MARSI: 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.
MARSI
Largest movements
- Tangible fixed assets -€36,853
down €36,853 (-6.6%), from €557,592 to €520,740
of which Land and buildings: -€36,331
- Cash +€33,820
up €33,820 (+11.4%), from €297,364 to €331,184
mainly Depreciation (+€40,192) and Net result for the year (+€20,407)
- Debts after one year -€23,514
down €23,514 (-12.8%), from €183,346 to €159,832
- Reserves +€20,407
up €20,407 (+3.1%), from €660,190 to €680,597
of which Distributable reserves: +€24,467
- Financial charges +€17,811
up €17,811, from -€14,046 to €3,765
- Gross operating margin +€8,442
up €8,442 (+14.0%), from €60,250 to €68,692
- Financial income +€6,599
up €6,599 (+239.9%), from €2,751 to €9,350
- Depreciation +€2,448
up €2,448 (+6.5%), from €37,744 to €40,192
- Taxes +€1,372
up €1,372 (+14.5%), from €9,473 to €10,845
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 | €986,565 | €984,338 | -€2,227 | -0.2% |
| Fixed assets | 21/28 | €557,592 | €520,740 | -€36,853 | -6.6% |
| Tangible fixed assets | 22/27 | €557,592 | €520,740 | -€36,853 | -6.6% |
| Land and buildings | 22 | €556,392 | €520,061 | -€36,331 | -6.5% |
| Furniture and vehicles | 24 | €1,200 | €679 | -€521 | -43.4% |
| Current assets | 29/58 | €428,973 | €463,598 | +€34,626 | +8.1% |
| Amounts receivable within one year | 40/41 | - | €106 | +€106 | |
| Other amounts receivable | 41 | - | €106 | +€106 | |
| Current investments | 50/53 | €130,018 | €128,482 | -€1,536 | -1.2% |
| Cash at bank and in hand | 54/58 | €297,364 | €331,184 | +€33,820 | +11.4% |
| Deferred charges and accrued income | 490/1 | €1,591 | €3,827 | +€2,236 | +140.6% |
| Total equity and liabilities | 10/49 | €986,565 | €984,338 | -€2,227 | -0.2% |
| Equity | 10/15 | €731,190 | €751,597 | +€20,407 | +2.8% |
| Contributions | 10/11 | €71,000 | €71,000 | = | 0.0% |
| Capital | 10 | €71,000 | €71,000 | = | 0.0% |
| Issued capital | 100 | €71,000 | €71,000 | = | 0.0% |
| Reserves | 13 | €660,190 | €680,597 | +€20,407 | +3.1% |
| Non-distributable reserves | 130/1 | €7,100 | €7,100 | = | 0.0% |
| Legal reserve | 130 | €7,100 | €7,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €119,416 | €115,357 | -€4,059 | -3.4% |
| Distributable reserves | 133 | €533,673 | €558,140 | +€24,467 | +4.6% |
| Provisions and deferred taxes | 16 | €39,805 | €38,452 | -€1,353 | -3.4% |
| Deferred taxes | 168 | €39,805 | €38,452 | -€1,353 | -3.4% |
| Amounts payable | 17/49 | €215,570 | €194,289 | -€21,281 | -9.9% |
| Amounts payable after more than one year | 17 | €183,346 | €159,832 | -€23,514 | -12.8% |
| Financial debts | 170/4 | €183,346 | €159,832 | -€23,514 | -12.8% |
| Amounts payable within one year | 42/48 | €28,031 | €30,000 | +€1,968 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €23,299 | €25,464 | +€2,165 | +9.3% |
| Trade debts | 44 | €792 | €3,729 | +€2,937 | +370.7% |
| Suppliers | 440/4 | €792 | €3,729 | +€2,937 | +370.7% |
| Taxes, remuneration and social security | 45 | €1,114 | €566 | -€548 | -49.2% |
| Taxes | 450/3 | €1,114 | €566 | -€548 | -49.2% |
| Other amounts payable | 47/48 | €2,826 | €240 | -€2,586 | -91.5% |
| Accrued charges and deferred income | 492/3 | €4,193 | €4,457 | +€265 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,744 | €40,192 | +€2,448 | +6.5% |
| Other operating charges | 640/8 | €4,073 | €4,186 | +€113 | +2.8% |
| Gross operating margin | 9900 | €60,250 | €68,692 | +€8,442 | +14.0% |
| Operating profit (loss) | 9901 | €18,433 | €24,315 | +€5,882 | +31.9% |
| Financial income | 75/76B | €2,751 | €9,350 | +€6,599 | +239.9% |
| Recurring financial income | 75 | €2,751 | €9,350 | +€6,599 | +239.9% |
| Financial charges | 65/66B | -€14,046 | €3,765 | +€17,811 | |
| Recurring financial charges | 65 | -€14,046 | €3,765 | +€17,811 | |
| Profit (loss) for the period before taxes | 9903 | €35,230 | €29,900 | -€5,330 | -15.1% |
| Transfer from deferred taxes | 780 | €1,353 | €1,353 | = | 0.0% |
| Income taxes | 67/77 | €9,473 | €10,845 | +€1,372 | +14.5% |
| Profit (loss) for the period | 9904 | €27,109 | €20,407 | -€6,702 | -24.7% |
| Transfer from tax-exempt reserves | 789 | €4,059 | €4,059 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,169 | €24,467 | -€6,702 | -21.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.