MARAL: what changed
Two fiscal 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
- Receivables within one year +€20,766
up €20,766 (+37.8%), from €54,912 to €75,678
- Current investments -€19,965
down €19,965 (-23.5%), from €85,111 to €65,146
- Short-term financial debts +€2,417
new in 2025: €2,417
- Financial income -€2,876
down €2,876 (-80.1%), from €3,591 to €715
- Gross operating margin +€769
up €769 (+54.8%), from -€1,404 to -€635
- Other operating charges -€387
down €387 (-88.8%), from €436 to €49
- Taxes +€96
up €96 (+51.6%), from €186 to €282
- Financial charges +€24
up €24 (+3.7%), from €644 to €668
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 | €140,063 | €140,824 | +€761 | +0.5% |
| Current assets | 29/58 | €140,063 | €140,824 | +€761 | +0.5% |
| Amounts receivable within one year | 40/41 | €54,912 | €75,678 | +€20,766 | +37.8% |
| Other amounts receivable | 41 | €54,912 | €75,678 | +€20,766 | +37.8% |
| Current investments | 50/53 | €85,111 | €65,146 | -€19,965 | -23.5% |
| Cash at bank and in hand | 54/58 | €40 | - | -€40 | |
| Total equity and liabilities | 10/49 | €140,063 | €140,824 | +€761 | +0.5% |
| Equity | 10/15 | €139,327 | €138,408 | -€919 | -0.7% |
| Contributions | 10/11 | €225,583 | €225,583 | = | 0.0% |
| Capital | 10 | €225,583 | €225,583 | = | 0.0% |
| Issued capital | 100 | €225,583 | €225,583 | = | 0.0% |
| Reserves | 13 | €23,000 | €23,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €23,000 | €23,000 | = | 0.0% |
| Legal reserve | 130 | €23,000 | €23,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€109,256 | -€110,175 | -€919 | -0.8% |
| Amounts payable | 17/49 | €736 | €2,417 | +€1,680 | +228.2% |
| Amounts payable within one year | 42/48 | €736 | €2,417 | +€1,680 | +228.2% |
| Current portion of amounts payable after more than one year | 42 | €736 | - | -€736 | |
| Financial debts | 43 | - | €2,417 | +€2,417 | |
| Credit institutions | 430/8 | - | €2,417 | +€2,417 | |
| Other operating charges | 640/8 | €436 | €49 | -€387 | -88.8% |
| Gross operating margin | 9900 | -€1,404 | -€635 | +€769 | +54.8% |
| Operating profit (loss) | 9901 | -€1,840 | -€684 | +€1,156 | +62.8% |
| Financial income | 75/76B | €3,591 | €715 | -€2,876 | -80.1% |
| Recurring financial income | 75 | €3,591 | €715 | -€2,876 | -80.1% |
| Financial charges | 65/66B | €644 | €668 | +€24 | +3.7% |
| Recurring financial charges | 65 | €644 | €668 | +€24 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €1,107 | -€637 | -€1,744 | |
| Income taxes | 67/77 | €186 | €282 | +€96 | +51.6% |
| Profit (loss) for the period | 9904 | €921 | -€919 | -€1,840 | |
| Profit (loss) for the period to be appropriated | 9905 | €921 | -€919 | -€1,840 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.