By Marso: 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.
By Marso
Largest movements
- Tangible fixed assets +€7,783
up €7,783 (+304%), from €2,561 to €10,344
- Receivables within one year +€1,730
up €1,730 (+22.8%), from €7,595 to €9,325
of which Trade receivables: +€2,139
- Cash +€511
up €511 (+6.8%), from €7,525 to €8,035
mainly Trade debts (+€6,220) and Tax, wage and social debts (+€3,403)
- Trade debts +€6,220
up €6,220 (+2,461%), from €253 to €6,472
- Tax, wage and social debts +€3,403
up €3,403 (+328%), from €1,038 to €4,442
- Profit (loss) carried forward +€2,986
up €2,986 (+11.6%), from -€25,683 to -€22,697
- Other debts -€2,487
down €2,487 (-10.6%), from €23,474 to €20,987
- Gross operating margin -€7,430
down €7,430 (-54.7%), from €13,588 to €6,159
- Depreciation +€1,280
up €1,280 (+153%), from €837 to €2,117
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 | €17,681 | €27,803 | +€10,121 | +57.2% |
| Fixed assets | 21/28 | €2,561 | €10,344 | +€7,783 | +304% |
| Tangible fixed assets | 22/27 | €2,561 | €10,344 | +€7,783 | +304% |
| Furniture and vehicles | 24 | €2,561 | €10,344 | +€7,783 | +304% |
| Current assets | 29/58 | €15,120 | €17,459 | +€2,339 | +15.5% |
| Amounts receivable within one year | 40/41 | €7,595 | €9,325 | +€1,730 | +22.8% |
| Trade receivables | 40 | €7,170 | €9,309 | +€2,139 | +29.8% |
| Other amounts receivable | 41 | €426 | €17 | -€409 | -96.0% |
| Cash at bank and in hand | 54/58 | €7,525 | €8,035 | +€511 | +6.8% |
| Deferred charges and accrued income | 490/1 | - | €98 | +€98 | |
| Total equity and liabilities | 10/49 | €17,681 | €27,803 | +€10,121 | +57.2% |
| Equity | 10/15 | -€7,083 | -€4,097 | +€2,986 | +42.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,683 | -€22,697 | +€2,986 | +11.6% |
| Amounts payable | 17/49 | €24,765 | €31,900 | +€7,136 | +28.8% |
| Amounts payable within one year | 42/48 | €24,765 | €31,900 | +€7,136 | +28.8% |
| Trade debts | 44 | €253 | €6,472 | +€6,220 | +2,461% |
| Suppliers | 440/4 | €253 | €6,472 | +€6,220 | +2,461% |
| Taxes, remuneration and social security | 45 | €1,038 | €4,442 | +€3,403 | +328% |
| Taxes | 450/3 | €1,038 | €4,442 | +€3,403 | +328% |
| Other amounts payable | 47/48 | €23,474 | €20,987 | -€2,487 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €837 | €2,117 | +€1,280 | +153% |
| Other operating charges | 640/8 | €505 | €552 | +€47 | +9.3% |
| Gross operating margin | 9900 | €13,588 | €6,159 | -€7,430 | -54.7% |
| Operating profit (loss) | 9901 | €12,246 | €3,489 | -€8,757 | -71.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €415 | €504 | +€89 | +21.6% |
| Recurring financial charges | 65 | €415 | €504 | +€89 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €11,832 | €2,986 | -€8,846 | -74.8% |
| Profit (loss) for the period | 9904 | €11,832 | €2,986 | -€8,846 | -74.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,832 | €2,986 | -€8,846 | -74.8% |
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 15 October 2026 via checked.be.