MARANDO: 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.
MARANDO
Largest movements
- Receivables within one year +€91,954
up €91,954 (+33.0%), from €278,871 to €370,825
of which Other amounts receivable: +€94,237
- Cash +€16,716
up €16,716 (+112%), from €14,873 to €31,589
mainly Short-term financial debts (+€175,000) and Debts after one year (+€26,533)
- Tangible fixed assets -€12,095
down €12,095 (-4.4%), from €274,842 to €262,747
- Short-term financial debts +€175,000
up €175,000 (+87.5%), from €200,000 to €375,000
- Profit (loss) carried forward -€92,995
down €92,995 (-14.7%), from -€631,765 to -€724,761
- Debts after one year +€26,533
up €26,533 (+5.3%), from €501,911 to €528,445
of which Other amounts payable: +€26,533
- Gross operating margin +€22,676
up €22,676 (+33.7%), from -€67,243 to -€44,566
- Depreciation -€9,244
down €9,244 (-43.3%), from €21,339 to €12,095
- Financial income +€5,215
up €5,215 (+34.8%), from €14,982 to €20,197
- Financial charges -€790
down €790 (-1.6%), from €48,724 to €47,933
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.
Derived cash bridge
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 | €825,980 | €930,270 | +€104,289 | +12.6% |
| Fixed assets | 21/28 | €274,842 | €262,747 | -€12,095 | -4.4% |
| Tangible fixed assets | 22/27 | €274,842 | €262,747 | -€12,095 | -4.4% |
| Land and buildings | 22 | €274,842 | €262,747 | -€12,095 | -4.4% |
| Current assets | 29/58 | €551,138 | €667,523 | +€116,385 | +21.1% |
| Stocks and contracts in progress | 3 | €242,412 | €242,412 | = | 0.0% |
| Stocks | 30/36 | €242,412 | €242,412 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €278,871 | €370,825 | +€91,954 | +33.0% |
| Trade receivables | 40 | €2,282 | - | -€2,282 | |
| Other amounts receivable | 41 | €276,589 | €370,825 | +€94,237 | +34.1% |
| Cash at bank and in hand | 54/58 | €14,873 | €31,589 | +€16,716 | +112% |
| Deferred charges and accrued income | 490/1 | €14,982 | €22,697 | +€7,715 | +51.5% |
| Total equity and liabilities | 10/49 | €825,980 | €930,270 | +€104,289 | +12.6% |
| Equity | 10/15 | €77,224 | -€15,771 | -€92,995 | |
| Contributions | 10/11 | €645,000 | €645,000 | = | 0.0% |
| Capital | 10 | €645,000 | €645,000 | = | 0.0% |
| Issued capital | 100 | €645,000 | €645,000 | = | 0.0% |
| Reserves | 13 | €63,990 | €63,990 | = | 0.0% |
| Non-distributable reserves | 130/1 | €63,990 | €63,990 | = | 0.0% |
| Legal reserve | 130 | €63,990 | €63,990 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€631,765 | -€724,761 | -€92,995 | -14.7% |
| Amounts payable | 17/49 | €748,756 | €946,041 | +€197,285 | +26.3% |
| Amounts payable after more than one year | 17 | €501,911 | €528,445 | +€26,533 | +5.3% |
| Financial debts | 170/4 | €223,104 | €223,104 | = | 0.0% |
| Other amounts payable | 178/9 | €278,807 | €305,341 | +€26,533 | +9.5% |
| Amounts payable within one year | 42/48 | €205,625 | €377,961 | +€172,336 | +83.8% |
| Financial debts | 43 | €200,000 | €375,000 | +€175,000 | +87.5% |
| Credit institutions | 430/8 | €200,000 | €375,000 | +€175,000 | +87.5% |
| Trade debts | 44 | €5,304 | €2,715 | -€2,589 | -48.8% |
| Suppliers | 440/4 | €5,304 | €2,715 | -€2,589 | -48.8% |
| Taxes, remuneration and social security | 45 | €321 | €247 | -€75 | -23.3% |
| Taxes | 450/3 | €321 | €247 | -€75 | -23.3% |
| Accrued charges and deferred income | 492/3 | €41,220 | €39,635 | -€1,585 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,339 | €12,095 | -€9,244 | -43.3% |
| Other operating charges | 640/8 | €8,237 | €8,597 | +€360 | +4.4% |
| Gross operating margin | 9900 | -€67,243 | -€44,566 | +€22,676 | +33.7% |
| Operating profit (loss) | 9901 | -€96,818 | -€65,258 | +€31,560 | +32.6% |
| Financial income | 75/76B | €14,982 | €20,197 | +€5,215 | +34.8% |
| Recurring financial income | 75 | €14,982 | €20,197 | +€5,215 | +34.8% |
| Financial charges | 65/66B | €48,724 | €47,933 | -€790 | -1.6% |
| Recurring financial charges | 65 | €48,724 | €47,933 | -€790 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | -€130,560 | -€92,995 | +€37,565 | +28.8% |
| Profit (loss) for the period | 9904 | -€130,560 | -€92,995 | +€37,565 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€130,560 | -€92,995 | +€37,565 | +28.8% |
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 22 October 2026 via checked.be.