MARSEY: 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.
MARSEY
Largest movements
- Receivables within one year -€900,000
down €900,000 (-43.9%), from €2.1m to €1.2m
- Tangible fixed assets -€224,467
down €224,467 (-3.6%), from €6.3m to €6.1m
- Other debts -€1.0m
down €1.0m (-25.0%), from €4.0m to €3.0m
- Gross operating margin -€26,547
down €26,547 (-5.3%), from €502,227 to €475,680
- Depreciation +€15,304
up €15,304 (+4.2%), from €362,015 to €377,319
- Financial charges -€11,703
down €11,703 (-8.1%), from €144,738 to €133,035
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 | €8,621,420 | €7,477,509 | -€1.1m | -13.3% |
| Fixed assets | 21/28 | €6,357,818 | €6,133,351 | -€224,467 | -3.5% |
| Tangible fixed assets | 22/27 | €6,314,818 | €6,090,351 | -€224,467 | -3.6% |
| Land and buildings | 22 | €6,314,818 | €6,090,351 | -€224,467 | -3.6% |
| Financial fixed assets | 28 | €43,000 | €43,000 | = | 0.0% |
| Current assets | 29/58 | €2,263,602 | €1,344,158 | -€919,444 | -40.6% |
| Amounts receivable within one year | 40/41 | €2,050,000 | €1,150,000 | -€900,000 | -43.9% |
| Other amounts receivable | 41 | €2,050,000 | €1,150,000 | -€900,000 | -43.9% |
| Cash at bank and in hand | 54/58 | €13,563 | €6,965 | -€6,598 | -48.6% |
| Deferred charges and accrued income | 490/1 | €200,039 | €187,193 | -€12,846 | -6.4% |
| Total equity and liabilities | 10/49 | €8,621,420 | €7,477,509 | -€1.1m | -13.3% |
| Equity | 10/15 | €4,399,933 | €4,311,382 | -€88,551 | -2.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €365,026 | €350,618 | -€14,408 | -3.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €358,826 | €344,418 | -€14,408 | -4.0% |
| Profit (loss) carried forward | 14 | €3,972,907 | €3,898,764 | -€74,143 | -1.9% |
| Amounts payable | 17/49 | €4,221,487 | €3,166,127 | -€1.1m | -25.0% |
| Amounts payable within one year | 42/48 | €4,017,514 | €3,016,352 | -€1.0m | -24.9% |
| Trade debts | 44 | €3,000 | €3,000 | = | 0.0% |
| Suppliers | 440/4 | €3,000 | €3,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €14,514 | €13,352 | -€1,162 | -8.0% |
| Taxes | 450/3 | €14,514 | €13,352 | -€1,162 | -8.0% |
| Other amounts payable | 47/48 | €4,000,000 | €3,000,000 | -€1.0m | -25.0% |
| Accrued charges and deferred income | 492/3 | €203,973 | €149,775 | -€54,198 | -26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €362,015 | €377,319 | +€15,304 | +4.2% |
| Other operating charges | 640/8 | €52,038 | €53,802 | +€1,764 | +3.4% |
| Gross operating margin | 9900 | €502,227 | €475,680 | -€26,547 | -5.3% |
| Operating profit (loss) | 9901 | €88,174 | €44,559 | -€43,615 | -49.5% |
| Financial charges | 65/66B | €144,738 | €133,035 | -€11,703 | -8.1% |
| Recurring financial charges | 65 | €144,738 | €133,035 | -€11,703 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | -€56,564 | -€88,476 | -€31,912 | -56.4% |
| Income taxes | 67/77 | €73 | €75 | +€2 | +2.7% |
| Profit (loss) for the period | 9904 | -€56,637 | -€88,551 | -€31,914 | -56.3% |
| Transfer from tax-exempt reserves | 789 | €14,408 | €14,408 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,229 | -€74,143 | -€31,914 | -75.6% |
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 4 October 2026 via checked.be.