MARAG: 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.
MARAG
Largest movements
- Receivables after one year +€220,000
up €220,000 (+116%), from €190,000 to €410,000
- Tangible fixed assets -€133,292
down €133,292 (-10.2%), from €1.3m to €1.2m
of which Land and buildings: -€123,643
- Cash -€21,559
down €21,559 (-64.8%), from €33,287 to €11,727
mainly Receivables after one year (-€220,000) and Debts after one year (-€44,780)
- Profit (loss) carried forward +€100,980
up €100,980 (+51.1%), from -€197,434 to -€96,454
- Revaluation surpluses -€79,840
down €79,840 (-8.6%), from €929,302 to €849,462
- Reserves +€79,840
up €79,840 (+2,285%), from €3,494 to €83,334
- Debts after one year -€44,780
down €44,780 (-43.8%), from €102,186 to €57,405
- Depreciation +€76,533
up €76,533 (+135%), from €56,759 to €133,292
- Staff costs -€32,588
down €32,588 (-97.5%), from €33,438 to €850
- Gross operating margin +€5,932
up €5,932 (+2.5%), from €238,327 to €244,258
- Other operating charges +€3,366
up €3,366 (+51.6%), from €6,526 to €9,893
- Financial income +€3,095
up €3,095 (+144%), from €2,157 to €5,252
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 | €1,726,474 | €1,796,851 | +€70,377 | +4.1% |
| Fixed assets | 21/28 | €1,312,738 | €1,179,446 | -€133,292 | -10.2% |
| Tangible fixed assets | 22/27 | €1,312,738 | €1,179,446 | -€133,292 | -10.2% |
| Land and buildings | 22 | €1,288,842 | €1,165,199 | -€123,643 | -9.6% |
| Plant, machinery and equipment | 23 | €23,895 | €14,247 | -€9,648 | -40.4% |
| Current assets | 29/58 | €413,737 | €617,405 | +€203,669 | +49.2% |
| Amounts receivable after more than one year | 29 | €190,000 | €410,000 | +€220,000 | +116% |
| Other amounts receivable | 291 | €190,000 | €410,000 | +€220,000 | +116% |
| Amounts receivable within one year | 40/41 | €187,178 | €192,655 | +€5,477 | +2.9% |
| Trade receivables | 40 | €184,179 | €192,655 | +€8,477 | +4.6% |
| Other amounts receivable | 41 | €2,999 | €0 | -€2,999 | -100% |
| Cash at bank and in hand | 54/58 | €33,287 | €11,727 | -€21,559 | -64.8% |
| Deferred charges and accrued income | 490/1 | €3,272 | €3,022 | -€249 | -7.6% |
| Total equity and liabilities | 10/49 | €1,726,474 | €1,796,851 | +€70,377 | +4.1% |
| Equity | 10/15 | €1,205,161 | €1,306,142 | +€100,980 | +8.4% |
| Contributions | 10/11 | €469,800 | €469,800 | = | 0.0% |
| Revaluation surpluses | 12 | €929,302 | €849,462 | -€79,840 | -8.6% |
| Reserves | 13 | €3,494 | €83,334 | +€79,840 | +2,285% |
| Distributable reserves | 133 | €3,494 | €83,334 | +€79,840 | +2,285% |
| Profit (loss) carried forward | 14 | -€197,434 | -€96,454 | +€100,980 | +51.1% |
| Amounts payable | 17/49 | €521,313 | €490,710 | -€30,603 | -5.9% |
| Amounts payable after more than one year | 17 | €102,186 | €57,405 | -€44,780 | -43.8% |
| Financial debts | 170/4 | €102,186 | €57,405 | -€44,780 | -43.8% |
| Amounts payable within one year | 42/48 | €419,127 | €433,304 | +€14,177 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €53,719 | €44,780 | -€8,939 | -16.6% |
| Trade debts | 44 | €11,780 | €27,751 | +€15,972 | +136% |
| Suppliers | 440/4 | €11,780 | €27,751 | +€15,972 | +136% |
| Taxes, remuneration and social security | 45 | €878 | €6,734 | +€5,856 | +667% |
| Taxes | 450/3 | - | €6,734 | +€6,734 | |
| Remuneration and social security | 454/9 | €878 | €0 | -€878 | -100% |
| Other amounts payable | 47/48 | €352,751 | €354,039 | +€1,288 | +0.4% |
| Remuneration, social security and pensions | 62 | €33,438 | €850 | -€32,588 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,759 | €133,292 | +€76,533 | +135% |
| Other operating charges | 640/8 | €6,526 | €9,893 | +€3,366 | +51.6% |
| Gross operating margin | 9900 | €238,327 | €244,258 | +€5,932 | +2.5% |
| Operating profit (loss) | 9901 | €141,604 | €100,225 | -€41,379 | -29.2% |
| Financial income | 75/76B | €2,157 | €5,252 | +€3,095 | +144% |
| Recurring financial income | 75 | €2,157 | €5,252 | +€3,095 | +144% |
| Financial charges | 65/66B | €7,143 | €4,496 | -€2,647 | -37.1% |
| Recurring financial charges | 65 | €7,143 | €4,496 | -€2,647 | -37.1% |
| Profit (loss) for the period before taxes | 9903 | €136,617 | €100,980 | -€35,637 | -26.1% |
| Profit (loss) for the period | 9904 | €136,617 | €100,980 | -€35,637 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €136,617 | €100,980 | -€35,637 | -26.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.