MARACAS STUDIO: 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.
MARACAS STUDIO
Largest movements
- Cash -€268,866
down €268,866 (-63.6%), from €422,464 to €153,598
mainly Contributions, distributions and other (-€121,575) and Stocks and contracts (-€95,500)
- Stocks and contracts +€95,500
up €95,500 (+27.0%), from €354,293 to €449,793
- Receivables within one year +€80,192
up €80,192 (+229%), from €35,037 to €115,229
of which Trade receivables: +€79,785
- Intangible fixed assets -€20,000
down €20,000 (-42.1%), from €47,452 to €27,452
- Investment grants -€121,575
no longer reported in 2025 (was €121,575)
- Current portion of long-term debt +€14,230
up €14,230 (+35.2%), from €40,382 to €54,613
- Staff costs +€58,954
up €58,954 (+40.1%), from €146,937 to €205,891
- Gross operating margin +€47,723
up €47,723 (+24.0%), from €198,552 to €246,274
- Financial charges +€7,679
up €7,679 (+89.5%), from €8,584 to €16,263
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 | €881,359 | €767,893 | -€113,466 | -12.9% |
| Formation expenses | 20 | €1,239 | €714 | -€525 | -42.4% |
| Fixed assets | 21/28 | €57,939 | €33,886 | -€24,054 | -41.5% |
| Intangible fixed assets | 21 | €47,452 | €27,452 | -€20,000 | -42.1% |
| Tangible fixed assets | 22/27 | €10,307 | €6,254 | -€4,054 | -39.3% |
| Plant, machinery and equipment | 23 | €8,072 | €5,255 | -€2,817 | -34.9% |
| Furniture and vehicles | 24 | €2,235 | €999 | -€1,237 | -55.3% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €822,181 | €733,294 | -€88,888 | -10.8% |
| Stocks and contracts in progress | 3 | €354,293 | €449,793 | +€95,500 | +27.0% |
| Stocks | 30/36 | €354,293 | €449,793 | +€95,500 | +27.0% |
| Amounts receivable within one year | 40/41 | €35,037 | €115,229 | +€80,192 | +229% |
| Trade receivables | 40 | €35,037 | €114,822 | +€79,785 | +228% |
| Other amounts receivable | 41 | - | €408 | +€408 | |
| Cash at bank and in hand | 54/58 | €422,464 | €153,598 | -€268,866 | -63.6% |
| Deferred charges and accrued income | 490/1 | €10,387 | €14,673 | +€4,287 | +41.3% |
| Total equity and liabilities | 10/49 | €881,359 | €767,893 | -€113,466 | -12.9% |
| Equity | 10/15 | €215,252 | €94,151 | -€121,101 | -56.3% |
| Contributions | 10/11 | €112,000 | €112,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,323 | -€17,849 | +€474 | +2.6% |
| Investment grants | 15 | €121,575 | - | -€121,575 | |
| Amounts payable | 17/49 | €666,107 | €673,742 | +€7,635 | +1.1% |
| Amounts payable after more than one year | 17 | €516,186 | €507,574 | -€8,613 | -1.7% |
| Financial debts | 170/4 | €516,186 | €507,574 | -€8,613 | -1.7% |
| Amounts payable within one year | 42/48 | €147,143 | €161,288 | +€14,145 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €40,382 | €54,613 | +€14,230 | +35.2% |
| Trade debts | 44 | €66,627 | €67,156 | +€529 | +0.8% |
| Suppliers | 440/4 | €66,627 | €67,156 | +€529 | +0.8% |
| Taxes, remuneration and social security | 45 | €30,776 | €38,147 | +€7,370 | +23.9% |
| Taxes | 450/3 | €8,458 | €16,635 | +€8,176 | +96.7% |
| Remuneration and social security | 454/9 | €22,318 | €21,512 | -€806 | -3.6% |
| Other amounts payable | 47/48 | €9,357 | €1,373 | -€7,984 | -85.3% |
| Accrued charges and deferred income | 492/3 | €2,778 | €4,880 | +€2,102 | +75.7% |
| Remuneration, social security and pensions | 62 | €146,937 | €205,891 | +€58,954 | +40.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,214 | €24,579 | +€2,365 | +10.6% |
| Other operating charges | 640/8 | - | €427 | +€427 | |
| Gross operating margin | 9900 | €198,552 | €246,274 | +€47,723 | +24.0% |
| Operating profit (loss) | 9901 | €29,401 | €15,378 | -€14,023 | -47.7% |
| Financial income | 75/76B | - | €1,359 | +€1,359 | |
| Recurring financial income | 75 | - | €1,359 | +€1,359 | |
| Financial charges | 65/66B | €8,584 | €16,263 | +€7,679 | +89.5% |
| Recurring financial charges | 65 | €8,584 | €16,263 | +€7,679 | +89.5% |
| Profit (loss) for the period before taxes | 9903 | €20,817 | €474 | -€20,343 | -97.7% |
| Profit (loss) for the period | 9904 | €20,817 | €474 | -€20,343 | -97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,817 | €474 | -€20,343 | -97.7% |
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.