MARSEM I.M.C.: 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.
MARSEM I.M.C.
Largest movements
- Cash -€63,843
down €63,843 (-49.7%), from €128,356 to €64,512
mainly Other debts (-€141,964) and Current portion of long-term debt (-€71,429)
- Tangible fixed assets +€21,468
up €21,468 (+519%), from €4,135 to €25,602
of which Furniture and vehicles: +€10,937
- Reserves +€190,876
up €190,876 (+30.9%), from €617,589 to €808,464
- Other debts -€141,964
down €141,964 (-88.7%), from €160,133 to €18,169
- Current portion of long-term debt -€71,429
down €71,429 (-83.3%), from €85,714 to €14,285
- Debts after one year -€14,285
down €14,285 (-100%), from €14,285 to €0
- Financial income +€100,000
up €100,000, from €0 to €100,000
- Taxes +€9,510
up €9,510 (+23.3%), from €40,799 to €50,309
- Financial charges -€6,776
down €6,776 (-62.1%), from €10,906 to €4,130
- Gross operating margin -€5,467
down €5,467 (-3.5%), from €154,142 to €148,675
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 | €936,755 | €893,613 | -€43,142 | -4.6% |
| Fixed assets | 21/28 | €804,239 | €825,706 | +€21,468 | +2.7% |
| Tangible fixed assets | 22/27 | €4,135 | €25,602 | +€21,468 | +519% |
| Plant, machinery and equipment | 23 | €307 | €6,688 | +€6,381 | +2,082% |
| Furniture and vehicles | 24 | €3,828 | €14,765 | +€10,937 | +286% |
| Other tangible fixed assets | 26 | - | €4,149 | +€4,149 | |
| Financial fixed assets | 28 | €800,104 | €800,104 | = | 0.0% |
| Current assets | 29/58 | €132,516 | €67,907 | -€64,610 | -48.8% |
| Amounts receivable within one year | 40/41 | €50 | €181 | +€131 | +262% |
| Trade receivables | 40 | €0 | €115 | +€115 | |
| Other amounts receivable | 41 | €50 | €66 | +€16 | +32.0% |
| Cash at bank and in hand | 54/58 | €128,356 | €64,512 | -€63,843 | -49.7% |
| Deferred charges and accrued income | 490/1 | €4,111 | €3,214 | -€897 | -21.8% |
| Total equity and liabilities | 10/49 | €936,755 | €893,613 | -€43,142 | -4.6% |
| Equity | 10/15 | €623,789 | €814,664 | +€190,876 | +30.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €617,589 | €808,464 | +€190,876 | +30.9% |
| Distributable reserves | 133 | €617,589 | €808,464 | +€190,876 | +30.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €312,966 | €78,949 | -€234,018 | -74.8% |
| Amounts payable after more than one year | 17 | €14,285 | €0 | -€14,285 | -100% |
| Financial debts | 170/4 | €14,285 | €0 | -€14,285 | -100% |
| Amounts payable within one year | 42/48 | €298,681 | €78,949 | -€219,732 | -73.6% |
| Current portion of amounts payable after more than one year | 42 | €85,714 | €14,285 | -€71,429 | -83.3% |
| Financial debts | 43 | €13,510 | €13,451 | -€59 | -0.4% |
| Credit institutions | 430/8 | €13,510 | €13,451 | -€59 | -0.4% |
| Trade debts | 44 | €8,477 | €6,775 | -€1,702 | -20.1% |
| Suppliers | 440/4 | €8,477 | €6,775 | -€1,702 | -20.1% |
| Taxes, remuneration and social security | 45 | €30,847 | €26,268 | -€4,579 | -14.8% |
| Taxes | 450/3 | €30,847 | €26,268 | -€4,579 | -14.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €160,133 | €18,169 | -€141,964 | -88.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,082 | €2,167 | +€85 | +4.1% |
| Other operating charges | 640/8 | €1,572 | €1,194 | -€378 | -24.0% |
| Gross operating margin | 9900 | €154,142 | €148,675 | -€5,467 | -3.5% |
| Operating profit (loss) | 9901 | €150,489 | €145,314 | -€5,175 | -3.4% |
| Financial income | 75/76B | €0 | €100,000 | +€100,000 | |
| Recurring financial income | 75 | €0 | €100,000 | +€100,000 | |
| Financial charges | 65/66B | €10,906 | €4,130 | -€6,776 | -62.1% |
| Recurring financial charges | 65 | €10,906 | €4,130 | -€6,776 | -62.1% |
| Profit (loss) for the period before taxes | 9903 | €139,583 | €241,184 | +€101,602 | +72.8% |
| Income taxes | 67/77 | €40,799 | €50,309 | +€9,510 | +23.3% |
| Profit (loss) for the period | 9904 | €98,784 | €190,876 | +€92,092 | +93.2% |
| Profit (loss) for the period to be appropriated | 9905 | €98,784 | €190,876 | +€92,092 | +93.2% |
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 28 October 2026 via checked.be.