MARALCO: 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.
MARALCO
Largest movements
- Cash +€35,013
up €35,013 (+15.3%), from €229,085 to €264,098
mainly Net result for the year (+€39,737) and Depreciation (+€32,628)
- Tangible fixed assets -€21,289
down €21,289 (-5.9%), from €363,840 to €342,550
of which Land and buildings: -€11,609
- Reserves +€39,737
up €39,737 (+144%), from €27,677 to €67,415
- Other debts -€26,689
down €26,689 (-5.9%), from €455,190 to €428,501
- Depreciation -€2,944
down €2,944 (-8.3%), from €35,572 to €32,628
- Gross operating margin -€1,012
down €1,012 (-1.0%), from €100,229 to €99,217
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 | €599,314 | €612,212 | +€12,898 | +2.2% |
| Fixed assets | 21/28 | €363,840 | €342,550 | -€21,289 | -5.9% |
| Tangible fixed assets | 22/27 | €363,840 | €342,550 | -€21,289 | -5.9% |
| Land and buildings | 22 | €335,887 | €324,277 | -€11,609 | -3.5% |
| Furniture and vehicles | 24 | €27,953 | €18,273 | -€9,680 | -34.6% |
| Current assets | 29/58 | €235,474 | €269,662 | +€34,187 | +14.5% |
| Cash at bank and in hand | 54/58 | €229,085 | €264,098 | +€35,013 | +15.3% |
| Deferred charges and accrued income | 490/1 | €6,389 | €5,563 | -€826 | -12.9% |
| Total equity and liabilities | 10/49 | €599,314 | €612,212 | +€12,898 | +2.2% |
| Equity | 10/15 | €137,677 | €177,415 | +€39,737 | +28.9% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €27,677 | €67,415 | +€39,737 | +144% |
| Distributable reserves | 133 | €27,677 | €67,415 | +€39,737 | +144% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €461,637 | €434,797 | -€26,840 | -5.8% |
| Amounts payable after more than one year | 17 | €3,900 | €3,900 | = | 0.0% |
| Other amounts payable | 178/9 | €3,900 | €3,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €455,657 | €428,757 | -€26,900 | -5.9% |
| Trade debts | 44 | €293 | €80 | -€213 | -72.7% |
| Suppliers | 440/4 | €293 | €80 | -€213 | -72.7% |
| Taxes, remuneration and social security | 45 | €174 | €176 | +€2 | +1.0% |
| Taxes | 450/3 | €174 | €176 | +€2 | +1.0% |
| Other amounts payable | 47/48 | €455,190 | €428,501 | -€26,689 | -5.9% |
| Accrued charges and deferred income | 492/3 | €2,080 | €2,140 | +€60 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,572 | €32,628 | -€2,944 | -8.3% |
| Other operating charges | 640/8 | €26,149 | €26,601 | +€452 | +1.7% |
| Gross operating margin | 9900 | €100,229 | €99,217 | -€1,012 | -1.0% |
| Operating profit (loss) | 9901 | €38,508 | €39,988 | +€1,480 | +3.8% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €144 | €75 | -€69 | -47.7% |
| Recurring financial charges | 65 | €144 | €75 | -€69 | -47.7% |
| Profit (loss) for the period before taxes | 9903 | €38,364 | €39,914 | +€1,550 | +4.0% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | €38,190 | €39,737 | +€1,548 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,190 | €39,737 | +€1,548 | +4.1% |
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 21 October 2026 via checked.be.