Marsa: what changed
Two fiscal 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.
Marsa
Largest movements
- Cash -€8,129
down €8,129 (-16.8%), from €48,434 to €40,305
mainly Tax, wage and social debts (-€18,899) and Deferred charges and accrued income (-€2,428)
- Receivables within one year -€4,363
down €4,363 (-25.9%), from €16,834 to €12,471
of which Trade receivables: -€5,509
- Deferred charges and accrued income +€2,428
new in 2025: €2,428
- Tangible fixed assets -€984
down €984 (-18.0%), from €5,464 to €4,480
- Tax, wage and social debts -€18,899
down €18,899 (-80.0%), from €23,614 to €4,715
of which Taxes: -€17,299
- Profit (loss) carried forward +€6,646
no longer reported in 2025 (was -€6,646)
- Trade debts +€898
up €898 (+696.7%), from €129 to €1,027
- Gross operating margin +€18,031
up €18,031, from -€3,301 to €14,729
- Taxes +€3,364
up €3,364 (+1975.5%), from €170 to €3,534
- Other operating charges +€1,034
up €1,034 (+184.9%), from €559 to €1,593
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 | €70,732 | €59,684 | -€11,048 | -15.6% |
| Fixed assets | 21/28 | €5,464 | €4,480 | -€984 | -18.0% |
| Tangible fixed assets | 22/27 | €5,464 | €4,480 | -€984 | -18.0% |
| Furniture and vehicles | 24 | €5,464 | €4,480 | -€984 | -18.0% |
| Current assets | 29/58 | €65,268 | €55,205 | -€10,063 | -15.4% |
| Amounts receivable within one year | 40/41 | €16,834 | €12,471 | -€4,363 | -25.9% |
| Trade receivables | 40 | €16,834 | €11,326 | -€5,509 | -32.7% |
| Other amounts receivable | 41 | - | €1,146 | +€1,146 | |
| Cash at bank and in hand | 54/58 | €48,434 | €40,305 | -€8,129 | -16.8% |
| Deferred charges and accrued income | 490/1 | - | €2,428 | +€2,428 | |
| Total equity and liabilities | 10/49 | €70,732 | €59,684 | -€11,048 | -15.6% |
| Equity | 10/15 | €46,822 | €53,829 | +€7,006 | +15.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €51,969 | €52,329 | +€360 | +0.7% |
| Distributable reserves | 133 | €51,969 | €52,329 | +€360 | +0.7% |
| Profit (loss) carried forward | 14 | -€6,646 | - | +€6,646 | |
| Amounts payable | 17/49 | €23,910 | €5,856 | -€18,054 | -75.5% |
| Amounts payable within one year | 42/48 | €23,910 | €5,856 | -€18,054 | -75.5% |
| Trade debts | 44 | €129 | €1,027 | +€898 | +696.7% |
| Suppliers | 440/4 | €129 | €1,027 | +€898 | +696.7% |
| Taxes, remuneration and social security | 45 | €23,614 | €4,715 | -€18,899 | -80.0% |
| Taxes | 450/3 | €22,014 | €4,715 | -€17,299 | -78.6% |
| Remuneration and social security | 454/9 | €1,600 | - | -€1,600 | |
| Other amounts payable | 47/48 | €167 | €113 | -€54 | -32.2% |
| Remuneration, social security and pensions | 62 | €250 | €250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,222 | €2,271 | +€49 | +2.2% |
| Other operating charges | 640/8 | €559 | €1,593 | +€1,034 | +184.9% |
| Gross operating margin | 9900 | -€3,301 | €14,729 | +€18,031 | |
| Operating profit (loss) | 9901 | -€6,332 | €10,616 | +€16,948 | |
| Financial charges | 65/66B | €144 | €75 | -€69 | -47.9% |
| Recurring financial charges | 65 | €144 | €75 | -€69 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,476 | €10,540 | +€17,017 | |
| Income taxes | 67/77 | €170 | €3,534 | +€3,364 | +1975.5% |
| Profit (loss) for the period | 9904 | -€6,646 | €7,006 | +€13,653 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,646 | €7,006 | +€13,653 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.