MARSTEF: 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.
MARSTEF
Largest movements
- Tangible fixed assets -€99,858
down €99,858 (-20.6%), from €484,227 to €384,369
of which Land and buildings: -€92,783
- Other debts -€80,953
down €80,953 (-58.2%), from €139,141 to €58,188
- Debts after one year -€26,179
down €26,179 (-8.5%), from €307,335 to €281,156
- Depreciation -€26,582
down €26,582 (-51.9%), from €51,263 to €24,681
- Gross operating margin -€25,546
down €25,546 (-41.6%), from €61,382 to €35,836
- Financial charges -€1,371
down €1,371 (-15.0%), from €9,116 to €7,745
- Other operating charges +€1,281
up €1,281 (+67.3%), from €1,902 to €3,182
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 | €496,163 | €391,294 | -€104,869 | -21.1% |
| Fixed assets | 21/28 | €484,227 | €384,369 | -€99,858 | -20.6% |
| Tangible fixed assets | 22/27 | €484,227 | €384,369 | -€99,858 | -20.6% |
| Land and buildings | 22 | €477,152 | €384,369 | -€92,783 | -19.4% |
| Other tangible fixed assets | 26 | €7,075 | €0 | -€7,075 | -100.0% |
| Current assets | 29/58 | €11,935 | €6,925 | -€5,011 | -42.0% |
| Amounts receivable within one year | 40/41 | €2,889 | €289 | -€2,601 | -90.0% |
| Trade receivables | 40 | €1,825 | €195 | -€1,630 | -89.3% |
| Other amounts receivable | 41 | €1,065 | €93 | -€971 | -91.2% |
| Cash at bank and in hand | 54/58 | €1,437 | €2,436 | +€999 | +69.5% |
| Deferred charges and accrued income | 490/1 | €7,609 | €4,200 | -€3,409 | -44.8% |
| Total equity and liabilities | 10/49 | €496,163 | €391,294 | -€104,869 | -21.1% |
| Equity | 10/15 | €18,819 | €19,069 | +€250 | +1.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €269 | €519 | +€250 | +93.2% |
| Amounts payable | 17/49 | €477,344 | €372,225 | -€105,120 | -22.0% |
| Amounts payable after more than one year | 17 | €307,335 | €281,156 | -€26,179 | -8.5% |
| Financial debts | 170/4 | €307,335 | €281,156 | -€26,179 | -8.5% |
| Amounts payable within one year | 42/48 | €168,762 | €88,895 | -€79,868 | -47.3% |
| Current portion of amounts payable after more than one year | 42 | €25,278 | €29,845 | +€4,567 | +18.1% |
| Trade debts | 44 | €4,250 | €420 | -€3,831 | -90.1% |
| Suppliers | 440/4 | €4,250 | €420 | -€3,831 | -90.1% |
| Taxes, remuneration and social security | 45 | €93 | €442 | +€349 | +373.3% |
| Taxes | 450/3 | €93 | €442 | +€349 | +373.3% |
| Other amounts payable | 47/48 | €139,141 | €58,188 | -€80,953 | -58.2% |
| Accrued charges and deferred income | 492/3 | €1,247 | €2,174 | +€927 | +74.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,263 | €24,681 | -€26,582 | -51.9% |
| Other operating charges | 640/8 | €1,902 | €3,182 | +€1,281 | +67.3% |
| Gross operating margin | 9900 | €61,382 | €35,836 | -€25,546 | -41.6% |
| Operating profit (loss) | 9901 | €8,217 | €7,973 | -€245 | -3.0% |
| Financial income | 75/76B | €0 | €23 | +€22 | +74966.7% |
| Recurring financial income | 75 | €0 | €23 | +€22 | +74966.7% |
| Financial charges | 65/66B | €9,116 | €7,745 | -€1,371 | -15.0% |
| Recurring financial charges | 65 | €9,116 | €7,745 | -€1,371 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | -€898 | €250 | +€1,149 | |
| Profit (loss) for the period | 9904 | -€898 | €250 | +€1,149 | |
| Profit (loss) for the period to be appropriated | 9905 | -€898 | €250 | +€1,149 |
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 1 October 2026 via checked.be.