MARSIM: 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.
MARSIM
Largest movements
- Receivables within one year +€21,864
up €21,864 (+38.7%), from €56,465 to €78,329
of which Other amounts receivable: +€11,412
- Trade debts +€65,749
up €65,749 (+4,481%), from €1,467 to €67,216
- Reserves -€31,526
down €31,526 (-8.7%), from €361,498 to €329,972
of which Distributable reserves: -€31,526
- Gross operating margin -€12,794
down €12,794 (-33.3%), from €38,372 to €25,578
- Taxes -€8,731
down €8,731, from €8,729 to -€2
- Depreciation -€5,874
down €5,874 (-59.1%), from €9,945 to €4,072
- Other operating charges +€3,082
up €3,082 (+92.4%), from €3,336 to €6,418
- Financial income +€1,463
up €1,463 (+84.9%), from €1,722 to €3,185
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 | €1,023,263 | €1,047,016 | +€23,754 | +2.3% |
| Fixed assets | 21/28 | €174,437 | €172,466 | -€1,972 | -1.1% |
| Tangible fixed assets | 22/27 | €174,437 | €172,466 | -€1,972 | -1.1% |
| Land and buildings | 22 | €165,493 | €166,392 | +€899 | +0.5% |
| Furniture and vehicles | 24 | €171 | €0 | -€171 | -100% |
| Other tangible fixed assets | 26 | €8,773 | €6,074 | -€2,699 | -30.8% |
| Current assets | 29/58 | €848,825 | €874,551 | +€25,726 | +3.0% |
| Stocks and contracts in progress | 3 | €781,084 | €781,084 | = | 0.0% |
| Stocks | 30/36 | €781,084 | €781,084 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €56,465 | €78,329 | +€21,864 | +38.7% |
| Trade receivables | 40 | €5,513 | €15,964 | +€10,451 | +190% |
| Other amounts receivable | 41 | €50,952 | €62,364 | +€11,412 | +22.4% |
| Cash at bank and in hand | 54/58 | €10,859 | €14,698 | +€3,840 | +35.4% |
| Deferred charges and accrued income | 490/1 | €417 | €439 | +€22 | +5.3% |
| Total equity and liabilities | 10/49 | €1,023,263 | €1,047,016 | +€23,754 | +2.3% |
| Equity | 10/15 | €1,011,011 | €979,485 | -€31,526 | -3.1% |
| Contributions | 10/11 | €649,513 | €649,513 | = | 0.0% |
| Reserves | 13 | €361,498 | €329,972 | -€31,526 | -8.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €361,498 | €329,972 | -€31,526 | -8.7% |
| Amounts payable | 17/49 | €12,251 | €67,531 | +€55,280 | +451% |
| Amounts payable within one year | 42/48 | €12,251 | €67,531 | +€55,280 | +451% |
| Trade debts | 44 | €1,467 | €67,216 | +€65,749 | +4,481% |
| Suppliers | 440/4 | €1,467 | €67,216 | +€65,749 | +4,481% |
| Taxes, remuneration and social security | 45 | €10,784 | €315 | -€10,469 | -97.1% |
| Taxes | 450/3 | €10,784 | €315 | -€10,469 | -97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,945 | €4,072 | -€5,874 | -59.1% |
| Other operating charges | 640/8 | €3,336 | €6,418 | +€3,082 | +92.4% |
| Non-recurring operating charges | 66A | - | €49,113 | +€49,113 | |
| Gross operating margin | 9900 | €38,372 | €25,578 | -€12,794 | -33.3% |
| Operating profit (loss) | 9901 | €25,091 | -€34,025 | -€59,116 | |
| Financial income | 75/76B | €1,722 | €3,185 | +€1,463 | +84.9% |
| Recurring financial income | 75 | €1,722 | €3,185 | +€1,463 | +84.9% |
| Financial charges | 65/66B | €30 | €688 | +€658 | +2,194% |
| Recurring financial charges | 65 | €30 | €688 | +€658 | +2,194% |
| Profit (loss) for the period before taxes | 9903 | €26,783 | -€31,528 | -€58,312 | |
| Income taxes | 67/77 | €8,729 | -€2 | -€8,731 | |
| Profit (loss) for the period | 9904 | €18,054 | -€31,526 | -€49,581 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,054 | -€31,526 | -€49,581 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.