MARAO: 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.
MARAO
Largest movements
- Receivables within one year -€4,181
down €4,181 (-48.7%), from €8,587 to €4,406
- Profit (loss) carried forward -€3,148
down €3,148 (-7.7%), from -€40,823 to -€43,972
- Trade debts -€1,042
down €1,042 (-3.7%), from €28,529 to €27,488
- Financial charges -€18,181
down €18,181 (-99.2%), from €18,331 to €150
- Other operating charges -€12,272
down €12,272 (-99.5%), from €12,338 to €66
- Gross operating margin +€6,021
up €6,021 (+67.3%), from -€8,954 to -€2,932
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 | €8,606 | €4,416 | -€4,190 | -48.7% |
| Current assets | 29/58 | €8,606 | €4,416 | -€4,190 | -48.7% |
| Amounts receivable within one year | 40/41 | €8,587 | €4,406 | -€4,181 | -48.7% |
| Other amounts receivable | 41 | €8,587 | €4,406 | -€4,181 | -48.7% |
| Cash at bank and in hand | 54/58 | €19 | €10 | -€9 | -48.2% |
| Total equity and liabilities | 10/49 | €8,606 | €4,416 | -€4,190 | -48.7% |
| Equity | 10/15 | -€19,923 | -€23,072 | -€3,148 | -15.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,900 | €1,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,823 | -€43,972 | -€3,148 | -7.7% |
| Amounts payable | 17/49 | €28,529 | €27,488 | -€1,042 | -3.7% |
| Amounts payable within one year | 42/48 | €28,529 | €27,488 | -€1,042 | -3.7% |
| Trade debts | 44 | €28,529 | €27,488 | -€1,042 | -3.7% |
| Suppliers | 440/4 | €28,529 | €27,488 | -€1,042 | -3.7% |
| Other operating charges | 640/8 | €12,338 | €66 | -€12,272 | -99.5% |
| Gross operating margin | 9900 | -€8,954 | -€2,932 | +€6,021 | +67.3% |
| Operating profit (loss) | 9901 | -€21,292 | -€2,998 | +€18,294 | +85.9% |
| Financial charges | 65/66B | €18,331 | €150 | -€18,181 | -99.2% |
| Recurring financial charges | 65 | €18,331 | €150 | -€18,181 | -99.2% |
| Profit (loss) for the period before taxes | 9903 | -€39,623 | -€3,148 | +€36,474 | +92.1% |
| Profit (loss) for the period | 9904 | -€39,623 | -€3,148 | +€36,474 | +92.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,623 | -€3,148 | +€36,474 | +92.1% |
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 10 October 2026 via checked.be.