MARAX: 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.
MARAX
Largest movements
- Receivables within one year +€248,121
up €248,121 (+71.1%), from €348,854 to €596,975
of which Other amounts receivable: +€234,006
- Tangible fixed assets -€226,926
down €226,926 (-11.9%), from €1.9m to €1.7m
of which Land and buildings: -€176,629
- Reserves +€114,070
up €114,070 (+12.9%), from €885,278 to €999,347
of which Distributable reserves: +€114,070
- Debts after one year -€112,557
down €112,557 (-6.4%), from €1.8m to €1.6m
of which Financial debts: -€175,837
- Other debts +€53,564
up €53,564 (+61.4%), from €87,273 to €140,837
- Short-term financial debts +€36,928
up €36,928 (+1,090%), from €3,387 to €40,315
of which Credit institutions: +€40,315
- Current portion of long-term debt -€32,116
down €32,116 (-15.4%), from €208,973 to €176,857
- Gross operating margin +€30,831
up €30,831 (+11.1%), from €277,453 to €308,284
- Financial income +€23,906
up €23,906 (+140%), from €17,078 to €40,985
- Depreciation +€15,316
up €15,316 (+12.7%), from €120,430 to €135,746
- Taxes +€7,080
up €7,080 (+18.4%), from €38,543 to €45,622
- Financial charges +€5,551
up €5,551 (+14.1%), from €39,439 to €44,991
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 | €3,195,537 | €3,210,610 | +€15,073 | +0.5% |
| Fixed assets | 21/28 | €2,815,343 | €2,574,417 | -€240,926 | -8.6% |
| Intangible fixed assets | 21 | €35,537 | €21,537 | -€14,000 | -39.4% |
| Tangible fixed assets | 22/27 | €1,906,846 | €1,679,920 | -€226,926 | -11.9% |
| Land and buildings | 22 | €1,548,529 | €1,371,900 | -€176,629 | -11.4% |
| Plant, machinery and equipment | 23 | €5,416 | €12,344 | +€6,928 | +128% |
| Furniture and vehicles | 24 | €222,298 | €171,920 | -€50,378 | -22.7% |
| Other tangible fixed assets | 26 | €130,603 | €123,756 | -€6,847 | -5.2% |
| Financial fixed assets | 28 | €872,960 | €872,960 | = | 0.0% |
| Current assets | 29/58 | €380,194 | €636,193 | +€255,999 | +67.3% |
| Amounts receivable within one year | 40/41 | €348,854 | €596,975 | +€248,121 | +71.1% |
| Trade receivables | 40 | €31,651 | €45,765 | +€14,114 | +44.6% |
| Other amounts receivable | 41 | €317,203 | €551,209 | +€234,006 | +73.8% |
| Cash at bank and in hand | 54/58 | €28,154 | €16,283 | -€11,871 | -42.2% |
| Deferred charges and accrued income | 490/1 | €3,186 | €22,936 | +€19,750 | +620% |
| Total equity and liabilities | 10/49 | €3,195,537 | €3,210,610 | +€15,073 | +0.5% |
| Equity | 10/15 | €1,025,278 | €1,139,347 | +€114,070 | +11.1% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Capital | 10 | €140,000 | €140,000 | = | 0.0% |
| Issued capital | 100 | €140,000 | €140,000 | = | 0.0% |
| Reserves | 13 | €885,278 | €999,347 | +€114,070 | +12.9% |
| Non-distributable reserves | 130/1 | €14,202 | €14,202 | = | 0.0% |
| Legal reserve | 130 | €14,202 | €14,202 | = | 0.0% |
| Distributable reserves | 133 | €871,076 | €985,145 | +€114,070 | +13.1% |
| Amounts payable | 17/49 | €2,170,259 | €2,071,263 | -€98,996 | -4.6% |
| Amounts payable after more than one year | 17 | €1,760,240 | €1,647,683 | -€112,557 | -6.4% |
| Financial debts | 170/4 | €1,492,218 | €1,316,380 | -€175,837 | -11.8% |
| Other amounts payable | 178/9 | €268,022 | €331,302 | +€63,281 | +23.6% |
| Amounts payable within one year | 42/48 | €406,148 | €421,161 | +€15,013 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €208,973 | €176,857 | -€32,116 | -15.4% |
| Financial debts | 43 | €3,387 | €40,315 | +€36,928 | +1,090% |
| Credit institutions | 430/8 | - | €40,315 | +€40,315 | |
| Other loans | 439 | €3,387 | €0 | -€3,387 | -100% |
| Trade debts | 44 | €23,265 | €8,218 | -€15,047 | -64.7% |
| Suppliers | 440/4 | €23,265 | €8,218 | -€15,047 | -64.7% |
| Taxes, remuneration and social security | 45 | €83,250 | €54,934 | -€28,316 | -34.0% |
| Taxes | 450/3 | €83,250 | €54,934 | -€28,316 | -34.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €87,273 | €140,837 | +€53,564 | +61.4% |
| Accrued charges and deferred income | 492/3 | €3,872 | €2,419 | -€1,453 | -37.5% |
| Non-recurring operating income | 76A | - | €10,209 | +€10,209 | |
| Remuneration, social security and pensions | 62 | -€808 | €0 | +€808 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,430 | €135,746 | +€15,316 | +12.7% |
| Other operating charges | 640/8 | €6,279 | €8,839 | +€2,560 | +40.8% |
| Gross operating margin | 9900 | €277,453 | €308,284 | +€30,831 | +11.1% |
| Operating profit (loss) | 9901 | €151,551 | €163,698 | +€12,147 | +8.0% |
| Financial income | 75/76B | €17,078 | €40,985 | +€23,906 | +140% |
| Recurring financial income | 75 | €17,078 | €40,985 | +€23,906 | +140% |
| Financial charges | 65/66B | €39,439 | €44,991 | +€5,551 | +14.1% |
| Recurring financial charges | 65 | €39,439 | €44,991 | +€5,551 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €129,190 | €159,692 | +€30,502 | +23.6% |
| Income taxes | 67/77 | €38,543 | €45,622 | +€7,080 | +18.4% |
| Profit (loss) for the period | 9904 | €90,648 | €114,070 | +€23,422 | +25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,648 | €114,070 | +€23,422 | +25.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.