Maraud: 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.
Maraud
Largest movements
- Cash +€63,872
up €63,872 (+34.1%), from €187,455 to €251,327
mainly Other debts (+€259,740) and Net result for the year (+€132,835)
- Tangible fixed assets +€20,113
up €20,113 (+467%), from €4,308 to €24,420
of which Other tangible fixed assets: +€16,905
- Receivables within one year +€5,874
up €5,874 (+179%), from €3,273 to €9,147
of which Trade receivables: +€8,796
- Other debts +€259,740
up €259,740 (+104,108%), from €249 to €259,989
- Reserves -€163,778
no longer reported in 2025 (was €163,778)
- Accrued charges and deferred income -€10,302
down €10,302 (-76.0%), from €13,554 to €3,252
- Gross operating margin +€15,084
up €15,084 (+9.0%), from €166,939 to €182,022
- Financial charges -€10,062
down €10,062 (-81.2%), from €12,394 to €2,333
- Taxes +€5,727
up €5,727 (+15.1%), from €37,891 to €43,617
- Financial income -€3,456
down €3,456 (-77.9%), from €4,437 to €981
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 | €199,036 | €286,996 | +€87,960 | +44.2% |
| Fixed assets | 21/28 | €4,308 | €24,420 | +€20,113 | +467% |
| Tangible fixed assets | 22/27 | €4,308 | €24,420 | +€20,113 | +467% |
| Furniture and vehicles | 24 | €4,308 | €7,515 | +€3,207 | +74.5% |
| Other tangible fixed assets | 26 | - | €16,905 | +€16,905 | |
| Current assets | 29/58 | €194,729 | €262,576 | +€67,847 | +34.8% |
| Amounts receivable after more than one year | 29 | €2,500 | - | -€2,500 | |
| Trade receivables | 290 | €2,500 | - | -€2,500 | |
| Amounts receivable within one year | 40/41 | €3,273 | €9,147 | +€5,874 | +179% |
| Trade receivables | 40 | €351 | €9,147 | +€8,796 | +2,504% |
| Other amounts receivable | 41 | €2,922 | - | -€2,922 | |
| Cash at bank and in hand | 54/58 | €187,455 | €251,327 | +€63,872 | +34.1% |
| Deferred charges and accrued income | 490/1 | €1,500 | €2,102 | +€602 | +40.1% |
| Total equity and liabilities | 10/49 | €199,036 | €286,996 | +€87,960 | +44.2% |
| Equity | 10/15 | €166,778 | €3,000 | -€163,778 | -98.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €163,778 | - | -€163,778 | |
| Distributable reserves | 133 | €163,778 | - | -€163,778 | |
| Amounts payable | 17/49 | €32,258 | €283,996 | +€251,738 | +780% |
| Amounts payable within one year | 42/48 | €18,705 | €280,745 | +€262,040 | +1,401% |
| Financial debts | 43 | €2,071 | €2,201 | +€131 | +6.3% |
| Credit institutions | 430/8 | €2,071 | €2,201 | +€131 | +6.3% |
| Trade debts | 44 | €912 | €951 | +€39 | +4.3% |
| Suppliers | 440/4 | €912 | €951 | +€39 | +4.3% |
| Taxes, remuneration and social security | 45 | €15,472 | €17,603 | +€2,131 | +13.8% |
| Taxes | 450/3 | €15,472 | €17,603 | +€2,131 | +13.8% |
| Other amounts payable | 47/48 | €249 | €259,989 | +€259,740 | +104,108% |
| Accrued charges and deferred income | 492/3 | €13,554 | €3,252 | -€10,302 | -76.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,634 | €3,057 | +€1,423 | +87.1% |
| Other operating charges | 640/8 | €679 | €1,162 | +€483 | +71.2% |
| Gross operating margin | 9900 | €166,939 | €182,022 | +€15,084 | +9.0% |
| Operating profit (loss) | 9901 | €164,626 | €177,804 | +€13,178 | +8.0% |
| Financial income | 75/76B | €4,437 | €981 | -€3,456 | -77.9% |
| Recurring financial income | 75 | €4,437 | €981 | -€3,456 | -77.9% |
| Financial charges | 65/66B | €12,394 | €2,333 | -€10,062 | -81.2% |
| Recurring financial charges | 65 | €12,394 | €2,333 | -€10,062 | -81.2% |
| Profit (loss) for the period before taxes | 9903 | €156,669 | €176,452 | +€19,783 | +12.6% |
| Income taxes | 67/77 | €37,891 | €43,617 | +€5,727 | +15.1% |
| Profit (loss) for the period | 9904 | €118,778 | €132,835 | +€14,057 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €118,778 | €132,835 | +€14,057 | +11.8% |
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 15 October 2026 via checked.be.