MARSINUS: 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.
MARSINUS
Largest movements
- Stocks and contracts -€1,949
down €1,949 (-11.5%), from €17,014 to €15,065
- Intangible fixed assets -€1,500
down €1,500 (-33.3%), from €4,500 to €3,000
- Cash +€1,056
up €1,056 (+86.5%), from €1,220 to €2,276
mainly Net result for the year (+€2,792) and Stocks and contracts (+€1,949)
- Tangible fixed assets -€402
down €402 (-44.9%), from €896 to €493
of which Plant, machinery and equipment: -€402
- Trade debts -€6,714
down €6,714 (-82.0%), from €8,193 to €1,479
- Profit (loss) carried forward +€2,792
up €2,792 (+4.7%), from -€59,993 to -€57,201
- Other debts +€999
up €999 (+1.5%), from €66,567 to €67,566
- Gross operating margin +€1,974
up €1,974 (+50.7%), from €3,895 to €5,869
- Other operating charges -€959
no longer reported in 2025 (was €959)
- Financial charges +€280
up €280 (+37.1%), from €755 to €1,035
- Taxes +€132
up €132 (+1603.2%), from €8 to €140
- Financial income -€103
down €103 (-99.6%), from €103 to €0
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 | €26,230 | €23,435 | -€2,795 | -10.7% |
| Fixed assets | 21/28 | €7,996 | €6,093 | -€1,902 | -23.8% |
| Intangible fixed assets | 21 | €4,500 | €3,000 | -€1,500 | -33.3% |
| Tangible fixed assets | 22/27 | €896 | €493 | -€402 | -44.9% |
| Plant, machinery and equipment | 23 | €896 | €493 | -€402 | -44.9% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €2,600 | €2,600 | = | 0.0% |
| Current assets | 29/58 | €18,235 | €17,342 | -€893 | -4.9% |
| Stocks and contracts in progress | 3 | €17,014 | €15,065 | -€1,949 | -11.5% |
| Stocks | 30/36 | €17,014 | €15,065 | -€1,949 | -11.5% |
| Cash at bank and in hand | 54/58 | €1,220 | €2,276 | +€1,056 | +86.5% |
| Total equity and liabilities | 10/49 | €26,230 | €23,435 | -€2,795 | -10.7% |
| Equity | 10/15 | -€50,942 | -€48,150 | +€2,792 | +5.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,851 | €2,851 | = | 0.0% |
| Non-distributable reserves | 130/1 | €156 | €156 | = | 0.0% |
| Legal reserve | 130 | €156 | €156 | = | 0.0% |
| Distributable reserves | 133 | €2,695 | €2,695 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,993 | -€57,201 | +€2,792 | +4.7% |
| Amounts payable | 17/49 | €77,173 | €71,585 | -€5,588 | -7.2% |
| Amounts payable within one year | 42/48 | €77,173 | €71,585 | -€5,588 | -7.2% |
| Trade debts | 44 | €8,193 | €1,479 | -€6,714 | -82.0% |
| Suppliers | 440/4 | €8,193 | €1,479 | -€6,714 | -82.0% |
| Taxes, remuneration and social security | 45 | €2,413 | €2,540 | +€127 | +5.3% |
| Taxes | 450/3 | €2,413 | €2,540 | +€127 | +5.3% |
| Other amounts payable | 47/48 | €66,567 | €67,566 | +€999 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,902 | €1,902 | = | 0.0% |
| Other operating charges | 640/8 | €959 | - | -€959 | |
| Gross operating margin | 9900 | €3,895 | €5,869 | +€1,974 | +50.7% |
| Operating profit (loss) | 9901 | €1,034 | €3,967 | +€2,934 | +283.8% |
| Financial income | 75/76B | €103 | €0 | -€103 | -99.6% |
| Recurring financial income | 75 | €103 | €0 | -€103 | -99.6% |
| Financial charges | 65/66B | €755 | €1,035 | +€280 | +37.1% |
| Recurring financial charges | 65 | €755 | €1,035 | +€280 | +37.1% |
| Profit (loss) for the period before taxes | 9903 | €382 | €2,932 | +€2,550 | +667.9% |
| Income taxes | 67/77 | €8 | €140 | +€132 | +1603.2% |
| Profit (loss) for the period | 9904 | €374 | €2,792 | +€2,419 | +647.3% |
| Profit (loss) for the period to be appropriated | 9905 | €374 | €2,792 | +€2,419 | +647.3% |
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 28 September 2026 via checked.be.