MARALEX: 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.
MARALEX
Largest movements
- Cash +€63,109
up €63,109 (+39.7%), from €159,153 to €222,262
mainly Net result for the year (+€80,758) and Depreciation (+€13,287)
- Tangible fixed assets -€13,287
down €13,287 (-32.6%), from €40,811 to €27,524
- Receivables within one year +€11,093
new in 2025: €11,093
- Reserves +€81,000
up €81,000 (+56.3%), from €144,000 to €225,000
- Tax, wage and social debts -€12,638
down €12,638 (-33.8%), from €37,346 to €24,707
- Current portion of long-term debt -€8,457
no longer reported in 2025 (was €8,457)
- Gross operating margin +€33,202
up €33,202 (+33.0%), from €100,486 to €133,688
- Taxes +€10,199
up €10,199 (+36.8%), from €27,722 to €37,921
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 | €201,239 | €262,485 | +€61,247 | +30.4% |
| Fixed assets | 21/28 | €40,811 | €27,524 | -€13,287 | -32.6% |
| Tangible fixed assets | 22/27 | €40,811 | €27,524 | -€13,287 | -32.6% |
| Furniture and vehicles | 24 | €40,811 | €27,524 | -€13,287 | -32.6% |
| Current assets | 29/58 | €160,428 | €234,961 | +€74,533 | +46.5% |
| Amounts receivable within one year | 40/41 | - | €11,093 | +€11,093 | |
| Trade receivables | 40 | - | €11,093 | +€11,093 | |
| Cash at bank and in hand | 54/58 | €159,153 | €222,262 | +€63,109 | +39.7% |
| Deferred charges and accrued income | 490/1 | €1,275 | €1,606 | +€331 | +26.0% |
| Total equity and liabilities | 10/49 | €201,239 | €262,485 | +€61,247 | +30.4% |
| Equity | 10/15 | €155,057 | €235,815 | +€80,758 | +52.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €144,000 | €225,000 | +€81,000 | +56.3% |
| Distributable reserves | 133 | €144,000 | €225,000 | +€81,000 | +56.3% |
| Profit (loss) carried forward | 14 | €1,057 | €815 | -€242 | -22.9% |
| Amounts payable | 17/49 | €46,181 | €26,670 | -€19,511 | -42.2% |
| Amounts payable within one year | 42/48 | €46,181 | €26,670 | -€19,511 | -42.2% |
| Current portion of amounts payable after more than one year | 42 | €8,457 | - | -€8,457 | |
| Trade debts | 44 | - | €347 | +€347 | |
| Suppliers | 440/4 | - | €347 | +€347 | |
| Taxes, remuneration and social security | 45 | €37,346 | €24,707 | -€12,638 | -33.8% |
| Taxes | 450/3 | €37,346 | €24,707 | -€12,638 | -33.8% |
| Other amounts payable | 47/48 | €379 | €1,616 | +€1,238 | +327% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,287 | €13,287 | = | 0.0% |
| Other operating charges | 640/8 | €889 | €1,512 | +€623 | +70.1% |
| Gross operating margin | 9900 | €100,486 | €133,688 | +€33,202 | +33.0% |
| Operating profit (loss) | 9901 | €86,310 | €118,889 | +€32,579 | +37.7% |
| Financial charges | 65/66B | €571 | €210 | -€361 | -63.2% |
| Recurring financial charges | 65 | €571 | €210 | -€361 | -63.2% |
| Profit (loss) for the period before taxes | 9903 | €85,739 | €118,679 | +€32,939 | +38.4% |
| Income taxes | 67/77 | €27,722 | €37,921 | +€10,199 | +36.8% |
| Profit (loss) for the period | 9904 | €58,018 | €80,758 | +€22,740 | +39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,018 | €80,758 | +€22,740 | +39.2% |
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.