MARATRA: 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.
MARATRA
Largest movements
- Receivables within one year +€85,267
up €85,267 (+72.6%), from €117,447 to €202,714
of which Trade receivables: +€86,780
- Tangible fixed assets -€17,482
down €17,482 (-4.9%), from €359,302 to €341,820
of which Land and buildings: -€15,907
- Stocks and contracts -€17,265
down €17,265 (-8.3%), from €208,526 to €191,260
of which Contracts in progress: -€14,033
- Deferred charges and accrued income +€10,901
new in 2025: €10,901
- Cash +€8,726
up €8,726 (+55.8%), from €15,625 to €24,350
mainly Advances received (+€78,461) and Net result for the year (+€24,163)
- Advances received +€78,461
up €78,461 (+76.5%), from €102,514 to €180,975
- Debts after one year -€40,013
down €40,013 (-36.3%), from €110,219 to €70,206
- Reserves +€24,163
up €24,163 (+21.1%), from €114,647 to €138,810
of which Distributable reserves: +€26,023
- Other debts +€20,000
up €20,000 (+22.9%), from €87,294 to €107,294
- Tax, wage and social debts -€13,478
down €13,478 (-19.2%), from €70,093 to €56,614
of which Taxes: -€17,329
- Gross operating margin +€18,570
up €18,570 (+8.8%), from €211,783 to €230,353
- Staff costs +€11,858
up €11,858 (+8.2%), from €144,881 to €156,739
- Financial charges -€9,585
down €9,585 (-55.2%), from €17,361 to €7,776
- Write-downs +€5,230
up €5,230 (+45.8%), from €11,428 to €16,658
- Taxes +€2,415
up €2,415 (+246,460%), from €1 to €2,416
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 | €701,030 | €771,176 | +€70,147 | +10.0% |
| Fixed assets | 21/28 | €359,432 | €341,950 | -€17,482 | -4.9% |
| Tangible fixed assets | 22/27 | €359,302 | €341,820 | -€17,482 | -4.9% |
| Land and buildings | 22 | €351,938 | €336,031 | -€15,907 | -4.5% |
| Plant, machinery and equipment | 23 | €6,876 | €5,467 | -€1,409 | -20.5% |
| Furniture and vehicles | 24 | €488 | €322 | -€167 | -34.1% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €341,598 | €429,226 | +€87,629 | +25.7% |
| Stocks and contracts in progress | 3 | €208,526 | €191,260 | -€17,265 | -8.3% |
| Stocks | 30/36 | €194,493 | €191,260 | -€3,233 | -1.7% |
| Contracts in progress | 37 | €14,033 | - | -€14,033 | |
| Amounts receivable within one year | 40/41 | €117,447 | €202,714 | +€85,267 | +72.6% |
| Trade receivables | 40 | €115,934 | €202,714 | +€86,780 | +74.9% |
| Other amounts receivable | 41 | €1,513 | - | -€1,513 | |
| Cash at bank and in hand | 54/58 | €15,625 | €24,350 | +€8,726 | +55.8% |
| Deferred charges and accrued income | 490/1 | - | €10,901 | +€10,901 | |
| Total equity and liabilities | 10/49 | €701,030 | €771,176 | +€70,147 | +10.0% |
| Equity | 10/15 | €133,247 | €157,410 | +€24,163 | +18.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €114,647 | €138,810 | +€24,163 | +21.1% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €112,787 | €138,810 | +€26,023 | +23.1% |
| Amounts payable | 17/49 | €567,783 | €613,766 | +€45,984 | +8.1% |
| Amounts payable after more than one year | 17 | €110,219 | €70,206 | -€40,013 | -36.3% |
| Financial debts | 170/4 | €110,219 | €70,206 | -€40,013 | -36.3% |
| Amounts payable within one year | 42/48 | €452,119 | €540,615 | +€88,496 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €38,665 | €38,311 | -€354 | -0.9% |
| Financial debts | 43 | €98,400 | €89,899 | -€8,501 | -8.6% |
| Credit institutions | 430/8 | €98,400 | €89,899 | -€8,501 | -8.6% |
| Trade debts | 44 | €55,153 | €67,521 | +€12,368 | +22.4% |
| Suppliers | 440/4 | €55,153 | €67,521 | +€12,368 | +22.4% |
| Advances received on contracts in progress | 46 | €102,514 | €180,975 | +€78,461 | +76.5% |
| Taxes, remuneration and social security | 45 | €70,093 | €56,614 | -€13,478 | -19.2% |
| Taxes | 450/3 | €22,739 | €5,409 | -€17,329 | -76.2% |
| Remuneration and social security | 454/9 | €47,354 | €51,205 | +€3,851 | +8.1% |
| Other amounts payable | 47/48 | €87,294 | €107,294 | +€20,000 | +22.9% |
| Accrued charges and deferred income | 492/3 | €5,445 | €2,945 | -€2,500 | -45.9% |
| Remuneration, social security and pensions | 62 | €144,881 | €156,739 | +€11,858 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,721 | €17,482 | -€239 | -1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,428 | €16,658 | +€5,230 | +45.8% |
| Other operating charges | 640/8 | €4,465 | €5,205 | +€740 | +16.6% |
| Gross operating margin | 9900 | €211,783 | €230,353 | +€18,570 | +8.8% |
| Operating profit (loss) | 9901 | €33,287 | €34,268 | +€981 | +2.9% |
| Financial income | 75/76B | €27 | €87 | +€60 | +226% |
| Recurring financial income | 75 | €27 | €87 | +€60 | +226% |
| Financial charges | 65/66B | €17,361 | €7,776 | -€9,585 | -55.2% |
| Recurring financial charges | 65 | €17,361 | €7,776 | -€9,585 | -55.2% |
| Profit (loss) for the period before taxes | 9903 | €15,953 | €26,579 | +€10,627 | +66.6% |
| Income taxes | 67/77 | €1 | €2,416 | +€2,415 | +246,460% |
| Profit (loss) for the period | 9904 | €15,952 | €24,163 | +€8,211 | +51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,952 | €24,163 | +€8,211 | +51.5% |
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 25 October 2026 via checked.be.