MARSMAN: 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.
MARSMAN
Largest movements
- Cash -€115,858
down €115,858 (-60.4%), from €191,814 to €75,956
mainly Contributions, distributions and other (-€100,047) and Current investments (-€95,000)
- Current investments +€95,000
new in 2025: €95,000
- Deferred charges and accrued income -€8,924
down €8,924 (-81.1%), from €10,998 to €2,074
- Receivables within one year +€8,419
up €8,419 (+42.0%), from €20,026 to €28,445
- Reserves -€25,079
down €25,079 (-12.7%), from €196,863 to €171,784
- Tax, wage and social debts +€7,279
up €7,279 (+33.6%), from €21,684 to €28,964
- Trade debts -€3,265
down €3,265 (-52.7%), from €6,201 to €2,936
- Gross operating margin +€9,939
up €9,939 (+10.3%), from €96,457 to €106,396
- Depreciation -€8,709
down €8,709 (-85.4%), from €10,194 to €1,486
- Taxes +€4,839
up €4,839 (+19.9%), from €24,320 to €29,159
- Financial income +€1,127
up €1,127 (+5,634,800%), from €0 to €1,127
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 | €237,238 | €217,695 | -€19,543 | -8.2% |
| Fixed assets | 21/28 | €14,401 | €16,220 | +€1,819 | +12.6% |
| Tangible fixed assets | 22/27 | €2,276 | €4,095 | +€1,819 | +79.9% |
| Furniture and vehicles | 24 | €2,276 | €4,095 | +€1,819 | +79.9% |
| Financial fixed assets | 28 | €12,126 | €12,126 | = | 0.0% |
| Current assets | 29/58 | €222,837 | €201,475 | -€21,362 | -9.6% |
| Amounts receivable within one year | 40/41 | €20,026 | €28,445 | +€8,419 | +42.0% |
| Trade receivables | 40 | €20,026 | €28,445 | +€8,419 | +42.0% |
| Current investments | 50/53 | - | €95,000 | +€95,000 | |
| Cash at bank and in hand | 54/58 | €191,814 | €75,956 | -€115,858 | -60.4% |
| Deferred charges and accrued income | 490/1 | €10,998 | €2,074 | -€8,924 | -81.1% |
| Total equity and liabilities | 10/49 | €237,238 | €217,695 | -€19,543 | -8.2% |
| Equity | 10/15 | €209,313 | €184,234 | -€25,079 | -12.0% |
| Contributions | 10/11 | €12,450 | €12,450 | = | 0.0% |
| Reserves | 13 | €196,863 | €171,784 | -€25,079 | -12.7% |
| Distributable reserves | 133 | €196,863 | €171,784 | -€25,079 | -12.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €27,925 | €33,462 | +€5,536 | +19.8% |
| Amounts payable within one year | 42/48 | €27,925 | €33,168 | +€5,242 | +18.8% |
| Trade debts | 44 | €6,201 | €2,936 | -€3,265 | -52.7% |
| Suppliers | 440/4 | €6,201 | €2,936 | -€3,265 | -52.7% |
| Taxes, remuneration and social security | 45 | €21,684 | €28,964 | +€7,279 | +33.6% |
| Taxes | 450/3 | €21,684 | €28,964 | +€7,279 | +33.6% |
| Other amounts payable | 47/48 | €40 | €1,268 | +€1,228 | +3,100% |
| Accrued charges and deferred income | 492/3 | €0 | €294 | +€294 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,194 | €1,486 | -€8,709 | -85.4% |
| Other operating charges | 640/8 | €589 | €1,463 | +€874 | +148% |
| Gross operating margin | 9900 | €96,457 | €106,396 | +€9,939 | +10.3% |
| Operating profit (loss) | 9901 | €85,674 | €103,447 | +€17,774 | +20.7% |
| Financial income | 75/76B | €0 | €1,127 | +€1,127 | +5,634,800% |
| Recurring financial income | 75 | €0 | €1,127 | +€1,127 | +5,634,800% |
| Financial charges | 65/66B | €334 | €448 | +€114 | +34.1% |
| Recurring financial charges | 65 | €334 | €448 | +€114 | +34.1% |
| Profit (loss) for the period before taxes | 9903 | €85,340 | €104,127 | +€18,787 | +22.0% |
| Income taxes | 67/77 | €24,320 | €29,159 | +€4,839 | +19.9% |
| Profit (loss) for the period | 9904 | €61,019 | €74,967 | +€13,948 | +22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €61,019 | €74,967 | +€13,948 | +22.9% |
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 15 October 2026 via checked.be.