LA MAREE: 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.
LA MAREE
Largest movements
- Receivables within one year +€116,351
up €116,351 (+47.5%), from €244,692 to €361,043
of which Trade receivables: +€116,354
- Stocks and contracts -€83,568
down €83,568 (-49.1%), from €170,063 to €86,495
- Cash +€40,105
up €40,105 (+21.3%), from €187,914 to €228,018
mainly Net result for the year (+€104,874) and Stocks and contracts (+€83,568)
- Profit (loss) carried forward +€104,874
up €104,874 (+12.3%), from -€849,900 to -€745,027
- Tax, wage and social debts -€48,496
down €48,496 (-21.9%), from €221,202 to €172,706
of which Taxes: -€36,520
- Accrued charges and deferred income +€22,095
up €22,095, from €0 to €22,095
- Other operating charges +€32,782
up €32,782 (+1,932%), from €1,697 to €34,479
- Gross operating margin +€17,711
up €17,711 (+14.3%), from €124,112 to €141,823
- Staff costs -€16,098
down €16,098 (-89.8%), from €17,929 to €1,832
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 | €717,077 | €789,403 | +€72,326 | +10.1% |
| Fixed assets | 21/28 | €114,005 | €113,443 | -€561 | -0.5% |
| Tangible fixed assets | 22/27 | €112,181 | €111,619 | -€561 | -0.5% |
| Land and buildings | 22 | €112,114 | €111,552 | -€561 | -0.5% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €67 | €67 | = | 0.0% |
| Financial fixed assets | 28 | €1,824 | €1,824 | = | 0.0% |
| Current assets | 29/58 | €603,072 | €675,960 | +€72,888 | +12.1% |
| Stocks and contracts in progress | 3 | €170,063 | €86,495 | -€83,568 | -49.1% |
| Stocks | 30/36 | €170,063 | €86,495 | -€83,568 | -49.1% |
| Amounts receivable within one year | 40/41 | €244,692 | €361,043 | +€116,351 | +47.5% |
| Trade receivables | 40 | €223,194 | €339,548 | +€116,354 | +52.1% |
| Other amounts receivable | 41 | €21,498 | €21,495 | -€3 | 0.0% |
| Cash at bank and in hand | 54/58 | €187,914 | €228,018 | +€40,105 | +21.3% |
| Deferred charges and accrued income | 490/1 | €404 | €404 | = | 0.0% |
| Total equity and liabilities | 10/49 | €717,077 | €789,403 | +€72,326 | +10.1% |
| Equity | 10/15 | -€339,497 | -€234,623 | +€104,874 | +30.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €437,327 | €437,327 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €431,130 | €431,130 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€849,900 | -€745,027 | +€104,874 | +12.3% |
| Investment grants | 15 | €11,104 | €11,104 | = | 0.0% |
| Amounts payable | 17/49 | €1,056,574 | €1,024,026 | -€32,547 | -3.1% |
| Amounts payable within one year | 42/48 | €1,056,574 | €1,001,931 | -€54,642 | -5.2% |
| Financial debts | 43 | €74 | €0 | -€74 | -100% |
| Credit institutions | 430/8 | €74 | €0 | -€74 | -100% |
| Trade debts | 44 | €218,375 | €212,303 | -€6,072 | -2.8% |
| Suppliers | 440/4 | €218,375 | €212,303 | -€6,072 | -2.8% |
| Taxes, remuneration and social security | 45 | €221,202 | €172,706 | -€48,496 | -21.9% |
| Taxes | 450/3 | €99,710 | €63,190 | -€36,520 | -36.6% |
| Remuneration and social security | 454/9 | €121,492 | €109,516 | -€11,976 | -9.9% |
| Other amounts payable | 47/48 | €616,922 | €616,922 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | €22,095 | +€22,095 | |
| Remuneration, social security and pensions | 62 | €17,929 | €1,832 | -€16,098 | -89.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €815 | €0 | -€815 | -100% |
| Other operating charges | 640/8 | €1,697 | €34,479 | +€32,782 | +1,932% |
| Gross operating margin | 9900 | €124,112 | €141,823 | +€17,711 | +14.3% |
| Operating profit (loss) | 9901 | €103,671 | €105,513 | +€1,842 | +1.8% |
| Financial charges | 65/66B | €0 | €121 | +€121 | |
| Recurring financial charges | 65 | €0 | €121 | +€121 | |
| Profit (loss) for the period before taxes | 9903 | €103,671 | €105,392 | +€1,721 | +1.7% |
| Income taxes | 67/77 | €0 | €518 | +€518 | |
| Profit (loss) for the period | 9904 | €103,671 | €104,874 | +€1,202 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €103,671 | €104,874 | +€1,202 | +1.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.