Marcel: 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.
Marcel
Largest movements
- Current investments +€80,002
up €80,002 (+625.9%), from €12,781 to €92,783
- Cash -€53,587
down €53,587 (-61.0%), from €87,868 to €34,282
mainly Current investments (-€80,002) and Debts after one year (-€43,162)
- Tangible fixed assets -€45,830
down €45,830 (-11.3%), from €404,730 to €358,900
of which Plant, machinery and equipment: -€32,980
- Receivables within one year -€9,433
down €9,433 (-63.3%), from €14,902 to €5,469
of which Trade receivables: -€9,460
- Debts after one year -€43,162
down €43,162 (-12.5%), from €345,276 to €302,113
- Reserves +€13,672
up €13,672 (+35.6%), from €38,413 to €52,084
of which Distributable reserves: +€13,672
- Advances received +€12,564
up €12,564 (+105.5%), from €11,912 to €24,476
- Tax, wage and social debts -€7,048
down €7,048 (-13.0%), from €54,264 to €47,216
of which Remuneration and social security: -€3,879
- Trade debts -€5,430
down €5,430 (-20.9%), from €26,031 to €20,601
- Staff costs -€41,564
down €41,564 (-11.0%), from €377,419 to €335,854
- Gross operating margin -€28,196
down €28,196 (-6.4%), from €442,359 to €414,163
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.
Cash bridge derived
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 | €527,264 | €496,916 | -€30,347 | -5.8% |
| Fixed assets | 21/28 | €404,730 | €358,900 | -€45,830 | -11.3% |
| Tangible fixed assets | 22/27 | €404,730 | €358,900 | -€45,830 | -11.3% |
| Land and buildings | 22 | €36,610 | €28,925 | -€7,685 | -21.0% |
| Plant, machinery and equipment | 23 | €116,990 | €84,010 | -€32,980 | -28.2% |
| Furniture and vehicles | 24 | €997 | €6,254 | +€5,257 | +527.3% |
| Leasing and similar rights | 25 | €250,133 | €239,711 | -€10,422 | -4.2% |
| Current assets | 29/58 | €122,533 | €138,017 | +€15,483 | +12.6% |
| Stocks and contracts in progress | 3 | €4,869 | €3,251 | -€1,618 | -33.2% |
| Stocks | 30/36 | €4,869 | €3,251 | -€1,618 | -33.2% |
| Amounts receivable within one year | 40/41 | €14,902 | €5,469 | -€9,433 | -63.3% |
| Trade receivables | 40 | €14,725 | €5,264 | -€9,460 | -64.2% |
| Other amounts receivable | 41 | €177 | €205 | +€27 | +15.4% |
| Current investments | 50/53 | €12,781 | €92,783 | +€80,002 | +625.9% |
| Cash at bank and in hand | 54/58 | €87,868 | €34,282 | -€53,587 | -61.0% |
| Deferred charges and accrued income | 490/1 | €2,113 | €2,232 | +€119 | +5.6% |
| Total equity and liabilities | 10/49 | €527,264 | €496,916 | -€30,347 | -5.8% |
| Equity | 10/15 | €29,576 | €43,248 | +€13,672 | +46.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €38,413 | €52,084 | +€13,672 | +35.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €36,553 | €50,224 | +€13,672 | +37.4% |
| Profit (loss) carried forward | 14 | -€27,436 | -€27,436 | = | 0.0% |
| Amounts payable | 17/49 | €497,688 | €453,668 | -€44,019 | -8.8% |
| Amounts payable after more than one year | 17 | €345,276 | €302,113 | -€43,162 | -12.5% |
| Financial debts | 170/4 | €345,276 | €302,113 | -€43,162 | -12.5% |
| Amounts payable within one year | 42/48 | €152,412 | €151,555 | -€857 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €50,039 | €50,228 | +€190 | +0.4% |
| Financial debts | 43 | - | €91 | +€91 | |
| Credit institutions | 430/8 | - | €91 | +€91 | |
| Trade debts | 44 | €26,031 | €20,601 | -€5,430 | -20.9% |
| Suppliers | 440/4 | €26,031 | €20,601 | -€5,430 | -20.9% |
| Advances received on contracts in progress | 46 | €11,912 | €24,476 | +€12,564 | +105.5% |
| Taxes, remuneration and social security | 45 | €54,264 | €47,216 | -€7,048 | -13.0% |
| Taxes | 450/3 | €24,788 | €21,619 | -€3,169 | -12.8% |
| Remuneration and social security | 454/9 | €29,475 | €25,596 | -€3,879 | -13.2% |
| Other amounts payable | 47/48 | €10,167 | €8,943 | -€1,224 | -12.0% |
| Remuneration, social security and pensions | 62 | €377,419 | €335,854 | -€41,564 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,149 | €52,706 | +€558 | +1.1% |
| Other operating charges | 640/8 | €5,367 | €6,271 | +€904 | +16.8% |
| Gross operating margin | 9900 | €442,359 | €414,163 | -€28,196 | -6.4% |
| Operating profit (loss) | 9901 | €7,424 | €19,331 | +€11,907 | +160.4% |
| Financial income | 75/76B | €2,401 | €2,255 | -€146 | -6.1% |
| Recurring financial income | 75 | €2,401 | €2,255 | -€146 | -6.1% |
| Financial charges | 65/66B | €9,910 | €7,773 | -€2,137 | -21.6% |
| Recurring financial charges | 65 | €9,910 | €7,773 | -€2,137 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | -€85 | €13,812 | +€13,897 | |
| Income taxes | 67/77 | €250 | €140 | -€110 | -43.9% |
| Profit (loss) for the period | 9904 | -€335 | €13,672 | +€14,007 | |
| Profit (loss) for the period to be appropriated | 9905 | -€335 | €13,672 | +€14,007 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.