MARAS: 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.
MARAS
Largest movements
- Cash +€27,459
up €27,459 (+110.5%), from €24,846 to €52,305
mainly Net result for the year (+€79,870) and Depreciation (+€32,225)
- Tangible fixed assets -€10,018
down €10,018 (-3.6%), from €277,424 to €267,405
of which Land and buildings: -€7,153
- Reserves +€47,856
up €47,856 (+109.3%), from €43,793 to €91,649
of which Distributable reserves: +€47,856
- Debts after one year -€25,842
down €25,842 (-40.3%), from €64,163 to €38,320
- Advances received -€9,255
down €9,255 (-100.0%), from €9,255 to €0
- Tax, wage and social debts +€9,158
up €9,158 (+123.0%), from €7,445 to €16,603
of which Taxes: +€9,343
- Trade debts -€8,020
down €8,020 (-24.0%), from €33,480 to €25,461
- Gross operating margin +€93,812
up €93,812 (+65.9%), from €142,424 to €236,236
- Taxes +€27,883
up €27,883 (+517.0%), from €5,393 to €33,276
- Staff costs -€12,202
down €12,202 (-12.9%), from €94,584 to €82,382
- Depreciation +€5,750
up €5,750 (+21.7%), from €26,476 to €32,225
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 | €354,981 | €375,519 | +€20,539 | +5.8% |
| Fixed assets | 21/28 | €279,124 | €269,105 | -€10,018 | -3.6% |
| Tangible fixed assets | 22/27 | €277,424 | €267,405 | -€10,018 | -3.6% |
| Land and buildings | 22 | €244,320 | €237,166 | -€7,153 | -2.9% |
| Furniture and vehicles | 24 | €33,104 | €30,239 | -€2,865 | -8.7% |
| Financial fixed assets | 28 | €1,700 | €1,700 | = | 0.0% |
| Current assets | 29/58 | €75,857 | €106,414 | +€30,557 | +40.3% |
| Stocks and contracts in progress | 3 | €7,961 | €8,665 | +€704 | +8.8% |
| Stocks | 30/36 | €7,961 | €8,665 | +€704 | +8.8% |
| Amounts receivable within one year | 40/41 | €39,774 | €42,153 | +€2,379 | +6.0% |
| Trade receivables | 40 | €26,956 | €36,661 | +€9,705 | +36.0% |
| Other amounts receivable | 41 | €12,818 | €5,492 | -€7,326 | -57.2% |
| Cash at bank and in hand | 54/58 | €24,846 | €52,305 | +€27,459 | +110.5% |
| Deferred charges and accrued income | 490/1 | €3,276 | €3,292 | +€16 | +0.5% |
| Total equity and liabilities | 10/49 | €354,981 | €375,519 | +€20,539 | +5.8% |
| Equity | 10/15 | €137,483 | €185,340 | +€47,856 | +34.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €43,793 | €91,649 | +€47,856 | +109.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €43,793 | €91,649 | +€47,856 | +109.3% |
| Profit (loss) carried forward | 14 | €87,490 | €87,490 | = | 0.0% |
| Amounts payable | 17/49 | €217,497 | €190,179 | -€27,318 | -12.6% |
| Amounts payable after more than one year | 17 | €64,163 | €38,320 | -€25,842 | -40.3% |
| Financial debts | 170/4 | €64,163 | €38,320 | -€25,842 | -40.3% |
| Amounts payable within one year | 42/48 | €145,744 | €149,388 | +€3,644 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €35,000 | €39,598 | +€4,598 | +13.1% |
| Trade debts | 44 | €33,480 | €25,461 | -€8,020 | -24.0% |
| Suppliers | 440/4 | €33,480 | €25,461 | -€8,020 | -24.0% |
| Advances received on contracts in progress | 46 | €9,255 | €0 | -€9,255 | -100.0% |
| Taxes, remuneration and social security | 45 | €7,445 | €16,603 | +€9,158 | +123.0% |
| Taxes | 450/3 | €7,188 | €16,531 | +€9,343 | +130.0% |
| Remuneration and social security | 454/9 | €257 | €72 | -€184 | -71.8% |
| Other amounts payable | 47/48 | €60,564 | €67,727 | +€7,163 | +11.8% |
| Accrued charges and deferred income | 492/3 | €7,591 | €2,471 | -€5,120 | -67.4% |
| Non-recurring operating income | 76A | €0 | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €94,584 | €82,382 | -€12,202 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,476 | €32,225 | +€5,750 | +21.7% |
| Other operating charges | 640/8 | €2,936 | €2,253 | -€683 | -23.3% |
| Gross operating margin | 9900 | €142,424 | €236,236 | +€93,812 | +65.9% |
| Operating profit (loss) | 9901 | €18,428 | €119,375 | +€100,947 | +547.8% |
| Financial income | 75/76B | €82 | €130 | +€49 | +59.5% |
| Recurring financial income | 75 | €82 | €130 | +€49 | +59.5% |
| Financial charges | 65/66B | €4,453 | €6,359 | +€1,906 | +42.8% |
| Recurring financial charges | 65 | €4,453 | €6,359 | +€1,906 | +42.8% |
| Profit (loss) for the period before taxes | 9903 | €14,057 | €113,147 | +€99,090 | +704.9% |
| Income taxes | 67/77 | €5,393 | €33,276 | +€27,883 | +517.0% |
| Profit (loss) for the period | 9904 | €8,664 | €79,870 | +€71,206 | +821.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,664 | €79,870 | +€71,206 | +821.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.