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
- Intangible fixed assets +€869,858
up €869,858 (+249.7%), from €348,384 to €1.2m
- Tangible fixed assets +€471,665
up €471,665 (+12583.1%), from €3,748 to €475,413
of which Land and buildings: +€459,120
- Cash -€27,600
down €27,600 (-28.7%), from €96,159 to €68,559
mainly Investment in fixed assets (net) (-€1.4m) and Debts after one year (-€51,380)
- Trade debts +€1.3m
up €1.3m (+7114.6%), from €18,027 to €1.3m
- Other debts +€65,531
up €65,531 (+201.5%), from €32,525 to €98,055
- Debts after one year -€51,380
down €51,380 (-25.5%), from €201,169 to €149,789
- Profit (loss) carried forward +€25,847
up €25,847 (+27.4%), from €94,243 to €120,090
- Accrued charges and deferred income -€19,423
down €19,423 (-100.0%), from €19,423 to €0
- Gross operating margin +€79,550
up €79,550 (+29.8%), from €266,545 to €346,095
- Staff costs +€73,056
up €73,056 (+56.6%), from €129,123 to €202,180
- Depreciation +€30,719
up €30,719 (+55.4%), from €55,457 to €86,176
- Financial charges +€10,932
up €10,932 (+101.9%), from €10,723 to €21,656
- Taxes -€6,448
down €6,448 (-41.6%), from €15,501 to €9,053
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 | €478,571 | €1,786,149 | +€1.3m | +273.2% |
| Fixed assets | 21/28 | €352,132 | €1,693,655 | +€1.3m | +381.0% |
| Intangible fixed assets | 21 | €348,384 | €1,218,242 | +€869,858 | +249.7% |
| Tangible fixed assets | 22/27 | €3,748 | €475,413 | +€471,665 | +12583.1% |
| Land and buildings | 22 | - | €459,120 | +€459,120 | |
| Plant, machinery and equipment | 23 | €140 | €10,346 | +€10,205 | +7263.9% |
| Furniture and vehicles | 24 | €3,608 | €5,947 | +€2,340 | +64.8% |
| Current assets | 29/58 | €126,439 | €92,495 | -€33,944 | -26.8% |
| Amounts receivable within one year | 40/41 | €2,611 | €3,061 | +€450 | +17.2% |
| Trade receivables | 40 | €612 | €1,062 | +€450 | +73.5% |
| Other amounts receivable | 41 | €1,999 | €1,999 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €96,159 | €68,559 | -€27,600 | -28.7% |
| Deferred charges and accrued income | 490/1 | €27,669 | €20,875 | -€6,794 | -24.6% |
| Total equity and liabilities | 10/49 | €478,571 | €1,786,149 | +€1.3m | +273.2% |
| Equity | 10/15 | €99,243 | €125,090 | +€25,847 | +26.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,243 | €120,090 | +€25,847 | +27.4% |
| Amounts payable | 17/49 | €379,327 | €1,661,059 | +€1.3m | +337.9% |
| Amounts payable after more than one year | 17 | €201,169 | €149,789 | -€51,380 | -25.5% |
| Financial debts | 170/4 | €201,169 | €149,789 | -€51,380 | -25.5% |
| Amounts payable within one year | 42/48 | €158,735 | €1,511,270 | +€1.4m | +852.1% |
| Current portion of amounts payable after more than one year | 42 | €69,407 | €62,342 | -€7,066 | -10.2% |
| Trade debts | 44 | €18,027 | €1,300,552 | +€1.3m | +7114.6% |
| Suppliers | 440/4 | €18,027 | €1,300,552 | +€1.3m | +7114.6% |
| Taxes, remuneration and social security | 45 | €38,776 | €50,321 | +€11,545 | +29.8% |
| Taxes | 450/3 | €13,509 | €7,053 | -€6,456 | -47.8% |
| Remuneration and social security | 454/9 | €25,267 | €43,268 | +€18,001 | +71.2% |
| Other amounts payable | 47/48 | €32,525 | €98,055 | +€65,531 | +201.5% |
| Accrued charges and deferred income | 492/3 | €19,423 | €0 | -€19,423 | -100.0% |
| Remuneration, social security and pensions | 62 | €129,123 | €202,180 | +€73,056 | +56.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,457 | €86,176 | +€30,719 | +55.4% |
| Other operating charges | 640/8 | €1,759 | €1,184 | -€575 | -32.7% |
| Gross operating margin | 9900 | €266,545 | €346,095 | +€79,550 | +29.8% |
| Operating profit (loss) | 9901 | €80,205 | €56,555 | -€23,650 | -29.5% |
| Financial income | 75/76B | €371 | €0 | -€371 | -100.0% |
| Recurring financial income | 75 | €371 | €0 | -€371 | -100.0% |
| Financial charges | 65/66B | €10,723 | €21,656 | +€10,932 | +101.9% |
| Recurring financial charges | 65 | €10,723 | €21,656 | +€10,932 | +101.9% |
| Profit (loss) for the period before taxes | 9903 | €69,852 | €34,899 | -€34,953 | -50.0% |
| Income taxes | 67/77 | €15,501 | €9,053 | -€6,448 | -41.6% |
| Profit (loss) for the period | 9904 | €54,351 | €25,847 | -€28,504 | -52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €54,351 | €25,847 | -€28,504 | -52.4% |
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 8 October 2026 via checked.be.