Marcel
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 30-10-2026 at the NBB all 8 filings
Turnover
≈ €1.2m
Estimated: probably between €1.0m and €1.4m
Total assets
€477,614▼ 3.9%
2025 · €496,916
Net result
€22,094▲ 61.6%
2025 · €13,672
Working capital
€10,994
2025 · -€13,539
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€33,621
▲ 73.9%
2026
20192026
Net result
€22,094
▲ 61.6%
2026
20192026
Equity
€65,342
▲ 51.1%
2026
20192026
Total assets
€477,614
▼ 3.9%
2026
20192026
Debt
€412,272
▼ 9.1%
2026
20192026
Working capital
€10,994
2026
20192026
Solvency
13.7%
▲ 5.0pp
2026
20192026
Current ratio
1.08
▲ 0.16
2026
20192026
Return on assets (ROA)
4.6%
▲ 1.9pp
2026
20192026
Staff (FTE)
30.3
▲ 50.0%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€5,289-€18,928▲ 258%€24,564▲ 29.8%-€3,807-€13,074▼ 243%€7,424€19,331▲ 160%€33,621▲ 73.9%
Net result€2,288-€16,508▲ 622%€19,617within the sector's middle half▲ 18.8%-€5,126within the sector's middle half-€21,975below the sector's middle half▼ 329%-€335within the sector's middle half▲ 98.5%€13,672within the sector's middle half€22,094▲ 61.6%
Equity€20,888-€37,396▲ 79.0%€57,013within the sector's middle half▲ 52.5%€51,886within the sector's middle half▼ 9.0%€29,912within the sector's middle half▼ 42.4%€29,576within the sector's middle half▼ 1.1%€43,248within the sector's middle half▲ 46.2%€65,342▲ 51.1%
Total assets€222,437-€159,226▼ 28.4%€143,977within the sector's middle half▼ 9.6%€504,520above the sector's middle half▲ 250%€581,884above the sector's middle half▲ 15.3%€527,264above the sector's middle half▼ 9.4%€496,916above the sector's middle half▼ 5.8%€477,614▼ 3.9%
Debt€201,549-€121,830▼ 39.6%€86,965▼ 28.6%€452,634▲ 420%€551,973▲ 21.9%€497,688▼ 9.8%€453,668▼ 8.8%€412,272▼ 9.1%
Working capital€26,528-€24,703▼ 6.9%€51,859above the sector's middle half▲ 110%€34,098within the sector's middle half▼ 34.2%-€43,322below the sector's middle half-€29,879within the sector's middle half▲ 31.0%-€13,539within the sector's middle half▲ 54.7%€10,994
Solvency9.4%-23.5%▲ 14.1pp39.6%within the sector's middle half▲ 16.1pp10.3%within the sector's middle half▼ 29.3pp5.1%within the sector's middle half▼ 5.1pp5.6%within the sector's middle half▲ 0.5pp8.7%within the sector's middle half▲ 3.1pp13.7%▲ 5.0pp
Current ratio1.17-1.66▲ 0.493.57above the sector's middle half▲ 1.911.62within the sector's middle half▼ 1.950.74within the sector's middle half▼ 0.870.80within the sector's middle half▲ 0.060.91within the sector's middle half▲ 0.111.08▲ 0.16
Return on assets (ROA)1.0%-10.4%▲ 9.3pp13.6%within the sector's middle half▲ 3.3pp-1.0%within the sector's middle half▼ 14.6pp-3.8%within the sector's middle half▼ 2.8pp-0.1%within the sector's middle half▲ 3.7pp2.8%within the sector's middle half▲ 2.8pp4.6%▲ 1.9pp
Staff (FTE)16.1-20.5▲ 27.3%3.6▼ 82.4%7.8▲ 117%19.4▲ 149%27.2▲ 40.2%20.2▼ 25.7%30.3▲ 50.0%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2026 is 74% higher than in 2025 and the highest since 2022. It is the third rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €477,614
Fixed assets
€321,177 ▼ 10.5%
Current assets
€156,437 ▲ 13.3%
Equity and liabilities €477,614
Equity
€65,342 ▲ 51.1%
Debt
€412,272 ▼ 9.1%
Debt's share of the balance-sheet total falls from 91.3% to 86.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€88,226▲
2025 · €72,038
Cash flow
€76,699▲
2025 · €66,378
Quick ratio
1.03▲
2025 · 0.89
Debt to equity
6.31▼
2025 · 10.49
ROE
33.8%▲
2025 · 31.6%
Interest coverage
10.28▲
2025 · 9.27
Debt ≤ 1 year
€145,443▼
2025 · €151,555
Debt > 1 year
€263,779▼
2025 · €302,113
Income taxes
€5,332▲
2025 · €140
Staff costs
€402,448▲
2025 · €335,854
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 8 | 15 | 5 | 8 |
| full-time | 3 | 1 | 5 | - | 1 |
| part-time | 1 | 7 | 10 | 5 | 7 |
| in full-time equivalents | 3.8 | 5.2 | 9.4 | 3.8 | 6.1 |
| Average over the year, in full-time equivalents | 7.8 | 5.7 | 12.8 | 15.6 | 30.3 |
| On a permanent contract | 3 | 6 | 4 | 4 | 8 |
| Joined | 22 | 54 | 64 | 44 | 51 |
| Left | 20 | 50 | 57 | 53 | 47 |
| Training hours | - | - | - | 12 | - |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €375,794 | €163,207 | €14,041 | €6,876 | €4,100 |
| Financial fixed assets | - | €12,750 | - | - | €12,781 |
| Depreciation and write-downs of the year | €32,478 | €42,908 | €52,149 | €52,706 | €54,605 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 4 entries · €2,340 awarded · €2,340 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €630 | €630 |
| 2023 | 2 | €1,395 | €1,395 |
| 2022 | 1 | €315 | €315 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €63,387 | €220,999 | €377,419 | €335,854 | €402,448 | ▲ 19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,446 | €31,382 | €25,261 | €32,478 | €42,908 | €52,149 | €52,706 | €54,605 | ▲ 3.6% |
| Other operating charges640/8 | - | - | - | €8,332 | €4,046 | €5,367 | €6,271 | €13,938 | ▲ 122% |
| Gross operating margin9900 | €248,025 | €263,628 | €108,430 | €100,390 | €254,878 | €442,359 | €414,163 | €504,612 | ▲ 21.8% |
| Operating profit (loss)9901 | €5,289 | €18,928 | €24,564 | -€3,807 | -€13,074 | €7,424 | €19,331 | €33,621 | ▲ 73.9% |
| Financial income75/76B | - | - | - | €434 | €958 | €2,401 | €2,255 | €2,389 | ▲ 6.0% |
| Recurring financial income75 | €379 | €613 | €288 | €434 | €958 | €2,401 | €2,255 | €2,389 | ▲ 6.0% |
| Financial charges65/66B | - | - | - | €4,145 | €9,739 | €9,910 | €7,773 | €8,584 | ▲ 10.4% |
| Recurring financial charges65 | €3,222 | €3,033 | €1,336 | €4,145 | €9,739 | €9,910 | €7,773 | €8,584 | ▲ 10.4% |
| Profit (loss) for the period before taxes9903 | €2,446 | €16,508 | €23,517 | -€7,517 | -€21,855 | -€85 | €13,812 | €27,426 | ▲ 98.6% |
| Income taxes67/77 | €158 | - | €3,900 | -€2,391 | €120 | €250 | €140 | €5,332 | ▲ 38× |
| Profit (loss) for the period9904 | €2,288 | €16,508 | €19,617 | -€5,126 | -€21,975 | -€335 | €13,672 | €22,094 | ▲ 61.6% |
| Profit (loss) for the period to be appropriated9905 | €2,288 | €16,508 | €19,617 | -€5,126 | -€21,975 | -€335 | €13,672 | €22,094 | ▲ 61.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €222,437 | €159,226 | €143,977 | €504,520 | €581,884 | €527,264 | €496,916 | €477,614 | ▼ 3.9% |
| Fixed assets21/28 | €44,289 | €97,185 | €71,924 | €415,240 | €455,589 | €404,730 | €358,900 | €321,177 | ▼ 10.5% |
| Tangible fixed assets22/27 | €44,289 | €97,185 | €71,924 | €415,240 | €442,839 | €404,730 | €358,900 | €308,395 | ▼ 14.1% |
| Land and buildings22 | - | - | - | €40,067 | €32,313 | €36,610 | €28,925 | €19,762 | ▼ 31.7% |
| Plant, machinery and equipment23 | - | - | - | €8,603 | €149,970 | €116,990 | €84,010 | €54,431 | ▼ 35.2% |
| Furniture and vehicles24 | - | - | - | €1,199 | - | €997 | €6,254 | €4,914 | ▼ 21.4% |
| Leasing and similar rights25 | - | - | - | €365,370 | €260,556 | €250,133 | €239,711 | €229,289 | ▼ 4.3% |
| Financial fixed assets28 | - | - | - | - | €12,750 | - | - | €12,781 | - |
| Current assets29/58 | €178,148 | €62,041 | €72,054 | €89,280 | €126,296 | €122,533 | €138,017 | €156,437 | ▲ 13.3% |
| Stocks and contracts in progress3 | €4,998 | €12,437 | €5,138 | €1,902 | €11,598 | €4,869 | €3,251 | €7,340 | ▲ 126% |
| Stocks30/36 | - | - | - | €1,902 | €11,598 | €4,869 | €3,251 | €7,340 | ▲ 126% |
| Amounts receivable within one year40/41 | €74,702 | €5,631 | €7,334 | €276 | €3,370 | €14,902 | €5,469 | €2,569 | ▼ 53.0% |
| Trade receivables40 | - | - | - | - | €401 | €14,725 | €5,264 | €2,482 | ▼ 52.9% |
| Other amounts receivable41 | - | - | - | €276 | €2,969 | €177 | €205 | €87 | ▼ 57.5% |
| Current investments50/53 | - | - | - | - | - | €12,781 | €92,783 | - | - |
| Cash at bank and in hand54/58 | €98,409 | €41,581 | €57,909 | €82,787 | €103,530 | €87,868 | €34,282 | €146,528 | ▲ 327% |
| Deferred charges and accrued income490/1 | - | - | - | €4,315 | €7,798 | €2,113 | €2,232 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €222,437 | €159,226 | €143,977 | €504,520 | €581,884 | €527,264 | €496,916 | €477,614 | ▼ 3.9% |
| Equity10/15 | €20,888 | €37,396 | €57,013 | €51,886 | €29,912 | €29,576 | €43,248 | €65,342 | ▲ 51.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €2,288 | €18,796 | €38,413 | €38,413 | €38,413 | €38,413 | €52,084 | €52,084 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €36,553 | €36,553 | €36,553 | €50,224 | €50,224 | = |
| Profit (loss) carried forward14 | - | - | - | -€5,126 | -€27,101 | -€27,436 | -€27,436 | -€5,342 | ▲ 80.5% |
| Amounts payable17/49 | €201,549 | €121,830 | €86,965 | €452,634 | €551,973 | €497,688 | €453,668 | €412,272 | ▼ 9.1% |
| Amounts payable after more than one year17 | €49,930 | €84,492 | €66,770 | €397,451 | €382,354 | €345,276 | €302,113 | €263,779 | ▼ 12.7% |
| Financial debts170/4 | - | - | - | €397,451 | €382,354 | €345,276 | €302,113 | €263,779 | ▼ 12.7% |
| Amounts payable within one year42/48 | €151,619 | €37,338 | €20,195 | €55,182 | €169,618 | €152,412 | €151,555 | €145,443 | ▼ 4.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €27,502 | €56,518 | €50,039 | €50,228 | €38,235 | ▼ 23.9% |
| Financial debts43 | - | - | - | - | - | - | €91 | - | - |
| Credit institutions430/8 | - | - | - | - | - | - | €91 | - | - |
| Trade debts44 | €92,610 | €7,976 | - | €12,983 | €33,376 | €26,031 | €20,601 | €10,651 | ▼ 48.3% |
| Suppliers440/4 | - | - | - | €12,983 | €33,376 | €26,031 | €20,601 | €10,651 | ▼ 48.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | €11,912 | €24,476 | €23,322 | ▼ 4.7% |
| Taxes, remuneration and social security45 | - | - | - | €14,193 | €43,943 | €54,264 | €47,216 | €67,912 | ▲ 43.8% |
| Taxes450/3 | - | - | - | €5,701 | €24,673 | €24,788 | €21,619 | €37,104 | ▲ 71.6% |
| Remuneration and social security454/9 | - | - | - | €8,492 | €19,270 | €29,475 | €25,596 | €30,808 | ▲ 20.4% |
| Other amounts payable47/48 | - | - | - | €504 | €35,781 | €10,167 | €8,943 | €5,323 | ▼ 40.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €3,050 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,288 | €16,508 | €19,617 | -€5,126 | -€21,975 | -€335 | €13,672 | €22,094 | ▲ 61.6% |
| + Depreciation and write-downs630 | €13,446 | €31,382 | €25,261 | €32,478 | €42,908 | €52,149 | €52,706 | €54,605 | ▲ 3.6% |
| Operating cash flow (approximation) | €15,734 | €47,890 | €44,878 | €27,352 | €20,934 | €51,813 | €66,378 | €76,699 | ▲ 15.5% |
| Investment in fixed assets (approximation) | - | -€84,278 | -€0 | -€375,794 | -€83,257 | -€1,291 | -€6,876 | -€16,881 | ▼ 146% |
| Change in cash | - | -€56,828 | €16,328 | €24,879 | €20,743 | -€15,662 | -€53,587 | €112,246 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,372 companies had the same profile as Marcel has now. Two years later, 96.6% were still going and 1.8% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.6%
was still going
1.4%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Marcel itself: 0.7% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,372 companies, not a prediction for Marcel. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 30-10-2026 | 2026-00596971 | |
| 31-03-2025 | micro format | 29-10-2025 | 2025-00552179 | |
| 31-03-2024 | micro format | 30-10-2024 | 2024-00520288 | |
| 31-03-2023 | micro format | 31-10-2023 | 2023-00509275 | |
| 31-03-2022 | micro format | 03-11-2022 | 2022-20517150 | |
| 31-03-2021 | micro format | 28-10-2021 | 2021-75400104 | |
| 31-03-2020 | micro format | 28-10-2020 | 2020-64500284 | |
| 31-03-2019 | micro format | 29-07-2019 | 2019-39400464 |