MAROUGRAV: 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.
MAROUGRAV
Largest movements
- Receivables within one year -€12,333
down €12,333 (-50.9%), from €24,210 to €11,878
of which Trade receivables: -€11,159
- Tangible fixed assets -€6,758
down €6,758 (-63.6%), from €10,626 to €3,868
of which Furniture and vehicles: -€7,697
- Cash +€5,739
up €5,739 (+8.6%), from €66,788 to €72,527
mainly Net result for the year (+€64,091) and Receivables within one year (+€12,333)
- Stocks and contracts -€2,088
down €2,088 (-12.3%), from €16,976 to €14,887
- Tax, wage and social debts -€13,274
down €13,274 (-39.2%), from €33,885 to €20,611
of which Taxes: -€13,244
- Other debts -€5,520
down €5,520 (-11.5%), from €48,023 to €42,502
- Profit (loss) carried forward +€4,091
up €4,091 (+14.2%), from €28,783 to €32,874
- Gross operating margin +€18,237
up €18,237 (+20.6%), from €88,540 to €106,776
- Staff costs +€4,807
up €4,807 (+120.3%), from €3,994 to €8,801
- Taxes -€1,774
down €1,774 (-7.1%), from €25,113 to €23,339
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 | €119,961 | €104,954 | -€15,007 | -12.5% |
| Fixed assets | 21/28 | €10,831 | €4,073 | -€6,758 | -62.4% |
| Tangible fixed assets | 22/27 | €10,626 | €3,868 | -€6,758 | -63.6% |
| Plant, machinery and equipment | 23 | €2,136 | €3,075 | +€939 | +44.0% |
| Furniture and vehicles | 24 | €8,490 | €793 | -€7,697 | -90.7% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €109,131 | €100,881 | -€8,249 | -7.6% |
| Stocks and contracts in progress | 3 | €16,976 | €14,887 | -€2,088 | -12.3% |
| Stocks | 30/36 | €16,976 | €14,887 | -€2,088 | -12.3% |
| Amounts receivable within one year | 40/41 | €24,210 | €11,878 | -€12,333 | -50.9% |
| Trade receivables | 40 | €21,374 | €10,215 | -€11,159 | -52.2% |
| Other amounts receivable | 41 | €2,836 | €1,663 | -€1,173 | -41.4% |
| Cash at bank and in hand | 54/58 | €66,788 | €72,527 | +€5,739 | +8.6% |
| Deferred charges and accrued income | 490/1 | €1,157 | €1,590 | +€433 | +37.4% |
| Total equity and liabilities | 10/49 | €119,961 | €104,954 | -€15,007 | -12.5% |
| Equity | 10/15 | €36,843 | €40,934 | +€4,091 | +11.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,783 | €32,874 | +€4,091 | +14.2% |
| Amounts payable | 17/49 | €83,118 | €64,020 | -€19,098 | -23.0% |
| Amounts payable within one year | 42/48 | €83,118 | €64,020 | -€19,098 | -23.0% |
| Trade debts | 44 | €1,211 | €907 | -€304 | -25.1% |
| Suppliers | 440/4 | €1,211 | €907 | -€304 | -25.1% |
| Taxes, remuneration and social security | 45 | €33,885 | €20,611 | -€13,274 | -39.2% |
| Taxes | 450/3 | €33,666 | €20,422 | -€13,244 | -39.3% |
| Remuneration and social security | 454/9 | €219 | €189 | -€30 | -13.7% |
| Other amounts payable | 47/48 | €48,023 | €42,502 | -€5,520 | -11.5% |
| Remuneration, social security and pensions | 62 | €3,994 | €8,801 | +€4,807 | +120.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,279 | €9,524 | +€245 | +2.6% |
| Other operating charges | 640/8 | €1,036 | €1,069 | +€33 | +3.2% |
| Gross operating margin | 9900 | €88,540 | €106,776 | +€18,237 | +20.6% |
| Operating profit (loss) | 9901 | €74,230 | €87,383 | +€13,153 | +17.7% |
| Financial income | 75/76B | €18 | €49 | +€30 | +163.5% |
| Recurring financial income | 75 | €18 | €49 | +€30 | +163.5% |
| Financial charges | 65/66B | -€39 | €1 | +€40 | |
| Recurring financial charges | 65 | -€39 | €1 | +€40 | |
| Profit (loss) for the period before taxes | 9903 | €74,288 | €87,430 | +€13,143 | +17.7% |
| Income taxes | 67/77 | €25,113 | €23,339 | -€1,774 | -7.1% |
| Profit (loss) for the period | 9904 | €49,175 | €64,091 | +€14,917 | +30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €49,175 | €64,091 | +€14,917 | +30.3% |
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 4 October 2026 via checked.be.