MARSO: 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.
MARSO
Largest movements
- Receivables within one year -€40,622
no longer reported in 2025 (was €40,622)
of which Other amounts receivable: -€39,062
- Deferred charges and accrued income +€4,243
new in 2025: €4,243
- Cash +€2,590
up €2,590 (+18.0%), from €14,421 to €17,011
mainly Receivables within one year (+€40,622) and Net result for the year (+€30,695)
- Debts after one year -€48,528
down €48,528 (-30.2%), from €160,640 to €112,112
- Profit (loss) carried forward +€30,695
up €30,695 (+46.9%), from -€65,453 to -€34,758
- Other debts -€9,362
down €9,362 (-32.9%), from €28,414 to €19,053
- Current portion of long-term debt -€7,288
down €7,288 (-13.1%), from €55,816 to €48,528
- Accrued charges and deferred income +€3,750
up €3,750 (+100%), from €3,750 to €7,500
- Gross operating margin -€4,087
down €4,087 (-6.5%), from €62,564 to €58,477
- Financial charges -€3,357
down €3,357 (-23.1%), from €14,548 to €11,191
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 | €231,787 | €196,707 | -€35,080 | -15.1% |
| Fixed assets | 21/28 | €176,744 | €175,454 | -€1,291 | -0.7% |
| Tangible fixed assets | 22/27 | €176,744 | €175,454 | -€1,291 | -0.7% |
| Land and buildings | 22 | €171,266 | €170,975 | -€291 | -0.2% |
| Plant, machinery and equipment | 23 | €5,478 | €4,478 | -€1,000 | -18.3% |
| Current assets | 29/58 | €55,043 | €21,254 | -€33,789 | -61.4% |
| Amounts receivable within one year | 40/41 | €40,622 | - | -€40,622 | |
| Trade receivables | 40 | €1,560 | - | -€1,560 | |
| Other amounts receivable | 41 | €39,062 | - | -€39,062 | |
| Cash at bank and in hand | 54/58 | €14,421 | €17,011 | +€2,590 | +18.0% |
| Deferred charges and accrued income | 490/1 | - | €4,243 | +€4,243 | |
| Total equity and liabilities | 10/49 | €231,787 | €196,707 | -€35,080 | -15.1% |
| Equity | 10/15 | -€45,006 | -€14,311 | +€30,695 | +68.2% |
| Contributions | 10/11 | €20,447 | €20,447 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,453 | -€34,758 | +€30,695 | +46.9% |
| Amounts payable | 17/49 | €276,793 | €211,018 | -€65,775 | -23.8% |
| Amounts payable after more than one year | 17 | €160,640 | €112,112 | -€48,528 | -30.2% |
| Financial debts | 170/4 | €160,640 | €112,112 | -€48,528 | -30.2% |
| Amounts payable within one year | 42/48 | €112,403 | €91,406 | -€20,997 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €55,816 | €48,528 | -€7,288 | -13.1% |
| Trade debts | 44 | €1,888 | €940 | -€947 | -50.2% |
| Suppliers | 440/4 | €1,888 | €940 | -€947 | -50.2% |
| Taxes, remuneration and social security | 45 | €26,285 | €22,885 | -€3,400 | -12.9% |
| Taxes | 450/3 | €26,285 | €22,885 | -€3,400 | -12.9% |
| Other amounts payable | 47/48 | €28,414 | €19,053 | -€9,362 | -32.9% |
| Accrued charges and deferred income | 492/3 | €3,750 | €7,500 | +€3,750 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,291 | €1,291 | = | 0.0% |
| Other operating charges | 640/8 | €4,001 | €4,127 | +€125 | +3.1% |
| Gross operating margin | 9900 | €62,564 | €58,477 | -€4,087 | -6.5% |
| Operating profit (loss) | 9901 | €57,272 | €53,060 | -€4,212 | -7.4% |
| Financial charges | 65/66B | €14,548 | €11,191 | -€3,357 | -23.1% |
| Recurring financial charges | 65 | €14,548 | €11,191 | -€3,357 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €42,724 | €41,869 | -€855 | -2.0% |
| Income taxes | 67/77 | €11,711 | €11,174 | -€538 | -4.6% |
| Profit (loss) for the period | 9904 | €31,012 | €30,695 | -€317 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,012 | €30,695 | -€317 | -1.0% |
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 17 October 2026 via checked.be.