MARANO: 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.
MARANO
Largest movements
- Financial fixed assets +€1.2m
new in 2025: €1.2m
- Receivables within one year +€65,803
up €65,803 (+7.2%), from €907,775 to €973,578
of which Trade receivables: +€40,000
- Tangible fixed assets +€43,223
up €43,223 (+5.7%), from €756,823 to €800,046
- Short-term financial debts +€1.1m
up €1.1m (+471%), from €231,014 to €1.3m
- Other debts +€220,595
up €220,595 (+402%), from €54,921 to €275,516
- Debts after one year -€115,584
down €115,584 (-11.2%), from €1.0m to €913,006
- Current portion of long-term debt +€89,300
up €89,300 (+35.3%), from €253,237 to €342,537
- Financial income -€39,733
no longer reported in 2025 (was €39,733)
of which Financial income: -€39,733
- Gross operating margin +€35,244
up €35,244 (+51.3%), from €68,702 to €103,947
- Financial charges +€14,810
up €14,810 (+40.9%), from €36,229 to €51,039
of which Financial charges: +€15,210
- Other operating charges -€1,653
down €1,653 (-6.4%), from €25,720 to €24,066
- Depreciation +€1,577
up €1,577 (+5.2%), from €30,443 to €32,019
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 | €1,749,150 | €3,023,105 | +€1.3m | +72.8% |
| Fixed assets | 21/28 | €756,823 | €1,960,047 | +€1.2m | +159% |
| Tangible fixed assets | 22/27 | €756,823 | €800,046 | +€43,223 | +5.7% |
| Land and buildings | 22 | €756,823 | €800,046 | +€43,223 | +5.7% |
| Financial fixed assets | 28 | - | €1,160,000 | +€1.2m | |
| Current assets | 29/58 | €992,327 | €1,063,058 | +€70,732 | +7.1% |
| Stocks and contracts in progress | 3 | €66,217 | €70,679 | +€4,462 | +6.7% |
| Stocks | 30/36 | €66,217 | €70,679 | +€4,462 | +6.7% |
| Amounts receivable within one year | 40/41 | €907,775 | €973,578 | +€65,803 | +7.2% |
| Trade receivables | 40 | - | €40,000 | +€40,000 | |
| Other amounts receivable | 41 | €907,775 | €933,578 | +€25,803 | +2.8% |
| Cash at bank and in hand | 54/58 | €18,335 | €18,802 | +€467 | +2.5% |
| Total equity and liabilities | 10/49 | €1,749,150 | €3,023,105 | +€1.3m | +72.8% |
| Equity | 10/15 | €159,011 | €155,696 | -€3,314 | -2.1% |
| Contributions | 10/11 | €289,416 | €289,416 | = | 0.0% |
| Capital | 10 | €289,416 | €289,416 | = | 0.0% |
| Issued capital | 100 | €289,416 | €289,416 | = | 0.0% |
| Reserves | 13 | €29,000 | €29,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €29,000 | €29,000 | = | 0.0% |
| Legal reserve | 130 | €29,000 | €29,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€159,405 | -€162,719 | -€3,314 | -2.1% |
| Amounts payable | 17/49 | €1,590,140 | €2,867,409 | +€1.3m | +80.3% |
| Amounts payable after more than one year | 17 | €1,028,590 | €913,006 | -€115,584 | -11.2% |
| Financial debts | 170/4 | €1,028,590 | €913,006 | -€115,584 | -11.2% |
| Amounts payable within one year | 42/48 | €561,550 | €1,945,493 | +€1.4m | +246% |
| Current portion of amounts payable after more than one year | 42 | €253,237 | €342,537 | +€89,300 | +35.3% |
| Financial debts | 43 | €231,014 | €1,319,000 | +€1.1m | +471% |
| Credit institutions | 430/8 | €231,014 | €1,319,000 | +€1.1m | +471% |
| Trade debts | 44 | €20,871 | €2,698 | -€18,172 | -87.1% |
| Suppliers | 440/4 | €20,871 | €2,698 | -€18,172 | -87.1% |
| Taxes, remuneration and social security | 45 | €1,507 | €5,742 | +€4,235 | +281% |
| Taxes | 450/3 | €1,507 | €5,742 | +€4,235 | +281% |
| Other amounts payable | 47/48 | €54,921 | €275,516 | +€220,595 | +402% |
| Accrued charges and deferred income | 492/3 | - | €8,911 | +€8,911 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,443 | €32,019 | +€1,577 | +5.2% |
| Other operating charges | 640/8 | €25,720 | €24,066 | -€1,653 | -6.4% |
| Non-recurring operating charges | 66A | - | €136 | +€136 | |
| Gross operating margin | 9900 | €68,702 | €103,947 | +€35,244 | +51.3% |
| Operating profit (loss) | 9901 | €12,540 | €47,725 | +€35,184 | +281% |
| Financial income | 75/76B | €39,733 | - | -€39,733 | |
| Recurring financial income | 75 | €39,733 | - | -€39,733 | |
| Non-recurring financial income | 76B | €39,733 | - | -€39,733 | |
| Financial charges | 65/66B | €36,229 | €51,039 | +€14,810 | +40.9% |
| Recurring financial charges | 65 | €35,829 | €51,039 | +€15,210 | +42.5% |
| Non-recurring financial charges | 66B | €400 | - | -€400 | |
| Profit (loss) for the period before taxes | 9903 | €16,044 | -€3,314 | -€19,359 | |
| Profit (loss) for the period | 9904 | €16,044 | -€3,314 | -€19,359 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,044 | -€3,314 | -€19,359 |
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 19 October 2026 via checked.be.