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
- Receivables within one year -€134,424
down €134,424 (-36.8%), from €365,612 to €231,188
of which Other amounts receivable: -€137,394
- Deferred charges and accrued income -€7,493
down €7,493 (-49.7%), from €15,068 to €7,575
- Reserves -€138,271
down €138,271 (-43.5%), from €317,600 to €179,329
of which Distributable reserves: -€138,271
- Other operating charges +€148,033
up €148,033 (+16,983%), from €872 to €148,905
- Financial income -€7,952
down €7,952 (-52.8%), from €15,068 to €7,116
- Gross operating margin +€6,899
up €6,899, from -€3,204 to €3,695
- Financial charges -€556
down €556 (-75.8%), from €734 to €178
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 | €546,011 | €408,191 | -€137,820 | -25.2% |
| Fixed assets | 21/28 | €750 | €750 | = | 0.0% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €545,261 | €407,441 | -€137,820 | -25.3% |
| Amounts receivable after more than one year | 29 | €164,446 | €168,557 | +€4,111 | +2.5% |
| Other amounts receivable | 291 | €164,446 | €168,557 | +€4,111 | +2.5% |
| Amounts receivable within one year | 40/41 | €365,612 | €231,188 | -€134,424 | -36.8% |
| Trade receivables | 40 | - | €2,970 | +€2,970 | |
| Other amounts receivable | 41 | €365,612 | €228,218 | -€137,394 | -37.6% |
| Cash at bank and in hand | 54/58 | €135 | €121 | -€14 | -10.2% |
| Deferred charges and accrued income | 490/1 | €15,068 | €7,575 | -€7,493 | -49.7% |
| Total equity and liabilities | 10/49 | €546,011 | €408,191 | -€137,820 | -25.2% |
| Equity | 10/15 | €379,600 | €241,329 | -€138,271 | -36.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €317,600 | €179,329 | -€138,271 | -43.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €311,400 | €173,129 | -€138,271 | -44.4% |
| Amounts payable | 17/49 | €166,411 | €166,862 | +€451 | +0.3% |
| Amounts payable after more than one year | 17 | €5,000 | €3,350 | -€1,650 | -33.0% |
| Financial debts | 170/4 | €5,000 | €3,350 | -€1,650 | -33.0% |
| Amounts payable within one year | 42/48 | €161,311 | €163,445 | +€2,134 | +1.3% |
| Trade debts | 44 | €928 | €3,323 | +€2,395 | +258% |
| Suppliers | 440/4 | €928 | €3,323 | +€2,395 | +258% |
| Taxes, remuneration and social security | 45 | €10,383 | €10,122 | -€261 | -2.5% |
| Taxes | 450/3 | €10,383 | €10,122 | -€261 | -2.5% |
| Other amounts payable | 47/48 | €150,000 | €150,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €100 | €67 | -€33 | -33.0% |
| Other operating charges | 640/8 | €872 | €148,905 | +€148,033 | +16,983% |
| Gross operating margin | 9900 | -€3,204 | €3,695 | +€6,899 | |
| Operating profit (loss) | 9901 | -€4,075 | -€145,210 | -€141,134 | -3,463% |
| Financial income | 75/76B | €15,068 | €7,116 | -€7,952 | -52.8% |
| Recurring financial income | 75 | €15,068 | €7,116 | -€7,952 | -52.8% |
| Financial charges | 65/66B | €734 | €178 | -€556 | -75.8% |
| Recurring financial charges | 65 | €734 | €178 | -€556 | -75.8% |
| Profit (loss) for the period before taxes | 9903 | €10,259 | -€138,271 | -€148,530 | |
| Profit (loss) for the period | 9904 | €10,259 | -€138,271 | -€148,530 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,259 | -€138,271 | -€148,530 |
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 19 October 2026 via checked.be.