MARAVEL: 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.
MARAVEL
Largest movements
- Receivables after one year -€103,826
no longer reported in 2025 (was €103,826)
- Cash -€10,976
down €10,976 (-7.1%), from €154,144 to €143,168
mainly Contributions, distributions and other (-€118,900) and Other debts (-€73,656)
- Other debts -€73,656
down €73,656 (-66.9%), from €110,133 to €36,477
- Reserves -€39,000
down €39,000 (-26.1%), from €149,510 to €110,510
- Gross operating margin +€7,953
up €7,953 (+8.4%), from €94,477 to €102,430
- Taxes +€3,029
up €3,029 (+14.9%), from €20,354 to €23,382
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 | €277,196 | €163,283 | -€113,914 | -41.1% |
| Fixed assets | 21/28 | - | €1,039 | +€1,039 | |
| Tangible fixed assets | 22/27 | - | €1,039 | +€1,039 | |
| Plant, machinery and equipment | 23 | - | €1,039 | +€1,039 | |
| Current assets | 29/58 | €277,196 | €162,244 | -€114,953 | -41.5% |
| Amounts receivable after more than one year | 29 | €103,826 | - | -€103,826 | |
| Other amounts receivable | 291 | €103,826 | - | -€103,826 | |
| Amounts receivable within one year | 40/41 | €18,586 | €18,392 | -€194 | -1.0% |
| Trade receivables | 40 | €18,586 | €18,392 | -€194 | -1.0% |
| Cash at bank and in hand | 54/58 | €154,144 | €143,168 | -€10,976 | -7.1% |
| Deferred charges and accrued income | 490/1 | €641 | €683 | +€42 | +6.6% |
| Total equity and liabilities | 10/49 | €277,196 | €163,283 | -€113,914 | -41.1% |
| Equity | 10/15 | €152,935 | €113,497 | -€39,438 | -25.8% |
| Contributions | 10/11 | - | €100 | +€100 | |
| Reserves | 13 | €149,510 | €110,510 | -€39,000 | -26.1% |
| Distributable reserves | 133 | €149,510 | €110,510 | -€39,000 | -26.1% |
| Profit (loss) carried forward | 14 | €3,425 | €2,887 | -€538 | -15.7% |
| Amounts payable | 17/49 | €124,261 | €49,785 | -€74,476 | -59.9% |
| Amounts payable within one year | 42/48 | €124,261 | €49,785 | -€74,476 | -59.9% |
| Trade debts | 44 | €837 | €1,771 | +€935 | +111.7% |
| Suppliers | 440/4 | €837 | €1,771 | +€935 | +111.7% |
| Taxes, remuneration and social security | 45 | €13,292 | €11,537 | -€1,755 | -13.2% |
| Taxes | 450/3 | €13,292 | €11,537 | -€1,755 | -13.2% |
| Other amounts payable | 47/48 | €110,133 | €36,477 | -€73,656 | -66.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €203 | +€203 | |
| Other operating charges | 640/8 | €873 | €829 | -€43 | -5.0% |
| Gross operating margin | 9900 | €94,477 | €102,430 | +€7,953 | +8.4% |
| Operating profit (loss) | 9901 | €93,604 | €101,398 | +€7,794 | +8.3% |
| Financial income | 75/76B | €2,442 | €1,674 | -€769 | -31.5% |
| Recurring financial income | 75 | €2,442 | €1,674 | -€769 | -31.5% |
| Financial charges | 65/66B | €126 | €227 | +€101 | +80.3% |
| Recurring financial charges | 65 | €126 | €227 | +€101 | +80.3% |
| Profit (loss) for the period before taxes | 9903 | €95,921 | €102,845 | +€6,924 | +7.2% |
| Income taxes | 67/77 | €20,354 | €23,382 | +€3,029 | +14.9% |
| Profit (loss) for the period | 9904 | €75,567 | €79,462 | +€3,895 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €75,567 | €79,462 | +€3,895 | +5.2% |
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 11 October 2026 via checked.be.