178,740 | €178,498 | -€242 | -0.1% |
| Trade receivables | 40 | €12,995 | €4,949 | -€8,047 | -61.9% |
| Other amounts receivable | 41 | €165,745 | €173,550 | +€7,805 | +4.7% |
| Cash at bank and in hand | 54/58 | €578 | €8,956 | +€8,378 | +1,448% |
| Deferred charges and accrued income | 490/1 | €139 | - | -€139 | |
| Total equity and liabilities | 10/49 | €561,544 | €568,031 | +€6,487 | +1.2% |
| Equity | 10/15 | €219,035 | €248,602 | +€29,567 | +13.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €85,241 | €114,808 | +€29,567 | +34.7% |
| Distributable reserves | 133 | €85,241 | €114,808 | +€29,567 | +34.7% |
| Profit (loss) carried forward | 14 | €127,594 | €127,594 | = | 0.0% |
| Amounts payable | 17/49 | €342,509 | €319,429 | -€23,080 | -6.7% |
| Amounts payable after more than one year | 17 | €286,098 | €286,098 | = | 0.0% |
| Financial debts | 170/4 | €286,098 | €286,098 | = | 0.0% |
| Amounts payable within one year | 42/48 | €56,411 | €33,331 | -€23,080 | -40.9% |
| Current portion of amounts payable after more than one year | 42 | €21,405 | - | -€21,405 | |
| Financial debts | 43 | - | €4,050 | +€4,050 | |
| Credit institutions | 430/8 | - | €4,050 | +€4,050 | |
| Trade debts | 44 | €18,470 | €12,567 | -€5,903 | -32.0% |
| Suppliers | 440/4 | €18,470 | €12,567 | -€5,903 | -32.0% |
| Taxes, remuneration and social security | 45 | €16,535 | €16,714 | +€179 | +1.1% |
| Taxes | 450/3 | €16,535 | €16,714 | +€179 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,119 | - | -€1,119 | |
| Other operating charges | 640/8 | €1,890 | €2,483 | +€593 | +31.4% |
| Gross operating margin | 9900 | €43,087 | €55,888 | +€12,801 | +29.7% |
| Operating profit (loss) | 9901 | €40,077 | €53,405 | +€13,328 | +33.3% |
| Financial income | 75/76B | €12,190 | €11,525 | -€664 | -5.4% |
| Recurring financial income | 75 | €12,190 | €11,525 | -€664 | -5.4% |
| Financial charges | 65/66B | €21,274 | €16,281 | -€4,993 | -23.5% |
| Recurring financial charges | 65 | €21,274 | €16,281 | -€4,993 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €30,993 | €48,649 | +€17,656 | +57.0% |
| Income taxes | 67/77 | €11,635 | €19,083 | +€7,448 | +64.0% |
| Profit (loss) for the period | 9904 | €19,358 | €29,567 | +€10,209 | +52.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,358 | €29,567 | +€10,209 | +52.7% |
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 17 October 2026 via checked.be.