MAR.CEL: 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.
MAR.CEL
Largest movements
- Cash +€25,202
up €25,202 (+79.4%), from €31,740 to €56,943
mainly Net result for the year (+€26,552) and Depreciation (+€11,716)
- Tangible fixed assets -€11,716
down €11,716 (-24.6%), from €47,619 to €35,903
- Reserves +€26,552
up €26,552 (+90.8%), from €29,231 to €55,783
- Debts after one year -€11,358
down €11,358 (-31.8%), from €35,737 to €24,379
- Trade debts -€1,912
down €1,912 (-97.0%), from €1,971 to €59
- Gross operating margin +€8,026
up €8,026 (+18.8%), from €42,611 to €50,637
- Taxes +€2,020
up €2,020 (+31.1%), from €6,490 to €8,510
- Depreciation +€753
up €753 (+6.9%), from €10,963 to €11,716
- Financial charges -€516
down €516 (-18.7%), from €2,758 to €2,242
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €91,612 | €104,792 | +€13,180 | +14.4% |
| Fixed assets | 21/28 | €47,619 | €35,903 | -€11,716 | -24.6% |
| Tangible fixed assets | 22/27 | €47,619 | €35,903 | -€11,716 | -24.6% |
| Leasing and similar rights | 25 | €47,619 | €35,903 | -€11,716 | -24.6% |
| Current assets | 29/58 | €43,993 | €68,890 | +€24,896 | +56.6% |
| Amounts receivable within one year | 40/41 | €12,253 | €11,947 | -€306 | -2.5% |
| Trade receivables | 40 | €12,253 | €11,947 | -€306 | -2.5% |
| Cash at bank and in hand | 54/58 | €31,740 | €56,943 | +€25,202 | +79.4% |
| Total equity and liabilities | 10/49 | €91,612 | €104,792 | +€13,180 | +14.4% |
| Equity | 10/15 | €29,331 | €55,883 | +€26,552 | +90.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €29,231 | €55,783 | +€26,552 | +90.8% |
| Distributable reserves | 133 | €29,231 | €55,783 | +€26,552 | +90.8% |
| Amounts payable | 17/49 | €62,281 | €48,909 | -€13,372 | -21.5% |
| Amounts payable after more than one year | 17 | €35,737 | €24,379 | -€11,358 | -31.8% |
| Financial debts | 170/4 | €35,737 | €24,379 | -€11,358 | -31.8% |
| Amounts payable within one year | 42/48 | €26,544 | €24,530 | -€2,014 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €10,838 | €11,358 | +€520 | +4.8% |
| Trade debts | 44 | €1,971 | €59 | -€1,912 | -97.0% |
| Suppliers | 440/4 | €1,971 | €59 | -€1,912 | -97.0% |
| Taxes, remuneration and social security | 45 | €13,735 | €12,725 | -€1,010 | -7.4% |
| Taxes | 450/3 | €12,339 | €10,882 | -€1,457 | -11.8% |
| Remuneration and social security | 454/9 | €1,396 | €1,843 | +€448 | +32.1% |
| Other amounts payable | 47/48 | - | €388 | +€388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,963 | €11,716 | +€753 | +6.9% |
| Other operating charges | 640/8 | €1,719 | €1,617 | -€102 | -5.9% |
| Gross operating margin | 9900 | €42,611 | €50,637 | +€8,026 | +18.8% |
| Operating profit (loss) | 9901 | €29,929 | €37,304 | +€7,375 | +24.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,758 | €2,242 | -€516 | -18.7% |
| Recurring financial charges | 65 | €2,758 | €2,242 | -€516 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €27,171 | €35,062 | +€7,890 | +29.0% |
| Income taxes | 67/77 | €6,490 | €8,510 | +€2,020 | +31.1% |
| Profit (loss) for the period | 9904 | €20,682 | €26,552 | +€5,870 | +28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,682 | €26,552 | +€5,870 | +28.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.