MARSVARD: 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.
MARSVARD
Largest movements
- Receivables within one year +€397,392
up €397,392 (+73.7%), from €539,392 to €936,783
of which Other amounts receivable: +€395,133
- Tangible fixed assets +€124,763
up €124,763 (+31.8%), from €391,966 to €516,729
of which Land and buildings: +€168,650
- Cash +€34,889
up €34,889 (+2.7%), from €1.3m to €1.3m
mainly Net result for the year (+€378,319) and Debts after one year (+€120,102)
- Reserves +€378,319
up €378,319 (+20.1%), from €1.9m to €2.3m
- Debts after one year +€120,102
up €120,102 (+49.0%), from €245,295 to €365,397
- Tax, wage and social debts +€42,007
up €42,007 (+51.1%), from €82,215 to €124,222
- Gross operating margin +€140,707
up €140,707 (+34.1%), from €412,335 to €553,042
- Taxes +€41,968
up €41,968 (+51.0%), from €82,215 to €124,183
- Financial income +€19,802
up €19,802 (+97.5%), from €20,319 to €40,121
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 | €2,233,746 | €2,794,100 | +€560,354 | +25.1% |
| Fixed assets | 21/28 | €391,966 | €516,729 | +€124,763 | +31.8% |
| Tangible fixed assets | 22/27 | €391,966 | €516,729 | +€124,763 | +31.8% |
| Land and buildings | 22 | €295,963 | €464,613 | +€168,650 | +57.0% |
| Plant, machinery and equipment | 23 | €3,630 | €3,310 | -€320 | -8.8% |
| Furniture and vehicles | 24 | €92,373 | €48,806 | -€43,567 | -47.2% |
| Current assets | 29/58 | €1,841,780 | €2,277,371 | +€435,591 | +23.7% |
| Amounts receivable within one year | 40/41 | €539,392 | €936,783 | +€397,392 | +73.7% |
| Trade receivables | 40 | €396 | €2,655 | +€2,258 | +569.9% |
| Other amounts receivable | 41 | €538,995 | €934,129 | +€395,133 | +73.3% |
| Cash at bank and in hand | 54/58 | €1,301,874 | €1,336,762 | +€34,889 | +2.7% |
| Deferred charges and accrued income | 490/1 | €515 | €3,825 | +€3,310 | +642.9% |
| Total equity and liabilities | 10/49 | €2,233,746 | €2,794,100 | +€560,354 | +25.1% |
| Equity | 10/15 | €1,888,887 | €2,267,206 | +€378,319 | +20.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €1,885,887 | €2,264,206 | +€378,319 | +20.1% |
| Distributable reserves | 133 | €1,885,887 | €2,264,206 | +€378,319 | +20.1% |
| Amounts payable | 17/49 | €344,859 | €526,893 | +€182,034 | +52.8% |
| Amounts payable after more than one year | 17 | €245,295 | €365,397 | +€120,102 | +49.0% |
| Financial debts | 170/4 | €245,295 | €365,397 | +€120,102 | +49.0% |
| Amounts payable within one year | 42/48 | €99,563 | €161,496 | +€61,933 | +62.2% |
| Current portion of amounts payable after more than one year | 42 | €15,373 | €24,031 | +€8,658 | +56.3% |
| Financial debts | 43 | €1,779 | €3,479 | +€1,700 | +95.5% |
| Credit institutions | 430/8 | €1,779 | €3,479 | +€1,700 | +95.5% |
| Trade debts | 44 | €196 | €9,764 | +€9,568 | +4872.7% |
| Suppliers | 440/4 | €196 | €9,764 | +€9,568 | +4872.7% |
| Taxes, remuneration and social security | 45 | €82,215 | €124,222 | +€42,007 | +51.1% |
| Taxes | 450/3 | €82,215 | €124,222 | +€42,007 | +51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,714 | €71,450 | +€3,736 | +5.5% |
| Other operating charges | 640/8 | €2,789 | €3,627 | +€837 | +30.0% |
| Gross operating margin | 9900 | €412,335 | €553,042 | +€140,707 | +34.1% |
| Operating profit (loss) | 9901 | €341,831 | €477,965 | +€136,134 | +39.8% |
| Financial income | 75/76B | €20,319 | €40,121 | +€19,802 | +97.5% |
| Recurring financial income | 75 | €20,319 | €40,121 | +€19,802 | +97.5% |
| Financial charges | 65/66B | €14,961 | €15,583 | +€623 | +4.2% |
| Recurring financial charges | 65 | €14,961 | €15,583 | +€623 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €347,190 | €502,503 | +€155,313 | +44.7% |
| Income taxes | 67/77 | €82,215 | €124,183 | +€41,968 | +51.0% |
| Profit (loss) for the period | 9904 | €264,974 | €378,319 | +€113,345 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €264,974 | €378,319 | +€113,345 | +42.8% |
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 2 October 2026 via checked.be.