MARAL SCAF: 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 SCAF
Largest movements
- Cash +€189,371
up €189,371 (+206%), from €91,711 to €281,081
mainly Other debts (+€211,375) and Depreciation (+€194,269)
- Tangible fixed assets -€147,788
down €147,788 (-15.3%), from €966,151 to €818,363
of which Furniture and vehicles: -€122,970
- Receivables within one year -€59,678
down €59,678 (-32.0%), from €186,533 to €126,854
of which Trade receivables: -€40,624
- Other debts +€211,375
up €211,375 (+219%), from €96,593 to €307,968
- Debts after one year -€123,260
down €123,260 (-30.9%), from €399,470 to €276,211
- Reserves -€86,169
down €86,169 (-15.8%), from €545,050 to €458,881
- Trade debts -€17,735
down €17,735 (-52.5%), from €33,805 to €16,070
- Gross operating margin +€105,341
up €105,341 (+26.9%), from €391,753 to €497,094
- Depreciation +€42,617
up €42,617 (+28.1%), from €151,652 to €194,269
- Taxes +€20,458
up €20,458 (+58.2%), from €35,159 to €55,617
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 | €1,248,619 | €1,231,448 | -€17,171 | -1.4% |
| Fixed assets | 21/28 | €966,673 | €818,470 | -€148,203 | -15.3% |
| Intangible fixed assets | 21 | €522 | €107 | -€415 | -79.5% |
| Tangible fixed assets | 22/27 | €966,151 | €818,363 | -€147,788 | -15.3% |
| Land and buildings | 22 | €82,043 | €78,883 | -€3,161 | -3.9% |
| Furniture and vehicles | 24 | €694,353 | €571,383 | -€122,970 | -17.7% |
| Leasing and similar rights | 25 | €189,755 | €168,097 | -€21,657 | -11.4% |
| Current assets | 29/58 | €281,946 | €412,978 | +€131,032 | +46.5% |
| Amounts receivable within one year | 40/41 | €186,533 | €126,854 | -€59,678 | -32.0% |
| Trade receivables | 40 | €153,075 | €112,452 | -€40,624 | -26.5% |
| Other amounts receivable | 41 | €33,457 | €14,403 | -€19,055 | -57.0% |
| Cash at bank and in hand | 54/58 | €91,711 | €281,081 | +€189,371 | +206% |
| Deferred charges and accrued income | 490/1 | €3,702 | €5,042 | +€1,340 | +36.2% |
| Total equity and liabilities | 10/49 | €1,248,619 | €1,231,448 | -€17,171 | -1.4% |
| Equity | 10/15 | €563,650 | €477,481 | -€86,169 | -15.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €545,050 | €458,881 | -€86,169 | -15.8% |
| Distributable reserves | 133 | €545,050 | €458,881 | -€86,169 | -15.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €684,969 | €753,968 | +€68,998 | +10.1% |
| Amounts payable after more than one year | 17 | €399,470 | €276,211 | -€123,260 | -30.9% |
| Financial debts | 170/4 | €399,470 | €276,211 | -€123,260 | -30.9% |
| Amounts payable within one year | 42/48 | €280,624 | €476,445 | +€195,821 | +69.8% |
| Current portion of amounts payable after more than one year | 42 | €125,092 | €123,260 | -€1,832 | -1.5% |
| Trade debts | 44 | €33,805 | €16,070 | -€17,735 | -52.5% |
| Suppliers | 440/4 | €33,805 | €16,070 | -€17,735 | -52.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €25,134 | €29,148 | +€4,013 | +16.0% |
| Taxes | 450/3 | €15,395 | €18,807 | +€3,412 | +22.2% |
| Remuneration and social security | 454/9 | €9,739 | €10,341 | +€602 | +6.2% |
| Other amounts payable | 47/48 | €96,593 | €307,968 | +€211,375 | +219% |
| Accrued charges and deferred income | 492/3 | €4,875 | €1,311 | -€3,563 | -73.1% |
| Remuneration, social security and pensions | 62 | €63,830 | €59,714 | -€4,116 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,652 | €194,269 | +€42,617 | +28.1% |
| Other operating charges | 640/8 | €2,433 | €6,147 | +€3,714 | +153% |
| Non-recurring operating charges | 66A | €729 | €0 | -€729 | -100% |
| Gross operating margin | 9900 | €391,753 | €497,094 | +€105,341 | +26.9% |
| Operating profit (loss) | 9901 | €173,109 | €236,964 | +€63,855 | +36.9% |
| Financial income | 75/76B | €37 | €0 | -€37 | -100% |
| Recurring financial income | 75 | €37 | €0 | -€37 | -100% |
| Financial charges | 65/66B | €19,184 | €17,516 | -€1,668 | -8.7% |
| Recurring financial charges | 65 | €19,184 | €17,516 | -€1,668 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €153,962 | €219,448 | +€65,486 | +42.5% |
| Income taxes | 67/77 | €35,159 | €55,617 | +€20,458 | +58.2% |
| Profit (loss) for the period | 9904 | €118,803 | €163,831 | +€45,028 | +37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €118,803 | €163,831 | +€45,028 | +37.9% |
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 23 October 2026 via checked.be.