MAREX: what changed
MAREX
Largest movements
- Cash -€57,206
down €57,206 (-46.8%), from €122,252 to €65,047
mainly Contributions, distributions and other (-€100,000) and Debts after one year (-€73,997)
- Tangible fixed assets -€43,690
down €43,690 (-4.1%), from €1.1m to €1.0m
of which Land and buildings: -€44,498
- Reserves -€100,000
down €100,000 (-16.2%), from €615,385 to €515,385
of which Distributable reserves: -€100,000
- Other debts +€99,237
up €99,237 (+13,001%), from €763 to €100,000
- Debts after one year -€73,997
down €73,997 (-13.0%), from €567,418 to €493,422
of which Financial debts: -€73,997
- Profit (loss) carried forward -€29,936
down €29,936 (-58.5%), from €51,200 to €21,264
- Gross operating margin -€17,536
down €17,536 (-25.3%), from €69,349 to €51,812
- Financial income -€4,928
down €4,928 (-52.2%), from €9,449 to €4,521
- Financial charges +€2,607
up €2,607 (+24.4%), from €10,681 to €13,287
- Other operating charges -€1,609
down €1,609 (-7.7%), from €20,954 to €19,345
- Depreciation -€1,224
down €1,224 (-2.3%), from €54,414 to €53,189
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,354,344 | €1,253,979 | -€100,365 | -7.4% |
| Fixed assets | 21/28 | €1,061,438 | €1,017,748 | -€43,690 | -4.1% |
| Tangible fixed assets | 22/27 | €1,059,438 | €1,015,748 | -€43,690 | -4.1% |
| Land and buildings | 22 | €1,009,061 | €964,563 | -€44,498 | -4.4% |
| Plant, machinery and equipment | 23 | €205 | - | -€205 | |
| Furniture and vehicles | 24 | €39,665 | €33,003 | -€6,662 | -16.8% |
| Other tangible fixed assets | 26 | €10,507 | €18,182 | +€7,675 | +73.0% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €292,906 | €236,231 | -€56,675 | -19.3% |
| Amounts receivable after more than one year | 29 | €124,000 | €124,000 | = | 0.0% |
| Other amounts receivable | 291 | €124,000 | €124,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €224 | €9,768 | +€9,544 | +4,257% |
| Other amounts receivable | 41 | €224 | €9,768 | +€9,544 | +4,257% |
| Cash at bank and in hand | 54/58 | €122,252 | €65,047 | -€57,206 | -46.8% |
| Deferred charges and accrued income | 490/1 | €46,429 | €37,416 | -€9,013 | -19.4% |
| Total equity and liabilities | 10/49 | €1,354,344 | €1,253,979 | -€100,365 | -7.4% |
| Equity | 10/15 | €685,135 | €555,199 | -€129,936 | -19.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €615,385 | €515,385 | -€100,000 | -16.2% |
| Tax-exempt reserves | 132 | €155,000 | €155,000 | = | 0.0% |
| Distributable reserves | 133 | €460,385 | €360,385 | -€100,000 | -21.7% |
| Profit (loss) carried forward | 14 | €51,200 | €21,264 | -€29,936 | -58.5% |
| Amounts payable | 17/49 | €669,209 | €698,780 | +€29,571 | +4.4% |
| Amounts payable after more than one year | 17 | €567,418 | €493,422 | -€73,997 | -13.0% |
| Financial debts | 170/4 | €563,713 | €489,716 | -€73,997 | -13.1% |
| Other amounts payable | 178/9 | €3,705 | €3,705 | = | 0.0% |
| Amounts payable within one year | 42/48 | €84,589 | €179,848 | +€95,259 | +113% |
| Current portion of amounts payable after more than one year | 42 | €74,188 | €74,539 | +€352 | +0.5% |
| Taxes, remuneration and social security | 45 | €9,638 | €5,309 | -€4,329 | -44.9% |
| Taxes | 450/3 | €9,638 | €5,309 | -€4,329 | -44.9% |
| Other amounts payable | 47/48 | €763 | €100,000 | +€99,237 | +13,001% |
| Accrued charges and deferred income | 492/3 | €17,201 | €25,510 | +€8,309 | +48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,414 | €53,189 | -€1,224 | -2.3% |
| Other operating charges | 640/8 | €20,954 | €19,345 | -€1,609 | -7.7% |
| Gross operating margin | 9900 | €69,349 | €51,812 | -€17,536 | -25.3% |
| Operating profit (loss) | 9901 | -€6,019 | -€20,722 | -€14,703 | -244% |
| Financial income | 75/76B | €9,449 | €4,521 | -€4,928 | -52.2% |
| Recurring financial income | 75 | €9,449 | €4,521 | -€4,928 | -52.2% |
| Financial charges | 65/66B | €10,681 | €13,287 | +€2,607 | +24.4% |
| Recurring financial charges | 65 | €10,681 | €13,287 | +€2,607 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,251 | -€29,488 | -€22,237 | -307% |
| Income taxes | 67/77 | €607 | €448 | -€159 | -26.2% |
| Profit (loss) for the period | 9904 | -€7,858 | -€29,936 | -€22,078 | -281% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,858 | -€29,936 | -€22,078 | -281% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.