MARSU: 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.
MARSU
Largest movements
- Tangible fixed assets +€241,851
up €241,851 (+20,127%), from €1,202 to €243,053
of which Land and buildings: +€242,151
- Receivables within one year +€16,509
up €16,509 (+2,138%), from €772 to €17,281
- Stocks and contracts +€10,477
up €10,477 (+19.0%), from €55,245 to €65,722
- Cash -€5,763
down €5,763 (-66.7%), from €8,635 to €2,872
mainly Investment in fixed assets (net) (-€246,450) and Trade debts (-€19,070)
- Debts after one year +€271,264
new in 2025: €271,264
of which Financial debts: +€179,080
- Trade debts -€19,070
down €19,070 (-87.7%), from €21,757 to €2,687
- Current portion of long-term debt +€9,777
new in 2025: €9,777
- Other debts -€5,049
down €5,049 (-94.5%), from €5,344 to €295
- Tax, wage and social debts +€3,671
up €3,671 (+53.7%), from €6,842 to €10,513
of which Remuneration and social security: +€4,262
- Purchases and services +€1.0m
new in 2025: €1.0m
- Turnover +€1.0m
new in 2025: €1.0m
- Staff costs +€21,301
up €21,301 (+47.8%), from €44,601 to €65,902
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 | €68,992 | €331,551 | +€262,560 | +381% |
| Fixed assets | 21/28 | €3,502 | €245,403 | +€241,901 | +6,908% |
| Tangible fixed assets | 22/27 | €1,202 | €243,053 | +€241,851 | +20,127% |
| Land and buildings | 22 | - | €242,151 | +€242,151 | |
| Other tangible fixed assets | 26 | €1,202 | €901 | -€300 | -25.0% |
| Financial fixed assets | 28 | €2,300 | €2,350 | +€50 | +2.2% |
| Current assets | 29/58 | €65,490 | €86,149 | +€20,659 | +31.5% |
| Stocks and contracts in progress | 3 | €55,245 | €65,722 | +€10,477 | +19.0% |
| Stocks | 30/36 | €55,245 | €65,722 | +€10,477 | +19.0% |
| Amounts receivable within one year | 40/41 | €772 | €17,281 | +€16,509 | +2,138% |
| Other amounts receivable | 41 | €772 | €17,281 | +€16,509 | +2,138% |
| Cash at bank and in hand | 54/58 | €8,635 | €2,872 | -€5,763 | -66.7% |
| Deferred charges and accrued income | 490/1 | €839 | €275 | -€564 | -67.3% |
| Total equity and liabilities | 10/49 | €68,992 | €331,551 | +€262,560 | +381% |
| Equity | 10/15 | €35,049 | €37,015 | +€1,966 | +5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,569 | €1,569 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,569 | €1,569 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,569 | €1,569 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,880 | €16,846 | +€1,966 | +13.2% |
| Amounts payable | 17/49 | €33,942 | €294,536 | +€260,594 | +768% |
| Amounts payable after more than one year | 17 | - | €271,264 | +€271,264 | |
| Financial debts | 170/4 | - | €179,080 | +€179,080 | |
| Other amounts payable | 178/9 | - | €92,184 | +€92,184 | |
| Amounts payable within one year | 42/48 | €33,942 | €23,272 | -€10,670 | -31.4% |
| Current portion of amounts payable after more than one year | 42 | - | €9,777 | +€9,777 | |
| Trade debts | 44 | €21,757 | €2,687 | -€19,070 | -87.7% |
| Suppliers | 440/4 | €21,757 | €2,687 | -€19,070 | -87.7% |
| Taxes, remuneration and social security | 45 | €6,842 | €10,513 | +€3,671 | +53.7% |
| Taxes | 450/3 | €2,906 | €2,316 | -€590 | -20.3% |
| Remuneration and social security | 454/9 | €3,936 | €8,197 | +€4,262 | +108% |
| Other amounts payable | 47/48 | €5,344 | €295 | -€5,049 | -94.5% |
| Turnover | 70 | - | €1,035,198 | +€1.0m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,040,627 | +€1.0m | |
| Remuneration, social security and pensions | 62 | €44,601 | €65,902 | +€21,301 | +47.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €656 | €4,549 | +€3,893 | +593% |
| Other operating charges | 640/8 | €1,376 | €1,203 | -€173 | -12.5% |
| Gross operating margin | 9900 | €71,237 | €69,906 | -€1,331 | -1.9% |
| Operating profit (loss) | 9901 | €24,603 | -€1,749 | -€26,352 | |
| Financial income | 75/76B | - | €303 | +€303 | |
| Recurring financial income | 75 | - | €303 | +€303 | |
| Financial charges | 65/66B | €166 | €4,820 | +€4,655 | +2,808% |
| Recurring financial charges | 65 | €166 | €4,820 | +€4,655 | +2,808% |
| Profit (loss) for the period before taxes | 9903 | €24,437 | -€6,266 | -€30,704 | |
| Income taxes | 67/77 | €120 | €6,317 | +€6,197 | +5,184% |
| Profit (loss) for the period | 9904 | €24,318 | -€12,583 | -€36,901 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,318 | -€12,583 | -€36,901 |
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 19 October 2026 via checked.be.