MARAF: 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.
MARAF
Largest movements
- Receivables within one year +€8,768
up €8,768 (+197.5%), from €4,440 to €13,208
- Reserves +€65,114
up €65,114 (+28.7%), from €226,912 to €292,026
of which Distributable reserves: +€75,114
- Debts after one year -€59,476
down €59,476 (-45.0%), from €132,064 to €72,588
- Financial income +€25,402
up €25,402 (+50.9%), from €49,884 to €75,285
- Taxes +€1,980
up €1,980 (+17.4%), from €11,393 to €13,373
- Gross operating margin -€1,717
down €1,717 (-7.6%), from €22,522 to €20,805
- Financial charges -€418
down €418 (-90.3%), from €463 to €45
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 | €474,446 | €483,976 | +€9,531 | +2.0% |
| Fixed assets | 21/28 | €467,870 | €467,870 | = | 0.0% |
| Financial fixed assets | 28 | €467,870 | €467,870 | = | 0.0% |
| Current assets | 29/58 | €6,575 | €16,106 | +€9,531 | +144.9% |
| Amounts receivable within one year | 40/41 | €4,440 | €13,208 | +€8,768 | +197.5% |
| Other amounts receivable | 41 | €4,440 | €13,208 | +€8,768 | +197.5% |
| Cash at bank and in hand | 54/58 | €2,135 | €2,438 | +€303 | +14.2% |
| Deferred charges and accrued income | 490/1 | - | €460 | +€460 | |
| Total equity and liabilities | 10/49 | €474,446 | €483,976 | +€9,531 | +2.0% |
| Equity | 10/15 | €326,912 | €392,026 | +€65,114 | +19.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €226,912 | €292,026 | +€65,114 | +28.7% |
| Non-distributable reserves | 130/1 | €10,000 | €0 | -€10,000 | -100.0% |
| Other | 1319 | €10,000 | €0 | -€10,000 | -100.0% |
| Distributable reserves | 133 | €216,912 | €292,026 | +€75,114 | +34.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €147,534 | €91,951 | -€55,583 | -37.7% |
| Amounts payable after more than one year | 17 | €132,064 | €72,588 | -€59,476 | -45.0% |
| Other amounts payable | 178/9 | €132,064 | €72,588 | -€59,476 | -45.0% |
| Amounts payable within one year | 42/48 | €15,051 | €19,362 | +€4,312 | +28.6% |
| Taxes, remuneration and social security | 45 | - | €2,373 | +€2,373 | |
| Taxes | 450/3 | - | €2,373 | +€2,373 | |
| Other amounts payable | 47/48 | €15,051 | €16,990 | +€1,939 | +12.9% |
| Accrued charges and deferred income | 492/3 | €419 | €0 | -€419 | -100.0% |
| Other operating charges | 640/8 | €505 | €570 | +€64 | +12.7% |
| Gross operating margin | 9900 | €22,522 | €20,805 | -€1,717 | -7.6% |
| Operating profit (loss) | 9901 | €22,017 | €20,236 | -€1,781 | -8.1% |
| Financial income | 75/76B | €49,884 | €75,285 | +€25,402 | +50.9% |
| Recurring financial income | 75 | €49,884 | €75,285 | +€25,402 | +50.9% |
| Financial charges | 65/66B | €463 | €45 | -€418 | -90.3% |
| Recurring financial charges | 65 | €463 | €45 | -€418 | -90.3% |
| Profit (loss) for the period before taxes | 9903 | €71,438 | €95,476 | +€24,038 | +33.6% |
| Income taxes | 67/77 | €11,393 | €13,373 | +€1,980 | +17.4% |
| Profit (loss) for the period | 9904 | €60,045 | €82,103 | +€22,058 | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €60,045 | €82,103 | +€22,058 | +36.7% |
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 11 October 2026 via checked.be.