MARAL: 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.
MARAL
Largest movements
- Tangible fixed assets +€25,254
up €25,254 (+17.8%), from €142,121 to €167,375
of which Plant, machinery and equipment: +€45,605
- Receivables within one year +€3,131
up €3,131 (+183%), from €1,710 to €4,841
- Cash +€2,758
up €2,758 (+3.3%), from €83,518 to €86,276
mainly Depreciation (+€50,521) and Other debts (+€25,327)
- Other debts +€25,327
up €25,327 (+30.8%), from €82,273 to €107,600
- Profit (loss) carried forward +€17,339
up €17,339, from -€12,869 to €4,470
- Debts after one year -€17,037
down €17,037 (-25.4%), from €67,019 to €49,982
- Tax, wage and social debts +€12,528
up €12,528 (+41.6%), from €30,116 to €42,644
of which Taxes: +€10,371
- Accrued charges and deferred income -€4,879
down €4,879 (-82.1%), from €5,946 to €1,067
- Gross operating margin +€86,126
up €86,126 (+39.2%), from €219,500 to €305,626
- Staff costs +€31,582
up €31,582 (+17.1%), from €184,885 to €216,467
- Depreciation +€27,761
up €27,761 (+122%), from €22,760 to €50,521
- Taxes +€4,642
new in 2025: €4,642
- Financial charges +€3,752
up €3,752 (+60.7%), from €6,182 to €9,934
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 | €229,525 | €260,300 | +€30,775 | +13.4% |
| Fixed assets | 21/28 | €142,121 | €167,375 | +€25,254 | +17.8% |
| Tangible fixed assets | 22/27 | €142,121 | €167,375 | +€25,254 | +17.8% |
| Land and buildings | 22 | €8,372 | €12,883 | +€4,511 | +53.9% |
| Plant, machinery and equipment | 23 | €42,453 | €88,058 | +€45,605 | +107% |
| Furniture and vehicles | 24 | €91,296 | €66,434 | -€24,862 | -27.2% |
| Current assets | 29/58 | €87,404 | €92,925 | +€5,521 | +6.3% |
| Amounts receivable within one year | 40/41 | €1,710 | €4,841 | +€3,131 | +183% |
| Trade receivables | 40 | €1,710 | €4,841 | +€3,131 | +183% |
| Cash at bank and in hand | 54/58 | €83,518 | €86,276 | +€2,758 | +3.3% |
| Deferred charges and accrued income | 490/1 | €2,176 | €1,808 | -€368 | -16.9% |
| Total equity and liabilities | 10/49 | €229,525 | €260,300 | +€30,775 | +13.4% |
| Equity | 10/15 | €14,399 | €31,738 | +€17,339 | +120% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €2,479 | €2,479 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,869 | €4,470 | +€17,339 | |
| Amounts payable | 17/49 | €215,126 | €228,562 | +€13,436 | +6.2% |
| Amounts payable after more than one year | 17 | €67,019 | €49,982 | -€17,037 | -25.4% |
| Financial debts | 170/4 | €67,019 | €49,982 | -€17,037 | -25.4% |
| Amounts payable within one year | 42/48 | €142,161 | €177,513 | +€35,352 | +24.9% |
| Current portion of amounts payable after more than one year | 42 | €16,462 | €17,037 | +€575 | +3.5% |
| Trade debts | 44 | €13,310 | €10,232 | -€3,078 | -23.1% |
| Suppliers | 440/4 | €13,310 | €10,232 | -€3,078 | -23.1% |
| Taxes, remuneration and social security | 45 | €30,116 | €42,644 | +€12,528 | +41.6% |
| Taxes | 450/3 | €15,231 | €25,602 | +€10,371 | +68.1% |
| Remuneration and social security | 454/9 | €14,885 | €17,042 | +€2,157 | +14.5% |
| Other amounts payable | 47/48 | €82,273 | €107,600 | +€25,327 | +30.8% |
| Accrued charges and deferred income | 492/3 | €5,946 | €1,067 | -€4,879 | -82.1% |
| Remuneration, social security and pensions | 62 | €184,885 | €216,467 | +€31,582 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,760 | €50,521 | +€27,761 | +122% |
| Other operating charges | 640/8 | €5,060 | €6,724 | +€1,664 | +32.9% |
| Gross operating margin | 9900 | €219,500 | €305,626 | +€86,126 | +39.2% |
| Operating profit (loss) | 9901 | €6,795 | €31,914 | +€25,119 | +370% |
| Financial income | 75/76B | €30 | €1 | -€29 | -96.7% |
| Recurring financial income | 75 | €30 | €1 | -€29 | -96.7% |
| Financial charges | 65/66B | €6,182 | €9,934 | +€3,752 | +60.7% |
| Recurring financial charges | 65 | €6,182 | €9,934 | +€3,752 | +60.7% |
| Profit (loss) for the period before taxes | 9903 | €643 | €21,981 | +€21,338 | +3,319% |
| Income taxes | 67/77 | - | €4,642 | +€4,642 | |
| Profit (loss) for the period | 9904 | €643 | €17,339 | +€16,696 | +2,597% |
| Profit (loss) for the period to be appropriated | 9905 | €643 | €17,339 | +€16,696 | +2,597% |
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 18 October 2026 via checked.be.