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 -€21,405
down €21,405 (-89.0%), from €24,039 to €2,634
- Tangible fixed assets -€1,187
down €1,187 (-23.6%), from €5,036 to €3,849
of which Furniture and vehicles: -€842
- Cash -€760
down €760 (-21.0%), from €3,612 to €2,852
mainly Tax, wage and social debts (-€19,147) and Net result for the year (-€10,741)
- Tax, wage and social debts -€19,147
down €19,147 (-76.9%), from €24,886 to €5,739
of which Taxes: -€19,057
- Other debts +€15,381
up €15,381 (+466%), from €3,303 to €18,684
- Profit (loss) carried forward -€10,741
down €10,741 (-31.1%), from -€34,535 to -€45,276
- Trade debts -€8,966
down €8,966 (-35.9%), from €24,962 to €15,996
- Staff costs +€3,318
up €3,318 (+66.2%), from €5,010 to €8,328
- Other operating charges +€2,702
up €2,702 (+139%), from €1,950 to €4,652
- Gross operating margin +€217
up €217 (+5.3%), from €4,124 to €4,341
- Financial charges +€155
up €155 (+69.7%), from €222 to €376
- Depreciation -€54
down €54 (-3.1%), from €1,719 to €1,665
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 | €37,780 | €14,309 | -€23,472 | -62.1% |
| Fixed assets | 21/28 | €10,009 | €8,822 | -€1,187 | -11.9% |
| Tangible fixed assets | 22/27 | €5,036 | €3,849 | -€1,187 | -23.6% |
| Land and buildings | 22 | €207 | - | -€207 | |
| Plant, machinery and equipment | 23 | €1,488 | €1,350 | -€138 | -9.3% |
| Furniture and vehicles | 24 | €3,341 | €2,499 | -€842 | -25.2% |
| Financial fixed assets | 28 | €4,973 | €4,973 | = | 0.0% |
| Current assets | 29/58 | €27,771 | €5,486 | -€22,285 | -80.2% |
| Amounts receivable within one year | 40/41 | €24,039 | €2,634 | -€21,405 | -89.0% |
| Other amounts receivable | 41 | €24,039 | €2,634 | -€21,405 | -89.0% |
| Cash at bank and in hand | 54/58 | €3,612 | €2,852 | -€760 | -21.0% |
| Deferred charges and accrued income | 490/1 | €120 | - | -€120 | |
| Total equity and liabilities | 10/49 | €37,780 | €14,309 | -€23,472 | -62.1% |
| Equity | 10/15 | -€15,402 | -€26,143 | -€10,741 | -69.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €533 | €533 | = | 0.0% |
| Distributable reserves | 133 | €533 | €533 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,535 | -€45,276 | -€10,741 | -31.1% |
| Amounts payable | 17/49 | €53,182 | €40,451 | -€12,731 | -23.9% |
| Amounts payable within one year | 42/48 | €53,182 | €40,451 | -€12,731 | -23.9% |
| Financial debts | 43 | €32 | €32 | = | 0.0% |
| Credit institutions | 430/8 | €32 | €32 | = | 0.0% |
| Trade debts | 44 | €24,962 | €15,996 | -€8,966 | -35.9% |
| Suppliers | 440/4 | €24,962 | €15,996 | -€8,966 | -35.9% |
| Taxes, remuneration and social security | 45 | €24,886 | €5,739 | -€19,147 | -76.9% |
| Taxes | 450/3 | €24,628 | €5,571 | -€19,057 | -77.4% |
| Remuneration and social security | 454/9 | €258 | €168 | -€90 | -34.9% |
| Other amounts payable | 47/48 | €3,303 | €18,684 | +€15,381 | +466% |
| Remuneration, social security and pensions | 62 | €5,010 | €8,328 | +€3,318 | +66.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,719 | €1,665 | -€54 | -3.1% |
| Other operating charges | 640/8 | €1,950 | €4,652 | +€2,702 | +139% |
| Gross operating margin | 9900 | €4,124 | €4,341 | +€217 | +5.3% |
| Operating profit (loss) | 9901 | -€4,554 | -€10,304 | -€5,750 | -126% |
| Financial income | 75/76B | €0 | €0 | -€0 | -80.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -80.0% |
| Financial charges | 65/66B | €222 | €376 | +€155 | +69.7% |
| Recurring financial charges | 65 | €222 | €376 | +€155 | +69.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,776 | -€10,681 | -€5,905 | -124% |
| Income taxes | 67/77 | €59 | €60 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€4,835 | -€10,741 | -€5,905 | -122% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,835 | -€10,741 | -€5,905 | -122% |
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.