MARANDS: 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.
MARANDS
Largest movements
- Cash -€54,027
down €54,027 (-23.8%), from €227,065 to €173,038
mainly Other debts (-€149,881) and Investment in fixed assets (net) (-€10,881)
- Tangible fixed assets -€48,456
down €48,456 (-3.7%), from €1.3m to €1.3m
of which Land and buildings: -€44,492
- Other debts -€149,881
down €149,881 (-93.1%), from €161,023 to €11,142
- Profit (loss) carried forward +€52,322
up €52,322 (+15.8%), from €330,418 to €382,741
- Gross operating margin +€63,731
up €63,731 (+75.2%), from €84,724 to €148,455
- Taxes +€11,004
new in 2025: €11,004
- Financial charges -€5,407
down €5,407 (-48.2%), from €11,222 to €5,815
- Other operating charges +€1,781
up €1,781 (+8.2%), from €21,596 to €23,377
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 | €1,568,874 | €1,464,794 | -€104,080 | -6.6% |
| Fixed assets | 21/28 | €1,326,745 | €1,278,289 | -€48,456 | -3.7% |
| Tangible fixed assets | 22/27 | €1,326,745 | €1,278,289 | -€48,456 | -3.7% |
| Land and buildings | 22 | €1,313,353 | €1,268,861 | -€44,492 | -3.4% |
| Plant, machinery and equipment | 23 | €13,392 | €9,428 | -€3,964 | -29.6% |
| Current assets | 29/58 | €242,129 | €186,505 | -€55,623 | -23.0% |
| Amounts receivable within one year | 40/41 | €8,198 | €3,600 | -€4,598 | -56.1% |
| Trade receivables | 40 | €1,167 | €3,600 | +€2,433 | +208.4% |
| Other amounts receivable | 41 | €7,030 | - | -€7,030 | |
| Cash at bank and in hand | 54/58 | €227,065 | €173,038 | -€54,027 | -23.8% |
| Deferred charges and accrued income | 490/1 | €6,867 | €9,867 | +€3,001 | +43.7% |
| Total equity and liabilities | 10/49 | €1,568,874 | €1,464,794 | -€104,080 | -6.6% |
| Equity | 10/15 | €1,372,471 | €1,422,936 | +€50,466 | +3.7% |
| Contributions | 10/11 | €974,222 | €974,222 | = | 0.0% |
| Reserves | 13 | €67,831 | €65,974 | -€1,857 | -2.7% |
| Non-distributable reserves | 130/1 | €17,700 | €17,700 | = | 0.0% |
| Reserves not available under the articles | 1311 | €17,700 | €17,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €50,131 | €48,274 | -€1,857 | -3.7% |
| Profit (loss) carried forward | 14 | €330,418 | €382,741 | +€52,322 | +15.8% |
| Provisions and deferred taxes | 16 | €16,710 | €16,091 | -€619 | -3.7% |
| Deferred taxes | 168 | €16,710 | €16,091 | -€619 | -3.7% |
| Amounts payable | 17/49 | €179,693 | €25,766 | -€153,927 | -85.7% |
| Amounts payable within one year | 42/48 | €168,881 | €23,486 | -€145,395 | -86.1% |
| Trade debts | 44 | €4,483 | €1,340 | -€3,143 | -70.1% |
| Suppliers | 440/4 | €4,483 | €1,340 | -€3,143 | -70.1% |
| Taxes, remuneration and social security | 45 | €3,375 | €11,004 | +€7,629 | +226.0% |
| Taxes | 450/3 | €3,375 | €11,004 | +€7,629 | +226.0% |
| Other amounts payable | 47/48 | €161,023 | €11,142 | -€149,881 | -93.1% |
| Accrued charges and deferred income | 492/3 | €10,812 | €2,281 | -€8,531 | -78.9% |
| Non-recurring operating income | 76A | - | €16,198 | +€16,198 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,589 | €59,338 | -€251 | -0.4% |
| Other operating charges | 640/8 | €21,596 | €23,377 | +€1,781 | +8.2% |
| Gross operating margin | 9900 | €84,724 | €148,455 | +€63,731 | +75.2% |
| Operating profit (loss) | 9901 | €3,539 | €65,741 | +€62,202 | +1757.6% |
| Financial income | 75/76B | €1 | €925 | +€924 | +115521.3% |
| Recurring financial income | 75 | €1 | €925 | +€924 | +115521.3% |
| Financial charges | 65/66B | €11,222 | €5,815 | -€5,407 | -48.2% |
| Recurring financial charges | 65 | €11,222 | €5,815 | -€5,407 | -48.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,682 | €60,850 | +€68,533 | |
| Transfer from deferred taxes | 780 | €619 | €619 | = | 0.0% |
| Income taxes | 67/77 | - | €11,004 | +€11,004 | |
| Profit (loss) for the period | 9904 | -€7,063 | €50,466 | +€57,529 | |
| Transfer from tax-exempt reserves | 789 | €1,857 | €1,857 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,207 | €52,322 | +€57,529 |
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 30 September 2026 via checked.be.