MARSCO: 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.
MARSCO
Largest movements
- Tangible fixed assets +€98,513
up €98,513 (+14789.1%), from €666 to €99,179
of which Furniture and vehicles: +€95,815
- Current investments -€47,881
down €47,881 (-18.5%), from €258,729 to €210,848
- Deferred charges and accrued income +€12,137
up €12,137 (+95.8%), from €12,674 to €24,811
- Cash -€7,141
down €7,141 (-3.5%), from €202,675 to €195,535
mainly Contributions, distributions and other (-€327,565) and Investment in fixed assets (net) (-€111,545)
- Other debts +€81,558
up €81,558 (+33.2%), from €246,007 to €327,565
- Tax, wage and social debts -€29,354
down €29,354 (-42.0%), from €69,969 to €40,614
- Gross operating margin +€62,661
up €62,661 (+16.3%), from €384,840 to €447,501
- Taxes +€12,722
up €12,722 (+13.1%), from €97,333 to €110,055
- Depreciation +€12,606
up €12,606 (+2960.6%), from €426 to €13,032
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 | €485,478 | €538,128 | +€52,651 | +10.8% |
| Fixed assets | 21/28 | €2,166 | €100,679 | +€98,513 | +4547.9% |
| Tangible fixed assets | 22/27 | €666 | €99,179 | +€98,513 | +14789.1% |
| Plant, machinery and equipment | 23 | - | €2,698 | +€2,698 | |
| Furniture and vehicles | 24 | €666 | €96,481 | +€95,815 | +14384.0% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €483,312 | €437,449 | -€45,862 | -9.5% |
| Amounts receivable within one year | 40/41 | €9,233 | €6,256 | -€2,978 | -32.2% |
| Trade receivables | 40 | €942 | €0 | -€942 | -100.0% |
| Other amounts receivable | 41 | €8,291 | €6,256 | -€2,035 | -24.5% |
| Current investments | 50/53 | €258,729 | €210,848 | -€47,881 | -18.5% |
| Cash at bank and in hand | 54/58 | €202,675 | €195,535 | -€7,141 | -3.5% |
| Deferred charges and accrued income | 490/1 | €12,674 | €24,811 | +€12,137 | +95.8% |
| Total equity and liabilities | 10/49 | €485,478 | €538,128 | +€52,651 | +10.8% |
| Equity | 10/15 | €169,386 | €169,386 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €166,386 | €166,386 | = | 0.0% |
| Distributable reserves | 133 | €166,386 | €166,386 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €316,091 | €368,742 | +€52,651 | +16.7% |
| Amounts payable within one year | 42/48 | €316,091 | €368,742 | +€52,651 | +16.7% |
| Trade debts | 44 | €116 | €562 | +€447 | +386.9% |
| Suppliers | 440/4 | €116 | €562 | +€447 | +386.9% |
| Taxes, remuneration and social security | 45 | €69,969 | €40,614 | -€29,354 | -42.0% |
| Taxes | 450/3 | €69,969 | €40,614 | -€29,354 | -42.0% |
| Other amounts payable | 47/48 | €246,007 | €327,565 | +€81,558 | +33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €426 | €13,032 | +€12,606 | +2960.6% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €384,840 | €447,501 | +€62,661 | +16.3% |
| Operating profit (loss) | 9901 | €383,909 | €433,950 | +€50,041 | +13.0% |
| Financial income | 75/76B | €2,890 | €3,716 | +€827 | +28.6% |
| Recurring financial income | 75 | €2,890 | €3,716 | +€827 | +28.6% |
| Financial charges | 65/66B | €45 | €45 | -€0 | -0.3% |
| Recurring financial charges | 65 | €45 | €45 | -€0 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €386,753 | €437,621 | +€50,867 | +13.2% |
| Income taxes | 67/77 | €97,333 | €110,055 | +€12,722 | +13.1% |
| Profit (loss) for the period | 9904 | €289,420 | €327,565 | +€38,145 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €289,420 | €327,565 | +€38,145 | +13.2% |
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 30 September 2026 via checked.be.