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
- Receivables after one year -€803,843
no longer reported in 2026 (was €803,843)
- Current investments +€800,000
new in 2026: €800,000
- Cash -€516,874
down €516,874 (-64.4%), from €802,130 to €285,256
mainly Contributions, distributions and other (-€1.7m) and Current investments (-€800,000)
- Tangible fixed assets -€230,663
down €230,663 (-6.4%), from €3.6m to €3.4m
of which Land and buildings: -€196,334
- Receivables within one year +€52,985
up €52,985 (+43789.3%), from €121 to €53,106
of which Trade receivables: +€44,140
- Reserves -€1.5m
down €1.5m (-41.4%), from €3.5m to €2.1m
of which Distributable reserves: -€1.5m
- Other debts +€857,965
up €857,965 (+285.8%), from €300,181 to €1.2m
- Debts after one year -€88,723
down €88,723 (-12.8%), from €691,844 to €603,121
- Gross operating margin +€50,327
up €50,327 (+9.7%), from €518,506 to €568,834
- Depreciation +€20,724
up €20,724 (+9.6%), from €214,858 to €235,582
- Financial charges +€11,296
up €11,296 (+47.7%), from €23,700 to €34,996
- Other operating charges +€7,359
up €7,359 (+28.2%), from €26,086 to €33,445
- Financial income -€6,908
down €6,908 (-24.1%), from €28,706 to €21,798
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,207,831 | €4,507,804 | -€700,027 | -13.4% |
| Fixed assets | 21/28 | €3,589,680 | €3,359,018 | -€230,663 | -6.4% |
| Tangible fixed assets | 22/27 | €3,589,680 | €3,359,018 | -€230,663 | -6.4% |
| Land and buildings | 22 | €3,447,003 | €3,250,669 | -€196,334 | -5.7% |
| Plant, machinery and equipment | 23 | €142,677 | €108,348 | -€34,329 | -24.1% |
| Current assets | 29/58 | €1,618,151 | €1,148,787 | -€469,364 | -29.0% |
| Amounts receivable after more than one year | 29 | €803,843 | - | -€803,843 | |
| Other amounts receivable | 291 | €803,843 | - | -€803,843 | |
| Amounts receivable within one year | 40/41 | €121 | €53,106 | +€52,985 | +43789.3% |
| Trade receivables | 40 | €121 | €44,261 | +€44,140 | +36479.3% |
| Other amounts receivable | 41 | - | €8,845 | +€8,845 | |
| Current investments | 50/53 | - | €800,000 | +€800,000 | |
| Cash at bank and in hand | 54/58 | €802,130 | €285,256 | -€516,874 | -64.4% |
| Deferred charges and accrued income | 490/1 | €12,058 | €10,425 | -€1,633 | -13.5% |
| Total equity and liabilities | 10/49 | €5,207,831 | €4,507,804 | -€700,027 | -13.4% |
| Equity | 10/15 | €4,095,758 | €2,628,412 | -€1.5m | -35.8% |
| Contributions | 10/11 | €559,265 | €559,265 | = | 0.0% |
| Capital | 10 | €559,265 | €559,265 | = | 0.0% |
| Issued capital | 100 | €559,265 | €559,265 | = | 0.0% |
| Reserves | 13 | €3,506,186 | €2,056,186 | -€1.5m | -41.4% |
| Non-distributable reserves | 130/1 | €55,926 | €55,926 | = | 0.0% |
| Legal reserve | 130 | €55,926 | €55,926 | = | 0.0% |
| Tax-exempt reserves | 132 | €260 | €260 | = | 0.0% |
| Distributable reserves | 133 | €3,450,000 | €2,000,000 | -€1.5m | -42.0% |
| Profit (loss) carried forward | 14 | €30,307 | €12,961 | -€17,346 | -57.2% |
| Amounts payable | 17/49 | €1,112,073 | €1,879,392 | +€767,319 | +69.0% |
| Amounts payable after more than one year | 17 | €691,844 | €603,121 | -€88,723 | -12.8% |
| Financial debts | 170/4 | €691,844 | €603,121 | -€88,723 | -12.8% |
| Amounts payable within one year | 42/48 | €418,439 | €1,274,491 | +€856,052 | +204.6% |
| Current portion of amounts payable after more than one year | 42 | €86,271 | €88,723 | +€2,452 | +2.8% |
| Trade debts | 44 | €25,267 | €27,623 | +€2,355 | +9.3% |
| Suppliers | 440/4 | €25,267 | €27,623 | +€2,355 | +9.3% |
| Taxes, remuneration and social security | 45 | €6,720 | - | -€6,720 | |
| Taxes | 450/3 | €6,720 | - | -€6,720 | |
| Other amounts payable | 47/48 | €300,181 | €1,158,146 | +€857,965 | +285.8% |
| Accrued charges and deferred income | 492/3 | €1,790 | €1,780 | -€10 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,858 | €235,582 | +€20,724 | +9.6% |
| Other operating charges | 640/8 | €26,086 | €33,445 | +€7,359 | +28.2% |
| Gross operating margin | 9900 | €518,506 | €568,834 | +€50,327 | +9.7% |
| Operating profit (loss) | 9901 | €277,562 | €299,806 | +€22,245 | +8.0% |
| Financial income | 75/76B | €28,706 | €21,798 | -€6,908 | -24.1% |
| Recurring financial income | 75 | €28,706 | €21,798 | -€6,908 | -24.1% |
| Financial charges | 65/66B | €23,700 | €34,996 | +€11,296 | +47.7% |
| Recurring financial charges | 65 | €23,700 | €34,996 | +€11,296 | +47.7% |
| Profit (loss) for the period before taxes | 9903 | €282,568 | €286,608 | +€4,041 | +1.4% |
| Income taxes | 67/77 | €68,318 | €72,985 | +€4,667 | +6.8% |
| Profit (loss) for the period | 9904 | €214,250 | €213,623 | -€626 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €214,250 | €213,623 | -€626 | -0.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.