MARCELL: 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.
MARCELL
Largest movements
- Tangible fixed assets +€380,515
up €380,515 (+173%), from €220,504 to €601,019
of which Land and buildings: +€382,113
- Stocks and contracts -€330,000
down €330,000 (-61.9%), from €533,024 to €203,024
- Cash -€215,603
down €215,603 (-99.3%), from €217,160 to €1,557
mainly Investment in fixed assets (net) (-€392,361) and Debts after one year (-€302,351)
- Debts after one year -€302,351
down €302,351 (-84.0%), from €360,147 to €57,796
- Current portion of long-term debt +€119,435
up €119,435 (+1,516%), from €7,877 to €127,313
- Gross operating margin +€71,813
up €71,813, from -€28,034 to €43,780
- Other operating charges -€43,148
down €43,148 (-92.6%), from €46,617 to €3,469
- Financial charges -€5,902
down €5,902 (-28.9%), from €20,398 to €14,496
- Depreciation -€1,185
down €1,185 (-7.0%), from €16,883 to €15,698
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 | €1,075,612 | €906,544 | -€169,067 | -15.7% |
| Fixed assets | 21/28 | €324,356 | €701,019 | +€376,663 | +116% |
| Intangible fixed assets | 21 | €3,852 | €0 | -€3,852 | -100% |
| Tangible fixed assets | 22/27 | €220,504 | €601,019 | +€380,515 | +173% |
| Land and buildings | 22 | €218,907 | €601,019 | +€382,113 | +175% |
| Furniture and vehicles | 24 | €1,597 | €0 | -€1,597 | -100% |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €751,255 | €205,525 | -€545,730 | -72.6% |
| Stocks and contracts in progress | 3 | €533,024 | €203,024 | -€330,000 | -61.9% |
| Stocks | 30/36 | €533,024 | €203,024 | -€330,000 | -61.9% |
| Amounts receivable within one year | 40/41 | €189 | €9 | -€181 | -95.5% |
| Other amounts receivable | 41 | €189 | €9 | -€181 | -95.5% |
| Cash at bank and in hand | 54/58 | €217,160 | €1,557 | -€215,603 | -99.3% |
| Deferred charges and accrued income | 490/1 | €881 | €935 | +€53 | +6.1% |
| Total equity and liabilities | 10/49 | €1,075,612 | €906,544 | -€169,067 | -15.7% |
| Equity | 10/15 | €88,534 | €98,651 | +€10,117 | +11.4% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €98,550 | €98,550 | = | 0.0% |
| Distributable reserves | 133 | €98,550 | €98,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€328,616 | -€318,499 | +€10,117 | +3.1% |
| Amounts payable | 17/49 | €987,077 | €807,893 | -€179,184 | -18.2% |
| Amounts payable after more than one year | 17 | €360,147 | €57,796 | -€302,351 | -84.0% |
| Financial debts | 170/4 | €360,147 | €57,796 | -€302,351 | -84.0% |
| Amounts payable within one year | 42/48 | €625,816 | €748,893 | +€123,076 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €7,877 | €127,313 | +€119,435 | +1,516% |
| Financial debts | 43 | €375,000 | €375,000 | = | 0.0% |
| Credit institutions | 430/8 | €375,000 | €375,000 | = | 0.0% |
| Trade debts | 44 | €3,001 | €843 | -€2,158 | -71.9% |
| Suppliers | 440/4 | €3,001 | €843 | -€2,158 | -71.9% |
| Taxes, remuneration and social security | 45 | €1,099 | €0 | -€1,099 | -100% |
| Taxes | 450/3 | €1,099 | €0 | -€1,099 | -100% |
| Other amounts payable | 47/48 | €238,839 | €245,737 | +€6,898 | +2.9% |
| Accrued charges and deferred income | 492/3 | €1,114 | €1,205 | +€91 | +8.1% |
| Non-recurring operating income | 76A | €64,168 | €0 | -€64,168 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,883 | €15,698 | -€1,185 | -7.0% |
| Other operating charges | 640/8 | €46,617 | €3,469 | -€43,148 | -92.6% |
| Gross operating margin | 9900 | -€28,034 | €43,780 | +€71,813 | |
| Operating profit (loss) | 9901 | -€91,533 | €24,613 | +€116,147 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €20,398 | €14,496 | -€5,902 | -28.9% |
| Recurring financial charges | 65 | €20,398 | €14,496 | -€5,902 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | -€111,932 | €10,117 | +€122,049 | |
| Profit (loss) for the period | 9904 | -€111,932 | €10,117 | +€122,049 | |
| Profit (loss) for the period to be appropriated | 9905 | -€111,932 | €10,117 | +€122,049 |
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.