MARS: 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.
MARS
Largest movements
- Tangible fixed assets -€143,017
down €143,017 (-24.5%), from €583,690 to €440,673
of which Land and buildings: -€151,537
- Other debts -€97,517
down €97,517 (-26.9%), from €362,139 to €264,622
- Debts after one year -€46,618
down €46,618 (-21.1%), from €221,060 to €174,443
- Trade debts +€16,049
up €16,049 (+1459.6%), from €1,100 to €17,148
- Current portion of long-term debt -€9,867
down €9,867 (-24.7%), from €39,908 to €30,041
- Gross operating margin +€29,976
up €29,976 (+103.5%), from €28,973 to €58,949
- Depreciation -€8,690
down €8,690 (-24.5%), from €35,454 to €26,764
- Other operating charges +€6,175
up €6,175 (+195.4%), from €3,160 to €9,335
- Financial charges +€4,304
up €4,304 (+47.4%), from €9,089 to €13,393
- Taxes +€1,357
up €1,357, from -€1,120 to €237
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 | €633,861 | €498,332 | -€135,529 | -21.4% |
| Fixed assets | 21/28 | €583,690 | €440,673 | -€143,017 | -24.5% |
| Tangible fixed assets | 22/27 | €583,690 | €440,673 | -€143,017 | -24.5% |
| Land and buildings | 22 | €568,531 | €416,994 | -€151,537 | -26.7% |
| Furniture and vehicles | 24 | €15,159 | €23,679 | +€8,520 | +56.2% |
| Current assets | 29/58 | €50,171 | €57,660 | +€7,489 | +14.9% |
| Amounts receivable within one year | 40/41 | €49,636 | €55,230 | +€5,594 | +11.3% |
| Trade receivables | 40 | €42,670 | €43,296 | +€626 | +1.5% |
| Other amounts receivable | 41 | €6,966 | €11,934 | +€4,968 | +71.3% |
| Cash at bank and in hand | 54/58 | €39 | €400 | +€361 | +925.5% |
| Deferred charges and accrued income | 490/1 | €496 | €2,030 | +€1,534 | +309.2% |
| Total equity and liabilities | 10/49 | €633,861 | €498,332 | -€135,529 | -21.4% |
| Equity | 10/15 | €9,194 | €11,903 | +€2,708 | +29.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,266 | -€8,557 | +€2,708 | +24.0% |
| Amounts payable | 17/49 | €624,667 | €486,430 | -€138,237 | -22.1% |
| Amounts payable after more than one year | 17 | €221,060 | €174,443 | -€46,618 | -21.1% |
| Financial debts | 170/4 | €221,060 | €174,443 | -€46,618 | -21.1% |
| Amounts payable within one year | 42/48 | €403,606 | €311,987 | -€91,619 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €39,908 | €30,041 | -€9,867 | -24.7% |
| Trade debts | 44 | €1,100 | €17,148 | +€16,049 | +1459.6% |
| Suppliers | 440/4 | €1,100 | €17,148 | +€16,049 | +1459.6% |
| Taxes, remuneration and social security | 45 | €460 | €176 | -€284 | -61.7% |
| Taxes | 450/3 | €460 | €176 | -€284 | -61.7% |
| Other amounts payable | 47/48 | €362,139 | €264,622 | -€97,517 | -26.9% |
| Non-recurring operating income | 76A | - | €69,794 | +€69,794 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,454 | €26,764 | -€8,690 | -24.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,160 | €9,335 | +€6,175 | +195.4% |
| Non-recurring operating charges | 66A | €11,113 | €6,526 | -€4,587 | -41.3% |
| Gross operating margin | 9900 | €28,973 | €58,949 | +€29,976 | +103.5% |
| Operating profit (loss) | 9901 | -€20,754 | €16,323 | +€37,078 | |
| Financial income | 75/76B | €99 | €15 | -€84 | -84.5% |
| Recurring financial income | 75 | €99 | €15 | -€84 | -84.5% |
| Financial charges | 65/66B | €9,089 | €13,393 | +€4,304 | +47.4% |
| Recurring financial charges | 65 | €9,089 | €13,393 | +€4,304 | +47.4% |
| Profit (loss) for the period before taxes | 9903 | -€29,745 | €2,945 | +€32,690 | |
| Income taxes | 67/77 | -€1,120 | €237 | +€1,357 | |
| Profit (loss) for the period | 9904 | -€28,625 | €2,708 | +€31,333 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,625 | €2,708 | +€31,333 |
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 11 October 2026 via checked.be.