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
- Cash -€30,360
down €30,360 (-66.9%), from €45,409 to €15,050
mainly Investment in fixed assets (net) (-€46,089) and Receivables within one year (-€11,129)
- Tangible fixed assets +€27,010
up €27,010 (+56.1%), from €48,136 to €75,146
of which Furniture and vehicles: +€28,134
- Receivables within one year +€11,129
up €11,129 (+456.1%), from €2,440 to €13,569
of which Trade receivables: +€12,100
- Profit (loss) carried forward +€12,396
up €12,396 (+33.7%), from €36,808 to €49,205
- Debts after one year -€9,394
down €9,394 (-26.3%), from €35,763 to €26,369
- Current portion of long-term debt +€8,987
up €8,987 (+100.2%), from €8,972 to €17,959
- Tax, wage and social debts -€3,522
down €3,522 (-38.0%), from €9,271 to €5,749
- Depreciation +€14,106
up €14,106 (+283.7%), from €4,973 to €19,079
- Gross operating margin +€3,543
up €3,543 (+10.1%), from €34,958 to €38,501
- Taxes -€2,005
down €2,005 (-32.9%), from €6,097 to €4,092
- Financial charges +€668
up €668 (+33.8%), from €1,978 to €2,646
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 | €126,743 | €134,709 | +€7,966 | +6.3% |
| Fixed assets | 21/28 | €78,136 | €105,146 | +€27,010 | +34.6% |
| Tangible fixed assets | 22/27 | €48,136 | €75,146 | +€27,010 | +56.1% |
| Plant, machinery and equipment | 23 | €4,742 | €3,618 | -€1,123 | -23.7% |
| Furniture and vehicles | 24 | €43,394 | €71,528 | +€28,134 | +64.8% |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €48,607 | €29,562 | -€19,044 | -39.2% |
| Amounts receivable within one year | 40/41 | €2,440 | €13,569 | +€11,129 | +456.1% |
| Trade receivables | 40 | - | €12,100 | +€12,100 | |
| Other amounts receivable | 41 | €2,440 | €1,469 | -€971 | -39.8% |
| Cash at bank and in hand | 54/58 | €45,409 | €15,050 | -€30,360 | -66.9% |
| Deferred charges and accrued income | 490/1 | €757 | €944 | +€187 | +24.7% |
| Total equity and liabilities | 10/49 | €126,743 | €134,709 | +€7,966 | +6.3% |
| Equity | 10/15 | €71,808 | €84,205 | +€12,396 | +17.3% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,808 | €49,205 | +€12,396 | +33.7% |
| Amounts payable | 17/49 | €54,934 | €50,504 | -€4,430 | -8.1% |
| Amounts payable after more than one year | 17 | €35,763 | €26,369 | -€9,394 | -26.3% |
| Financial debts | 170/4 | €35,763 | €26,369 | -€9,394 | -26.3% |
| Amounts payable within one year | 42/48 | €19,171 | €24,135 | +€4,964 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €8,972 | €17,959 | +€8,987 | +100.2% |
| Trade debts | 44 | €928 | €427 | -€501 | -54.0% |
| Suppliers | 440/4 | €928 | €427 | -€501 | -54.0% |
| Taxes, remuneration and social security | 45 | €9,271 | €5,749 | -€3,522 | -38.0% |
| Taxes | 450/3 | €9,271 | €5,749 | -€3,522 | -38.0% |
| Non-recurring operating income | 76A | €462 | - | -€462 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,973 | €19,079 | +€14,106 | +283.7% |
| Other operating charges | 640/8 | €495 | €387 | -€108 | -21.8% |
| Gross operating margin | 9900 | €34,958 | €38,501 | +€3,543 | +10.1% |
| Operating profit (loss) | 9901 | €29,490 | €19,035 | -€10,455 | -35.5% |
| Financial income | 75/76B | €0 | €99 | +€99 | +90036.4% |
| Recurring financial income | 75 | €0 | €99 | +€99 | +90036.4% |
| Financial charges | 65/66B | €1,978 | €2,646 | +€668 | +33.8% |
| Recurring financial charges | 65 | €1,978 | €2,646 | +€668 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | €27,512 | €16,488 | -€11,024 | -40.1% |
| Income taxes | 67/77 | €6,097 | €4,092 | -€2,005 | -32.9% |
| Profit (loss) for the period | 9904 | €21,415 | €12,396 | -€9,019 | -42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €21,415 | €12,396 | -€9,019 | -42.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.