MARAGA: 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.
MARAGA
Largest movements
- Receivables within one year +€5,565
up €5,565 (+1,152%), from €483 to €6,048
of which Trade receivables: +€6,048
- Cash +€849
up €849 (+418%), from €203 to €1,052
mainly Trade debts (+€4,778) and Tax, wage and social debts (+€2,032)
- Deferred charges and accrued income -€190
down €190 (-100%), from €190 to €0
- Trade debts +€4,778
up €4,778 (+498%), from €960 to €5,738
- Tax, wage and social debts +€2,032
up €2,032 (+156,340%), from €1 to €2,034
- Profit (loss) carried forward -€963
down €963 (-1.2%), from -€83,283 to -€84,246
- Other debts +€376
up €376 (+0.7%), from €55,823 to €56,199
- Gross operating margin +€6,233
up €6,233, from -€6,191 to €42
- Other operating charges +€413
up €413 (+107%), from €387 to €801
- Financial charges +€79
up €79 (+51.1%), from €155 to €234
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 | €1,001 | €7,225 | +€6,223 | +621% |
| Fixed assets | 21/28 | €125 | €125 | = | 0.0% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €876 | €7,100 | +€6,223 | +710% |
| Amounts receivable within one year | 40/41 | €483 | €6,048 | +€5,565 | +1,152% |
| Trade receivables | 40 | - | €6,048 | +€6,048 | |
| Other amounts receivable | 41 | €483 | €0 | -€483 | -100% |
| Cash at bank and in hand | 54/58 | €203 | €1,052 | +€849 | +418% |
| Deferred charges and accrued income | 490/1 | €190 | €0 | -€190 | -100% |
| Total equity and liabilities | 10/49 | €1,001 | €7,225 | +€6,223 | +621% |
| Equity | 10/15 | -€55,783 | -€56,746 | -€963 | -1.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,283 | -€84,246 | -€963 | -1.2% |
| Amounts payable | 17/49 | €56,784 | €63,970 | +€7,186 | +12.7% |
| Amounts payable within one year | 42/48 | €56,784 | €63,970 | +€7,186 | +12.7% |
| Trade debts | 44 | €960 | €5,738 | +€4,778 | +498% |
| Suppliers | 440/4 | €960 | €5,738 | +€4,778 | +498% |
| Taxes, remuneration and social security | 45 | €1 | €2,034 | +€2,032 | +156,340% |
| Taxes | 450/3 | €1 | €2,034 | +€2,032 | +156,340% |
| Other amounts payable | 47/48 | €55,823 | €56,199 | +€376 | +0.7% |
| Other operating charges | 640/8 | €387 | €801 | +€413 | +107% |
| Gross operating margin | 9900 | -€6,191 | €42 | +€6,233 | |
| Operating profit (loss) | 9901 | -€6,578 | -€759 | +€5,819 | +88.5% |
| Financial income | 75/76B | - | €30 | +€30 | |
| Recurring financial income | 75 | - | €30 | +€30 | |
| Financial charges | 65/66B | €155 | €234 | +€79 | +51.1% |
| Recurring financial charges | 65 | €155 | €234 | +€79 | +51.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,733 | -€963 | +€5,770 | +85.7% |
| Profit (loss) for the period | 9904 | -€6,733 | -€963 | +€5,770 | +85.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,733 | -€963 | +€5,770 | +85.7% |
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 25 October 2026 via checked.be.