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MARA-SPL: 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.

What changed

MARA-SPL

BE 0878.678.656
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€43,521
2024 · €42,510+€1,011
Equity
€693,202
2024 · €649,681+€43,521
Cash
€95,612
2024 · €61,402+€34,210
Balance sheet total
€1.2m
2024 · €1.1m+€53,155

Largest movements

2024 to 2025
Assets
  • Cash +€34,210

    up €34,210 (+55.7%), from €61,402 to €95,612

    mainly Net result for the year (+€43,521) and Other debts (+€13,117)

  • Current investments +€25,374

    up €25,374 (+33.7%), from €75,310 to €100,684

Equity and liabilities
  • Reserves +€43,521

    up €43,521 (+6.9%), from €631,081 to €674,602

  • Other debts +€13,117

    up €13,117 (+2.7%), from €477,701 to €490,818

Income statement
  • Financial charges -€1,645

    down €1,645 (-8.3%), from €19,815 to €18,171

From the 2024 result to the 2025 result

effect on the 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.

Result 2024 €42,510
Gross operating margin -€52
Other operating charges -€12
Financial income -€18
Financial charges +€1,645
Taxes -€552
Result 2025 €43,521
raises the resultlowers the result

Derived cash bridge

cash 2024 to 2025

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.

From operations +€64,656
Investment -€25,374
Financing -€5,072
Cash 2024 €61,402
Net result for the year +€43,521
Receivables within one year +€6,453
Deferred charges and accrued income -€24
Trade debts -€243
Tax, wage and social debts +€1,833
Other debts +€13,117
Current investments -€25,374
Short-term financial debts -€5,072
Cash 2025 €95,612
brings cash intakes cash out
Every line side by side 36 lines
Line Code 2024 2025 Change %
Total assets 20/58 €1,143,576 €1,196,731 +€53,155 +4.6%
Fixed assets 21/28 €1,000,000 €1,000,000 = 0.0%
Financial fixed assets 28 €1,000,000 €1,000,000 = 0.0%
Current assets 29/58 €143,576 €196,731 +€53,155 +37.0%
Amounts receivable within one year 40/41 €6,454 €2 -€6,453 -100.0%
Trade receivables 40 €0 - =
Other amounts receivable 41 €6,454 €2 -€6,453 -100.0%
Current investments 50/53 €75,310 €100,684 +€25,374 +33.7%
Cash at bank and in hand 54/58 €61,402 €95,612 +€34,210 +55.7%
Deferred charges and accrued income 490/1 €411 €434 +€24 +5.7%
Total equity and liabilities 10/49 €1,143,576 €1,196,731 +€53,155 +4.6%
Equity 10/15 €649,681 €693,202 +€43,521 +6.7%
Contributions 10/11 €18,600 €18,600 = 0.0%
Reserves 13 €631,081 €674,602 +€43,521 +6.9%
Distributable reserves 133 €631,081 €674,602 +€43,521 +6.9%
Amounts payable 17/49 €493,895 €503,529 +€9,634 +2.0%
Amounts payable within one year 42/48 €493,895 €503,529 +€9,634 +2.0%
Financial debts 43 €5,072 €0 -€5,072 -100%
Credit institutions 430/8 €5,072 €0 -€5,072 -100%
Trade debts 44 €1,570 €1,327 -€243 -15.5%
Suppliers 440/4 €1,570 €1,327 -€243 -15.5%
Taxes, remuneration and social security 45 €9,551 €11,384 +€1,833 +19.2%
Taxes 450/3 €9,551 €11,384 +€1,833 +19.2%
Other amounts payable 47/48 €477,701 €490,818 +€13,117 +2.7%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €0 - =
Other operating charges 640/8 €46 €58 +€12 +26.8%
Gross operating margin 9900 €77,487 €77,436 -€52 -0.1%
Operating profit (loss) 9901 €77,441 €77,377 -€64 -0.1%
Financial income 75/76B €1,392 €1,374 -€18 -1.3%
Recurring financial income 75 €1,392 €1,374 -€18 -1.3%
Financial charges 65/66B €19,815 €18,171 -€1,645 -8.3%
Recurring financial charges 65 €19,815 €18,171 -€1,645 -8.3%
Profit (loss) for the period before taxes 9903 €59,018 €60,581 +€1,563 +2.6%
Income taxes 67/77 €16,509 €17,060 +€552 +3.3%
Profit (loss) for the period 9904 €42,510 €43,521 +€1,011 +2.4%
Profit (loss) for the period to be appropriated 9905 €42,510 €43,521 +€1,011 +2.4%

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 24 October 2026 via checked.be.