MAROVA: 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.
MAROVA
Largest movements
- Cash +€9,568
up €9,568 (+18.1%), from €52,916 to €62,484
mainly Net result for the year (+€16,588) and Tax, wage and social debts (+€6,609)
- Receivables within one year +€8,762
up €8,762 (+39.6%), from €22,111 to €30,873
of which Other amounts receivable: +€4,861
- Reserves +€16,588
up €16,588 (+30.0%), from €55,272 to €71,860
of which Distributable reserves: +€16,588
- Tax, wage and social debts +€6,609
up €6,609 (+418.9%), from €1,578 to €8,187
- Other debts -€3,564
no longer reported in 2025 (was €3,564)
- Trade debts -€1,304
down €1,304 (-20.9%), from €6,229 to €4,925
- Gross operating margin +€10,044
up €10,044 (+69.2%), from €14,520 to €24,565
- Taxes +€5,505
up €5,505 (+398.3%), from €1,382 to €6,887
- Financial income -€1,677
down €1,677 (-92.6%), from €1,812 to €135
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 | €85,235 | €103,564 | +€18,330 | +21.5% |
| Fixed assets | 21/28 | €9,735 | €9,735 | = | 0.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €9,735 | €9,735 | = | 0.0% |
| Current assets | 29/58 | €75,500 | €93,829 | +€18,330 | +24.3% |
| Amounts receivable within one year | 40/41 | €22,111 | €30,873 | +€8,762 | +39.6% |
| Trade receivables | 40 | €22,006 | €25,906 | +€3,901 | +17.7% |
| Other amounts receivable | 41 | €105 | €4,966 | +€4,861 | +4619.4% |
| Cash at bank and in hand | 54/58 | €52,916 | €62,484 | +€9,568 | +18.1% |
| Deferred charges and accrued income | 490/1 | €473 | €473 | -€0 | 0.0% |
| Total equity and liabilities | 10/49 | €85,235 | €103,564 | +€18,330 | +21.5% |
| Equity | 10/15 | €73,864 | €90,452 | +€16,588 | +22.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €55,272 | €71,860 | +€16,588 | +30.0% |
| Tax-exempt reserves | 132 | €3,718 | €3,718 | = | 0.0% |
| Distributable reserves | 133 | €51,554 | €68,142 | +€16,588 | +32.2% |
| Amounts payable | 17/49 | €11,371 | €13,112 | +€1,741 | +15.3% |
| Amounts payable within one year | 42/48 | €11,371 | €13,112 | +€1,741 | +15.3% |
| Trade debts | 44 | €6,229 | €4,925 | -€1,304 | -20.9% |
| Suppliers | 440/4 | €6,229 | €4,925 | -€1,304 | -20.9% |
| Taxes, remuneration and social security | 45 | €1,578 | €8,187 | +€6,609 | +418.9% |
| Taxes | 450/3 | €1,578 | €8,187 | +€6,609 | +418.9% |
| Other amounts payable | 47/48 | €3,564 | - | -€3,564 | |
| Other operating charges | 640/8 | €1,056 | €1,171 | +€115 | +10.9% |
| Gross operating margin | 9900 | €14,520 | €24,565 | +€10,044 | +69.2% |
| Operating profit (loss) | 9901 | €13,464 | €23,393 | +€9,929 | +73.7% |
| Financial income | 75/76B | €1,812 | €135 | -€1,677 | -92.6% |
| Recurring financial income | 75 | €1,812 | €135 | -€1,677 | -92.6% |
| Financial charges | 65/66B | €74 | €53 | -€21 | -28.6% |
| Recurring financial charges | 65 | €74 | €53 | -€21 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €15,203 | €23,475 | +€8,273 | +54.4% |
| Income taxes | 67/77 | €1,382 | €6,887 | +€5,505 | +398.3% |
| Profit (loss) for the period | 9904 | €13,821 | €16,588 | +€2,768 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,821 | €16,588 | +€2,768 | +20.0% |
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 6 October 2026 via checked.be.