MARA-SPL: 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.
MARA-SPL
Largest movements
- Cash +€34,210
up €34,210 (+55.7%), from €61,402 to €95,612
mainly Net result for the year (+€43,521) and Other debts (+€13,117)
- Current investments +€25,374
up €25,374 (+33.7%), from €75,310 to €100,684
- Reserves +€43,521
up €43,521 (+6.9%), from €631,081 to €674,602
- Other debts +€13,117
up €13,117 (+2.7%), from €477,701 to €490,818
- Financial charges -€1,645
down €1,645 (-8.3%), from €19,815 to €18,171
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 | €1,143,576 | €1,196,731 | +€53,155 | +4.6% |
| Fixed assets | 21/28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Current assets | 29/58 | €143,576 | €196,731 | +€53,155 | +37.0% |
| Amounts receivable within one year | 40/41 | €6,454 | €2 | -€6,453 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €6,454 | €2 | -€6,453 | -100.0% |
| Current investments | 50/53 | €75,310 | €100,684 | +€25,374 | +33.7% |
| Cash at bank and in hand | 54/58 | €61,402 | €95,612 | +€34,210 | +55.7% |
| Deferred charges and accrued income | 490/1 | €411 | €434 | +€24 | +5.7% |
| Total equity and liabilities | 10/49 | €1,143,576 | €1,196,731 | +€53,155 | +4.6% |
| Equity | 10/15 | €649,681 | €693,202 | +€43,521 | +6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €631,081 | €674,602 | +€43,521 | +6.9% |
| Distributable reserves | 133 | €631,081 | €674,602 | +€43,521 | +6.9% |
| Amounts payable | 17/49 | €493,895 | €503,529 | +€9,634 | +2.0% |
| Amounts payable within one year | 42/48 | €493,895 | €503,529 | +€9,634 | +2.0% |
| Financial debts | 43 | €5,072 | €0 | -€5,072 | -100% |
| Credit institutions | 430/8 | €5,072 | €0 | -€5,072 | -100% |
| Trade debts | 44 | €1,570 | €1,327 | -€243 | -15.5% |
| Suppliers | 440/4 | €1,570 | €1,327 | -€243 | -15.5% |
| Taxes, remuneration and social security | 45 | €9,551 | €11,384 | +€1,833 | +19.2% |
| Taxes | 450/3 | €9,551 | €11,384 | +€1,833 | +19.2% |
| Other amounts payable | 47/48 | €477,701 | €490,818 | +€13,117 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €46 | €58 | +€12 | +26.8% |
| Gross operating margin | 9900 | €77,487 | €77,436 | -€52 | -0.1% |
| Operating profit (loss) | 9901 | €77,441 | €77,377 | -€64 | -0.1% |
| Financial income | 75/76B | €1,392 | €1,374 | -€18 | -1.3% |
| Recurring financial income | 75 | €1,392 | €1,374 | -€18 | -1.3% |
| Financial charges | 65/66B | €19,815 | €18,171 | -€1,645 | -8.3% |
| Recurring financial charges | 65 | €19,815 | €18,171 | -€1,645 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €59,018 | €60,581 | +€1,563 | +2.6% |
| Income taxes | 67/77 | €16,509 | €17,060 | +€552 | +3.3% |
| Profit (loss) for the period | 9904 | €42,510 | €43,521 | +€1,011 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,510 | €43,521 | +€1,011 | +2.4% |
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 24 October 2026 via checked.be.