MARCELIS: 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.
MARCELIS
Largest movements
- Current investments -€67,660
down €67,660 (-100.0%), from €67,660 to €0
- Tangible fixed assets +€41,725
up €41,725 (+6.9%), from €606,513 to €648,238
of which Land and buildings: +€61,331
- Receivables within one year +€25,344
up €25,344 (+7.5%), from €337,367 to €362,711
of which Other amounts receivable: +€25,874
- Reserves +€38,719
up €38,719 (+11.0%), from €352,957 to €391,675
of which Distributable reserves: +€39,130
- Other debts -€25,360
down €25,360 (-35.7%), from €71,050 to €45,690
- Tax, wage and social debts +€16,121
up €16,121 (+34.0%), from €47,356 to €63,478
of which Taxes: +€18,130
- Short-term financial debts -€12,521
down €12,521 (-71.2%), from €17,578 to €5,057
- Gross operating margin +€68,420
up €68,420 (+66.0%), from €103,692 to €172,112
- Taxes +€18,723
up €18,723 (+95.5%), from €19,596 to €38,320
- Financial income +€8,009
up €8,009 (+76.9%), from €10,410 to €18,419
- Financial charges +€5,656
up €5,656 (+32.1%), from €17,612 to €23,268
- Depreciation +€3,516
up €3,516 (+10.0%), from €35,290 to €38,806
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 | €1,019,261 | €1,017,637 | -€1,623 | -0.2% |
| Fixed assets | 21/28 | €606,513 | €648,238 | +€41,725 | +6.9% |
| Tangible fixed assets | 22/27 | €606,513 | €648,238 | +€41,725 | +6.9% |
| Land and buildings | 22 | €579,007 | €640,338 | +€61,331 | +10.6% |
| Leasing and similar rights | 25 | €27,506 | €7,900 | -€19,606 | -71.3% |
| Current assets | 29/58 | €412,747 | €369,399 | -€43,348 | -10.5% |
| Amounts receivable after more than one year | 29 | €2,962 | €2,249 | -€713 | -24.1% |
| Other amounts receivable | 291 | €2,962 | €2,249 | -€713 | -24.1% |
| Amounts receivable within one year | 40/41 | €337,367 | €362,711 | +€25,344 | +7.5% |
| Trade receivables | 40 | €26,436 | €25,906 | -€530 | -2.0% |
| Other amounts receivable | 41 | €310,931 | €336,805 | +€25,874 | +8.3% |
| Current investments | 50/53 | €67,660 | €0 | -€67,660 | -100.0% |
| Cash at bank and in hand | 54/58 | €2,537 | €2,088 | -€449 | -17.7% |
| Deferred charges and accrued income | 490/1 | €2,220 | €2,351 | +€131 | +5.9% |
| Total equity and liabilities | 10/49 | €1,019,261 | €1,017,637 | -€1,623 | -0.2% |
| Equity | 10/15 | €371,557 | €410,275 | +€38,719 | +10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €352,957 | €391,675 | +€38,719 | +11.0% |
| Tax-exempt reserves | 132 | €13,774 | €13,362 | -€412 | -3.0% |
| Distributable reserves | 133 | €339,183 | €378,313 | +€39,130 | +11.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €3,443 | €3,341 | -€103 | -3.0% |
| Deferred taxes | 168 | €3,443 | €3,341 | -€103 | -3.0% |
| Amounts payable | 17/49 | €644,260 | €604,021 | -€40,239 | -6.2% |
| Amounts payable after more than one year | 17 | €450,942 | €444,278 | -€6,664 | -1.5% |
| Financial debts | 170/4 | €450,942 | €444,278 | -€6,664 | -1.5% |
| Amounts payable within one year | 42/48 | €193,318 | €159,744 | -€33,575 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €49,132 | €45,178 | -€3,954 | -8.0% |
| Financial debts | 43 | €17,578 | €5,057 | -€12,521 | -71.2% |
| Credit institutions | 430/8 | €17,578 | €5,057 | -€12,521 | -71.2% |
| Trade debts | 44 | €8,202 | €341 | -€7,861 | -95.8% |
| Suppliers | 440/4 | €8,202 | €341 | -€7,861 | -95.8% |
| Taxes, remuneration and social security | 45 | €47,356 | €63,478 | +€16,121 | +34.0% |
| Taxes | 450/3 | €45,348 | €63,478 | +€18,130 | +40.0% |
| Remuneration and social security | 454/9 | €2,008 | €0 | -€2,008 | -100.0% |
| Other amounts payable | 47/48 | €71,050 | €45,690 | -€25,360 | -35.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,290 | €38,806 | +€3,516 | +10.0% |
| Other operating charges | 640/8 | €6,119 | €6,022 | -€97 | -1.6% |
| Gross operating margin | 9900 | €103,692 | €172,112 | +€68,420 | +66.0% |
| Operating profit (loss) | 9901 | €62,282 | €127,284 | +€65,002 | +104.4% |
| Financial income | 75/76B | €10,410 | €18,419 | +€8,009 | +76.9% |
| Recurring financial income | 75 | €10,410 | €18,419 | +€8,009 | +76.9% |
| Financial charges | 65/66B | €17,612 | €23,268 | +€5,656 | +32.1% |
| Recurring financial charges | 65 | €17,612 | €23,268 | +€5,656 | +32.1% |
| Profit (loss) for the period before taxes | 9903 | €55,081 | €122,435 | +€67,354 | +122.3% |
| Transfer from deferred taxes | 780 | €103 | €103 | = | 0.0% |
| Income taxes | 67/77 | €19,596 | €38,320 | +€18,723 | +95.5% |
| Profit (loss) for the period | 9904 | €35,588 | €84,219 | +€48,631 | +136.6% |
| Transfer from tax-exempt reserves | 789 | €412 | €412 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,000 | €84,630 | +€48,631 | +135.1% |
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.