Dr. Marcelis M.: 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 M.
Largest movements
- Cash +€172,363
up €172,363 (+36.4%), from €473,094 to €645,457
mainly Net result for the year (+€140,561) and Depreciation (+€34,028)
- Deferred charges and accrued income -€20,724
down €20,724 (-86.7%), from €23,896 to €3,172
- Receivables within one year -€16,343
down €16,343 (-58.2%), from €28,091 to €11,749
of which Other amounts receivable: -€20,044
- Current investments +€12,732
up €12,732, from €0 to €12,732
- Reserves +€140,561
up €140,561 (+22.0%), from €638,173 to €778,734
- Trade debts +€12,128
up €12,128 (+9,174%), from €132 to €12,261
- Gross operating margin -€65,949
down €65,949 (-21.5%), from €306,138 to €240,189
- Taxes -€22,169
down €22,169 (-25.5%), from €87,084 to €64,914
- Financial income -€7,001
down €7,001 (-72.3%), from €9,679 to €2,678
- Depreciation +€6,868
up €6,868 (+25.3%), from €27,160 to €34,028
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 | €659,651 | €810,795 | +€151,144 | +22.9% |
| Fixed assets | 21/28 | €134,570 | €137,685 | +€3,115 | +2.3% |
| Tangible fixed assets | 22/27 | €134,570 | €137,685 | +€3,115 | +2.3% |
| Plant, machinery and equipment | 23 | €1,119 | €1,760 | +€641 | +57.2% |
| Furniture and vehicles | 24 | €128,362 | €96,258 | -€32,104 | -25.0% |
| Other tangible fixed assets | 26 | €5,088 | €39,667 | +€34,579 | +680% |
| Current assets | 29/58 | €525,081 | €673,110 | +€148,029 | +28.2% |
| Amounts receivable within one year | 40/41 | €28,091 | €11,749 | -€16,343 | -58.2% |
| Trade receivables | 40 | €0 | €3,701 | +€3,701 | |
| Other amounts receivable | 41 | €28,091 | €8,048 | -€20,044 | -71.4% |
| Current investments | 50/53 | €0 | €12,732 | +€12,732 | |
| Cash at bank and in hand | 54/58 | €473,094 | €645,457 | +€172,363 | +36.4% |
| Deferred charges and accrued income | 490/1 | €23,896 | €3,172 | -€20,724 | -86.7% |
| Total equity and liabilities | 10/49 | €659,651 | €810,795 | +€151,144 | +22.9% |
| Equity | 10/15 | €650,573 | €791,134 | +€140,561 | +21.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €638,173 | €778,734 | +€140,561 | +22.0% |
| Distributable reserves | 133 | €638,173 | €778,734 | +€140,561 | +22.0% |
| Amounts payable | 17/49 | €9,078 | €19,660 | +€10,583 | +117% |
| Amounts payable within one year | 42/48 | €9,078 | €19,660 | +€10,583 | +117% |
| Trade debts | 44 | €132 | €12,261 | +€12,128 | +9,174% |
| Suppliers | 440/4 | €132 | €12,261 | +€12,128 | +9,174% |
| Taxes, remuneration and social security | 45 | €8,945 | €7,400 | -€1,546 | -17.3% |
| Taxes | 450/3 | €8,945 | €7,084 | -€1,862 | -20.8% |
| Remuneration and social security | 454/9 | - | €316 | +€316 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,160 | €34,028 | +€6,868 | +25.3% |
| Other operating charges | 640/8 | €1,385 | €3,151 | +€1,766 | +128% |
| Gross operating margin | 9900 | €306,138 | €240,189 | -€65,949 | -21.5% |
| Operating profit (loss) | 9901 | €277,593 | €203,010 | -€74,583 | -26.9% |
| Financial income | 75/76B | €9,679 | €2,678 | -€7,001 | -72.3% |
| Recurring financial income | 75 | €9,679 | €2,678 | -€7,001 | -72.3% |
| Financial charges | 65/66B | €361 | €212 | -€148 | -41.1% |
| Recurring financial charges | 65 | €361 | €212 | -€148 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | €286,911 | €205,475 | -€81,435 | -28.4% |
| Income taxes | 67/77 | €87,084 | €64,914 | -€22,169 | -25.5% |
| Profit (loss) for the period | 9904 | €199,827 | €140,561 | -€59,266 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €199,827 | €140,561 | -€59,266 | -29.7% |
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 21 October 2026 via checked.be.