MARAN: 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.
MARAN
Largest movements
- Current investments +€810,500
new in 2025: €810,500
- Cash -€802,189
down €802,189 (-89.0%), from €901,703 to €99,514
mainly Current investments (-€810,500) and Investment in fixed assets (net) (-€33,931)
- Profit (loss) carried forward +€40,153
up €40,153 (+66.4%), from €60,496 to €100,649
- Accrued charges and deferred income -€27,265
down €27,265 (-82.2%), from €33,167 to €5,902
- Gross operating margin -€19,435
down €19,435 (-19.6%), from €99,087 to €79,652
- Financial income -€15,848
down €15,848 (-56.8%), from €27,920 to €12,072
- Other operating charges -€12,945
down €12,945 (-50.9%), from €25,428 to €12,482
- Depreciation +€9,349
up €9,349 (+57.6%), from €16,243 to €25,592
- Taxes -€7,912
down €7,912 (-37.2%), from €21,296 to €13,384
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 | €1,173,598 | €1,185,998 | +€12,401 | +1.1% |
| Fixed assets | 21/28 | €249,280 | €257,619 | +€8,339 | +3.3% |
| Tangible fixed assets | 22/27 | €249,280 | €257,619 | +€8,339 | +3.3% |
| Land and buildings | 22 | €249,280 | €257,619 | +€8,339 | +3.3% |
| Current assets | 29/58 | €924,318 | €928,380 | +€4,062 | +0.4% |
| Amounts receivable within one year | 40/41 | €19,895 | €17,763 | -€2,133 | -10.7% |
| Other amounts receivable | 41 | €19,895 | €17,763 | -€2,133 | -10.7% |
| Current investments | 50/53 | - | €810,500 | +€810,500 | |
| Cash at bank and in hand | 54/58 | €901,703 | €99,514 | -€802,189 | -89.0% |
| Deferred charges and accrued income | 490/1 | €2,719 | €602 | -€2,117 | -77.8% |
| Total equity and liabilities | 10/49 | €1,173,598 | €1,185,998 | +€12,401 | +1.1% |
| Equity | 10/15 | €1,139,944 | €1,180,097 | +€40,153 | +3.5% |
| Contributions | 10/11 | €87,070 | €87,070 | = | 0.0% |
| Capital | 10 | €87,070 | €87,070 | = | 0.0% |
| Issued capital | 100 | €87,070 | €87,070 | = | 0.0% |
| Reserves | 13 | €992,378 | €992,378 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,707 | €8,707 | = | 0.0% |
| Legal reserve | 130 | €8,707 | €8,707 | = | 0.0% |
| Distributable reserves | 133 | €983,671 | €983,671 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,496 | €100,649 | +€40,153 | +66.4% |
| Amounts payable | 17/49 | €33,654 | €5,902 | -€27,752 | -82.5% |
| Amounts payable within one year | 42/48 | €486 | - | -€486 | |
| Other amounts payable | 47/48 | €486 | - | -€486 | |
| Accrued charges and deferred income | 492/3 | €33,167 | €5,902 | -€27,265 | -82.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,243 | €25,592 | +€9,349 | +57.6% |
| Other operating charges | 640/8 | €25,428 | €12,482 | -€12,945 | -50.9% |
| Gross operating margin | 9900 | €99,087 | €79,652 | -€19,435 | -19.6% |
| Operating profit (loss) | 9901 | €57,416 | €41,578 | -€15,838 | -27.6% |
| Financial income | 75/76B | €27,920 | €12,072 | -€15,848 | -56.8% |
| Recurring financial income | 75 | €27,920 | €12,072 | -€15,848 | -56.8% |
| Financial charges | 65/66B | €153 | €113 | -€40 | -25.9% |
| Recurring financial charges | 65 | €153 | €113 | -€40 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €85,184 | €53,537 | -€31,647 | -37.2% |
| Income taxes | 67/77 | €21,296 | €13,384 | -€7,912 | -37.2% |
| Profit (loss) for the period | 9904 | €63,888 | €40,153 | -€23,735 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,888 | €40,153 | -€23,735 | -37.2% |
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 9 October 2026 via checked.be.