Marcel DL: 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 DL
Largest movements
- Cash -€204,691
down €204,691 (-63.1%), from €324,147 to €119,456
mainly Other debts (-€124,648) and Contributions, distributions and other (-€75,000)
- Receivables within one year +€44,373
up €44,373 (+112%), from €39,615 to €83,988
of which Trade receivables: +€37,730
- Tangible fixed assets +€19,265
up €19,265 (+43.9%), from €43,869 to €63,133
of which Furniture and vehicles: +€27,964
- Deferred charges and accrued income -€5,698
down €5,698 (-67.3%), from €8,468 to €2,770
- Other debts -€124,648
down €124,648 (-55.8%), from €223,374 to €98,726
- Reserves -€26,933
down €26,933 (-60.9%), from €44,202 to €17,269
- Accrued charges and deferred income +€15,395
up €15,395 (+1,540%), from €1,000 to €16,395
- Trade debts -€5,327
down €5,327 (-5.5%), from €96,649 to €91,322
- Current portion of long-term debt -€4,568
down €4,568 (-100%), from €4,568 to €0
- Staff costs +€49,829
up €49,829 (+25.9%), from €192,642 to €242,472
- Gross operating margin +€12,225
up €12,225 (+3.8%), from €325,775 to €338,000
- Taxes -€10,886
down €10,886 (-40.9%), from €26,642 to €15,756
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 | €428,017 | €281,486 | -€146,532 | -34.2% |
| Fixed assets | 21/28 | €51,982 | €69,647 | +€17,665 | +34.0% |
| Intangible fixed assets | 21 | €5,766 | €4,166 | -€1,600 | -27.7% |
| Tangible fixed assets | 22/27 | €43,869 | €63,133 | +€19,265 | +43.9% |
| Plant, machinery and equipment | 23 | €18,725 | €15,882 | -€2,844 | -15.2% |
| Furniture and vehicles | 24 | €4,948 | €32,911 | +€27,964 | +565% |
| Other tangible fixed assets | 26 | €20,196 | €14,341 | -€5,856 | -29.0% |
| Financial fixed assets | 28 | €2,348 | €2,348 | = | 0.0% |
| Current assets | 29/58 | €376,035 | €211,839 | -€164,196 | -43.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €3,806 | €5,625 | +€1,820 | +47.8% |
| Stocks | 30/36 | €3,806 | €5,625 | +€1,820 | +47.8% |
| Amounts receivable within one year | 40/41 | €39,615 | €83,988 | +€44,373 | +112% |
| Trade receivables | 40 | €32,534 | €70,265 | +€37,730 | +116% |
| Other amounts receivable | 41 | €7,080 | €13,723 | +€6,643 | +93.8% |
| Cash at bank and in hand | 54/58 | €324,147 | €119,456 | -€204,691 | -63.1% |
| Deferred charges and accrued income | 490/1 | €8,468 | €2,770 | -€5,698 | -67.3% |
| Total equity and liabilities | 10/49 | €428,017 | €281,486 | -€146,532 | -34.2% |
| Equity | 10/15 | €62,752 | €35,819 | -€26,933 | -42.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €44,202 | €17,269 | -€26,933 | -60.9% |
| Distributable reserves | 133 | €44,202 | €17,269 | -€26,933 | -60.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €365,265 | €245,667 | -€119,598 | -32.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €364,265 | €229,271 | -€134,994 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | €4,568 | €0 | -€4,568 | -100% |
| Trade debts | 44 | €96,649 | €91,322 | -€5,327 | -5.5% |
| Suppliers | 440/4 | €96,649 | €91,322 | -€5,327 | -5.5% |
| Taxes, remuneration and social security | 45 | €39,674 | €39,223 | -€451 | -1.1% |
| Taxes | 450/3 | €18,133 | €17,353 | -€779 | -4.3% |
| Remuneration and social security | 454/9 | €21,542 | €21,869 | +€328 | +1.5% |
| Other amounts payable | 47/48 | €223,374 | €98,726 | -€124,648 | -55.8% |
| Accrued charges and deferred income | 492/3 | €1,000 | €16,395 | +€15,395 | +1,540% |
| Remuneration, social security and pensions | 62 | €192,642 | €242,472 | +€49,829 | +25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,537 | €19,248 | +€711 | +3.8% |
| Other operating charges | 640/8 | €5,893 | €6,544 | +€651 | +11.1% |
| Gross operating margin | 9900 | €325,775 | €338,000 | +€12,225 | +3.8% |
| Operating profit (loss) | 9901 | €108,702 | €69,736 | -€38,967 | -35.8% |
| Financial income | 75/76B | €1,404 | €934 | -€470 | -33.5% |
| Recurring financial income | 75 | €1,404 | €934 | -€470 | -33.5% |
| Financial charges | 65/66B | €4,396 | €6,847 | +€2,451 | +55.8% |
| Recurring financial charges | 65 | €4,396 | €6,847 | +€2,451 | +55.8% |
| Profit (loss) for the period before taxes | 9903 | €105,710 | €63,822 | -€41,887 | -39.6% |
| Income taxes | 67/77 | €26,642 | €15,756 | -€10,886 | -40.9% |
| Profit (loss) for the period | 9904 | €79,068 | €48,067 | -€31,001 | -39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €79,068 | €48,067 | -€31,001 | -39.2% |
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 14 October 2026 via checked.be.