MARCELINC: 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.
MARCELINC
Largest movements
- Current investments +€121,650
up €121,650 (+145.7%), from €83,502 to €205,152
- Cash -€15,660
down €15,660 (-28.8%), from €54,310 to €38,650
mainly Contributions, distributions and other (-€199,000) and Current investments (-€121,650)
- Tangible fixed assets -€11,120
down €11,120 (-24.4%), from €45,548 to €34,428
of which Leasing and similar rights: -€11,433
- Other debts +€172,579
up €172,579 (+2659.0%), from €6,490 to €179,069
- Reserves -€79,856
down €79,856 (-53.3%), from €149,868 to €70,013
- Debts after one year -€11,580
down €11,580 (-45.0%), from €25,713 to €14,133
- Tax, wage and social debts +€10,979
up €10,979 (+115.2%), from €9,532 to €20,511
- Gross operating margin +€18,711
up €18,711 (+12.9%), from €145,270 to €163,981
- Taxes +€3,351
up €3,351 (+11.8%), from €28,478 to €31,830
- Depreciation -€2,152
down €2,152 (-13.0%), from €16,495 to €14,343
- Financial income +€2,081
up €2,081 (+127.4%), from €1,633 to €3,715
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 | €206,401 | €298,381 | +€91,980 | +44.6% |
| Fixed assets | 21/28 | €45,548 | €34,428 | -€11,120 | -24.4% |
| Tangible fixed assets | 22/27 | €45,548 | €34,428 | -€11,120 | -24.4% |
| Plant, machinery and equipment | 23 | €8,312 | €9,376 | +€1,064 | +12.8% |
| Furniture and vehicles | 24 | €752 | - | -€752 | |
| Leasing and similar rights | 25 | €36,484 | €25,052 | -€11,433 | -31.3% |
| Current assets | 29/58 | €160,853 | €263,953 | +€103,100 | +64.1% |
| Amounts receivable within one year | 40/41 | €23,041 | €20,150 | -€2,891 | -12.5% |
| Trade receivables | 40 | €21,780 | €20,150 | -€1,630 | -7.5% |
| Other amounts receivable | 41 | €1,261 | - | -€1,261 | |
| Current investments | 50/53 | €83,502 | €205,152 | +€121,650 | +145.7% |
| Cash at bank and in hand | 54/58 | €54,310 | €38,650 | -€15,660 | -28.8% |
| Total equity and liabilities | 10/49 | €206,401 | €298,381 | +€91,980 | +44.6% |
| Equity | 10/15 | €152,868 | €73,013 | -€79,856 | -52.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €149,868 | €70,013 | -€79,856 | -53.3% |
| Distributable reserves | 133 | €149,868 | €70,013 | -€79,856 | -53.3% |
| Amounts payable | 17/49 | €53,533 | €225,368 | +€171,835 | +321.0% |
| Amounts payable after more than one year | 17 | €25,713 | €14,133 | -€11,580 | -45.0% |
| Financial debts | 170/4 | €25,713 | €14,133 | -€11,580 | -45.0% |
| Amounts payable within one year | 42/48 | €27,820 | €211,235 | +€183,415 | +659.3% |
| Current portion of amounts payable after more than one year | 42 | €11,108 | €11,580 | +€472 | +4.2% |
| Trade debts | 44 | €691 | €76 | -€615 | -89.1% |
| Suppliers | 440/4 | €691 | €76 | -€615 | -89.1% |
| Taxes, remuneration and social security | 45 | €9,532 | €20,511 | +€10,979 | +115.2% |
| Taxes | 450/3 | €9,532 | €20,511 | +€10,979 | +115.2% |
| Other amounts payable | 47/48 | €6,490 | €179,069 | +€172,579 | +2659.0% |
| Non-recurring operating income | 76A | - | €9,248 | +€9,248 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,495 | €14,343 | -€2,152 | -13.0% |
| Other operating charges | 640/8 | €183 | €365 | +€182 | +99.4% |
| Gross operating margin | 9900 | €145,270 | €163,981 | +€18,711 | +12.9% |
| Operating profit (loss) | 9901 | €128,592 | €149,273 | +€20,681 | +16.1% |
| Financial income | 75/76B | €1,633 | €3,715 | +€2,081 | +127.4% |
| Recurring financial income | 75 | €1,633 | €3,715 | +€2,081 | +127.4% |
| Financial charges | 65/66B | €2,746 | €2,014 | -€732 | -26.7% |
| Recurring financial charges | 65 | €2,746 | €2,014 | -€732 | -26.7% |
| Non-recurring financial charges | 66B | €0 | €0 | +€0 | +50.0% |
| Profit (loss) for the period before taxes | 9903 | €127,480 | €150,974 | +€23,494 | +18.4% |
| Income taxes | 67/77 | €28,478 | €31,830 | +€3,351 | +11.8% |
| Profit (loss) for the period | 9904 | €99,001 | €119,144 | +€20,143 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €99,001 | €119,144 | +€20,143 | +20.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.