MARAN: what changed
What changed
MARAN
filed annual accounts (NBB)
Net result for the year
€511,826
2024 · €19,337+€492,489
Equity
€1.2m
2024 · €703,105+€476,826
Cash
€938,019
2024 · €276,256+€661,763
Balance sheet total
€1.4m
2024 · €781,577+€623,728
Largest movements
Assets
- Cash +€661,763
up €661,763 (+240%), from €276,256 to €938,019
mainly Net result for the year (+€511,826) and Provisions (+€161,305)
- Tangible fixed assets -€65,091
down €65,091 (-17.7%), from €367,771 to €302,680
- Receivables within one year +€27,056
up €27,056 (+19.8%), from €136,632 to €163,688
of which Trade receivables: +€65,907
Equity and liabilities
- Reserves +€476,825
up €476,825 (+124%), from €385,934 to €862,759
of which Tax-exempt reserves: +€483,915
- Provisions +€161,305
up €161,305 (+722%), from €22,339 to €183,644
Income statement
- Gross operating margin +€656,783
up €656,783 (+839%), from €78,248 to €735,031
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€19,337
Gross operating margin
+€656,783
Depreciation
+€1,163
Other operating charges
-€1,799
Financial income
-€746
Financial charges
-€0
Taxes
+€4,611
Deferred taxes and other
-€167,524
Result 2025
€511,826
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€679,995
Investment
+€26,029
Financing
-€44,261
Cash 2024
€276,256
From operations (derived)
+€679,995
Net result for the year
+€511,826
Depreciation
+€39,062
Receivables within one year
-€27,056
Provisions
+€161,305
Trade debts
-€4,556
Smaller working-capital items
-€587
Investment (derived)
+€26,029
Investment in fixed assets (net)
+€26,029
Financing
-€44,261
Debts after one year
-€9,261
Contributions, distributions and other
-€35,000
Cash 2025
€938,019
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €781,577 | €1,405,305 | +€623,728 | +79.8% |
| Fixed assets | 21/28 | €367,820 | €302,730 | -€65,091 | -17.7% |
| Tangible fixed assets | 22/27 | €367,771 | €302,680 | -€65,091 | -17.7% |
| Land and buildings | 22 | €297,536 | €265,509 | -€32,027 | -10.8% |
| Plant, machinery and equipment | 23 | €30,685 | €10,804 | -€19,881 | -64.8% |
| Furniture and vehicles | 24 | €39,550 | €26,367 | -€13,183 | -33.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €413,757 | €1,102,576 | +€688,819 | +166% |
| Amounts receivable within one year | 40/41 | €136,632 | €163,688 | +€27,056 | +19.8% |
| Trade receivables | 40 | €10,000 | €75,907 | +€65,907 | +659% |
| Other amounts receivable | 41 | €126,632 | €87,781 | -€38,851 | -30.7% |
| Current investments | 50/53 | €869 | €869 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €276,256 | €938,019 | +€661,763 | +240% |
| Total equity and liabilities | 10/49 | €781,577 | €1,405,305 | +€623,728 | +79.8% |
| Equity | 10/15 | €703,105 | €1,179,931 | +€476,826 | +67.8% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Capital | 10 | €270,000 | €270,000 | = | 0.0% |
| Issued capital | 100 | €270,000 | €270,000 | = | 0.0% |
| Revaluation surpluses | 12 | €45,870 | €45,870 | = | 0.0% |
| Reserves | 13 | €385,934 | €862,759 | +€476,825 | +124% |
| Non-distributable reserves | 130/1 | €27,000 | €27,000 | = | 0.0% |
| Legal reserve | 130 | €27,000 | €27,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €67,019 | €550,934 | +€483,915 | +722% |
| Distributable reserves | 133 | €291,915 | €284,825 | -€7,090 | -2.4% |
| Profit (loss) carried forward | 14 | €1,301 | €1,302 | +€1 | +0.1% |
| Provisions and deferred taxes | 16 | €22,339 | €183,644 | +€161,305 | +722% |
| Deferred taxes | 168 | €22,339 | €183,644 | +€161,305 | +722% |
| Amounts payable | 17/49 | €56,133 | €41,730 | -€14,403 | -25.7% |
| Amounts payable after more than one year | 17 | €9,261 | €0 | -€9,261 | -100% |
| Other amounts payable | 178/9 | €9,261 | €0 | -€9,261 | -100% |
| Amounts payable within one year | 42/48 | €46,439 | €41,297 | -€5,142 | -11.1% |
| Trade debts | 44 | €5,658 | €1,102 | -€4,556 | -80.5% |
| Suppliers | 440/4 | €5,658 | €1,102 | -€4,556 | -80.5% |
| Taxes, remuneration and social security | 45 | €5,920 | €6,590 | +€671 | +11.3% |
| Taxes | 450/3 | €5,920 | €6,590 | +€671 | +11.3% |
| Other amounts payable | 47/48 | €34,862 | €33,605 | -€1,257 | -3.6% |
| Accrued charges and deferred income | 492/3 | €433 | €433 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,225 | €39,062 | -€1,163 | -2.9% |
| Other operating charges | 640/8 | €9,620 | €11,419 | +€1,799 | +18.7% |
| Gross operating margin | 9900 | €78,248 | €735,031 | +€656,783 | +839% |
| Operating profit (loss) | 9901 | €28,403 | €684,551 | +€656,148 | +2,310% |
| Financial income | 75/76B | €3,528 | €2,782 | -€746 | -21.2% |
| Recurring financial income | 75 | €3,528 | €2,782 | -€746 | -21.2% |
| Financial charges | 65/66B | €58 | €59 | +€0 | +0.8% |
| Recurring financial charges | 65 | €58 | €59 | +€0 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €31,873 | €687,274 | +€655,401 | +2,056% |
| Transfer from deferred taxes | 780 | €6,219 | €5,938 | -€281 | -4.5% |
| Transfer to deferred taxes | 680 | - | €167,243 | +€167,243 | |
| Income taxes | 67/77 | €18,754 | €14,143 | -€4,611 | -24.6% |
| Profit (loss) for the period | 9904 | €19,337 | €511,826 | +€492,489 | +2,547% |
| Transfer from tax-exempt reserves | 789 | €18,657 | €17,813 | -€844 | -4.5% |
| Transfer to tax-exempt reserves | 689 | - | €501,728 | +€501,728 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,994 | €27,911 | -€10,083 | -26.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.