Mar-Sel: 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.
Mar-Sel
Largest movements
- Cash +€25,444
up €25,444 (+303.7%), from €8,379 to €33,823
mainly Trade debts (+€13,722) and Depreciation (+€12,107)
- Tangible fixed assets -€5,488
down €5,488 (-15.9%), from €34,594 to €29,106
of which Furniture and vehicles: -€2,852
- Receivables within one year -€4,959
down €4,959 (-4.6%), from €108,467 to €103,508
of which Trade receivables: -€17,407
- Trade debts +€13,722
up €13,722 (+51.7%), from €26,544 to €40,266
- Reserves +€9,262
up €9,262 (+6.8%), from €136,078 to €145,341
of which Distributable reserves: +€9,262
- Short-term financial debts -€6,685
no longer reported in 2025 (was €6,685)
- Tax, wage and social debts -€6,547
down €6,547 (-21.6%), from €30,346 to €23,798
of which Taxes: -€10,588
- Staff costs -€42,092
no longer reported in 2025 (was €42,092)
- Taxes +€2,648
up €2,648 (+214.5%), from €1,235 to €3,883
- Financial charges +€2,195
up €2,195 (+80.8%), from €2,715 to €4,910
- Other operating charges -€1,950
down €1,950 (-57.5%), from €3,393 to €1,443
- Gross operating margin +€1,139
up €1,139 (+4.2%), from €26,826 to €27,966
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 | €176,903 | €189,000 | +€12,097 | +6.8% |
| Fixed assets | 21/28 | €39,319 | €31,999 | -€7,320 | -18.6% |
| Intangible fixed assets | 21 | €2,725 | €893 | -€1,832 | -67.2% |
| Tangible fixed assets | 22/27 | €34,594 | €29,106 | -€5,488 | -15.9% |
| Land and buildings | 22 | €460 | €307 | -€153 | -33.3% |
| Plant, machinery and equipment | 23 | €23,698 | €21,215 | -€2,483 | -10.5% |
| Furniture and vehicles | 24 | €10,435 | €7,583 | -€2,852 | -27.3% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €137,584 | €157,001 | +€19,417 | +14.1% |
| Amounts receivable after more than one year | 29 | €8,000 | €8,000 | = | 0.0% |
| Other amounts receivable | 291 | €8,000 | €8,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €9,587 | €8,050 | -€1,537 | -16.0% |
| Stocks | 30/36 | €9,587 | €8,050 | -€1,537 | -16.0% |
| Amounts receivable within one year | 40/41 | €108,467 | €103,508 | -€4,959 | -4.6% |
| Trade receivables | 40 | €38,660 | €21,254 | -€17,407 | -45.0% |
| Other amounts receivable | 41 | €69,806 | €82,254 | +€12,448 | +17.8% |
| Cash at bank and in hand | 54/58 | €8,379 | €33,823 | +€25,444 | +303.7% |
| Deferred charges and accrued income | 490/1 | €3,151 | €3,619 | +€468 | +14.8% |
| Total equity and liabilities | 10/49 | €176,903 | €189,000 | +€12,097 | +6.8% |
| Equity | 10/15 | €111,731 | €120,993 | +€9,262 | +8.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €136,078 | €145,341 | +€9,262 | +6.8% |
| 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 | €134,218 | €143,481 | +€9,262 | +6.9% |
| Profit (loss) carried forward | 14 | -€30,547 | -€30,547 | = | 0.0% |
| Amounts payable | 17/49 | €65,172 | €68,006 | +€2,834 | +4.3% |
| Amounts payable after more than one year | 17 | - | €805 | +€805 | |
| Financial debts | 170/4 | - | €805 | +€805 | |
| Amounts payable within one year | 42/48 | €65,172 | €67,201 | +€2,030 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €1,596 | €3,137 | +€1,540 | +96.5% |
| Financial debts | 43 | €6,685 | - | -€6,685 | |
| Other loans | 439 | €6,685 | - | -€6,685 | |
| Trade debts | 44 | €26,544 | €40,266 | +€13,722 | +51.7% |
| Suppliers | 440/4 | €26,544 | €40,266 | +€13,722 | +51.7% |
| Taxes, remuneration and social security | 45 | €30,346 | €23,798 | -€6,547 | -21.6% |
| Taxes | 450/3 | €29,119 | €18,531 | -€10,588 | -36.4% |
| Remuneration and social security | 454/9 | €1,226 | €5,267 | +€4,041 | +329.5% |
| Remuneration, social security and pensions | 62 | €42,092 | - | -€42,092 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,760 | €12,107 | +€346 | +2.9% |
| Other operating charges | 640/8 | €3,393 | €1,443 | -€1,950 | -57.5% |
| Gross operating margin | 9900 | €26,826 | €27,966 | +€1,139 | +4.2% |
| Operating profit (loss) | 9901 | -€30,419 | €14,416 | +€44,835 | |
| Financial income | 75/76B | €3,822 | €3,640 | -€182 | -4.8% |
| Recurring financial income | 75 | €3,822 | €3,640 | -€182 | -4.8% |
| Financial charges | 65/66B | €2,715 | €4,910 | +€2,195 | +80.8% |
| Recurring financial charges | 65 | €2,715 | €4,910 | +€2,195 | +80.8% |
| Profit (loss) for the period before taxes | 9903 | -€29,312 | €13,145 | +€42,458 | |
| Income taxes | 67/77 | €1,235 | €3,883 | +€2,648 | +214.5% |
| Profit (loss) for the period | 9904 | -€30,547 | €9,262 | +€39,809 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,547 | €9,262 | +€39,809 |
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 12 October 2026 via checked.be.