Marcell Holding: 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.
Marcell Holding
Largest movements
- Cash -€11,198
down €11,198 (-85.3%), from €13,134 to €1,936
mainly Net result for the year (-€11,903) and Receivables within one year (-€1,867)
- Tangible fixed assets -€2,196
down €2,196 (-40.2%), from €5,462 to €3,265
of which Furniture and vehicles: -€3,150
- Receivables within one year +€1,867
up €1,867 (+354.0%), from €527 to €2,394
of which Trade receivables: +€1,448
- Profit (loss) carried forward -€11,903
down €11,903 (-386.8%), from -€3,077 to -€14,980
- Tax, wage and social debts +€997
new in 2025: €997
- Trade debts -€394
down €394 (-4.1%), from €9,588 to €9,194
- Other debts -€370
down €370 (-2.9%), from €12,822 to €12,452
- Gross operating margin -€23,074
down €23,074, from €16,476 to -€6,598
- Write-downs -€4,400
down €4,400 (-52.4%), from €8,400 to €4,000
- Depreciation -€894
down €894 (-65.1%), from €1,373 to €479
- Other operating charges -€659
down €659 (-52.0%), from €1,268 to €609
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 | €22,333 | €10,663 | -€11,670 | -52.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €7,962 | €5,765 | -€2,196 | -27.6% |
| Tangible fixed assets | 22/27 | €5,462 | €3,265 | -€2,196 | -40.2% |
| Plant, machinery and equipment | 23 | €1,324 | €0 | -€1,324 | -100.0% |
| Furniture and vehicles | 24 | €4,138 | €988 | -€3,150 | -76.1% |
| Other tangible fixed assets | 26 | - | €2,277 | +€2,277 | |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €14,371 | €4,898 | -€9,473 | -65.9% |
| Amounts receivable within one year | 40/41 | €527 | €2,394 | +€1,867 | +354.0% |
| Trade receivables | 40 | - | €1,448 | +€1,448 | |
| Other amounts receivable | 41 | €527 | €946 | +€419 | +79.5% |
| Cash at bank and in hand | 54/58 | €13,134 | €1,936 | -€11,198 | -85.3% |
| Deferred charges and accrued income | 490/1 | €710 | €567 | -€143 | -20.1% |
| Total equity and liabilities | 10/49 | €22,333 | €10,663 | -€11,670 | -52.3% |
| Equity | 10/15 | -€77 | -€11,980 | -€11,903 | -15428.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,077 | -€14,980 | -€11,903 | -386.8% |
| Amounts payable | 17/49 | €22,410 | €22,643 | +€233 | +1.0% |
| Amounts payable within one year | 42/48 | €22,410 | €22,643 | +€233 | +1.0% |
| Trade debts | 44 | €9,588 | €9,194 | -€394 | -4.1% |
| Suppliers | 440/4 | €9,588 | €9,194 | -€394 | -4.1% |
| Taxes, remuneration and social security | 45 | - | €997 | +€997 | |
| Taxes | 450/3 | - | €997 | +€997 | |
| Other amounts payable | 47/48 | €12,822 | €12,452 | -€370 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,373 | €479 | -€894 | -65.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,400 | €4,000 | -€4,400 | -52.4% |
| Other operating charges | 640/8 | €1,268 | €609 | -€659 | -52.0% |
| Non-recurring operating charges | 66A | - | €166 | +€166 | |
| Gross operating margin | 9900 | €16,476 | -€6,598 | -€23,074 | |
| Operating profit (loss) | 9901 | €5,435 | -€11,852 | -€17,287 | |
| Financial charges | 65/66B | €42 | €50 | +€8 | +20.1% |
| Recurring financial charges | 65 | €42 | €50 | +€8 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €5,393 | -€11,903 | -€17,295 | |
| Profit (loss) for the period | 9904 | €5,393 | -€11,903 | -€17,295 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,393 | -€11,903 | -€17,295 |
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 5 October 2026 via checked.be.