M.A.R.S.: 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.
M.A.R.S.
Largest movements
- Receivables within one year +€10,753
up €10,753 (+6.2%), from €173,991 to €184,744
of which Trade receivables: +€14,731
- Tangible fixed assets -€9,957
down €9,957 (-19.7%), from €50,632 to €40,675
of which Furniture and vehicles: -€8,633
- Financial fixed assets +€6,750
new in 2025: €6,750
- Cash -€4,205
down €4,205 (-100%), from €4,205 to €0
mainly Receivables within one year (-€10,753) and Investment in fixed assets (net) (-€9,123)
- Tax, wage and social debts -€8,867
down €8,867 (-42.8%), from €20,694 to €11,827
of which Taxes: -€8,732
- Short-term financial debts +€7,915
new in 2025: €7,915
- Reserves +€4,057
up €4,057 (+4.2%), from €96,551 to €100,608
of which Distributable reserves: +€4,057
- Gross operating margin -€56,581
down €56,581 (-45.7%), from €123,873 to €67,292
- Taxes -€15,482
down €15,482 (-85.1%), from €18,194 to €2,712
- Staff costs -€13,139
down €13,139 (-20.7%), from €63,511 to €50,372
- Depreciation +€4,705
up €4,705 (+61.7%), from €7,626 to €12,331
- Other operating charges -€4,498
down €4,498 (-74.8%), from €6,015 to €1,517
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 | €234,136 | €237,055 | +€2,919 | +1.2% |
| Fixed assets | 21/28 | €50,632 | €47,425 | -€3,207 | -6.3% |
| Tangible fixed assets | 22/27 | €50,632 | €40,675 | -€9,957 | -19.7% |
| Plant, machinery and equipment | 23 | €3,312 | €2,308 | -€1,004 | -30.3% |
| Furniture and vehicles | 24 | €44,892 | €36,259 | -€8,633 | -19.2% |
| Other tangible fixed assets | 26 | €2,428 | €2,108 | -€320 | -13.2% |
| Financial fixed assets | 28 | - | €6,750 | +€6,750 | |
| Current assets | 29/58 | €183,504 | €189,631 | +€6,126 | +3.3% |
| Amounts receivable within one year | 40/41 | €173,991 | €184,744 | +€10,753 | +6.2% |
| Trade receivables | 40 | €89,936 | €104,668 | +€14,731 | +16.4% |
| Other amounts receivable | 41 | €84,054 | €80,076 | -€3,978 | -4.7% |
| Cash at bank and in hand | 54/58 | €4,205 | €0 | -€4,205 | -100% |
| Deferred charges and accrued income | 490/1 | €5,308 | €4,886 | -€422 | -7.9% |
| Total equity and liabilities | 10/49 | €234,136 | €237,055 | +€2,919 | +1.2% |
| Equity | 10/15 | €124,699 | €128,756 | +€4,057 | +3.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €96,551 | €100,608 | +€4,057 | +4.2% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €94,696 | €98,753 | +€4,057 | +4.3% |
| Profit (loss) carried forward | 14 | €9,599 | €9,599 | = | 0.0% |
| Amounts payable | 17/49 | €109,437 | €108,299 | -€1,138 | -1.0% |
| Amounts payable within one year | 42/48 | €109,437 | €108,299 | -€1,138 | -1.0% |
| Financial debts | 43 | - | €7,915 | +€7,915 | |
| Credit institutions | 430/8 | - | €7,915 | +€7,915 | |
| Trade debts | 44 | €79,823 | €79,637 | -€186 | -0.2% |
| Suppliers | 440/4 | €79,823 | €79,637 | -€186 | -0.2% |
| Advances received on contracts in progress | 46 | €8,920 | €8,920 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €20,694 | €11,827 | -€8,867 | -42.8% |
| Taxes | 450/3 | €19,754 | €11,022 | -€8,732 | -44.2% |
| Remuneration and social security | 454/9 | €940 | €805 | -€135 | -14.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €7,372 | €9,128 | +€1,756 | +23.8% |
| Remuneration, social security and pensions | 62 | €63,511 | €50,372 | -€13,139 | -20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,626 | €12,331 | +€4,705 | +61.7% |
| Other operating charges | 640/8 | €6,015 | €1,517 | -€4,498 | -74.8% |
| Gross operating margin | 9900 | €123,873 | €67,292 | -€56,581 | -45.7% |
| Operating profit (loss) | 9901 | €46,721 | €3,072 | -€43,649 | -93.4% |
| Financial income | 75/76B | €3,921 | €4,780 | +€859 | +21.9% |
| Recurring financial income | 75 | €3,921 | €4,780 | +€859 | +21.9% |
| Financial charges | 65/66B | €134 | €1,084 | +€950 | +710% |
| Recurring financial charges | 65 | €134 | €1,084 | +€950 | +710% |
| Profit (loss) for the period before taxes | 9903 | €50,508 | €6,769 | -€43,740 | -86.6% |
| Income taxes | 67/77 | €18,194 | €2,712 | -€15,482 | -85.1% |
| Profit (loss) for the period | 9904 | €32,315 | €4,057 | -€28,258 | -87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €32,315 | €4,057 | -€28,258 | -87.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.