MARI: 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.
MARI
Largest movements
- Cash -€65,535
down €65,535 (-28.5%), from €230,064 to €164,529
mainly Accrued charges and deferred income (-€188,255) and Investment in fixed assets (net) (-€60,919)
- Receivables within one year -€33,666
down €33,666 (-73.9%), from €45,557 to €11,891
of which Trade receivables: -€37,645
- Deferred charges and accrued income -€25,771
down €25,771 (-91.2%), from €28,260 to €2,489
- Accrued charges and deferred income -€188,255
down €188,255 (-73.9%), from €254,660 to €66,406
- Reserves +€113,409
up €113,409 (+32.3%), from €351,118 to €464,527
of which Distributable reserves: +€133,146
- Debts after one year -€40,369
down €40,369 (-12.4%), from €326,151 to €285,782
- Trade debts -€26,146
down €26,146 (-41.3%), from €63,296 to €37,150
- Tax, wage and social debts +€16,300
up €16,300 (+47.2%), from €34,549 to €50,850
- Gross operating margin +€99,358
up €99,358 (+64.6%), from €153,870 to €253,228
- Write-downs +€91,200
new in 2025: €91,200
- Financial income +€16,567
up €16,567 (+2,263%), from €732 to €17,299
- Depreciation +€12,176
up €12,176 (+21.0%), from €57,968 to €70,144
- Other operating charges +€3,688
up €3,688 (+31.8%), from €11,583 to €15,271
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 | €1,311,444 | €1,177,247 | -€134,197 | -10.2% |
| Fixed assets | 21/28 | €1,007,563 | €998,338 | -€9,225 | -0.9% |
| Tangible fixed assets | 22/27 | €512,063 | €502,838 | -€9,225 | -1.8% |
| Land and buildings | 22 | €289,109 | €296,688 | +€7,579 | +2.6% |
| Plant, machinery and equipment | 23 | €222,954 | €206,150 | -€16,804 | -7.5% |
| Financial fixed assets | 28 | €495,500 | €495,500 | = | 0.0% |
| Current assets | 29/58 | €303,881 | €178,909 | -€124,972 | -41.1% |
| Amounts receivable within one year | 40/41 | €45,557 | €11,891 | -€33,666 | -73.9% |
| Trade receivables | 40 | €40,630 | €2,985 | -€37,645 | -92.7% |
| Other amounts receivable | 41 | €4,927 | €8,906 | +€3,979 | +80.7% |
| Cash at bank and in hand | 54/58 | €230,064 | €164,529 | -€65,535 | -28.5% |
| Deferred charges and accrued income | 490/1 | €28,260 | €2,489 | -€25,771 | -91.2% |
| Total equity and liabilities | 10/49 | €1,311,444 | €1,177,247 | -€134,197 | -10.2% |
| Equity | 10/15 | €412,118 | €526,027 | +€113,909 | +27.6% |
| Contributions | 10/11 | €61,000 | €61,500 | +€500 | +0.8% |
| Capital | 10 | €61,000 | €61,500 | +€500 | +0.8% |
| Issued capital | 100 | €61,000 | €61,500 | +€500 | +0.8% |
| Reserves | 13 | €351,118 | €464,527 | +€113,409 | +32.3% |
| Non-distributable reserves | 130/1 | €3,757 | €3,757 | = | 0.0% |
| Legal reserve | 130 | €3,757 | €3,757 | = | 0.0% |
| Tax-exempt reserves | 132 | €69,068 | €49,331 | -€19,737 | -28.6% |
| Distributable reserves | 133 | €278,293 | €411,439 | +€133,146 | +47.8% |
| Provisions and deferred taxes | 16 | €106,564 | €96,401 | -€10,163 | -9.5% |
| Provisions for liabilities and charges | 160/5 | €71,000 | €71,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €71,000 | €71,000 | = | 0.0% |
| Deferred taxes | 168 | €35,564 | €25,401 | -€10,163 | -28.6% |
| Amounts payable | 17/49 | €792,762 | €554,819 | -€237,943 | -30.0% |
| Amounts payable after more than one year | 17 | €326,151 | €285,782 | -€40,369 | -12.4% |
| Financial debts | 170/4 | €326,151 | €285,782 | -€40,369 | -12.4% |
| Amounts payable within one year | 42/48 | €211,951 | €202,631 | -€9,319 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €55,618 | €58,419 | +€2,801 | +5.0% |
| Trade debts | 44 | €63,296 | €37,150 | -€26,146 | -41.3% |
| Suppliers | 440/4 | €63,296 | €37,150 | -€26,146 | -41.3% |
| Taxes, remuneration and social security | 45 | €34,549 | €50,850 | +€16,300 | +47.2% |
| Taxes | 450/3 | €34,549 | €50,850 | +€16,300 | +47.2% |
| Other amounts payable | 47/48 | €58,487 | €56,212 | -€2,274 | -3.9% |
| Accrued charges and deferred income | 492/3 | €254,660 | €66,406 | -€188,255 | -73.9% |
| Non-recurring operating income | 76A | - | €88,858 | +€88,858 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,968 | €70,144 | +€12,176 | +21.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €91,200 | +€91,200 | |
| Other operating charges | 640/8 | €11,583 | €15,271 | +€3,688 | +31.8% |
| Non-recurring operating charges | 66A | - | €3,900 | +€3,900 | |
| Gross operating margin | 9900 | €153,870 | €253,228 | +€99,358 | +64.6% |
| Operating profit (loss) | 9901 | €84,319 | €72,713 | -€11,607 | -13.8% |
| Financial income | 75/76B | €732 | €17,299 | +€16,567 | +2,263% |
| Recurring financial income | 75 | €732 | €17,299 | +€16,567 | +2,263% |
| Financial charges | 65/66B | €20,671 | €19,929 | -€743 | -3.6% |
| Recurring financial charges | 65 | €20,671 | €19,929 | -€743 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €64,380 | €70,083 | +€5,703 | +8.9% |
| Transfer from deferred taxes | 780 | €10,163 | €10,163 | = | 0.0% |
| Income taxes | 67/77 | €25,689 | €25,000 | -€689 | -2.7% |
| Profit (loss) for the period | 9904 | €48,854 | €55,247 | +€6,393 | +13.1% |
| Transfer from tax-exempt reserves | 789 | €19,737 | €19,737 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,591 | €74,984 | +€6,393 | +9.3% |
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 31 October 2026 via checked.be.