MARSAN: 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.
MARSAN
Largest movements
- Stocks and contracts +€267,250
new in 2025: €267,250
- Receivables within one year -€169,712
down €169,712 (-64.3%), from €263,890 to €94,178
of which Other amounts receivable: -€247,742
- Cash +€86,458
up €86,458 (+1255.4%), from €6,887 to €93,345
mainly Debts after one year (+€946,163) and Receivables within one year (+€169,712)
- Deferred charges and accrued income +€12,799
up €12,799 (+664.8%), from €1,925 to €14,724
- Tangible fixed assets +€8,684
up €8,684 (+44.1%), from €19,692 to €28,376
of which Furniture and vehicles: +€10,538
- Debts after one year +€946,163
up €946,163 (+11015.1%), from €8,590 to €954,753
of which Other amounts payable: +€954,753
- Short-term financial debts -€649,800
down €649,800 (-100.0%), from €649,800 to €0
- Other debts -€210,748
down €210,748 (-100.0%), from €210,748 to €0
- Tax, wage and social debts +€79,782
up €79,782 (+6638.1%), from €1,202 to €80,984
of which Taxes: +€74,064
- Profit (loss) carried forward +€36,856
up €36,856 (+4.9%), from -€747,065 to -€710,209
- Write-downs -€1.5m
down €1.5m (-99.8%), from €1.5m to €2,851
- Gross operating margin -€591,746
down €591,746 (-79.7%), from €742,813 to €151,067
- Purchases and services -€161,980
down €161,980 (-25.3%), from €640,453 to €478,473
- Staff costs +€46,996
new in 2025: €46,996
- Turnover -€46,471
down €46,471 (-7.0%), from €660,620 to €614,149
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 | €292,394 | €498,157 | +€205,763 | +70.4% |
| Fixed assets | 21/28 | €19,692 | €28,660 | +€8,968 | +45.5% |
| Tangible fixed assets | 22/27 | €19,692 | €28,376 | +€8,684 | +44.1% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | - | €10,538 | +€10,538 | |
| Leasing and similar rights | 25 | €19,692 | €9,568 | -€10,124 | -51.4% |
| Other tangible fixed assets | 26 | - | €8,271 | +€8,271 | |
| Financial fixed assets | 28 | - | €284 | +€284 | |
| Current assets | 29/58 | €272,702 | €469,498 | +€196,796 | +72.2% |
| Stocks and contracts in progress | 3 | - | €267,250 | +€267,250 | |
| Stocks | 30/36 | - | €267,250 | +€267,250 | |
| Amounts receivable within one year | 40/41 | €263,890 | €94,178 | -€169,712 | -64.3% |
| Trade receivables | 40 | €0 | €78,030 | +€78,030 | |
| Other amounts receivable | 41 | €263,890 | €16,148 | -€247,742 | -93.9% |
| Cash at bank and in hand | 54/58 | €6,887 | €93,345 | +€86,458 | +1255.4% |
| Deferred charges and accrued income | 490/1 | €1,925 | €14,724 | +€12,799 | +664.8% |
| Total equity and liabilities | 10/49 | €292,394 | €498,157 | +€205,763 | +70.4% |
| Equity | 10/15 | -€661,815 | -€624,959 | +€36,856 | +5.6% |
| Contributions | 10/11 | €85,250 | €85,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€747,065 | -€710,209 | +€36,856 | +4.9% |
| Amounts payable | 17/49 | €954,209 | €1,123,117 | +€168,907 | +17.7% |
| Amounts payable after more than one year | 17 | €8,590 | €954,753 | +€946,163 | +11015.1% |
| Financial debts | 170/4 | €8,590 | €0 | -€8,590 | -100.0% |
| Other amounts payable | 178/9 | - | €954,753 | +€954,753 | |
| Amounts payable within one year | 42/48 | €939,542 | €153,361 | -€786,181 | -83.7% |
| Current portion of amounts payable after more than one year | 42 | €7,162 | €6,519 | -€643 | -9.0% |
| Financial debts | 43 | €649,800 | €0 | -€649,800 | -100.0% |
| Credit institutions | 430/8 | €649,800 | €0 | -€649,800 | -100.0% |
| Trade debts | 44 | €70,630 | €65,859 | -€4,772 | -6.8% |
| Suppliers | 440/4 | €70,630 | €65,859 | -€4,772 | -6.8% |
| Taxes, remuneration and social security | 45 | €1,202 | €80,984 | +€79,782 | +6638.1% |
| Taxes | 450/3 | €1,202 | €75,265 | +€74,064 | +6162.4% |
| Remuneration and social security | 454/9 | - | €5,718 | +€5,718 | |
| Other amounts payable | 47/48 | €210,748 | €0 | -€210,748 | -100.0% |
| Accrued charges and deferred income | 492/3 | €6,078 | €15,003 | +€8,925 | +146.8% |
| Turnover | 70 | €660,620 | €614,149 | -€46,471 | -7.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €640,453 | €478,473 | -€161,980 | -25.3% |
| Remuneration, social security and pensions | 62 | - | €46,996 | +€46,996 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,360 | €13,696 | -€1,664 | -10.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,494,562 | €2,851 | -€1.5m | -99.8% |
| Other operating charges | 640/8 | €22,937 | €2,332 | -€20,604 | -89.8% |
| Gross operating margin | 9900 | €742,813 | €151,067 | -€591,746 | -79.7% |
| Operating profit (loss) | 9901 | -€790,046 | €85,192 | +€875,238 | |
| Financial income | 75/76B | €37,826 | €0 | -€37,826 | -100.0% |
| Recurring financial income | 75 | €37,826 | €0 | -€37,826 | -100.0% |
| Financial charges | 65/66B | €36,455 | €47,393 | +€10,938 | +30.0% |
| Recurring financial charges | 65 | €36,455 | €47,393 | +€10,938 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | -€788,675 | €37,799 | +€826,473 | |
| Income taxes | 67/77 | €276 | €943 | +€667 | +242.0% |
| Profit (loss) for the period | 9904 | -€788,950 | €36,856 | +€825,806 | |
| Profit (loss) for the period to be appropriated | 9905 | -€788,950 | €36,856 | +€825,806 |
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 8 October 2026 via checked.be.