MARSIL: 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.
MARSIL
Largest movements
- Receivables within one year +€89,320
up €89,320 (+52.6%), from €169,655 to €258,974
of which Trade receivables: +€61,553
- Cash -€27,944
down €27,944 (-4.1%), from €680,449 to €652,505
mainly Receivables within one year (-€89,320) and Contributions, distributions and other (-€53,500)
- Tangible fixed assets -€18,292
down €18,292 (-14.2%), from €129,135 to €110,843
of which Furniture and vehicles: -€20,427
- Other debts +€18,511
up €18,511 (+4.4%), from €416,819 to €435,330
- Trade debts +€16,565
up €16,565 (+143.8%), from €11,521 to €28,086
- Gross operating margin -€23,736
down €23,736 (-5.6%), from €424,864 to €401,128
- Taxes -€11,252
down €11,252 (-32.5%), from €34,578 to €23,326
- Depreciation +€8,890
up €8,890 (+41.2%), from €21,556 to €30,446
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 | €1,116,160 | €1,155,013 | +€38,852 | +3.5% |
| Fixed assets | 21/28 | €129,135 | €110,843 | -€18,292 | -14.2% |
| Tangible fixed assets | 22/27 | €129,135 | €110,843 | -€18,292 | -14.2% |
| Land and buildings | 22 | €17,306 | €27,471 | +€10,165 | +58.7% |
| Plant, machinery and equipment | 23 | €34,802 | €26,772 | -€8,030 | -23.1% |
| Furniture and vehicles | 24 | €77,027 | €56,599 | -€20,427 | -26.5% |
| Current assets | 29/58 | €987,025 | €1,044,170 | +€57,145 | +5.8% |
| Stocks and contracts in progress | 3 | €127,626 | €125,583 | -€2,044 | -1.6% |
| Stocks | 30/36 | €127,626 | €125,583 | -€2,044 | -1.6% |
| Amounts receivable within one year | 40/41 | €169,655 | €258,974 | +€89,320 | +52.6% |
| Trade receivables | 40 | €150,652 | €212,205 | +€61,553 | +40.9% |
| Other amounts receivable | 41 | €19,002 | €46,769 | +€27,767 | +146.1% |
| Cash at bank and in hand | 54/58 | €680,449 | €652,505 | -€27,944 | -4.1% |
| Deferred charges and accrued income | 490/1 | €9,295 | €7,108 | -€2,187 | -23.5% |
| Total equity and liabilities | 10/49 | €1,116,160 | €1,155,013 | +€38,852 | +3.5% |
| Equity | 10/15 | €654,014 | €656,220 | +€2,205 | +0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €635,414 | €637,620 | +€2,205 | +0.3% |
| Distributable reserves | 133 | €635,414 | €637,620 | +€2,205 | +0.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €462,146 | €498,793 | +€36,647 | +7.9% |
| Amounts payable within one year | 42/48 | €458,849 | €498,793 | +€39,944 | +8.7% |
| Trade debts | 44 | €11,521 | €28,086 | +€16,565 | +143.8% |
| Suppliers | 440/4 | €11,521 | €28,086 | +€16,565 | +143.8% |
| Taxes, remuneration and social security | 45 | €30,509 | €35,377 | +€4,868 | +16.0% |
| Taxes | 450/3 | €10,903 | €14,449 | +€3,546 | +32.5% |
| Remuneration and social security | 454/9 | €19,606 | €20,928 | +€1,322 | +6.7% |
| Other amounts payable | 47/48 | €416,819 | €435,330 | +€18,511 | +4.4% |
| Accrued charges and deferred income | 492/3 | €3,297 | €0 | -€3,297 | -100.0% |
| Remuneration, social security and pensions | 62 | €262,612 | €259,115 | -€3,496 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,556 | €30,446 | +€8,890 | +41.2% |
| Other operating charges | 640/8 | €10,299 | €10,528 | +€229 | +2.2% |
| Gross operating margin | 9900 | €424,864 | €401,128 | -€23,736 | -5.6% |
| Operating profit (loss) | 9901 | €130,397 | €101,038 | -€29,359 | -22.5% |
| Financial income | 75/76B | €7,449 | €6,379 | -€1,070 | -14.4% |
| Recurring financial income | 75 | €7,449 | €6,379 | -€1,070 | -14.4% |
| Financial charges | 65/66B | €32,126 | €28,386 | -€3,740 | -11.6% |
| Recurring financial charges | 65 | €32,126 | €28,386 | -€3,740 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €105,720 | €79,031 | -€26,689 | -25.2% |
| Income taxes | 67/77 | €34,578 | €23,326 | -€11,252 | -32.5% |
| Profit (loss) for the period | 9904 | €71,142 | €55,705 | -€15,437 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,142 | €55,705 | -€15,437 | -21.7% |
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 10 October 2026 via checked.be.