DR. MARCELIS: 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.
DR. MARCELIS
Largest movements
- Cash +€127,746
up €127,746 (+78.3%), from €163,052 to €290,798
mainly Net result for the year (+€148,583) and Depreciation (+€46,915)
- Tangible fixed assets -€46,915
down €46,915 (-5.6%), from €840,242 to €793,327
of which Land and buildings: -€43,100
- Current investments +€43,758
up €43,758 (+10.4%), from €422,500 to €466,258
- Deferred charges and accrued income +€21,336
up €21,336 (+49.3%), from €43,269 to €64,604
- Reserves +€148,583
up €148,583 (+14.3%), from €1.0m to €1.2m
of which Distributable reserves: +€148,583
- Debts after one year -€53,108
down €53,108 (-24.9%), from €213,465 to €160,357
- Tax, wage and social debts +€45,158
up €45,158 (+986%), from €4,579 to €49,736
- Gross operating margin +€68,183
up €68,183 (+34.1%), from €199,796 to €267,980
- Taxes +€37,495
up €37,495 (+131%), from €28,673 to €66,168
- Depreciation -€2,788
down €2,788 (-5.6%), from €49,703 to €46,915
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 | €1,469,063 | €1,614,988 | +€145,925 | +9.9% |
| Fixed assets | 21/28 | €840,242 | €793,327 | -€46,915 | -5.6% |
| Tangible fixed assets | 22/27 | €840,242 | €793,327 | -€46,915 | -5.6% |
| Land and buildings | 22 | €810,773 | €767,673 | -€43,100 | -5.3% |
| Furniture and vehicles | 24 | €4,116 | €301 | -€3,815 | -92.7% |
| Other tangible fixed assets | 26 | €25,353 | €25,353 | = | 0.0% |
| Current assets | 29/58 | €628,821 | €821,660 | +€192,839 | +30.7% |
| Current investments | 50/53 | €422,500 | €466,258 | +€43,758 | +10.4% |
| Cash at bank and in hand | 54/58 | €163,052 | €290,798 | +€127,746 | +78.3% |
| Deferred charges and accrued income | 490/1 | €43,269 | €64,604 | +€21,336 | +49.3% |
| Total equity and liabilities | 10/49 | €1,469,063 | €1,614,988 | +€145,925 | +9.9% |
| Equity | 10/15 | €1,058,041 | €1,206,624 | +€148,583 | +14.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,039,449 | €1,188,032 | +€148,583 | +14.3% |
| Tax-exempt reserves | 132 | €52,625 | €52,625 | = | 0.0% |
| Distributable reserves | 133 | €986,824 | €1,135,407 | +€148,583 | +15.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €411,022 | €408,363 | -€2,659 | -0.6% |
| Amounts payable after more than one year | 17 | €213,465 | €160,357 | -€53,108 | -24.9% |
| Financial debts | 170/4 | €213,465 | €160,357 | -€53,108 | -24.9% |
| Amounts payable within one year | 42/48 | €195,483 | €246,942 | +€51,459 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €54,812 | €56,847 | +€2,034 | +3.7% |
| Trade debts | 44 | €233 | €220 | -€13 | -5.5% |
| Suppliers | 440/4 | €233 | €220 | -€13 | -5.5% |
| Taxes, remuneration and social security | 45 | €4,579 | €49,736 | +€45,158 | +986% |
| Taxes | 450/3 | €4,579 | €49,736 | +€45,158 | +986% |
| Other amounts payable | 47/48 | €135,859 | €140,139 | +€4,280 | +3.2% |
| Accrued charges and deferred income | 492/3 | €2,074 | €1,064 | -€1,009 | -48.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,703 | €46,915 | -€2,788 | -5.6% |
| Other operating charges | 640/8 | €2,197 | €532 | -€1,665 | -75.8% |
| Gross operating margin | 9900 | €199,796 | €267,980 | +€68,183 | +34.1% |
| Operating profit (loss) | 9901 | €147,896 | €220,533 | +€72,637 | +49.1% |
| Financial income | 75/76B | €422 | €2,228 | +€1,805 | +428% |
| Recurring financial income | 75 | €422 | €2,228 | +€1,805 | +428% |
| Financial charges | 65/66B | €9,754 | €8,009 | -€1,744 | -17.9% |
| Recurring financial charges | 65 | €9,754 | €8,009 | -€1,744 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €138,564 | €214,751 | +€76,187 | +55.0% |
| Income taxes | 67/77 | €28,673 | €66,168 | +€37,495 | +131% |
| Profit (loss) for the period | 9904 | €109,891 | €148,583 | +€38,692 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €109,891 | €148,583 | +€38,692 | +35.2% |
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 13 October 2026 via checked.be.