MARSENA: 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.
MARSENA
Largest movements
- Receivables within one year +€24,455
up €24,455 (+24.3%), from €100,564 to €125,019
of which Trade receivables: +€47,776
- Tangible fixed assets -€10,556
down €10,556 (-27.6%), from €38,277 to €27,721
of which Furniture and vehicles: -€11,430
- Cash -€2,307
down €2,307 (-98.8%), from €2,335 to €28
mainly Receivables within one year (-€24,455) and Tax, wage and social debts (-€21,935)
- Trade debts +€44,342
up €44,342 (+205%), from €21,613 to €65,954
- Tax, wage and social debts -€21,935
down €21,935 (-82.1%), from €26,702 to €4,767
of which Remuneration and social security: -€12,400
- Debts after one year -€6,552
down €6,552 (-29.0%), from €22,596 to €16,044
- Other debts -€2,910
down €2,910 (-41.6%), from €7,000 to €4,090
- Profit (loss) carried forward -€1,843
down €1,843 (-3.6%), from €51,336 to €49,493
- Gross operating margin -€18,860
down €18,860 (-42.3%), from €44,611 to €25,750
- Taxes -€4,535
down €4,535 (-54.6%), from €8,302 to €3,767
- Financial charges +€2,186
up €2,186 (+44.3%), from €4,929 to €7,115
- Depreciation +€1,999
up €1,999 (+16.7%), from €11,972 to €13,972
- Other operating charges -€1,802
down €1,802 (-39.4%), from €4,578 to €2,776
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 | €146,467 | €157,900 | +€11,433 | +7.8% |
| Fixed assets | 21/28 | €38,277 | €27,721 | -€10,556 | -27.6% |
| Tangible fixed assets | 22/27 | €38,277 | €27,721 | -€10,556 | -27.6% |
| Plant, machinery and equipment | 23 | €1,901 | €2,774 | +€874 | +46.0% |
| Furniture and vehicles | 24 | €36,376 | €24,946 | -€11,430 | -31.4% |
| Current assets | 29/58 | €108,190 | €130,179 | +€21,989 | +20.3% |
| Amounts receivable within one year | 40/41 | €100,564 | €125,019 | +€24,455 | +24.3% |
| Trade receivables | 40 | €72,110 | €119,886 | +€47,776 | +66.3% |
| Other amounts receivable | 41 | €28,454 | €5,133 | -€23,321 | -82.0% |
| Cash at bank and in hand | 54/58 | €2,335 | €28 | -€2,307 | -98.8% |
| Deferred charges and accrued income | 490/1 | €5,292 | €5,132 | -€159 | -3.0% |
| Total equity and liabilities | 10/49 | €146,467 | €157,900 | +€11,433 | +7.8% |
| Equity | 10/15 | €62,336 | €60,493 | -€1,843 | -3.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €10,000 | +€10,000 | |
| Other | 1109/19 | - | €10,000 | +€10,000 | |
| Reserves | 13 | €1,000 | €1,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,336 | €49,493 | -€1,843 | -3.6% |
| Amounts payable | 17/49 | €84,131 | €97,407 | +€13,276 | +15.8% |
| Amounts payable after more than one year | 17 | €22,596 | €16,044 | -€6,552 | -29.0% |
| Financial debts | 170/4 | €22,596 | €16,044 | -€6,552 | -29.0% |
| Amounts payable within one year | 42/48 | €61,536 | €81,363 | +€19,828 | +32.2% |
| Current portion of amounts payable after more than one year | 42 | €6,221 | €6,552 | +€331 | +5.3% |
| Trade debts | 44 | €21,613 | €65,954 | +€44,342 | +205% |
| Suppliers | 440/4 | €21,613 | €65,954 | +€44,342 | +205% |
| Taxes, remuneration and social security | 45 | €26,702 | €4,767 | -€21,935 | -82.1% |
| Taxes | 450/3 | €14,302 | €4,767 | -€9,535 | -66.7% |
| Remuneration and social security | 454/9 | €12,400 | - | -€12,400 | |
| Other amounts payable | 47/48 | €7,000 | €4,090 | -€2,910 | -41.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,972 | €13,972 | +€1,999 | +16.7% |
| Other operating charges | 640/8 | €4,578 | €2,776 | -€1,802 | -39.4% |
| Gross operating margin | 9900 | €44,611 | €25,750 | -€18,860 | -42.3% |
| Operating profit (loss) | 9901 | €28,061 | €9,003 | -€19,058 | -67.9% |
| Financial income | 75/76B | €1,473 | €36 | -€1,437 | -97.5% |
| Recurring financial income | 75 | €1,473 | €36 | -€1,437 | -97.5% |
| Financial charges | 65/66B | €4,929 | €7,115 | +€2,186 | +44.3% |
| Recurring financial charges | 65 | €4,929 | €7,115 | +€2,186 | +44.3% |
| Profit (loss) for the period before taxes | 9903 | €24,605 | €1,924 | -€22,681 | -92.2% |
| Income taxes | 67/77 | €8,302 | €3,767 | -€4,535 | -54.6% |
| Profit (loss) for the period | 9904 | €16,304 | -€1,843 | -€18,146 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,304 | -€1,843 | -€18,146 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.