MARSAM: 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.
MARSAM
Largest movements
- Receivables within one year -€71,194
down €71,194 (-23.4%), from €304,547 to €233,353
of which Other amounts receivable: -€36,054
- Tangible fixed assets +€17,858
up €17,858 (+102%), from €17,583 to €35,441
of which Furniture and vehicles: +€24,132
- Trade debts -€94,284
down €94,284 (-69.7%), from €135,214 to €40,930
- Other debts +€50,000
new in 2025: €50,000
- Profit (loss) carried forward -€12,098
down €12,098 (-7.0%), from €173,813 to €161,715
- Gross operating margin -€61,427
down €61,427 (-42.7%), from €143,737 to €82,310
- Taxes -€11,688
down €11,688 (-44.0%), from €26,538 to €14,850
- Other operating charges +€5,749
up €5,749 (+454%), from €1,267 to €7,016
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 | €330,164 | €275,267 | -€54,897 | -16.6% |
| Fixed assets | 21/28 | €17,583 | €35,441 | +€17,858 | +102% |
| Tangible fixed assets | 22/27 | €17,583 | €35,441 | +€17,858 | +102% |
| Plant, machinery and equipment | 23 | €16,355 | €10,081 | -€6,274 | -38.4% |
| Furniture and vehicles | 24 | €1,228 | €25,360 | +€24,132 | +1,966% |
| Current assets | 29/58 | €312,581 | €239,826 | -€72,755 | -23.3% |
| Amounts receivable within one year | 40/41 | €304,547 | €233,353 | -€71,194 | -23.4% |
| Trade receivables | 40 | €247,714 | €212,574 | -€35,140 | -14.2% |
| Other amounts receivable | 41 | €56,833 | €20,779 | -€36,054 | -63.4% |
| Cash at bank and in hand | 54/58 | €8,034 | €6,258 | -€1,776 | -22.1% |
| Deferred charges and accrued income | 490/1 | - | €215 | +€215 | |
| Total equity and liabilities | 10/49 | €330,164 | €275,267 | -€54,897 | -16.6% |
| Equity | 10/15 | €178,813 | €166,715 | -€12,098 | -6.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €173,813 | €161,715 | -€12,098 | -7.0% |
| Amounts payable | 17/49 | €151,352 | €108,552 | -€42,800 | -28.3% |
| Amounts payable within one year | 42/48 | €151,352 | €108,552 | -€42,800 | -28.3% |
| Trade debts | 44 | €135,214 | €40,930 | -€94,284 | -69.7% |
| Suppliers | 440/4 | €135,214 | €40,930 | -€94,284 | -69.7% |
| Taxes, remuneration and social security | 45 | €16,138 | €17,622 | +€1,484 | +9.2% |
| Taxes | 450/3 | €16,138 | €17,622 | +€1,484 | +9.2% |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,085 | €9,767 | -€1,318 | -11.9% |
| Other operating charges | 640/8 | €1,267 | €7,016 | +€5,749 | +454% |
| Gross operating margin | 9900 | €143,737 | €82,310 | -€61,427 | -42.7% |
| Operating profit (loss) | 9901 | €131,385 | €65,527 | -€65,858 | -50.1% |
| Financial income | 75/76B | €11 | €8 | -€3 | -25.7% |
| Recurring financial income | 75 | €11 | €8 | -€3 | -25.7% |
| Financial charges | 65/66B | €6,153 | €5,283 | -€870 | -14.1% |
| Recurring financial charges | 65 | €6,153 | €5,283 | -€870 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €125,243 | €60,252 | -€64,991 | -51.9% |
| Income taxes | 67/77 | €26,538 | €14,850 | -€11,688 | -44.0% |
| Profit (loss) for the period | 9904 | €98,705 | €45,402 | -€53,303 | -54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €98,705 | €45,402 | -€53,303 | -54.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.