MARON: 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.
MARON
Largest movements
- Cash -€26,075
down €26,075 (-17.7%), from €147,090 to €121,015
mainly Contributions, distributions and other (-€34,330) and Receivables within one year (-€25,296)
- Receivables within one year +€25,296
up €25,296 (+4,651%), from €544 to €25,840
of which Other amounts receivable: +€23,043
- Receivables after one year -€22,793
down €22,793 (-6.5%), from €350,000 to €327,207
- Debts after one year -€19,483
down €19,483 (-19.2%), from €101,616 to €82,133
- Profit (loss) carried forward -€10,452
down €10,452 (-2.3%), from €446,544 to €436,091
- Gross operating margin +€3,569
up €3,569 (+7.6%), from €47,085 to €50,653
- Financial charges +€1,238
up €1,238 (+31.0%), from €3,994 to €5,232
- Depreciation +€1,057
up €1,057 (+8.7%), from €12,202 to €13,259
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 | €734,300 | €706,572 | -€27,728 | -3.8% |
| Fixed assets | 21/28 | €234,688 | €229,940 | -€4,748 | -2.0% |
| Tangible fixed assets | 22/27 | €234,688 | €229,940 | -€4,748 | -2.0% |
| Land and buildings | 22 | €232,496 | €221,051 | -€11,445 | -4.9% |
| Plant, machinery and equipment | 23 | €2,192 | €1,435 | -€758 | -34.6% |
| Furniture and vehicles | 24 | - | €7,454 | +€7,454 | |
| Current assets | 29/58 | €499,612 | €476,632 | -€22,979 | -4.6% |
| Amounts receivable after more than one year | 29 | €350,000 | €327,207 | -€22,793 | -6.5% |
| Other amounts receivable | 291 | €350,000 | €327,207 | -€22,793 | -6.5% |
| Amounts receivable within one year | 40/41 | €544 | €25,840 | +€25,296 | +4,651% |
| Trade receivables | 40 | €0 | €2,253 | +€2,253 | |
| Other amounts receivable | 41 | €544 | €23,587 | +€23,043 | +4,237% |
| Cash at bank and in hand | 54/58 | €147,090 | €121,015 | -€26,075 | -17.7% |
| Deferred charges and accrued income | 490/1 | €1,978 | €2,570 | +€593 | +30.0% |
| Total equity and liabilities | 10/49 | €734,300 | €706,572 | -€27,728 | -3.8% |
| Equity | 10/15 | €605,648 | €595,184 | -€10,464 | -1.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €97,104 | €97,093 | -€11 | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €90,904 | €90,893 | -€11 | 0.0% |
| Profit (loss) carried forward | 14 | €446,544 | €436,091 | -€10,452 | -2.3% |
| Amounts payable | 17/49 | €128,652 | €111,388 | -€17,264 | -13.4% |
| Amounts payable after more than one year | 17 | €101,616 | €82,133 | -€19,483 | -19.2% |
| Financial debts | 170/4 | €101,616 | €82,133 | -€19,483 | -19.2% |
| Amounts payable within one year | 42/48 | €27,036 | €29,255 | +€2,219 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €20,662 | €20,319 | -€343 | -1.7% |
| Trade debts | 44 | €35 | €0 | -€35 | -100% |
| Suppliers | 440/4 | €35 | €0 | -€35 | -100% |
| Taxes, remuneration and social security | 45 | €6,339 | €8,936 | +€2,597 | +41.0% |
| Taxes | 450/3 | €3,489 | €6,086 | +€2,597 | +74.4% |
| Remuneration and social security | 454/9 | €2,850 | €2,850 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,202 | €13,259 | +€1,057 | +8.7% |
| Other operating charges | 640/8 | €1,936 | €2,047 | +€112 | +5.8% |
| Gross operating margin | 9900 | €47,085 | €50,653 | +€3,569 | +7.6% |
| Operating profit (loss) | 9901 | €32,947 | €35,348 | +€2,401 | +7.3% |
| Financial income | 75/76B | €3,500 | €3,500 | = | 0.0% |
| Recurring financial income | 75 | €3,500 | €3,500 | = | 0.0% |
| Financial charges | 65/66B | €3,994 | €5,232 | +€1,238 | +31.0% |
| Recurring financial charges | 65 | €3,994 | €5,232 | +€1,238 | +31.0% |
| Profit (loss) for the period before taxes | 9903 | €32,453 | €33,616 | +€1,163 | +3.6% |
| Income taxes | 67/77 | €9,456 | €9,750 | +€294 | +3.1% |
| Profit (loss) for the period | 9904 | €22,997 | €23,866 | +€869 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,997 | €23,866 | +€869 | +3.8% |
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 25 October 2026 via checked.be.