MARALEX: 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.
MARALEX
Largest movements
- Receivables within one year +€307,960
new in 2025: €307,960
- Cash +€63,197
up €63,197 (+1089.7%), from €5,799 to €68,996
mainly Other debts (+€369,323) and Depreciation (+€9,795)
- Tangible fixed assets -€8,922
down €8,922 (-4.7%), from €188,924 to €180,002
of which Land and buildings: -€9,402
- Other debts +€369,323
up €369,323 (+38470.4%), from €960 to €370,283
- Gross operating margin +€1,789
up €1,789 (+39.3%), from €4,557 to €6,346
- Financial charges +€304
up €304 (+19.7%), from €1,541 to €1,844
- Depreciation -€206
down €206 (-2.1%), from €10,001 to €9,795
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 | €194,723 | €556,958 | +€362,234 | +186.0% |
| Fixed assets | 21/28 | €188,924 | €180,002 | -€8,922 | -4.7% |
| Tangible fixed assets | 22/27 | €188,924 | €180,002 | -€8,922 | -4.7% |
| Land and buildings | 22 | €187,922 | €178,520 | -€9,402 | -5.0% |
| Plant, machinery and equipment | 23 | €0 | €820 | +€820 | |
| Furniture and vehicles | 24 | €1,002 | €662 | -€340 | -33.9% |
| Current assets | 29/58 | €5,799 | €376,956 | +€371,157 | +6400.1% |
| Amounts receivable within one year | 40/41 | - | €307,960 | +€307,960 | |
| Trade receivables | 40 | - | €307,960 | +€307,960 | |
| Cash at bank and in hand | 54/58 | €5,799 | €68,996 | +€63,197 | +1089.7% |
| Total equity and liabilities | 10/49 | €194,723 | €556,958 | +€362,234 | +186.0% |
| Equity | 10/15 | €113,045 | €107,372 | -€5,673 | -5.0% |
| Contributions | 10/11 | €126,426 | €126,426 | = | 0.0% |
| Capital | 10 | €126,426 | €126,426 | = | 0.0% |
| Issued capital | 100 | €126,426 | €126,426 | = | 0.0% |
| Reserves | 13 | €39,234 | €36,437 | -€2,797 | -7.1% |
| Tax-exempt reserves | 132 | €39,234 | €36,437 | -€2,797 | -7.1% |
| Profit (loss) carried forward | 14 | -€52,614 | -€55,491 | -€2,877 | -5.5% |
| Provisions and deferred taxes | 16 | €20,202 | €18,762 | -€1,440 | -7.1% |
| Deferred taxes | 168 | €20,202 | €18,762 | -€1,440 | -7.1% |
| Amounts payable | 17/49 | €61,476 | €430,823 | +€369,348 | +600.8% |
| Amounts payable within one year | 42/48 | €61,476 | €430,823 | +€369,348 | +600.8% |
| Financial debts | 43 | €60,000 | €60,000 | = | 0.0% |
| Other loans | 439 | €60,000 | €60,000 | = | 0.0% |
| Trade debts | 44 | €66 | €0 | -€66 | -100.0% |
| Suppliers | 440/4 | €66 | €0 | -€66 | -100.0% |
| Taxes, remuneration and social security | 45 | €450 | €540 | +€90 | +20.0% |
| Taxes | 450/3 | €450 | €540 | +€90 | +20.0% |
| Other amounts payable | 47/48 | €960 | €370,283 | +€369,323 | +38470.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,001 | €9,795 | -€206 | -2.1% |
| Other operating charges | 640/8 | €1,765 | €1,820 | +€55 | +3.1% |
| Gross operating margin | 9900 | €4,557 | €6,346 | +€1,789 | +39.3% |
| Operating profit (loss) | 9901 | -€7,209 | -€5,269 | +€1,940 | +26.9% |
| Financial charges | 65/66B | €1,541 | €1,844 | +€304 | +19.7% |
| Recurring financial charges | 65 | €1,541 | €1,844 | +€304 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | -€8,750 | -€7,113 | +€1,636 | +18.7% |
| Transfer from deferred taxes | 780 | €1,440 | €1,440 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€7,310 | -€5,673 | +€1,636 | +22.4% |
| Transfer from tax-exempt reserves | 789 | €2,797 | €2,797 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,513 | -€2,877 | +€1,636 | +36.3% |
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 4 October 2026 via checked.be.