MARACANA: 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.
MARACANA
Largest movements
- Receivables within one year +€1.8m
up €1.8m (+766.1%), from €240,694 to €2.1m
of which Other amounts receivable: +€1.8m
- Tangible fixed assets -€176,755
down €176,755 (-6.6%), from €2.7m to €2.5m
of which Land and buildings: -€108,182
- Debts after one year +€3.3m
up €3.3m (+175.3%), from €1.9m to €5.1m
- Other debts -€1.7m
down €1.7m (-73.1%), from €2.4m to €633,387
- Short-term financial debts +€500,000
up €500,000 (+19.2%), from €2.6m to €3.1m
- Profit (loss) carried forward -€371,120
down €371,120 (-52.6%), from -€705,099 to -€1.1m
- Financial income +€85,150
up €85,150 (+291.4%), from €29,225 to €114,375
- Financial charges +€58,546
up €58,546 (+21.9%), from €266,823 to €325,369
- Gross operating margin -€17,685
down €17,685 (-20.8%), from €85,135 to €67,450
- Write-downs +€2,645
up €2,645 (+30.3%), from €8,739 to €11,384
- Depreciation -€1,189
down €1,189 (-0.6%), from €207,861 to €206,672
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 | €7,371,284 | €9,030,059 | +€1.7m | +22.5% |
| Fixed assets | 21/28 | €2,669,959 | €2,493,204 | -€176,755 | -6.6% |
| Tangible fixed assets | 22/27 | €2,669,850 | €2,493,095 | -€176,755 | -6.6% |
| Land and buildings | 22 | €1,848,967 | €1,740,786 | -€108,182 | -5.9% |
| Plant, machinery and equipment | 23 | €2,782 | €886 | -€1,896 | -68.2% |
| Furniture and vehicles | 24 | €818,101 | €751,424 | -€66,678 | -8.2% |
| Financial fixed assets | 28 | €109 | €109 | = | 0.0% |
| Current assets | 29/58 | €4,701,325 | €6,536,855 | +€1.8m | +39.0% |
| Amounts receivable after more than one year | 29 | €550,000 | €550,000 | = | 0.0% |
| Trade receivables | 290 | €550,000 | €550,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €3,860,157 | €3,862,621 | +€2,464 | +0.1% |
| Stocks | 30/36 | €3,860,157 | €3,862,621 | +€2,464 | +0.1% |
| Amounts receivable within one year | 40/41 | €240,694 | €2,084,746 | +€1.8m | +766.1% |
| Trade receivables | 40 | €18,197 | €18,000 | -€197 | -1.1% |
| Other amounts receivable | 41 | €222,496 | €2,066,746 | +€1.8m | +828.9% |
| Cash at bank and in hand | 54/58 | €35,211 | €23,829 | -€11,382 | -32.3% |
| Deferred charges and accrued income | 490/1 | €15,263 | €15,659 | +€396 | +2.6% |
| Total equity and liabilities | 10/49 | €7,371,284 | €9,030,059 | +€1.7m | +22.5% |
| Equity | 10/15 | €262,401 | -€108,718 | -€371,120 | |
| Contributions | 10/11 | €925,000 | €925,000 | = | 0.0% |
| Capital | 10 | €925,000 | €925,000 | = | 0.0% |
| Issued capital | 100 | €925,000 | €925,000 | = | 0.0% |
| Reserves | 13 | €42,500 | €42,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €42,500 | €42,500 | = | 0.0% |
| Legal reserve | 130 | €42,500 | €42,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€705,099 | -€1,076,218 | -€371,120 | -52.6% |
| Amounts payable | 17/49 | €7,108,883 | €9,138,778 | +€2.0m | +28.6% |
| Amounts payable after more than one year | 17 | €1,860,000 | €5,120,000 | +€3.3m | +175.3% |
| Financial debts | 170/4 | €1,860,000 | €5,120,000 | +€3.3m | +175.3% |
| Amounts payable within one year | 42/48 | €5,231,019 | €3,991,408 | -€1.2m | -23.7% |
| Current portion of amounts payable after more than one year | 42 | €240,000 | €240,000 | = | 0.0% |
| Financial debts | 43 | €2,600,000 | €3,100,000 | +€500,000 | +19.2% |
| Credit institutions | 430/8 | €2,600,000 | €3,100,000 | +€500,000 | +19.2% |
| Trade debts | 44 | €28,530 | €7,206 | -€21,324 | -74.7% |
| Suppliers | 440/4 | €28,530 | €7,206 | -€21,324 | -74.7% |
| Taxes, remuneration and social security | 45 | €7,353 | €10,814 | +€3,461 | +47.1% |
| Taxes | 450/3 | €3,766 | €7,206 | +€3,440 | +91.3% |
| Remuneration and social security | 454/9 | €3,587 | €3,608 | +€21 | +0.6% |
| Other amounts payable | 47/48 | €2,355,136 | €633,387 | -€1.7m | -73.1% |
| Accrued charges and deferred income | 492/3 | €17,864 | €27,370 | +€9,506 | +53.2% |
| Remuneration, social security and pensions | 62 | €2,292 | €1,801 | -€491 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207,861 | €206,672 | -€1,189 | -0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,739 | €11,384 | +€2,645 | +30.3% |
| Other operating charges | 640/8 | €7,367 | €7,718 | +€351 | +4.8% |
| Gross operating margin | 9900 | €85,135 | €67,450 | -€17,685 | -20.8% |
| Operating profit (loss) | 9901 | -€141,123 | -€160,125 | -€19,002 | -13.5% |
| Financial income | 75/76B | €29,225 | €114,375 | +€85,150 | +291.4% |
| Recurring financial income | 75 | €29,225 | €114,375 | +€85,150 | +291.4% |
| Financial charges | 65/66B | €266,823 | €325,369 | +€58,546 | +21.9% |
| Recurring financial charges | 65 | €266,823 | €325,369 | +€58,546 | +21.9% |
| Profit (loss) for the period before taxes | 9903 | -€378,721 | -€371,120 | +€7,601 | +2.0% |
| Profit (loss) for the period | 9904 | -€378,721 | -€371,120 | +€7,601 | +2.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€378,721 | -€371,120 | +€7,601 | +2.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.