MARA: 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.
MARA
Largest movements
- Cash +€87,766
up €87,766 (+148%), from €59,316 to €147,083
mainly Net result for the year (+€52,456) and Current investments (+€45,000)
- Current investments -€45,000
down €45,000 (-52.4%), from €85,858 to €40,858
- Tangible fixed assets -€4,220
down €4,220 (-23.0%), from €18,311 to €14,091
of which Land and buildings: -€2,572
- Reserves +€52,456
up €52,456 (+40.1%), from €130,666 to €183,122
of which Distributable reserves: +€52,456
- Tax, wage and social debts -€13,321
down €13,321 (-86.4%), from €15,426 to €2,105
of which Taxes: -€12,549
- Gross operating margin +€1,375
up €1,375 (+1.4%), from €101,533 to €102,908
- Staff costs +€1,162
up €1,162 (+5.8%), from €20,199 to €21,361
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 | €167,964 | €206,881 | +€38,917 | +23.2% |
| Fixed assets | 21/28 | €18,645 | €14,425 | -€4,220 | -22.6% |
| Tangible fixed assets | 22/27 | €18,311 | €14,091 | -€4,220 | -23.0% |
| Land and buildings | 22 | €13,469 | €10,896 | -€2,572 | -19.1% |
| Plant, machinery and equipment | 23 | €4,842 | €3,194 | -€1,648 | -34.0% |
| Financial fixed assets | 28 | €334 | €334 | = | 0.0% |
| Current assets | 29/58 | €149,319 | €192,456 | +€43,137 | +28.9% |
| Stocks and contracts in progress | 3 | €3,416 | €2,869 | -€546 | -16.0% |
| Stocks | 30/36 | €3,416 | €2,869 | -€546 | -16.0% |
| Amounts receivable within one year | 40/41 | €728 | €1,462 | +€733 | +101% |
| Trade receivables | 40 | €675 | €595 | -€80 | -11.8% |
| Other amounts receivable | 41 | €54 | €867 | +€813 | +1,515% |
| Current investments | 50/53 | €85,858 | €40,858 | -€45,000 | -52.4% |
| Cash at bank and in hand | 54/58 | €59,316 | €147,083 | +€87,766 | +148% |
| Deferred charges and accrued income | 490/1 | - | €184 | +€184 | |
| Total equity and liabilities | 10/49 | €167,964 | €206,881 | +€38,917 | +23.2% |
| Equity | 10/15 | €149,266 | €201,722 | +€52,456 | +35.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €130,666 | €183,122 | +€52,456 | +40.1% |
| Non-distributable reserves | 130/1 | €4,834 | €4,834 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,834 | €4,834 | = | 0.0% |
| Distributable reserves | 133 | €125,832 | €178,288 | +€52,456 | +41.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €18,698 | €5,159 | -€13,539 | -72.4% |
| Amounts payable within one year | 42/48 | €17,486 | €4,932 | -€12,555 | -71.8% |
| Trade debts | 44 | €1,610 | €2,376 | +€766 | +47.6% |
| Suppliers | 440/4 | €1,610 | €2,376 | +€766 | +47.6% |
| Taxes, remuneration and social security | 45 | €15,426 | €2,105 | -€13,321 | -86.4% |
| Taxes | 450/3 | €14,654 | €2,105 | -€12,549 | -85.6% |
| Remuneration and social security | 454/9 | €772 | €0 | -€772 | -100% |
| Other amounts payable | 47/48 | €450 | €450 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,212 | €227 | -€985 | -81.3% |
| Remuneration, social security and pensions | 62 | €20,199 | €21,361 | +€1,162 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,269 | €4,220 | -€49 | -1.1% |
| Other operating charges | 640/8 | €660 | €1,059 | +€399 | +60.5% |
| Gross operating margin | 9900 | €101,533 | €102,908 | +€1,375 | +1.4% |
| Operating profit (loss) | 9901 | €76,404 | €76,268 | -€136 | -0.2% |
| Financial income | 75/76B | €1,223 | €1,532 | +€309 | +25.3% |
| Recurring financial income | 75 | €1,223 | €1,532 | +€309 | +25.3% |
| Financial charges | 65/66B | €685 | €730 | +€46 | +6.6% |
| Recurring financial charges | 65 | €685 | €730 | +€46 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €76,942 | €77,070 | +€127 | +0.2% |
| Income taxes | 67/77 | €24,798 | €24,613 | -€184 | -0.7% |
| Profit (loss) for the period | 9904 | €52,145 | €52,456 | +€312 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,145 | €52,456 | +€312 | +0.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.