MARREL: 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.
MARREL
Largest movements
- Receivables within one year -€244,014
down €244,014 (-41.1%), from €594,266 to €350,252
of which Trade receivables: -€239,796
- Cash -€39,391
down €39,391 (-43.5%), from €90,581 to €51,190
mainly Debts after one year (-€164,087) and Short-term financial debts (-€50,000)
- Debts after one year -€164,087
down €164,087 (-100.0%), from €164,087 to €0
- Short-term financial debts -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Other debts -€45,049
down €45,049 (-18.2%), from €247,811 to €202,761
- Tax, wage and social debts -€39,278
down €39,278 (-96.6%), from €40,641 to €1,363
of which Remuneration and social security: -€26,073
- Profit (loss) carried forward +€28,690
up €28,690 (+65.7%), from -€43,690 to -€15,000
- Staff costs -€101,738
down €101,738, from €101,657 to -€81
- Gross operating margin -€69,467
down €69,467 (-63.4%), from €109,608 to €40,142
- Financial income -€18,999
down €18,999 (-88.1%), from €21,561 to €2,562
- Financial charges -€8,788
down €8,788 (-81.7%), from €10,755 to €1,968
- Other operating charges -€1,111
down €1,111 (-68.1%), from €1,631 to €520
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 | €687,789 | €401,442 | -€286,347 | -41.6% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €687,789 | €401,442 | -€286,347 | -41.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €594,266 | €350,252 | -€244,014 | -41.1% |
| Trade receivables | 40 | €589,796 | €350,000 | -€239,796 | -40.7% |
| Other amounts receivable | 41 | €4,471 | €252 | -€4,219 | -94.4% |
| Cash at bank and in hand | 54/58 | €90,581 | €51,190 | -€39,391 | -43.5% |
| Deferred charges and accrued income | 490/1 | €2,942 | €0 | -€2,942 | -100.0% |
| Total equity and liabilities | 10/49 | €687,789 | €401,442 | -€286,347 | -41.6% |
| Equity | 10/15 | €158,073 | €196,483 | +€38,410 | +24.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €183,163 | €192,883 | +€9,720 | +5.3% |
| Distributable reserves | 133 | €183,163 | €192,883 | +€9,720 | +5.3% |
| Profit (loss) carried forward | 14 | -€43,690 | -€15,000 | +€28,690 | +65.7% |
| Amounts payable | 17/49 | €529,716 | €204,959 | -€324,756 | -61.3% |
| Amounts payable after more than one year | 17 | €164,087 | €0 | -€164,087 | -100.0% |
| Financial debts | 170/4 | €164,087 | €0 | -€164,087 | -100.0% |
| Amounts payable within one year | 42/48 | €363,224 | €204,959 | -€158,265 | -43.6% |
| Current portion of amounts payable after more than one year | 42 | €22,262 | €0 | -€22,262 | -100.0% |
| Financial debts | 43 | €50,000 | €0 | -€50,000 | -100.0% |
| Credit institutions | 430/8 | €50,000 | €0 | -€50,000 | -100.0% |
| Trade debts | 44 | €2,511 | €835 | -€1,676 | -66.7% |
| Suppliers | 440/4 | €2,511 | €835 | -€1,676 | -66.7% |
| Taxes, remuneration and social security | 45 | €40,641 | €1,363 | -€39,278 | -96.6% |
| Taxes | 450/3 | €14,568 | €1,363 | -€13,205 | -90.6% |
| Remuneration and social security | 454/9 | €26,073 | €0 | -€26,073 | -100.0% |
| Other amounts payable | 47/48 | €247,811 | €202,761 | -€45,049 | -18.2% |
| Accrued charges and deferred income | 492/3 | €2,404 | €0 | -€2,404 | -100.0% |
| Remuneration, social security and pensions | 62 | €101,657 | -€81 | -€101,738 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,631 | €520 | -€1,111 | -68.1% |
| Non-recurring operating charges | 66A | €60,287 | €0 | -€60,287 | -100.0% |
| Gross operating margin | 9900 | €109,608 | €40,142 | -€69,467 | -63.4% |
| Operating profit (loss) | 9901 | -€53,966 | €39,703 | +€93,670 | |
| Financial income | 75/76B | €21,561 | €2,562 | -€18,999 | -88.1% |
| Recurring financial income | 75 | €21,561 | €2,562 | -€18,999 | -88.1% |
| Financial charges | 65/66B | €10,755 | €1,968 | -€8,788 | -81.7% |
| Recurring financial charges | 65 | €10,755 | €1,968 | -€8,788 | -81.7% |
| Profit (loss) for the period before taxes | 9903 | -€43,160 | €40,298 | +€83,458 | |
| Income taxes | 67/77 | €529 | €1,055 | +€526 | +99.3% |
| Profit (loss) for the period | 9904 | -€43,690 | €39,243 | +€82,933 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,690 | €39,243 | +€82,933 |
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.