MARCISA: 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.
MARCISA
Largest movements
- Tangible fixed assets +€323,591
up €323,591 (+50.2%), from €644,036 to €967,627
of which Land and buildings: +€341,651
- Receivables within one year -€125,185
down €125,185 (-66.0%), from €189,701 to €64,516
of which Trade receivables: -€125,386
- Cash -€55,705
down €55,705 (-46.6%), from €119,413 to €63,708
mainly Investment in fixed assets (net) (-€370,540) and Debts after one year (-€73,333)
- Receivables after one year -€18,594
down €18,594 (-100%), from €18,594 to €0
- Other debts +€298,553
up €298,553 (+87.3%), from €341,907 to €640,461
- Debts after one year -€73,333
down €73,333 (-100%), from €73,333 to €0
- Tax, wage and social debts -€46,486
down €46,486 (-96.9%), from €47,996 to €1,511
- Profit (loss) carried forward -€38,469
new in 2025: -€38,469
- Current portion of long-term debt -€22,000
down €22,000 (-100%), from €22,000 to €0
- Gross operating margin -€198,757
down €198,757 (-92.1%), from €215,922 to €17,165
- Financial charges -€27,089
down €27,089 (-91.0%), from €29,766 to €2,678
- Taxes -€20,391
down €20,391 (-93.1%), from €21,902 to €1,511
- Depreciation +€2,609
up €2,609 (+5.9%), from €44,340 to €46,949
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 | €980,490 | €1,106,997 | +€126,507 | +12.9% |
| Fixed assets | 21/28 | €644,036 | €967,627 | +€323,591 | +50.2% |
| Tangible fixed assets | 22/27 | €644,036 | €967,627 | +€323,591 | +50.2% |
| Land and buildings | 22 | €569,985 | €911,636 | +€341,651 | +59.9% |
| Furniture and vehicles | 24 | €70,999 | €53,880 | -€17,119 | -24.1% |
| Other tangible fixed assets | 26 | €3,052 | €2,111 | -€941 | -30.8% |
| Current assets | 29/58 | €336,454 | €139,369 | -€197,084 | -58.6% |
| Amounts receivable after more than one year | 29 | €18,594 | €0 | -€18,594 | -100% |
| Trade receivables | 290 | €18,594 | €0 | -€18,594 | -100% |
| Stocks and contracts in progress | 3 | €2,519 | €2,101 | -€418 | -16.6% |
| Stocks | 30/36 | €2,519 | €2,101 | -€418 | -16.6% |
| Amounts receivable within one year | 40/41 | €189,701 | €64,516 | -€125,185 | -66.0% |
| Trade receivables | 40 | €161,590 | €36,205 | -€125,386 | -77.6% |
| Other amounts receivable | 41 | €28,111 | €28,311 | +€201 | +0.7% |
| Cash at bank and in hand | 54/58 | €119,413 | €63,708 | -€55,705 | -46.6% |
| Deferred charges and accrued income | 490/1 | €6,228 | €9,045 | +€2,818 | +45.2% |
| Total equity and liabilities | 10/49 | €980,490 | €1,106,997 | +€126,507 | +12.9% |
| Equity | 10/15 | €481,711 | €443,163 | -€38,548 | -8.0% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €181,711 | €181,632 | -€79 | 0.0% |
| Tax-exempt reserves | 132 | €35,898 | €35,819 | -€79 | -0.2% |
| Distributable reserves | 133 | €145,813 | €145,813 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€38,469 | -€38,469 | |
| Provisions and deferred taxes | 16 | €11,966 | €11,940 | -€26 | -0.2% |
| Deferred taxes | 168 | €11,966 | €11,940 | -€26 | -0.2% |
| Amounts payable | 17/49 | €486,813 | €651,894 | +€165,081 | +33.9% |
| Amounts payable after more than one year | 17 | €73,333 | €0 | -€73,333 | -100% |
| Financial debts | 170/4 | €73,333 | €0 | -€73,333 | -100% |
| Amounts payable within one year | 42/48 | €413,480 | €651,894 | +€238,414 | +57.7% |
| Current portion of amounts payable after more than one year | 42 | €22,000 | €0 | -€22,000 | -100% |
| Trade debts | 44 | €1,576 | €9,922 | +€8,346 | +530% |
| Suppliers | 440/4 | €1,576 | €9,922 | +€8,346 | +530% |
| Taxes, remuneration and social security | 45 | €47,996 | €1,511 | -€46,486 | -96.9% |
| Taxes | 450/3 | €47,996 | €1,511 | -€46,486 | -96.9% |
| Other amounts payable | 47/48 | €341,907 | €640,461 | +€298,553 | +87.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,340 | €46,949 | +€2,609 | +5.9% |
| Other operating charges | 640/8 | €6,083 | €4,697 | -€1,386 | -22.8% |
| Non-recurring operating charges | 66A | €70,434 | €0 | -€70,434 | -100% |
| Gross operating margin | 9900 | €215,922 | €17,165 | -€198,757 | -92.1% |
| Operating profit (loss) | 9901 | €95,065 | -€34,481 | -€129,546 | |
| Financial income | 75/76B | €662 | €96 | -€566 | -85.5% |
| Recurring financial income | 75 | €662 | €96 | -€566 | -85.5% |
| Financial charges | 65/66B | €29,766 | €2,678 | -€27,089 | -91.0% |
| Recurring financial charges | 65 | €29,766 | €2,678 | -€27,089 | -91.0% |
| Profit (loss) for the period before taxes | 9903 | €65,960 | -€37,063 | -€103,023 | |
| Transfer from deferred taxes | 780 | - | €26 | +€26 | |
| Income taxes | 67/77 | €21,902 | €1,511 | -€20,391 | -93.1% |
| Profit (loss) for the period | 9904 | €44,059 | -€38,548 | -€82,606 | |
| Transfer from tax-exempt reserves | 789 | - | €79 | +€79 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,059 | -€38,469 | -€82,528 |
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 14 October 2026 via checked.be.