MARCABEL: 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.
MARCABEL
Largest movements
- Cash +€9.5m
up €9.5m (+659.6%), from €1.4m to €11.0m
mainly Net result for the year (+€9.3m) and Investment in fixed assets (net) (+€2.3m)
- Financial fixed assets -€2.3m
down €2.3m (-100.0%), from €2.3m to €0
- Receivables after one year +€1.8m
new in 2026: €1.8m
- Receivables within one year +€925,410
new in 2026: €925,410
of which Other amounts receivable: +€900,000
- Reserves +€9.0m
up €9.0m (+336.2%), from €2.7m to €11.7m
of which Distributable reserves: +€9.0m
- Tax, wage and social debts +€843,651
up €843,651 (+1356.8%), from €62,179 to €905,830
- Gross operating margin +€7.0m
up €7.0m (+4900.2%), from €143,417 to €7.2m
- Financial income +€2.4m
up €2.4m (+401.6%), from €609,216 to €3.1m
- Taxes +€862,249
up €862,249 (+911.8%), from €94,565 to €956,814
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 | €3,772,127 | €13,689,699 | +€9.9m | +262.9% |
| Fixed assets | 21/28 | €2,328,724 | €0 | -€2.3m | -100.0% |
| Financial fixed assets | 28 | €2,328,724 | €0 | -€2.3m | -100.0% |
| Current assets | 29/58 | €1,443,403 | €13,689,699 | +€12.2m | +848.4% |
| Amounts receivable after more than one year | 29 | - | €1,800,000 | +€1.8m | |
| Other amounts receivable | 291 | - | €1,800,000 | +€1.8m | |
| Amounts receivable within one year | 40/41 | - | €925,410 | +€925,410 | |
| Trade receivables | 40 | - | €25,410 | +€25,410 | |
| Other amounts receivable | 41 | - | €900,000 | +€900,000 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,443,403 | €10,964,289 | +€9.5m | +659.6% |
| Total equity and liabilities | 10/49 | €3,772,127 | €13,689,699 | +€9.9m | +262.9% |
| Equity | 10/15 | €3,449,948 | €12,468,951 | +€9.0m | +261.4% |
| Contributions | 10/11 | €767,267 | €767,267 | = | 0.0% |
| Reserves | 13 | €2,682,681 | €11,701,684 | +€9.0m | +336.2% |
| Tax-exempt reserves | 132 | €306 | €306 | = | 0.0% |
| Distributable reserves | 133 | €2,682,376 | €11,701,378 | +€9.0m | +336.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €322,179 | €1,220,749 | +€898,570 | +278.9% |
| Amounts payable within one year | 42/48 | €322,179 | €1,220,749 | +€898,570 | +278.9% |
| Taxes, remuneration and social security | 45 | €62,179 | €905,830 | +€843,651 | +1356.8% |
| Taxes | 450/3 | €62,179 | €905,830 | +€843,651 | +1356.8% |
| Other amounts payable | 47/48 | €259,999 | €314,919 | +€54,919 | +21.1% |
| Non-recurring operating income | 76A | - | €7,109,986 | +€7.1m | |
| Other operating charges | 640/8 | €1,454 | €1,206 | -€248 | -17.0% |
| Gross operating margin | 9900 | €143,417 | €7,171,164 | +€7.0m | +4900.2% |
| Operating profit (loss) | 9901 | €141,964 | €7,169,957 | +€7.0m | +4950.6% |
| Financial income | 75/76B | €609,216 | €3,056,012 | +€2.4m | +401.6% |
| Recurring financial income | 75 | €609,216 | €3,056,012 | +€2.4m | +401.6% |
| Financial charges | 65/66B | €18,586 | €153 | -€18,433 | -99.2% |
| Recurring financial charges | 65 | €18,586 | €153 | -€18,433 | -99.2% |
| Profit (loss) for the period before taxes | 9903 | €732,594 | €10,225,817 | +€9.5m | +1295.8% |
| Income taxes | 67/77 | €94,565 | €956,814 | +€862,249 | +911.8% |
| Profit (loss) for the period | 9904 | €638,028 | €9,269,002 | +€8.6m | +1352.8% |
| Profit (loss) for the period to be appropriated | 9905 | €638,028 | €9,269,002 | +€8.6m | +1352.8% |
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.