MARCELLIS PANORAMA: 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.
MARCELLIS PANORAMA
Largest movements
- Stocks and contracts +€2.1m
up €2.1m (+120%), from €1.7m to €3.8m
- Receivables within one year +€172,384
up €172,384 (+83.1%), from €207,370 to €379,753
of which Trade receivables: +€172,135
- Short-term financial debts +€2.2m
up €2.2m (+156%), from €1.4m to €3.6m
- Profit (loss) carried forward -€141,012
down €141,012 (-52.2%), from -€270,072 to -€411,085
- Trade debts +€109,179
up €109,179 (+91.6%), from €119,221 to €228,400
- Gross operating margin +€50,069
up €50,069 (+75.8%), from -€66,017 to -€15,948
- Financial charges +€42,965
up €42,965 (+52.7%), from €81,479 to €124,444
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 | €1,975,104 | €4,167,742 | +€2.2m | +111% |
| Formation expenses | 20 | €0 | - | = | |
| Current assets | 29/58 | €1,975,104 | €4,167,742 | +€2.2m | +111% |
| Stocks and contracts in progress | 3 | €1,719,515 | €3,775,528 | +€2.1m | +120% |
| Stocks | 30/36 | €1,719,515 | €3,775,528 | +€2.1m | +120% |
| Amounts receivable within one year | 40/41 | €207,370 | €379,753 | +€172,384 | +83.1% |
| Trade receivables | 40 | €202,756 | €374,892 | +€172,135 | +84.9% |
| Other amounts receivable | 41 | €4,613 | €4,862 | +€249 | +5.4% |
| Cash at bank and in hand | 54/58 | €44,329 | €10,019 | -€34,310 | -77.4% |
| Deferred charges and accrued income | 490/1 | €3,891 | €2,441 | -€1,449 | -37.3% |
| Total equity and liabilities | 10/49 | €1,975,104 | €4,167,742 | +€2.2m | +111% |
| Equity | 10/15 | -€245,072 | -€386,085 | -€141,012 | -57.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€270,072 | -€411,085 | -€141,012 | -52.2% |
| Amounts payable | 17/49 | €2,220,176 | €4,553,826 | +€2.3m | +105% |
| Amounts payable after more than one year | 17 | €690,609 | €714,781 | +€24,171 | +3.5% |
| Financial debts | 170/4 | €690,609 | €714,781 | +€24,171 | +3.5% |
| Amounts payable within one year | 42/48 | €1,529,221 | €3,838,400 | +€2.3m | +151% |
| Financial debts | 43 | €1,410,000 | €3,610,000 | +€2.2m | +156% |
| Credit institutions | 430/8 | €1,410,000 | €3,610,000 | +€2.2m | +156% |
| Trade debts | 44 | €119,221 | €228,400 | +€109,179 | +91.6% |
| Suppliers | 440/4 | €119,221 | €228,400 | +€109,179 | +91.6% |
| Accrued charges and deferred income | 492/3 | €346 | €646 | +€300 | +86.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24 | €0 | -€24 | -100% |
| Other operating charges | 640/8 | €607 | €620 | +€12 | +2.0% |
| Gross operating margin | 9900 | -€66,017 | -€15,948 | +€50,069 | +75.8% |
| Operating profit (loss) | 9901 | -€66,648 | -€16,568 | +€50,080 | +75.1% |
| Financial charges | 65/66B | €81,479 | €124,444 | +€42,965 | +52.7% |
| Recurring financial charges | 65 | €81,479 | €124,444 | +€42,965 | +52.7% |
| Profit (loss) for the period before taxes | 9903 | -€148,128 | -€141,012 | +€7,115 | +4.8% |
| Profit (loss) for the period | 9904 | -€148,128 | -€141,012 | +€7,115 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€148,128 | -€141,012 | +€7,115 | +4.8% |
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 15 October 2026 via checked.be.