MARS BELGIUM: 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.
What changed
MARS BELGIUM
NACE 46.392, Non-specialised wholesale
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3.4m
2024 · €43.1m-€46.6m
Equity
€26.0m
2024 · €69.5m-€43.4m
Cash
€194.6m
2024 · €197.3m-€2.7m
Balance sheet total
€319.3m
2024 · €356.9m-€37.7m
Largest movements
Assets
- Receivables within one year -€39.1m
down €39.1m (-31.8%), from €122.8m to €83.7m
- Stocks and contracts +€5.3m
up €5.3m (+21.2%), from €24.8m to €30.1m
Equity and liabilities
- Profit (loss) carried forward -€43.4m
down €43.4m (-67.4%), from €64.4m to €21.0m
- Trade debts -€27.4m
down €27.4m (-21.3%), from €128.9m to €101.5m
- Provisions +€23.8m
up €23.8m (+3,245%), from €734,682 to €24.6m
- Accrued charges and deferred income +€17.7m
up €17.7m (+28.0%), from €63.2m to €80.9m
- Tax, wage and social debts -€8.4m
down €8.4m (-8.9%), from €94.6m to €86.2m
of which Taxes: -€5.2m
Income statement
- Other operating income -€57.5m
down €57.5m (-10.9%), from €529.5m to €472.0m
- Services and other goods -€33.1m
down €33.1m (-5.9%), from €558.7m to €525.6m
- Provisions +€23.1m
up €23.1m (+3,145%), from €734,682 to €23.8m
- Goods and materials +€21.8m
up €21.8m (+11.8%), from €184.5m to €206.2m
of which Purchases: +€25.2m
- Financial income +€13.5m
up €13.5m (+134%), from €10.1m to €23.7m
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.
Result 2024
€43.1m
Turnover
+€6.6m
Other operating income
-€57.5m
Goods and materials
-€21.8m
Services and other goods
+€33.1m
Staff costs
-€2.6m
Depreciation
-€5.6m
Write-downs
+€607,860
Provisions
-€23.1m
Other operating charges
+€270,419
Other operating items
+€4.8m
Financial income
+€13.5m
Financial charges
-€847,402
Taxes
+€6.0m
Result 2025
-€3.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€44.2m
Investment
-€6.9m
Financing
-€40.0m
Cash 2024
€197.3m
From operations (derived)
+€44.2m
Net result for the year
-€3.4m
Depreciation
+€8.1m
Stocks and contracts
-€5.3m
Receivables within one year
+€39.1m
Provisions
+€23.8m
Trade debts
-€27.4m
Tax, wage and social debts
-€8.4m
Accrued charges and deferred income
+€17.7m
Investment (derived)
-€6.9m
Investment in fixed assets (net)
-€6.9m
Financing
-€40.0m
Contributions, distributions and other
-€40.0m
Cash 2025
€194.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €356,937,048 | €319,284,465 | -€37.7m | -10.5% |
| Fixed assets | 21/28 | €12,001,188 | €10,873,760 | -€1.1m | -9.4% |
| Tangible fixed assets | 22/27 | €11,999,253 | €10,873,760 | -€1.1m | -9.4% |
| Land and buildings | 22 | €4,465,402 | €6,164,444 | +€1.7m | +38.0% |
| Plant, machinery and equipment | 23 | €5,106,150 | €2,456,211 | -€2.6m | -51.9% |
| Furniture and vehicles | 24 | €606,016 | €2,198,815 | +€1.6m | +263% |
| Assets under construction and advance payments | 27 | €1,821,685 | €54,290 | -€1.8m | -97.0% |
| Financial fixed assets | 28 | €1,935 | - | -€1,935 | |
| Other financial fixed assets | 284/8 | €1,935 | - | -€1,935 | |
| Amounts receivable and cash guarantees | 285/8 | €1,935 | - | -€1,935 | |
| Current assets | 29/58 | €344,935,860 | €308,410,705 | -€36.5m | -10.6% |
| Stocks and contracts in progress | 3 | €24,829,065 | €30,092,381 | +€5.3m | +21.2% |
| Stocks | 30/36 | €24,829,065 | €30,092,381 | +€5.3m | +21.2% |
| Raw materials and consumables | 30/31 | €11,072,310 | €9,767,413 | -€1.3m | -11.8% |
| Work in progress | 32 | €1,031,850 | €2,746,111 | +€1.7m | +166% |
| Finished goods | 33 | €780,901 | €2,133,190 | +€1.4m | +173% |
| Goods purchased for resale | 34 | €11,944,004 | €15,445,667 | +€3.5m | +29.3% |
| Amounts receivable within one year | 40/41 | €122,795,840 | €83,745,272 | -€39.1m | -31.8% |
| Trade receivables | 40 | €122,795,840 | €83,745,272 | -€39.1m | -31.8% |
| Cash at bank and in hand | 54/58 | €197,310,955 | €194,573,052 | -€2.7m | -1.4% |
| Total equity and liabilities | 10/49 | €356,937,048 | €319,284,465 | -€37.7m | -10.5% |
| Equity | 10/15 | €69,451,777 | €26,023,170 | -€43.4m | -62.5% |
| Contributions | 10/11 | €3,702,000 | €3,702,000 | = | 0.0% |
| Capital | 10 | €3,702,000 | €3,702,000 | = | 0.0% |
| Issued capital | 100 | €3,702,000 | €3,702,000 | = | 0.0% |
| Reserves | 13 | €1,349,847 | €1,349,847 | = | 0.0% |
| Non-distributable reserves | 130/1 | €392,738 | €392,738 | = | 0.0% |
| Legal reserve | 130 | €371,841 | €371,841 | = | 0.0% |
| Other | 1319 | €20,897 | €20,897 | = | 0.0% |
| Tax-exempt reserves | 132 | €957,109 | €957,109 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,399,930 | €20,971,323 | -€43.4m | -67.4% |
| Provisions and deferred taxes | 16 | €734,682 | €24,578,412 | +€23.8m | +3,245% |
| Provisions for liabilities and charges | 160/5 | €734,682 | €24,578,412 | +€23.8m | +3,245% |
| Other liabilities and charges | 164/5 | €734,682 | €24,578,412 | +€23.8m | +3,245% |
| Amounts payable | 17/49 | €286,750,589 | €268,682,883 | -€18.1m | -6.3% |
| Amounts payable within one year | 42/48 | €223,524,230 | €187,737,932 | -€35.8m | -16.0% |
| Trade debts | 44 | €128,949,319 | €101,537,441 | -€27.4m | -21.3% |
| Suppliers | 440/4 | €128,949,319 | €101,537,441 | -€27.4m | -21.3% |
| Taxes, remuneration and social security | 45 | €94,574,911 | €86,200,491 | -€8.4m | -8.9% |
| Taxes | 450/3 | €35,413,733 | €30,232,222 | -€5.2m | -14.6% |
| Remuneration and social security | 454/9 | €59,161,178 | €55,968,269 | -€3.2m | -5.4% |
| Accrued charges and deferred income | 492/3 | €63,226,359 | €80,944,951 | +€17.7m | +28.0% |
| Operating income | 70/76A | €855,422,587 | €809,446,096 | -€46.0m | -5.4% |
| Turnover | 70 | €328,055,865 | €334,612,541 | +€6.6m | +2.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€2,173,794 | €2,816,540 | +€5.0m | |
| Other operating income | 74 | €529,540,516 | €472,017,015 | -€57.5m | -10.9% |
| Operating charges | 60/66A | €795,392,102 | €814,653,755 | +€19.3m | +2.4% |
| Goods for resale, raw materials and consumables | 60 | €184,451,797 | €206,249,175 | +€21.8m | +11.8% |
| Purchases | 600/8 | €183,785,614 | €209,009,410 | +€25.2m | +13.7% |
| Change in stocks: decrease (increase) | 609 | €666,183 | -€2,760,235 | -€3.4m | |
| Services and other goods | 61 | €558,685,221 | €525,554,694 | -€33.1m | -5.9% |
| Remuneration, social security and pensions | 62 | €47,591,743 | €50,166,617 | +€2.6m | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,465,294 | €8,073,433 | +€5.6m | +227% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€90,792 | -€698,652 | -€607,860 | -670% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €734,682 | €23,843,730 | +€23.1m | +3,145% |
| Other operating charges | 640/8 | €1,554,157 | €1,283,738 | -€270,419 | -17.4% |
| Non-recurring operating charges | 66A | - | €181,020 | +€181,020 | |
| Operating profit (loss) | 9901 | €60,030,485 | -€5,207,659 | -€65.2m | |
| Financial income | 75/76B | €10,111,037 | €23,652,329 | +€13.5m | +134% |
| Recurring financial income | 75 | €10,111,037 | €23,652,329 | +€13.5m | +134% |
| Income from current assets | 751 | €7,872,086 | €4,819,970 | -€3.1m | -38.8% |
| Other financial income | 752/9 | €2,238,951 | €18,832,359 | +€16.6m | +741% |
| Financial charges | 65/66B | €10,520,814 | €11,368,216 | +€847,402 | +8.1% |
| Recurring financial charges | 65 | €10,520,814 | €11,368,216 | +€847,402 | +8.1% |
| Debt charges | 650 | €5,501,080 | €5,104,494 | -€396,586 | -7.2% |
| Other financial charges | 652/9 | €5,019,734 | €6,263,722 | +€1.2m | +24.8% |
| Profit (loss) for the period before taxes | 9903 | €59,620,708 | €7,076,454 | -€52.5m | -88.1% |
| Income taxes | 67/77 | €16,471,239 | €10,505,061 | -€6.0m | -36.2% |
| Taxes | 670/3 | €16,471,239 | €10,505,061 | -€6.0m | -36.2% |
| Profit (loss) for the period | 9904 | €43,149,469 | -€3,428,607 | -€46.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €43,149,469 | -€3,428,607 | -€46.6m |
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 28 October 2026 via checked.be.