MARSP: 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.
MARSP
Largest movements
- Tangible fixed assets +€309,177
up €309,177 (+135%), from €229,777 to €538,955
of which Land and buildings: +€253,386
- Current investments -€275,000
down €275,000 (-100%), from €275,000 to €0
- Cash +€37,804
up €37,804 (+51.2%), from €73,831 to €111,636
mainly Current investments (+€275,000) and Net result for the year (+€100,238)
- Receivables within one year +€28,832
up €28,832 (+134%), from €21,454 to €50,286
- Other debts +€82,270
up €82,270 (+199%), from €41,375 to €123,645
- Debts after one year +€19,055
up €19,055 (+12.0%), from €158,844 to €177,900
- Tax, wage and social debts -€10,557
down €10,557 (-87.4%), from €12,076 to €1,519
- Depreciation +€50,865
up €50,865 (+255%), from €19,909 to €70,773
- Taxes -€22,448
down €22,448 (-45.8%), from €48,964 to €26,516
- Financial income +€6,675
up €6,675 (+390%), from €1,712 to €8,387
- Gross operating margin +€6,309
up €6,309 (+3.2%), from €194,392 to €200,701
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 | €609,396 | €709,209 | +€99,813 | +16.4% |
| Fixed assets | 21/28 | €239,111 | €547,288 | +€308,177 | +129% |
| Intangible fixed assets | 21 | €9,333 | €8,333 | -€1,000 | -10.7% |
| Tangible fixed assets | 22/27 | €229,777 | €538,955 | +€309,177 | +135% |
| Land and buildings | 22 | €222,457 | €475,843 | +€253,386 | +114% |
| Plant, machinery and equipment | 23 | €1,564 | €5,935 | +€4,372 | +280% |
| Furniture and vehicles | 24 | €5,757 | €57,177 | +€51,419 | +893% |
| Current assets | 29/58 | €370,285 | €161,921 | -€208,364 | -56.3% |
| Amounts receivable within one year | 40/41 | €21,454 | €50,286 | +€28,832 | +134% |
| Trade receivables | 40 | €21,454 | €50,286 | +€28,832 | +134% |
| Current investments | 50/53 | €275,000 | €0 | -€275,000 | -100% |
| Cash at bank and in hand | 54/58 | €73,831 | €111,636 | +€37,804 | +51.2% |
| Total equity and liabilities | 10/49 | €609,396 | €709,209 | +€99,813 | +16.4% |
| Equity | 10/15 | €370,598 | €370,836 | +€238 | +0.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €369,598 | €369,836 | +€238 | +0.1% |
| Distributable reserves | 133 | €369,598 | €369,836 | +€238 | +0.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €238,798 | €338,374 | +€99,576 | +41.7% |
| Amounts payable after more than one year | 17 | €158,844 | €177,900 | +€19,055 | +12.0% |
| Financial debts | 170/4 | €158,844 | €177,900 | +€19,055 | +12.0% |
| Amounts payable within one year | 42/48 | €75,587 | €157,839 | +€82,252 | +109% |
| Current portion of amounts payable after more than one year | 42 | €16,622 | €22,588 | +€5,966 | +35.9% |
| Trade debts | 44 | €5,515 | €10,088 | +€4,573 | +82.9% |
| Suppliers | 440/4 | €5,515 | €10,088 | +€4,573 | +82.9% |
| Taxes, remuneration and social security | 45 | €12,076 | €1,519 | -€10,557 | -87.4% |
| Taxes | 450/3 | €12,076 | €1,519 | -€10,557 | -87.4% |
| Other amounts payable | 47/48 | €41,375 | €123,645 | +€82,270 | +199% |
| Accrued charges and deferred income | 492/3 | €4,366 | €2,635 | -€1,731 | -39.7% |
| Non-recurring operating income | 76A | - | €413 | +€413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,909 | €70,773 | +€50,865 | +255% |
| Other operating charges | 640/8 | €2,896 | €3,678 | +€782 | +27.0% |
| Non-recurring operating charges | 66A | - | €976 | +€976 | |
| Gross operating margin | 9900 | €194,392 | €200,701 | +€6,309 | +3.2% |
| Operating profit (loss) | 9901 | €171,587 | €125,273 | -€46,314 | -27.0% |
| Financial income | 75/76B | €1,712 | €8,387 | +€6,675 | +390% |
| Recurring financial income | 75 | €1,712 | €8,387 | +€6,675 | +390% |
| Financial charges | 65/66B | €8,850 | €6,907 | -€1,943 | -22.0% |
| Recurring financial charges | 65 | €8,850 | €6,907 | -€1,943 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €164,448 | €126,753 | -€37,695 | -22.9% |
| Income taxes | 67/77 | €48,964 | €26,516 | -€22,448 | -45.8% |
| Profit (loss) for the period | 9904 | €115,485 | €100,238 | -€15,247 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €115,485 | €100,238 | -€15,247 | -13.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.