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
- Current investments +€51,500
up €51,500 (+103%), from €50,000 to €101,500
- Cash +€29,463
up €29,463 (+215%), from €13,713 to €43,175
mainly Net result for the year (+€59,012) and Tax, wage and social debts (+€14,234)
- Receivables within one year -€5,900
down €5,900 (-32.2%), from €18,299 to €12,399
of which Other amounts receivable: -€3,964
- Tangible fixed assets +€2,921
up €2,921 (+142%), from €2,061 to €4,983
- Reserves +€59,012
up €59,012 (+99.9%), from €59,098 to €118,110
- Tax, wage and social debts +€14,234
up €14,234 (+76.0%), from €18,731 to €32,965
- Trade debts +€2,873
up €2,873 (+72.6%), from €3,955 to €6,828
- Other debts +€1,668
new in 2025: €1,668
- Gross operating margin +€1,752
up €1,752 (+2.3%), from €75,274 to €77,026
- Depreciation +€830
up €830 (+5,208%), from €16 to €846
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 | €86,785 | €164,787 | +€78,002 | +89.9% |
| Fixed assets | 21/28 | €2,061 | €4,983 | +€2,921 | +142% |
| Tangible fixed assets | 22/27 | €2,061 | €4,983 | +€2,921 | +142% |
| Furniture and vehicles | 24 | €2,061 | €4,983 | +€2,921 | +142% |
| Current assets | 29/58 | €84,724 | €159,804 | +€75,081 | +88.6% |
| Amounts receivable within one year | 40/41 | €18,299 | €12,399 | -€5,900 | -32.2% |
| Trade receivables | 40 | €14,036 | €12,100 | -€1,936 | -13.8% |
| Other amounts receivable | 41 | €4,263 | €299 | -€3,964 | -93.0% |
| Current investments | 50/53 | €50,000 | €101,500 | +€51,500 | +103% |
| Cash at bank and in hand | 54/58 | €13,713 | €43,175 | +€29,463 | +215% |
| Deferred charges and accrued income | 490/1 | €2,712 | €2,731 | +€18 | +0.7% |
| Total equity and liabilities | 10/49 | €86,785 | €164,787 | +€78,002 | +89.9% |
| Equity | 10/15 | €64,098 | €123,110 | +€59,012 | +92.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €59,098 | €118,110 | +€59,012 | +99.9% |
| Distributable reserves | 133 | €59,098 | €118,110 | +€59,012 | +99.9% |
| Amounts payable | 17/49 | €22,687 | €41,676 | +€18,990 | +83.7% |
| Amounts payable within one year | 42/48 | €22,687 | €41,461 | +€18,774 | +82.8% |
| Trade debts | 44 | €3,955 | €6,828 | +€2,873 | +72.6% |
| Suppliers | 440/4 | €3,955 | €6,828 | +€2,873 | +72.6% |
| Taxes, remuneration and social security | 45 | €18,731 | €32,965 | +€14,234 | +76.0% |
| Taxes | 450/3 | €18,731 | €32,965 | +€14,234 | +76.0% |
| Other amounts payable | 47/48 | - | €1,668 | +€1,668 | |
| Accrued charges and deferred income | 492/3 | - | €215 | +€215 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16 | €846 | +€830 | +5,208% |
| Other operating charges | 640/8 | €427 | €591 | +€164 | +38.3% |
| Gross operating margin | 9900 | €75,274 | €77,026 | +€1,752 | +2.3% |
| Operating profit (loss) | 9901 | €74,830 | €75,589 | +€758 | +1.0% |
| Financial income | 75/76B | €537 | €685 | +€148 | +27.6% |
| Recurring financial income | 75 | €537 | €685 | +€148 | +27.6% |
| Financial charges | 65/66B | €2 | €361 | +€359 | +19,622% |
| Recurring financial charges | 65 | €2 | €361 | +€359 | +19,622% |
| Profit (loss) for the period before taxes | 9903 | €75,366 | €75,913 | +€547 | +0.7% |
| Income taxes | 67/77 | €16,267 | €16,901 | +€634 | +3.9% |
| Profit (loss) for the period | 9904 | €59,098 | €59,012 | -€86 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €59,098 | €59,012 | -€86 | -0.1% |
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 14 October 2026 via checked.be.