MARRETI: 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.
MARRETI
Largest movements
- Tangible fixed assets -€60,160
down €60,160 (-5.5%), from €1.1m to €1.0m
- Receivables within one year -€40,529
down €40,529 (-10.4%), from €391,488 to €350,959
of which Trade receivables: -€124,695
- Stocks and contracts -€33,265
down €33,265 (-17.6%), from €189,503 to €156,238
- Cash +€19,665
up €19,665 (+135%), from €14,580 to €34,245
mainly Trade debts (+€84,717) and Depreciation (+€69,327)
- Trade debts +€84,717
up €84,717 (+53.9%), from €157,069 to €241,786
- Profit (loss) carried forward -€65,457
new in 2025: -€65,457
- Debts after one year -€61,100
down €61,100 (-13.1%), from €467,173 to €406,073
- Tax, wage and social debts -€37,190
down €37,190 (-97.2%), from €38,257 to €1,067
of which Taxes: -€35,690
- Current portion of long-term debt -€31,451
down €31,451 (-25.1%), from €125,550 to €94,099
- Gross operating margin -€443,719
down €443,719 (-89.7%), from €494,588 to €50,869
- Taxes -€95,987
down €95,987 (-99.3%), from €96,660 to €672
- Other operating charges -€51,486
down €51,486 (-56.0%), from €91,975 to €40,488
- Depreciation -€13,637
down €13,637 (-16.4%), from €82,965 to €69,327
- Write-downs -€7,478
no longer reported in 2025 (was €7,478)
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 | €1,707,575 | €1,597,176 | -€110,399 | -6.5% |
| Fixed assets | 21/28 | €1,099,003 | €1,038,844 | -€60,160 | -5.5% |
| Tangible fixed assets | 22/27 | €1,099,003 | €1,038,844 | -€60,160 | -5.5% |
| Land and buildings | 22 | €844,793 | €817,603 | -€27,190 | -3.2% |
| Plant, machinery and equipment | 23 | €35,233 | €34,121 | -€1,111 | -3.2% |
| Furniture and vehicles | 24 | €64,949 | €41,375 | -€23,574 | -36.3% |
| Leasing and similar rights | 25 | €45,934 | €32,158 | -€13,777 | -30.0% |
| Other tangible fixed assets | 26 | €108,094 | €113,587 | +€5,492 | +5.1% |
| Current assets | 29/58 | €608,572 | €558,333 | -€50,239 | -8.3% |
| Stocks and contracts in progress | 3 | €189,503 | €156,238 | -€33,265 | -17.6% |
| Stocks | 30/36 | €189,503 | €156,238 | -€33,265 | -17.6% |
| Amounts receivable within one year | 40/41 | €391,488 | €350,959 | -€40,529 | -10.4% |
| Trade receivables | 40 | €160,663 | €35,968 | -€124,695 | -77.6% |
| Other amounts receivable | 41 | €230,825 | €314,990 | +€84,166 | +36.5% |
| Cash at bank and in hand | 54/58 | €14,580 | €34,245 | +€19,665 | +135% |
| Deferred charges and accrued income | 490/1 | €13,000 | €16,891 | +€3,890 | +29.9% |
| Total equity and liabilities | 10/49 | €1,707,575 | €1,597,176 | -€110,399 | -6.5% |
| Equity | 10/15 | €838,997 | €769,006 | -€69,991 | -8.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €280,000 | €280,000 | = | 0.0% |
| Reserves | 13 | €538,997 | €534,463 | -€4,534 | -0.8% |
| Tax-exempt reserves | 132 | €21,111 | €21,111 | = | 0.0% |
| Distributable reserves | 133 | €517,886 | €513,352 | -€4,534 | -0.9% |
| Profit (loss) carried forward | 14 | - | -€65,457 | -€65,457 | |
| Amounts payable | 17/49 | €868,578 | €828,170 | -€40,408 | -4.7% |
| Amounts payable after more than one year | 17 | €467,173 | €406,073 | -€61,100 | -13.1% |
| Financial debts | 170/4 | €467,173 | €406,073 | -€61,100 | -13.1% |
| Amounts payable within one year | 42/48 | €392,542 | €411,952 | +€19,410 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €125,550 | €94,099 | -€31,451 | -25.1% |
| Financial debts | 43 | €70,000 | €75,000 | +€5,000 | +7.1% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Other loans | 439 | €20,000 | €25,000 | +€5,000 | +25.0% |
| Trade debts | 44 | €157,069 | €241,786 | +€84,717 | +53.9% |
| Suppliers | 440/4 | €157,069 | €241,786 | +€84,717 | +53.9% |
| Taxes, remuneration and social security | 45 | €38,257 | €1,067 | -€37,190 | -97.2% |
| Taxes | 450/3 | €36,757 | €1,067 | -€35,690 | -97.1% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | €1,666 | - | -€1,666 | |
| Accrued charges and deferred income | 492/3 | €8,863 | €10,145 | +€1,282 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,965 | €69,327 | -€13,637 | -16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,478 | - | -€7,478 | |
| Other operating charges | 640/8 | €91,975 | €40,488 | -€51,486 | -56.0% |
| Gross operating margin | 9900 | €494,588 | €50,869 | -€443,719 | -89.7% |
| Operating profit (loss) | 9901 | €312,171 | -€58,946 | -€371,117 | |
| Financial income | 75/76B | €8,433 | €11,863 | +€3,430 | +40.7% |
| Recurring financial income | 75 | €8,433 | €11,863 | +€3,430 | +40.7% |
| Financial charges | 65/66B | €20,507 | €22,236 | +€1,729 | +8.4% |
| Recurring financial charges | 65 | €20,507 | €22,236 | +€1,729 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €300,097 | -€69,319 | -€369,415 | |
| Income taxes | 67/77 | €96,660 | €672 | -€95,987 | -99.3% |
| Profit (loss) for the period | 9904 | €203,437 | -€69,991 | -€273,428 | |
| Profit (loss) for the period to be appropriated | 9905 | €203,437 | -€69,991 | -€273,428 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.