MARRA II: 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.
MARRA II
Largest movements
- Cash -€59,751
down €59,751 (-38.8%), from €154,040 to €94,289
mainly Contributions, distributions and other (-€80,245) and Investment in fixed assets (net) (-€36,861)
- Current investments +€31,204
up €31,204 (+16.7%), from €186,994 to €218,198
- Tangible fixed assets +€30,772
up €30,772 (+197%), from €15,636 to €46,408
of which Land and buildings: +€18,655
- Reserves -€35,306
down €35,306 (-11.5%), from €305,906 to €270,600
of which Distributable reserves: -€35,306
- Other debts +€34,926
up €34,926 (+300%), from €11,655 to €46,580
- Gross operating margin -€30,901
down €30,901 (-28.9%), from €107,009 to €76,108
- Financial income -€6,964
down €6,964 (-94.8%), from €7,344 to €381
- Taxes -€4,068
down €4,068 (-14.3%), from €28,396 to €24,329
- Depreciation +€1,727
up €1,727 (+39.6%), from €4,361 to €6,088
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 | €357,023 | €358,895 | +€1,872 | +0.5% |
| Fixed assets | 21/28 | €15,636 | €46,408 | +€30,772 | +197% |
| Tangible fixed assets | 22/27 | €15,636 | €46,408 | +€30,772 | +197% |
| Land and buildings | 22 | - | €18,655 | +€18,655 | |
| Plant, machinery and equipment | 23 | €1,785 | €1,031 | -€754 | -42.2% |
| Furniture and vehicles | 24 | €13,851 | €26,723 | +€12,871 | +92.9% |
| Current assets | 29/58 | €341,387 | €312,487 | -€28,900 | -8.5% |
| Amounts receivable within one year | 40/41 | €103 | - | -€103 | |
| Trade receivables | 40 | €103 | - | -€103 | |
| Current investments | 50/53 | €186,994 | €218,198 | +€31,204 | +16.7% |
| Cash at bank and in hand | 54/58 | €154,040 | €94,289 | -€59,751 | -38.8% |
| Deferred charges and accrued income | 490/1 | €250 | - | -€250 | |
| Total equity and liabilities | 10/49 | €357,023 | €358,895 | +€1,872 | +0.5% |
| Equity | 10/15 | €324,867 | €289,561 | -€35,306 | -10.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €305,906 | €270,600 | -€35,306 | -11.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €304,046 | €268,740 | -€35,306 | -11.6% |
| Profit (loss) carried forward | 14 | €361 | €361 | = | 0.0% |
| Amounts payable | 17/49 | €32,156 | €69,334 | +€37,178 | +116% |
| Amounts payable within one year | 42/48 | €32,156 | €69,334 | +€37,178 | +116% |
| Trade debts | 44 | €2,283 | €2,072 | -€211 | -9.2% |
| Suppliers | 440/4 | €2,283 | €2,072 | -€211 | -9.2% |
| Taxes, remuneration and social security | 45 | €18,218 | €20,681 | +€2,464 | +13.5% |
| Taxes | 450/3 | €18,218 | €18,341 | +€124 | +0.7% |
| Remuneration and social security | 454/9 | - | €2,340 | +€2,340 | |
| Other amounts payable | 47/48 | €11,655 | €46,580 | +€34,926 | +300% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,361 | €6,088 | +€1,727 | +39.6% |
| Other operating charges | 640/8 | €762 | €730 | -€32 | -4.2% |
| Gross operating margin | 9900 | €107,009 | €76,108 | -€30,901 | -28.9% |
| Operating profit (loss) | 9901 | €101,886 | €69,290 | -€32,596 | -32.0% |
| Financial income | 75/76B | €7,344 | €381 | -€6,964 | -94.8% |
| Recurring financial income | 75 | €7,344 | €381 | -€6,964 | -94.8% |
| Financial charges | 65/66B | €1,413 | €402 | -€1,011 | -71.5% |
| Recurring financial charges | 65 | €1,413 | €402 | -€1,011 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | €107,817 | €69,268 | -€38,549 | -35.8% |
| Income taxes | 67/77 | €28,396 | €24,329 | -€4,068 | -14.3% |
| Profit (loss) for the period | 9904 | €79,421 | €44,939 | -€34,481 | -43.4% |
| Profit (loss) for the period to be appropriated | 9905 | €79,421 | €44,939 | -€34,481 | -43.4% |
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.