MARRA: what changed
Two fiscal 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.
MARRA
Largest movements
- Cash +€246,062
up €246,062 (+81.6%), from €301,634 to €547,696
mainly Current portion of long-term debt (+€3.0m) and Depreciation (+€196,270)
- Tangible fixed assets -€161,763
down €161,763 (-8.6%), from €1.9m to €1.7m
- Receivables within one year -€85,642
down €85,642 (-25.7%), from €332,963 to €247,322
of which Trade receivables: -€88,236
- Short-term financial debts -€3.0m
down €3.0m (-100.0%), from €3.0m to €46
- Current portion of long-term debt +€3.0m
new in 2025: €3.0m
- Profit (loss) carried forward +€63,597
up €63,597 (+21.3%), from €298,873 to €362,470
- Gross operating margin +€107,922
up €107,922 (+27.3%), from €395,006 to €502,927
- Taxes +€26,057
up €26,057 (+490.2%), from €5,316 to €31,373
- Financial charges +€10,602
up €10,602 (+31.3%), from €33,924 to €44,526
- Other operating charges +€5,462
up €5,462 (+3.2%), from €172,950 to €178,412
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 | €3,738,614 | €3,749,684 | +€11,070 | +0.3% |
| Fixed assets | 21/28 | €1,882,584 | €1,720,821 | -€161,763 | -8.6% |
| Tangible fixed assets | 22/27 | €1,882,584 | €1,720,821 | -€161,763 | -8.6% |
| Land and buildings | 22 | €1,882,584 | €1,720,821 | -€161,763 | -8.6% |
| Current assets | 29/58 | €1,856,031 | €2,028,863 | +€172,833 | +9.3% |
| Amounts receivable after more than one year | 29 | €1,170,535 | €1,181,690 | +€11,155 | +1.0% |
| Other amounts receivable | 291 | €1,170,535 | €1,181,690 | +€11,155 | +1.0% |
| Amounts receivable within one year | 40/41 | €332,963 | €247,322 | -€85,642 | -25.7% |
| Trade receivables | 40 | €162,688 | €74,452 | -€88,236 | -54.2% |
| Other amounts receivable | 41 | €170,275 | €172,869 | +€2,595 | +1.5% |
| Cash at bank and in hand | 54/58 | €301,634 | €547,696 | +€246,062 | +81.6% |
| Deferred charges and accrued income | 490/1 | €50,899 | €52,156 | +€1,257 | +2.5% |
| Total equity and liabilities | 10/49 | €3,738,614 | €3,749,684 | +€11,070 | +0.3% |
| Equity | 10/15 | €361,373 | €424,970 | +€63,597 | +17.6% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Outside capital | 11 | €62,500 | €62,500 | = | 0.0% |
| Other | 1109/19 | €62,500 | €62,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €298,873 | €362,470 | +€63,597 | +21.3% |
| Amounts payable | 17/49 | €3,377,241 | €3,324,714 | -€52,527 | -1.6% |
| Amounts payable after more than one year | 17 | €87,156 | €87,156 | = | 0.0% |
| Other amounts payable | 178/9 | €87,156 | €87,156 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,146,943 | €3,090,356 | -€56,586 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | - | €3,000,000 | +€3.0m | |
| Financial debts | 43 | €3,036,694 | €46 | -€3.0m | -100.0% |
| Credit institutions | 430/8 | €3,036,694 | €46 | -€3.0m | -100.0% |
| Trade debts | 44 | €89,332 | €55,049 | -€34,283 | -38.4% |
| Suppliers | 440/4 | €89,332 | €55,049 | -€34,283 | -38.4% |
| Taxes, remuneration and social security | 45 | €20,917 | €35,261 | +€14,344 | +68.6% |
| Taxes | 450/3 | €20,917 | €35,261 | +€14,344 | +68.6% |
| Accrued charges and deferred income | 492/3 | €143,143 | €147,202 | +€4,059 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,909 | €196,270 | +€1,362 | +0.7% |
| Other operating charges | 640/8 | €172,950 | €178,412 | +€5,462 | +3.2% |
| Gross operating margin | 9900 | €395,006 | €502,927 | +€107,922 | +27.3% |
| Operating profit (loss) | 9901 | €27,146 | €128,245 | +€101,098 | +372.4% |
| Financial income | 75/76B | €9,558 | €11,251 | +€1,693 | +17.7% |
| Recurring financial income | 75 | €9,558 | €11,251 | +€1,693 | +17.7% |
| Financial charges | 65/66B | €33,924 | €44,526 | +€10,602 | +31.3% |
| Recurring financial charges | 65 | €33,924 | €44,526 | +€10,602 | +31.3% |
| Profit (loss) for the period before taxes | 9903 | €2,781 | €94,970 | +€92,189 | +3315.5% |
| Income taxes | 67/77 | €5,316 | €31,373 | +€26,057 | +490.2% |
| Profit (loss) for the period | 9904 | -€2,536 | €63,597 | +€66,132 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,536 | €63,597 | +€66,132 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.