MARATEA: 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.
MARATEA
Largest movements
- Cash +€84,791
up €84,791 (+30.1%), from €281,404 to €366,195
mainly Net result for the year (+€79,134) and Tax, wage and social debts (+€34,616)
- Receivables within one year +€34,076
up €34,076 (+1704.6%), from €1,999 to €36,075
of which Trade receivables: +€28,695
- Tangible fixed assets -€15,731
down €15,731 (-2.9%), from €541,468 to €525,738
of which Land and buildings: -€13,509
- Reserves +€53,167
up €53,167 (+19.2%), from €276,198 to €329,366
of which Distributable reserves: +€53,167
- Tax, wage and social debts +€34,616
up €34,616 (+87.4%), from €39,606 to €74,222
of which Taxes: +€28,263
- Debts after one year -€21,958
down €21,958 (-4.8%), from €462,134 to €440,176
- Other debts +€20,795
up €20,795 (+402.1%), from €5,171 to €25,967
- Trade debts +€20,017
up €20,017 (+57.2%), from €35,024 to €55,041
- Gross operating margin -€47,360
down €47,360 (-13.2%), from €360,039 to €312,680
- Staff costs -€18,790
down €18,790 (-11.0%), from €171,102 to €152,312
- Taxes -€10,456
down €10,456 (-24.7%), from €42,340 to €31,884
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 | €852,901 | €960,400 | +€107,500 | +12.6% |
| Fixed assets | 21/28 | €541,548 | €525,818 | -€15,731 | -2.9% |
| Tangible fixed assets | 22/27 | €541,468 | €525,738 | -€15,731 | -2.9% |
| Land and buildings | 22 | €515,502 | €501,993 | -€13,509 | -2.6% |
| Plant, machinery and equipment | 23 | €14,226 | €16,168 | +€1,942 | +13.6% |
| Furniture and vehicles | 24 | €6,185 | €4,872 | -€1,313 | -21.2% |
| Other tangible fixed assets | 26 | €5,555 | €2,704 | -€2,851 | -51.3% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €311,352 | €434,583 | +€123,231 | +39.6% |
| Stocks and contracts in progress | 3 | €24,918 | €31,893 | +€6,975 | +28.0% |
| Stocks | 30/36 | €24,918 | €31,893 | +€6,975 | +28.0% |
| Amounts receivable within one year | 40/41 | €1,999 | €36,075 | +€34,076 | +1704.6% |
| Trade receivables | 40 | - | €28,695 | +€28,695 | |
| Other amounts receivable | 41 | €1,999 | €7,380 | +€5,381 | +269.2% |
| Cash at bank and in hand | 54/58 | €281,404 | €366,195 | +€84,791 | +30.1% |
| Deferred charges and accrued income | 490/1 | €3,031 | €420 | -€2,611 | -86.1% |
| Total equity and liabilities | 10/49 | €852,901 | €960,400 | +€107,500 | +12.6% |
| Equity | 10/15 | €289,869 | €343,036 | +€53,167 | +18.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €276,198 | €329,366 | +€53,167 | +19.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €274,339 | €327,506 | +€53,167 | +19.4% |
| Profit (loss) carried forward | 14 | €7,471 | €7,471 | = | 0.0% |
| Amounts payable | 17/49 | €563,031 | €617,364 | +€54,332 | +9.6% |
| Amounts payable after more than one year | 17 | €462,134 | €440,176 | -€21,958 | -4.8% |
| Financial debts | 170/4 | €462,134 | €440,176 | -€21,958 | -4.8% |
| Amounts payable within one year | 42/48 | €100,898 | €177,188 | +€76,290 | +75.6% |
| Current portion of amounts payable after more than one year | 42 | €21,096 | €21,958 | +€862 | +4.1% |
| Trade debts | 44 | €35,024 | €55,041 | +€20,017 | +57.2% |
| Suppliers | 440/4 | €35,024 | €55,041 | +€20,017 | +57.2% |
| Taxes, remuneration and social security | 45 | €39,606 | €74,222 | +€34,616 | +87.4% |
| Taxes | 450/3 | €21,126 | €49,390 | +€28,263 | +133.8% |
| Remuneration and social security | 454/9 | €18,480 | €24,833 | +€6,353 | +34.4% |
| Other amounts payable | 47/48 | €5,171 | €25,967 | +€20,795 | +402.1% |
| Remuneration, social security and pensions | 62 | €171,102 | €152,312 | -€18,790 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,908 | €23,411 | +€2,503 | +12.0% |
| Other operating charges | 640/8 | €3,270 | €3,362 | +€92 | +2.8% |
| Gross operating margin | 9900 | €360,039 | €312,680 | -€47,360 | -13.2% |
| Operating profit (loss) | 9901 | €164,759 | €133,594 | -€31,165 | -18.9% |
| Financial income | 75/76B | €125 | €444 | +€319 | +255.6% |
| Recurring financial income | 75 | €125 | €444 | +€319 | +255.6% |
| Financial charges | 65/66B | €24,065 | €23,020 | -€1,044 | -4.3% |
| Recurring financial charges | 65 | €24,065 | €23,020 | -€1,044 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €140,819 | €111,018 | -€29,801 | -21.2% |
| Income taxes | 67/77 | €42,340 | €31,884 | -€10,456 | -24.7% |
| Profit (loss) for the period | 9904 | €98,479 | €79,134 | -€19,345 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €98,479 | €79,134 | -€19,345 | -19.6% |
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 6 October 2026 via checked.be.