MARSUS CONSTRUCTION: 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.
MARSUS CONSTRUCTION
Largest movements
- Stocks and contracts +€64,272
up €64,272 (+8.2%), from €779,820 to €844,092
- Receivables within one year -€31,805
down €31,805 (-40.9%), from €77,703 to €45,898
of which Trade receivables: -€32,966
- Cash -€29,801
down €29,801 (-96.0%), from €31,043 to €1,243
mainly Stocks and contracts (-€64,272) and Trade debts (-€38,189)
- Tangible fixed assets -€18,350
down €18,350 (-36.9%), from €49,769 to €31,419
of which Furniture and vehicles: -€17,826
- Trade debts -€38,189
down €38,189 (-72.7%), from €52,556 to €14,368
- Debts after one year +€27,805
up €27,805 (+3.4%), from €820,389 to €848,194
- Gross operating margin -€7,881
down €7,881 (-8.9%), from €88,607 to €80,726
- Staff costs -€2,287
down €2,287 (-5.6%), from €40,958 to €38,671
- Financial charges -€1,857
down €1,857 (-9.4%), from €19,679 to €17,822
- Taxes -€1,642
no longer reported in 2025 (was €1,642)
- Depreciation -€1,334
down €1,334 (-6.8%), from €19,683 to €18,350
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 | €943,570 | €927,886 | -€15,684 | -1.7% |
| Fixed assets | 21/28 | €55,003 | €36,654 | -€18,350 | -33.4% |
| Tangible fixed assets | 22/27 | €49,769 | €31,419 | -€18,350 | -36.9% |
| Plant, machinery and equipment | 23 | €999 | €476 | -€523 | -52.4% |
| Furniture and vehicles | 24 | €48,769 | €30,943 | -€17,826 | -36.6% |
| Financial fixed assets | 28 | €5,234 | €5,234 | = | 0.0% |
| Current assets | 29/58 | €888,567 | €891,232 | +€2,666 | +0.3% |
| Stocks and contracts in progress | 3 | €779,820 | €844,092 | +€64,272 | +8.2% |
| Stocks | 30/36 | €779,820 | €844,092 | +€64,272 | +8.2% |
| Amounts receivable within one year | 40/41 | €77,703 | €45,898 | -€31,805 | -40.9% |
| Trade receivables | 40 | €77,703 | €44,737 | -€32,966 | -42.4% |
| Other amounts receivable | 41 | - | €1,161 | +€1,161 | |
| Cash at bank and in hand | 54/58 | €31,043 | €1,243 | -€29,801 | -96.0% |
| Total equity and liabilities | 10/49 | €943,570 | €927,886 | -€15,684 | -1.7% |
| Equity | 10/15 | €19,008 | €19,594 | +€586 | +3.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,808 | €13,394 | +€586 | +4.6% |
| Amounts payable | 17/49 | €924,562 | €908,292 | -€16,270 | -1.8% |
| Amounts payable after more than one year | 17 | €820,389 | €848,194 | +€27,805 | +3.4% |
| Financial debts | 170/4 | €820,389 | €848,194 | +€27,805 | +3.4% |
| Amounts payable within one year | 42/48 | €104,173 | €60,098 | -€44,075 | -42.3% |
| Financial debts | 43 | €19,559 | €20,325 | +€766 | +3.9% |
| Credit institutions | 430/8 | €19,559 | €20,325 | +€766 | +3.9% |
| Trade debts | 44 | €52,556 | €14,368 | -€38,189 | -72.7% |
| Suppliers | 440/4 | €52,556 | €14,368 | -€38,189 | -72.7% |
| Taxes, remuneration and social security | 45 | €32,058 | €25,405 | -€6,653 | -20.8% |
| Taxes | 450/3 | €7,069 | - | -€7,069 | |
| Remuneration and social security | 454/9 | €24,989 | €25,405 | +€416 | +1.7% |
| Remuneration, social security and pensions | 62 | €40,958 | €38,671 | -€2,287 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,683 | €18,350 | -€1,334 | -6.8% |
| Other operating charges | 640/8 | €5,784 | €5,331 | -€453 | -7.8% |
| Gross operating margin | 9900 | €88,607 | €80,726 | -€7,881 | -8.9% |
| Operating profit (loss) | 9901 | €22,182 | €18,375 | -€3,807 | -17.2% |
| Financial income | 75/76B | €0 | €33 | +€33 | +46,671% |
| Recurring financial income | 75 | €0 | €33 | +€33 | +46,671% |
| Financial charges | 65/66B | €19,679 | €17,822 | -€1,857 | -9.4% |
| Recurring financial charges | 65 | €19,679 | €17,822 | -€1,857 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €2,503 | €586 | -€1,917 | -76.6% |
| Income taxes | 67/77 | €1,642 | - | -€1,642 | |
| Profit (loss) for the period | 9904 | €861 | €586 | -€275 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €861 | €586 | -€275 | -32.0% |
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 15 October 2026 via checked.be.