MARCEL: what changed
Two financial 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
- Tangible fixed assets +€167,550
up €167,550 (+12.4%), from €1.4m to €1.5m
- Receivables within one year +€101,578
up €101,578 (+94.5%), from €107,517 to €209,095
of which Trade receivables: +€103,304
- Other debts +€166,658
up €166,658 (+27.9%), from €596,531 to €763,189
- Reserves +€143,544
new in 2025: €143,544
- Trade debts -€54,104
no longer reported in 2025 (was €54,104)
- Debts after one year -€53,333
down €53,333 (-7.3%), from €733,333 to €680,000
- Tax, wage and social debts +€49,215
up €49,215 (+9,983%), from €493 to €49,708
- Gross operating margin +€190,238
up €190,238 (+218%), from €87,353 to €277,591
- Taxes +€31,255
new in 2025: €31,255
- Depreciation +€29,863
up €29,863 (+66.4%), from €44,963 to €74,826
- Financial charges +€14,583
up €14,583 (+109%), from €13,383 to €27,966
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.
Derived cash bridge
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 | €1,518,551 | €1,780,441 | +€261,890 | +17.2% |
| Fixed assets | 21/28 | €1,355,551 | €1,523,101 | +€167,550 | +12.4% |
| Tangible fixed assets | 22/27 | €1,355,551 | €1,523,101 | +€167,550 | +12.4% |
| Land and buildings | 22 | €1,355,551 | €1,523,101 | +€167,550 | +12.4% |
| Current assets | 29/58 | €163,000 | €257,340 | +€94,340 | +57.9% |
| Amounts receivable within one year | 40/41 | €107,517 | €209,095 | +€101,578 | +94.5% |
| Trade receivables | 40 | €105,791 | €209,095 | +€103,304 | +97.6% |
| Other amounts receivable | 41 | €1,726 | - | -€1,726 | |
| Cash at bank and in hand | 54/58 | €55,483 | €48,245 | -€7,238 | -13.0% |
| Total equity and liabilities | 10/49 | €1,518,551 | €1,780,441 | +€261,890 | +17.2% |
| Equity | 10/15 | €79,007 | €222,551 | +€143,544 | +182% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | - | €143,544 | +€143,544 | |
| Distributable reserves | 133 | - | €143,544 | +€143,544 | |
| Profit (loss) carried forward | 14 | €29,007 | €29,007 | = | 0.0% |
| Amounts payable | 17/49 | €1,439,544 | €1,557,890 | +€118,346 | +8.2% |
| Amounts payable after more than one year | 17 | €733,333 | €680,000 | -€53,333 | -7.3% |
| Financial debts | 170/4 | €733,333 | €680,000 | -€53,333 | -7.3% |
| Amounts payable within one year | 42/48 | €704,461 | €866,230 | +€161,769 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €53,333 | €53,333 | = | 0.0% |
| Trade debts | 44 | €54,104 | - | -€54,104 | |
| Suppliers | 440/4 | €54,104 | - | -€54,104 | |
| Taxes, remuneration and social security | 45 | €493 | €49,708 | +€49,215 | +9,983% |
| Taxes | 450/3 | €493 | €49,708 | +€49,215 | +9,983% |
| Other amounts payable | 47/48 | €596,531 | €763,189 | +€166,658 | +27.9% |
| Accrued charges and deferred income | 492/3 | €1,750 | €11,660 | +€9,910 | +566% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,963 | €74,826 | +€29,863 | +66.4% |
| Gross operating margin | 9900 | €87,353 | €277,591 | +€190,238 | +218% |
| Operating profit (loss) | 9901 | €42,390 | €202,765 | +€160,375 | +378% |
| Financial charges | 65/66B | €13,383 | €27,966 | +€14,583 | +109% |
| Recurring financial charges | 65 | €13,383 | €27,966 | +€14,583 | +109% |
| Profit (loss) for the period before taxes | 9903 | €29,007 | €174,799 | +€145,792 | +503% |
| Income taxes | 67/77 | - | €31,255 | +€31,255 | |
| Profit (loss) for the period | 9904 | €29,007 | €143,544 | +€114,537 | +395% |
| Profit (loss) for the period to be appropriated | 9905 | €29,007 | €143,544 | +€114,537 | +395% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.