MARU: 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.
MARU
Largest movements
- Receivables after one year -€37,170
down €37,170 (-3.6%), from €1.0m to €997,105
- Receivables within one year -€24,283
down €24,283 (-27.7%), from €87,619 to €63,336
of which Other amounts receivable: -€12,684
- Profit (loss) carried forward -€39,042
down €39,042 (-21.0%), from €185,679 to €146,637
- Other debts -€24,835
down €24,835 (-70.4%), from €35,267 to €10,432
- Tax, wage and social debts +€12,728
up €12,728 (+72.2%), from €17,628 to €30,356
of which Remuneration and social security: +€11,766
- Financial income +€59,262
up €59,262 (+363.8%), from €16,290 to €75,552
- Gross operating margin -€46,424
down €46,424 (-593.9%), from -€7,817 to -€54,240
- Financial charges -€37,238
down €37,238 (-81.9%), from €45,453 to €8,215
- Provisions +€35,261
no longer reported in 2025 (was -€35,261)
- Staff costs +€2,251
up €2,251 (+4.8%), from €47,079 to €49,330
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 | €1,134,368 | €1,078,218 | -€56,149 | -4.9% |
| Fixed assets | 21/28 | €1,619 | €409 | -€1,210 | -74.7% |
| Tangible fixed assets | 22/27 | €1,619 | €409 | -€1,210 | -74.7% |
| Furniture and vehicles | 24 | €1,619 | €409 | -€1,210 | -74.7% |
| Current assets | 29/58 | €1,132,749 | €1,077,809 | -€54,939 | -4.9% |
| Amounts receivable after more than one year | 29 | €1,034,275 | €997,105 | -€37,170 | -3.6% |
| Other amounts receivable | 291 | €1,034,275 | €997,105 | -€37,170 | -3.6% |
| Amounts receivable within one year | 40/41 | €87,619 | €63,336 | -€24,283 | -27.7% |
| Trade receivables | 40 | €11,599 | - | -€11,599 | |
| Other amounts receivable | 41 | €76,020 | €63,336 | -€12,684 | -16.7% |
| Cash at bank and in hand | 54/58 | €10,854 | €17,213 | +€6,358 | +58.6% |
| Deferred charges and accrued income | 490/1 | - | €156 | +€156 | |
| Total equity and liabilities | 10/49 | €1,134,368 | €1,078,218 | -€56,149 | -4.9% |
| Equity | 10/15 | €841,874 | €802,833 | -€39,042 | -4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €637,595 | €637,595 | = | 0.0% |
| Distributable reserves | 133 | €637,595 | €637,595 | = | 0.0% |
| Profit (loss) carried forward | 14 | €185,679 | €146,637 | -€39,042 | -21.0% |
| Amounts payable | 17/49 | €292,493 | €275,385 | -€17,108 | -5.8% |
| Amounts payable within one year | 42/48 | €292,493 | €273,597 | -€18,896 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €1,639 | - | -€1,639 | |
| Trade debts | 44 | €237,959 | €232,810 | -€5,150 | -2.2% |
| Suppliers | 440/4 | €237,959 | €232,810 | -€5,150 | -2.2% |
| Taxes, remuneration and social security | 45 | €17,628 | €30,356 | +€12,728 | +72.2% |
| Taxes | 450/3 | €2,589 | €3,551 | +€962 | +37.1% |
| Remuneration and social security | 454/9 | €15,039 | €26,805 | +€11,766 | +78.2% |
| Other amounts payable | 47/48 | €35,267 | €10,432 | -€24,835 | -70.4% |
| Accrued charges and deferred income | 492/3 | - | €1,788 | +€1,788 | |
| Remuneration, social security and pensions | 62 | €47,079 | €49,330 | +€2,251 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,097 | €1,210 | -€1,887 | -60.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€35,261 | - | +€35,261 | |
| Other operating charges | 640/8 | €911 | €998 | +€87 | +9.6% |
| Gross operating margin | 9900 | -€7,817 | -€54,240 | -€46,424 | -593.9% |
| Operating profit (loss) | 9901 | -€23,643 | -€105,779 | -€82,136 | -347.4% |
| Financial income | 75/76B | €16,290 | €75,552 | +€59,262 | +363.8% |
| Recurring financial income | 75 | €16,290 | €75,552 | +€59,262 | +363.8% |
| Financial charges | 65/66B | €45,453 | €8,215 | -€37,238 | -81.9% |
| Recurring financial charges | 65 | €45,453 | €8,215 | -€37,238 | -81.9% |
| Profit (loss) for the period before taxes | 9903 | -€52,806 | -€38,441 | +€14,365 | +27.2% |
| Income taxes | 67/77 | €700 | €601 | -€100 | -14.2% |
| Profit (loss) for the period | 9904 | -€53,506 | -€39,042 | +€14,465 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,506 | -€39,042 | +€14,465 | +27.0% |
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 29 September 2026 via checked.be.