MARAL PHARMA: 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 PHARMA
Largest movements
- Stocks and contracts -€47,597
down €47,597 (-32.7%), from €145,630 to €98,033
- Cash +€45,165
up €45,165 (+55.5%), from €81,440 to €126,605
mainly Net result for the year (+€66,284) and Depreciation (+€51,588)
- Intangible fixed assets -€29,500
down €29,500 (-11.9%), from €247,723 to €218,223
- Short-term financial debts -€98,000
down €98,000 (-100.0%), from €98,000 to €0
- Profit (loss) carried forward +€66,284
up €66,284 (+74.8%), from €88,590 to €154,874
- Other debts -€23,928
down €23,928 (-47.0%), from €50,911 to €26,983
- Debts after one year +€20,642
up €20,642 (+4.3%), from €483,048 to €503,690
- Gross operating margin +€26,330
up €26,330 (+10.2%), from €258,827 to €285,157
- Staff costs +€25,123
up €25,123 (+26.9%), from €93,535 to €118,658
- Depreciation +€4,212
up €4,212 (+8.9%), from €47,376 to €51,588
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 | €954,128 | €920,622 | -€33,506 | -3.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €661,714 | €625,285 | -€36,429 | -5.5% |
| Intangible fixed assets | 21 | €247,723 | €218,223 | -€29,500 | -11.9% |
| Tangible fixed assets | 22/27 | €413,992 | €407,062 | -€6,929 | -1.7% |
| Land and buildings | 22 | €389,895 | €386,622 | -€3,273 | -0.8% |
| Plant, machinery and equipment | 23 | €20,577 | €14,027 | -€6,551 | -31.8% |
| Furniture and vehicles | 24 | €3,519 | €6,414 | +€2,894 | +82.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €292,414 | €295,337 | +€2,923 | +1.0% |
| Stocks and contracts in progress | 3 | €145,630 | €98,033 | -€47,597 | -32.7% |
| Stocks | 30/36 | €145,630 | €98,033 | -€47,597 | -32.7% |
| Amounts receivable within one year | 40/41 | €65,107 | €68,448 | +€3,341 | +5.1% |
| Trade receivables | 40 | €65,103 | €67,022 | +€1,919 | +2.9% |
| Other amounts receivable | 41 | €4 | €1,426 | +€1,423 | +38139.4% |
| Cash at bank and in hand | 54/58 | €81,440 | €126,605 | +€45,165 | +55.5% |
| Deferred charges and accrued income | 490/1 | €236 | €2,251 | +€2,015 | +852.0% |
| Total equity and liabilities | 10/49 | €954,128 | €920,622 | -€33,506 | -3.5% |
| Equity | 10/15 | €98,590 | €164,874 | +€66,284 | +67.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,590 | €154,874 | +€66,284 | +74.8% |
| Amounts payable | 17/49 | €855,538 | €755,748 | -€99,790 | -11.7% |
| Amounts payable after more than one year | 17 | €483,048 | €503,690 | +€20,642 | +4.3% |
| Financial debts | 170/4 | €483,048 | €503,690 | +€20,642 | +4.3% |
| Amounts payable within one year | 42/48 | €372,490 | €252,058 | -€120,432 | -32.3% |
| Current portion of amounts payable after more than one year | 42 | €59,960 | €62,131 | +€2,172 | +3.6% |
| Financial debts | 43 | €98,000 | €0 | -€98,000 | -100.0% |
| Credit institutions | 430/8 | €98,000 | €0 | -€98,000 | -100.0% |
| Trade debts | 44 | €117,796 | €113,845 | -€3,951 | -3.4% |
| Suppliers | 440/4 | €117,796 | €113,845 | -€3,951 | -3.4% |
| Taxes, remuneration and social security | 45 | €45,823 | €49,098 | +€3,275 | +7.1% |
| Taxes | 450/3 | €21,662 | €23,806 | +€2,144 | +9.9% |
| Remuneration and social security | 454/9 | €24,161 | €25,292 | +€1,131 | +4.7% |
| Other amounts payable | 47/48 | €50,911 | €26,983 | -€23,928 | -47.0% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €93,535 | €118,658 | +€25,123 | +26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,376 | €51,588 | +€4,212 | +8.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Other operating charges | 640/8 | €2,453 | €3,193 | +€739 | +30.1% |
| Non-recurring operating charges | 66A | €59 | - | -€59 | |
| Gross operating margin | 9900 | €258,827 | €285,157 | +€26,330 | +10.2% |
| Operating profit (loss) | 9901 | €115,403 | €111,717 | -€3,685 | -3.2% |
| Financial income | 75/76B | €2 | €5 | +€3 | +165.7% |
| Recurring financial income | 75 | €2 | €5 | +€3 | +165.7% |
| Financial charges | 65/66B | €28,865 | €27,862 | -€1,003 | -3.5% |
| Recurring financial charges | 65 | €28,865 | €27,862 | -€1,003 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €86,540 | €83,860 | -€2,679 | -3.1% |
| Income taxes | 67/77 | €17,774 | €17,577 | -€197 | -1.1% |
| Profit (loss) for the period | 9904 | €68,766 | €66,284 | -€2,482 | -3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €68,766 | €66,284 | -€2,482 | -3.6% |
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 7 October 2026 via checked.be.