MAREX: what changed
MAREX
Largest movements
- Cash -€277
down €277 (-61.3%), from €452 to €175
mainly Other debts (-€13,669) and Trade debts (-€5,183)
- Receivables within one year -€140
no longer reported in 2025 (was €140)
- Debts after one year +€15,177
up €15,177 (+43.7%), from €34,720 to €49,897
- Other debts -€13,669
down €13,669 (-98.2%), from €13,919 to €250
- Trade debts -€5,183
down €5,183 (-52.8%), from €9,824 to €4,642
- Profit (loss) carried forward +€3,189
up €3,189 (+3.9%), from -€81,872 to -€78,683
- Accrued charges and deferred income +€69
new in 2025: €69
- Gross operating margin -€9,953
down €9,953 (-71.3%), from €13,958 to €4,005
- Other operating charges -€3,179
down €3,179 (-86.2%), from €3,686 to €507
- Depreciation -€500
no longer reported in 2025 (was €500)
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 | €592 | €175 | -€417 | -70.5% |
| Current assets | 29/58 | €592 | €175 | -€417 | -70.5% |
| Amounts receivable within one year | 40/41 | €140 | - | -€140 | |
| Other amounts receivable | 41 | €140 | - | -€140 | |
| Cash at bank and in hand | 54/58 | €452 | €175 | -€277 | -61.3% |
| Total equity and liabilities | 10/49 | €592 | €175 | -€417 | -70.5% |
| Equity | 10/15 | -€57,872 | -€54,683 | +€3,189 | +5.5% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€81,872 | -€78,683 | +€3,189 | +3.9% |
| Amounts payable | 17/49 | €58,464 | €54,858 | -€3,606 | -6.2% |
| Amounts payable after more than one year | 17 | €34,720 | €49,897 | +€15,177 | +43.7% |
| Other amounts payable | 178/9 | €34,720 | €49,897 | +€15,177 | +43.7% |
| Amounts payable within one year | 42/48 | €23,744 | €4,892 | -€18,852 | -79.4% |
| Trade debts | 44 | €9,824 | €4,642 | -€5,183 | -52.8% |
| Suppliers | 440/4 | €9,824 | €4,642 | -€5,183 | -52.8% |
| Other amounts payable | 47/48 | €13,919 | €250 | -€13,669 | -98.2% |
| Accrued charges and deferred income | 492/3 | - | €69 | +€69 | |
| Non-recurring operating income | 76A | €16,413 | - | -€16,413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €500 | - | -€500 | |
| Other operating charges | 640/8 | €3,686 | €507 | -€3,179 | -86.2% |
| Gross operating margin | 9900 | €13,958 | €4,005 | -€9,953 | -71.3% |
| Operating profit (loss) | 9901 | €9,772 | €3,497 | -€6,275 | -64.2% |
| Financial charges | 65/66B | €216 | €308 | +€93 | +43.0% |
| Recurring financial charges | 65 | €216 | €308 | +€93 | +43.0% |
| Profit (loss) for the period before taxes | 9903 | €9,556 | €3,189 | -€6,367 | -66.6% |
| Profit (loss) for the period | 9904 | €9,556 | €3,189 | -€6,367 | -66.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,556 | €3,189 | -€6,367 | -66.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.