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
- Stocks and contracts +€9,206
up €9,206 (+11.2%), from €81,944 to €91,150
- Receivables within one year -€4,712
down €4,712 (-70.0%), from €6,730 to €2,018
of which Other amounts receivable: -€4,857
- Cash -€4,531
down €4,531 (-17.1%), from €26,435 to €21,905
mainly Trade debts (-€10,945) and Stocks and contracts (-€9,206)
- Short-term financial debts +€25,000
new in 2025: €25,000
- Trade debts -€10,945
down €10,945 (-22.9%), from €47,694 to €36,749
- Profit (loss) carried forward -€7,444
new in 2025: -€7,444
- Tax, wage and social debts -€6,758
down €6,758 (-48.7%), from €13,865 to €7,107
of which Taxes: -€6,858
- Gross operating margin -€22,106
down €22,106, from €18,388 to -€3,718
- Taxes -€4,307
down €4,307 (-100.0%), from €4,307 to €0
- Financial charges +€410
up €410 (+11.6%), from €3,544 to €3,954
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 | €116,522 | €116,536 | +€15 | 0.0% |
| Fixed assets | 21/28 | €400 | €400 | = | 0.0% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €116,122 | €116,136 | +€15 | 0.0% |
| Stocks and contracts in progress | 3 | €81,944 | €91,150 | +€9,206 | +11.2% |
| Stocks | 30/36 | €81,944 | €91,150 | +€9,206 | +11.2% |
| Amounts receivable within one year | 40/41 | €6,730 | €2,018 | -€4,712 | -70.0% |
| Trade receivables | 40 | - | €145 | +€145 | |
| Other amounts receivable | 41 | €6,730 | €1,873 | -€4,857 | -72.2% |
| Cash at bank and in hand | 54/58 | €26,435 | €21,905 | -€4,531 | -17.1% |
| Deferred charges and accrued income | 490/1 | €1,012 | €1,064 | +€52 | +5.1% |
| Total equity and liabilities | 10/49 | €116,522 | €116,536 | +€15 | 0.0% |
| Equity | 10/15 | €29,569 | €22,125 | -€7,444 | -25.2% |
| Contributions | 10/11 | €16,000 | €16,000 | = | 0.0% |
| Reserves | 13 | €13,569 | €13,569 | = | 0.0% |
| Distributable reserves | 133 | €13,569 | €13,569 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€7,444 | -€7,444 | |
| Amounts payable | 17/49 | €86,952 | €94,411 | +€7,459 | +8.6% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 175 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €61,559 | €68,856 | +€7,297 | +11.9% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €47,694 | €36,749 | -€10,945 | -22.9% |
| Suppliers | 440/4 | €47,694 | €36,749 | -€10,945 | -22.9% |
| Taxes, remuneration and social security | 45 | €13,865 | €7,107 | -€6,758 | -48.7% |
| Taxes | 450/3 | €13,865 | €7,007 | -€6,858 | -49.5% |
| Remuneration and social security | 454/9 | - | €100 | +€100 | |
| Accrued charges and deferred income | 492/3 | €393 | €555 | +€162 | +41.2% |
| Other operating charges | 640/8 | €232 | €244 | +€12 | +5.2% |
| Gross operating margin | 9900 | €18,388 | -€3,718 | -€22,106 | |
| Operating profit (loss) | 9901 | €18,156 | -€3,962 | -€22,118 | |
| Financial income | 75/76B | €396 | €472 | +€76 | +19.1% |
| Recurring financial income | 75 | €396 | €472 | +€76 | +19.1% |
| Financial charges | 65/66B | €3,544 | €3,954 | +€410 | +11.6% |
| Recurring financial charges | 65 | €3,544 | €3,954 | +€410 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €15,008 | -€7,444 | -€22,452 | |
| Income taxes | 67/77 | €4,307 | €0 | -€4,307 | -100.0% |
| Profit (loss) for the period | 9904 | €10,701 | -€7,444 | -€18,145 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,701 | -€7,444 | -€18,145 |
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 28 September 2026 via checked.be.