MARULA: 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.
MARULA
Largest movements
- Cash +€10,382
up €10,382 (+9.4%), from €110,871 to €121,254
mainly Net result for the year (+€118,249) and Trade debts (+€14,054)
- Reserves +€90,333
up €90,333 (+42.5%), from €212,515 to €302,848
of which Distributable reserves: +€90,333
- Other debts -€75,000
no longer reported in 2025 (was €75,000)
- Tax, wage and social debts -€19,536
down €19,536 (-89.2%), from €21,909 to €2,373
- Trade debts +€14,054
up €14,054 (+93.9%), from €14,960 to €29,014
- Financial income +€161,399
up €161,399 (+1613993300.0%), from €0 to €161,399
- Gross operating margin -€110,508
down €110,508, from €95,705 to -€14,803
- Taxes -€9,924
down €9,924 (-44.5%), from €22,297 to €12,373
- Depreciation +€2,427
up €2,427 (+25.0%), from €9,720 to €12,147
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 | €364,360 | €373,509 | +€9,149 | +2.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €227,142 | €227,230 | +€88 | 0.0% |
| Tangible fixed assets | 22/27 | €139,394 | €139,482 | +€88 | +0.1% |
| Land and buildings | 22 | €131,105 | €123,034 | -€8,071 | -6.2% |
| Furniture and vehicles | 24 | €7,288 | €16,448 | +€9,160 | +125.7% |
| Leasing and similar rights | 25 | €906 | - | -€906 | |
| Other tangible fixed assets | 26 | €95 | €0 | -€95 | -100.0% |
| Financial fixed assets | 28 | €87,749 | €87,749 | = | 0.0% |
| Current assets | 29/58 | €137,218 | €146,279 | +€9,061 | +6.6% |
| Amounts receivable within one year | 40/41 | €25,913 | €22,305 | -€3,608 | -13.9% |
| Trade receivables | 40 | €18,392 | €242 | -€18,150 | -98.7% |
| Other amounts receivable | 41 | €7,521 | €22,063 | +€14,542 | +193.4% |
| Cash at bank and in hand | 54/58 | €110,871 | €121,254 | +€10,382 | +9.4% |
| Deferred charges and accrued income | 490/1 | €434 | €2,720 | +€2,286 | +526.9% |
| Total equity and liabilities | 10/49 | €364,360 | €373,509 | +€9,149 | +2.5% |
| Equity | 10/15 | €251,439 | €341,772 | +€90,333 | +35.9% |
| Contributions | 10/11 | €38,923 | €38,923 | = | 0.0% |
| Reserves | 13 | €212,515 | €302,848 | +€90,333 | +42.5% |
| Non-distributable reserves | 130/1 | €3,720 | €3,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,720 | €3,720 | = | 0.0% |
| Distributable reserves | 133 | €208,795 | €299,128 | +€90,333 | +43.3% |
| Amounts payable | 17/49 | €112,922 | €31,737 | -€81,184 | -71.9% |
| Amounts payable within one year | 42/48 | €112,922 | €31,737 | -€81,184 | -71.9% |
| Current portion of amounts payable after more than one year | 42 | €1,053 | €351 | -€702 | -66.7% |
| Trade debts | 44 | €14,960 | €29,014 | +€14,054 | +93.9% |
| Suppliers | 440/4 | €14,960 | €29,014 | +€14,054 | +93.9% |
| Taxes, remuneration and social security | 45 | €21,909 | €2,373 | -€19,536 | -89.2% |
| Taxes | 450/3 | €21,909 | €2,373 | -€19,536 | -89.2% |
| Other amounts payable | 47/48 | €75,000 | - | -€75,000 | |
| Non-recurring operating income | 76A | €9,643 | - | -€9,643 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,720 | €12,147 | +€2,427 | +25.0% |
| Other operating charges | 640/8 | €2,238 | €2,310 | +€72 | +3.2% |
| Gross operating margin | 9900 | €95,705 | -€14,803 | -€110,508 | |
| Operating profit (loss) | 9901 | €83,748 | -€29,260 | -€113,008 | |
| Financial income | 75/76B | €0 | €161,399 | +€161,399 | +1613993300.0% |
| Recurring financial income | 75 | €0 | €161,399 | +€161,399 | +1613993300.0% |
| Financial charges | 65/66B | €766 | €1,518 | +€752 | +98.3% |
| Recurring financial charges | 65 | €766 | €1,518 | +€752 | +98.3% |
| Profit (loss) for the period before taxes | 9903 | €82,982 | €130,621 | +€47,639 | +57.4% |
| Income taxes | 67/77 | €22,297 | €12,373 | -€9,924 | -44.5% |
| Profit (loss) for the period | 9904 | €60,685 | €118,249 | +€57,564 | +94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €60,685 | €118,249 | +€57,564 | +94.9% |
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.