MARA CONSTRUCT: what changed
Two fiscal 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 CONSTRUCT
Largest movements
- Receivables within one year +€100,199
up €100,199 (+262.3%), from €38,196 to €138,394
of which Trade receivables: +€107,280
- Cash -€17,449
down €17,449 (-31.0%), from €56,240 to €38,791
mainly Receivables within one year (-€100,199) and Contributions, distributions and other (-€20,000)
- Receivables after one year -€11,584
down €11,584 (-28.2%), from €41,083 to €29,498
- Stocks and contracts -€9,134
no longer reported in 2025 (was €9,134)
- Tangible fixed assets -€5,501
down €5,501 (-39.8%), from €13,828 to €8,327
of which Furniture and vehicles: -€5,040
- Trade debts +€50,212
up €50,212 (+121.1%), from €41,453 to €91,665
- Other debts +€23,032
up €23,032 (+284.8%), from €8,086 to €31,118
- Reserves -€20,000
down €20,000 (-68.4%), from €29,260 to €9,260
- Tax, wage and social debts +€6,335
up €6,335 (+101.6%), from €6,235 to €12,570
of which Taxes: +€4,835
- Current portion of long-term debt -€2,630
down €2,630 (-74.0%), from €3,552 to €922
- Taxes +€3,241
up €3,241 (+89.9%), from €3,604 to €6,846
- Financial charges +€2,555
up €2,555 (+198.4%), from €1,288 to €3,843
- Depreciation +€922
up €922 (+16.1%), from €5,722 to €6,644
- Gross operating margin -€349
down €349 (-1.8%), from €19,819 to €19,470
- Financial income +€291
up €291 (+66.2%), from €439 to €730
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.
Cash bridge derived
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 | €160,691 | €217,513 | +€56,822 | +35.4% |
| Fixed assets | 21/28 | €13,878 | €8,377 | -€5,501 | -39.6% |
| Tangible fixed assets | 22/27 | €13,828 | €8,327 | -€5,501 | -39.8% |
| Plant, machinery and equipment | 23 | €2,189 | €1,728 | -€462 | -21.1% |
| Furniture and vehicles | 24 | €11,639 | €6,599 | -€5,040 | -43.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €146,813 | €209,136 | +€62,323 | +42.5% |
| Amounts receivable after more than one year | 29 | €41,083 | €29,498 | -€11,584 | -28.2% |
| Other amounts receivable | 291 | €41,083 | €29,498 | -€11,584 | -28.2% |
| Stocks and contracts in progress | 3 | €9,134 | - | -€9,134 | |
| Stocks | 30/36 | €9,134 | - | -€9,134 | |
| Amounts receivable within one year | 40/41 | €38,196 | €138,394 | +€100,199 | +262.3% |
| Trade receivables | 40 | €28,105 | €135,385 | +€107,280 | +381.7% |
| Other amounts receivable | 41 | €10,091 | €3,009 | -€7,082 | -70.2% |
| Cash at bank and in hand | 54/58 | €56,240 | €38,791 | -€17,449 | -31.0% |
| Deferred charges and accrued income | 490/1 | €2,161 | €2,453 | +€292 | +13.5% |
| Total equity and liabilities | 10/49 | €160,691 | €217,513 | +€56,822 | +35.4% |
| Equity | 10/15 | €100,417 | €81,213 | -€19,205 | -19.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €29,260 | €9,260 | -€20,000 | -68.4% |
| Distributable reserves | 133 | €29,260 | €9,260 | -€20,000 | -68.4% |
| Profit (loss) carried forward | 14 | €64,957 | €65,753 | +€795 | +1.2% |
| Amounts payable | 17/49 | €60,274 | €136,301 | +€76,027 | +126.1% |
| Amounts payable after more than one year | 17 | €922 | - | -€922 | |
| Financial debts | 170/4 | €922 | - | -€922 | |
| Amounts payable within one year | 42/48 | €59,352 | €136,301 | +€76,949 | +129.6% |
| Current portion of amounts payable after more than one year | 42 | €3,552 | €922 | -€2,630 | -74.0% |
| Financial debts | 43 | €26 | €26 | = | 0.0% |
| Credit institutions | 430/8 | €26 | €26 | = | 0.0% |
| Trade debts | 44 | €41,453 | €91,665 | +€50,212 | +121.1% |
| Suppliers | 440/4 | €41,453 | €91,665 | +€50,212 | +121.1% |
| Taxes, remuneration and social security | 45 | €6,235 | €12,570 | +€6,335 | +101.6% |
| Taxes | 450/3 | €5,032 | €9,867 | +€4,835 | +96.1% |
| Remuneration and social security | 454/9 | €1,203 | €2,703 | +€1,500 | +124.7% |
| Other amounts payable | 47/48 | €8,086 | €31,118 | +€23,032 | +284.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,722 | €6,644 | +€922 | +16.1% |
| Other operating charges | 640/8 | €2,181 | €2,073 | -€107 | -4.9% |
| Gross operating margin | 9900 | €19,819 | €19,470 | -€349 | -1.8% |
| Operating profit (loss) | 9901 | €11,917 | €10,753 | -€1,164 | -9.8% |
| Financial income | 75/76B | €439 | €730 | +€291 | +66.2% |
| Recurring financial income | 75 | €439 | €730 | +€291 | +66.2% |
| Financial charges | 65/66B | €1,288 | €3,843 | +€2,555 | +198.4% |
| Recurring financial charges | 65 | €1,288 | €3,843 | +€2,555 | +198.4% |
| Profit (loss) for the period before taxes | 9903 | €11,069 | €7,641 | -€3,428 | -31.0% |
| Income taxes | 67/77 | €3,604 | €6,846 | +€3,241 | +89.9% |
| Profit (loss) for the period | 9904 | €7,464 | €795 | -€6,669 | -89.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,464 | €795 | -€6,669 | -89.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.