MARANDI: 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.
MARANDI
Largest movements
- Current investments +€45,008
up €45,008 (+149.7%), from €30,059 to €75,067
- Tangible fixed assets -€25,438
down €25,438 (-27.3%), from €93,155 to €67,717
of which Land and buildings: -€22,775
- Cash -€12,481
down €12,481 (-43.4%), from €28,783 to €16,302
mainly Current investments (-€45,008) and Contributions, distributions and other (-€10,000)
- Stocks and contracts -€10,829
down €10,829 (-22.9%), from €47,218 to €36,389
- Deferred charges and accrued income -€3,503
down €3,503 (-77.8%), from €4,500 to €997
- Current portion of long-term debt -€9,451
no longer reported in 2025 (was €9,451)
- Reserves +€6,758
up €6,758 (+7.1%), from €95,571 to €102,329
of which Distributable reserves: +€6,758
- Accrued charges and deferred income -€2,262
down €2,262 (-42.7%), from €5,293 to €3,030
- Gross operating margin +€19,586
up €19,586 (+27.1%), from €72,240 to €91,826
- Write-downs +€6,300
new in 2025: €6,300
- Staff costs +€3,453
up €3,453 (+8.9%), from €38,948 to €42,401
- Taxes +€2,494
up €2,494 (+101.1%), from €2,467 to €4,961
- Financial charges -€1,491
down €1,491 (-42.1%), from €3,546 to €2,054
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 | €206,760 | €199,587 | -€7,173 | -3.5% |
| Fixed assets | 21/28 | €93,155 | €67,717 | -€25,438 | -27.3% |
| Tangible fixed assets | 22/27 | €93,155 | €67,717 | -€25,438 | -27.3% |
| Land and buildings | 22 | €87,032 | €64,257 | -€22,775 | -26.2% |
| Plant, machinery and equipment | 23 | €907 | €613 | -€294 | -32.4% |
| Furniture and vehicles | 24 | €5,216 | €2,847 | -€2,369 | -45.4% |
| Current assets | 29/58 | €113,605 | €131,870 | +€18,265 | +16.1% |
| Stocks and contracts in progress | 3 | €47,218 | €36,389 | -€10,829 | -22.9% |
| Stocks | 30/36 | €47,218 | €36,389 | -€10,829 | -22.9% |
| Amounts receivable within one year | 40/41 | €3,045 | €3,115 | +€70 | +2.3% |
| Trade receivables | 40 | €428 | €1,454 | +€1,026 | +239.8% |
| Other amounts receivable | 41 | €2,618 | €1,661 | -€956 | -36.5% |
| Current investments | 50/53 | €30,059 | €75,067 | +€45,008 | +149.7% |
| Cash at bank and in hand | 54/58 | €28,783 | €16,302 | -€12,481 | -43.4% |
| Deferred charges and accrued income | 490/1 | €4,500 | €997 | -€3,503 | -77.8% |
| Total equity and liabilities | 10/49 | €206,760 | €199,587 | -€7,173 | -3.5% |
| Equity | 10/15 | €158,783 | €164,329 | +€5,545 | +3.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €95,571 | €102,329 | +€6,758 | +7.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €33,121 | €39,879 | +€6,758 | +20.4% |
| Profit (loss) carried forward | 14 | €1,213 | - | -€1,213 | |
| Amounts payable | 17/49 | €47,976 | €35,258 | -€12,718 | -26.5% |
| Amounts payable within one year | 42/48 | €42,684 | €32,228 | -€10,455 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €9,451 | - | -€9,451 | |
| Trade debts | 44 | €11,446 | €10,248 | -€1,197 | -10.5% |
| Suppliers | 440/4 | €11,446 | €10,248 | -€1,197 | -10.5% |
| Taxes, remuneration and social security | 45 | €21,787 | €21,980 | +€193 | +0.9% |
| Taxes | 450/3 | €16,892 | €16,922 | +€30 | +0.2% |
| Remuneration and social security | 454/9 | €4,895 | €5,058 | +€163 | +3.3% |
| Accrued charges and deferred income | 492/3 | €5,293 | €3,030 | -€2,262 | -42.7% |
| Remuneration, social security and pensions | 62 | €38,948 | €42,401 | +€3,453 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,606 | €25,438 | -€168 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,300 | +€6,300 | |
| Other operating charges | 640/8 | €3,362 | €3,460 | +€98 | +2.9% |
| Gross operating margin | 9900 | €72,240 | €91,826 | +€19,586 | +27.1% |
| Operating profit (loss) | 9901 | €4,324 | €14,228 | +€9,903 | +229.0% |
| Financial income | 75/76B | €8,105 | €8,333 | +€227 | +2.8% |
| Recurring financial income | 75 | €8,105 | €8,333 | +€227 | +2.8% |
| Financial charges | 65/66B | €3,546 | €2,054 | -€1,491 | -42.1% |
| Recurring financial charges | 65 | €3,546 | €2,054 | -€1,491 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €8,884 | €20,506 | +€11,622 | +130.8% |
| Income taxes | 67/77 | €2,467 | €4,961 | +€2,494 | +101.1% |
| Profit (loss) for the period | 9904 | €6,417 | €15,545 | +€9,128 | +142.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,417 | €15,545 | +€9,128 | +142.2% |
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 12 October 2026 via checked.be.