MARS Michel: 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 Michel
Largest movements
- Receivables within one year +€33,378
up €33,378 (+98.0%), from €34,053 to €67,431
of which Trade receivables: +€45,783
- Cash -€10,736
down €10,736 (-47.3%), from €22,704 to €11,969
mainly Receivables within one year (-€33,378) and Current portion of long-term debt (-€5,458)
- Tangible fixed assets -€5,377
down €5,377 (-61.8%), from €8,698 to €3,321
of which Furniture and vehicles: -€4,185
- Stocks and contracts +€2,856
up €2,856 (+7.0%), from €40,550 to €43,406
- Trade debts +€26,182
up €26,182 (+113.8%), from €23,006 to €49,188
- Current portion of long-term debt -€5,458
down €5,458 (-89.2%), from €6,119 to €661
- Gross operating margin -€26,888
down €26,888 (-14.4%), from €186,325 to €159,437
- Staff costs -€19,280
down €19,280 (-11.4%), from €169,136 to €149,855
- Depreciation -€3,220
down €3,220 (-37.5%), from €8,597 to €5,377
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 | €107,527 | €128,082 | +€20,554 | +19.1% |
| Fixed assets | 21/28 | €8,748 | €3,371 | -€5,377 | -61.5% |
| Tangible fixed assets | 22/27 | €8,698 | €3,321 | -€5,377 | -61.8% |
| Plant, machinery and equipment | 23 | €1,506 | €314 | -€1,192 | -79.2% |
| Furniture and vehicles | 24 | €7,191 | €3,007 | -€4,185 | -58.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €98,780 | €124,711 | +€25,931 | +26.3% |
| Stocks and contracts in progress | 3 | €40,550 | €43,406 | +€2,856 | +7.0% |
| Stocks | 30/36 | €40,550 | €43,406 | +€2,856 | +7.0% |
| Amounts receivable within one year | 40/41 | €34,053 | €67,431 | +€33,378 | +98.0% |
| Trade receivables | 40 | €13,495 | €59,278 | +€45,783 | +339.3% |
| Other amounts receivable | 41 | €20,558 | €8,152 | -€12,406 | -60.3% |
| Cash at bank and in hand | 54/58 | €22,704 | €11,969 | -€10,736 | -47.3% |
| Deferred charges and accrued income | 490/1 | €1,472 | €1,905 | +€433 | +29.4% |
| Total equity and liabilities | 10/49 | €107,527 | €128,082 | +€20,554 | +19.1% |
| Equity | 10/15 | €53,212 | €53,567 | +€356 | +0.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,364 | €1,364 | = | 0.0% |
| Distributable reserves | 133 | €1,364 | €1,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,647 | €46,003 | +€356 | +0.8% |
| Amounts payable | 17/49 | €54,316 | €74,514 | +€20,199 | +37.2% |
| Amounts payable after more than one year | 17 | €331 | - | -€331 | |
| Financial debts | 170/4 | €331 | - | -€331 | |
| Amounts payable within one year | 42/48 | €53,985 | €74,514 | +€20,530 | +38.0% |
| Current portion of amounts payable after more than one year | 42 | €6,119 | €661 | -€5,458 | -89.2% |
| Trade debts | 44 | €23,006 | €49,188 | +€26,182 | +113.8% |
| Suppliers | 440/4 | €23,006 | €49,188 | +€26,182 | +113.8% |
| Advances received on contracts in progress | 46 | €5,000 | €5,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €19,043 | €19,666 | +€624 | +3.3% |
| Taxes | 450/3 | €11,219 | €3,260 | -€7,959 | -70.9% |
| Remuneration and social security | 454/9 | €7,824 | €16,406 | +€8,582 | +109.7% |
| Other amounts payable | 47/48 | €818 | - | -€818 | |
| Remuneration, social security and pensions | 62 | €169,136 | €149,855 | -€19,280 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,597 | €5,377 | -€3,220 | -37.5% |
| Other operating charges | 640/8 | €4,904 | €3,569 | -€1,335 | -27.2% |
| Gross operating margin | 9900 | €186,325 | €159,437 | -€26,888 | -14.4% |
| Operating profit (loss) | 9901 | €3,689 | €636 | -€3,053 | -82.8% |
| Financial income | 75/76B | €1,325 | €1,681 | +€356 | +26.9% |
| Recurring financial income | 75 | €1,325 | €1,681 | +€356 | +26.9% |
| Financial charges | 65/66B | €1,441 | €1,189 | -€251 | -17.4% |
| Recurring financial charges | 65 | €1,441 | €1,189 | -€251 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €3,573 | €1,128 | -€2,445 | -68.4% |
| Income taxes | 67/77 | €1,612 | €772 | -€840 | -52.1% |
| Profit (loss) for the period | 9904 | €1,961 | €356 | -€1,606 | -81.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,961 | €356 | -€1,606 | -81.9% |
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 10 October 2026 via checked.be.