MARCELSIO: 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.
What changed
MARCELSIO
NACE 74.991, Agents and managers of artists, athletes and other public figures
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€201,697
2024 · €1.7m-€1.5m
Equity
€19.5m
2024 · €19.3m+€201,697
Cash
€3,691
2024 · €177,176-€173,486
Balance sheet total
€25.1m
2024 · €25.1m-€38,257
Largest movements
Assets
- Financial fixed assets +€1.0m
up €1.0m (+5.3%), from €19.1m to €20.1m
- Receivables after one year -€800,000
down €800,000 (-94.1%), from €850,000 to €50,000
Equity and liabilities
- Debts after one year -€1.1m
down €1.1m (-42.4%), from €2.6m to €1.5m
of which Financial debts: -€1.1m
- Other debts +€523,965
up €523,965 (+26.0%), from €2.0m to €2.5m
- Short-term financial debts +€330,285
up €330,285, from €0 to €330,285
of which Other loans: +€330,285
Income statement
- Financial income -€1.6m
down €1.6m (-93.5%), from €1.7m to €113,957
- Gross operating margin +€56,347
up €56,347 (+23.8%), from €236,495 to €292,842
- Financial charges -€19,152
down €19,152 (-22.9%), from €83,604 to €64,452
of which Financial charges: -€19,152
- Taxes -€18,419
down €18,419, from €9,209 to -€9,209
- Write-downs -€15,621
down €15,621 (-100.0%), from €15,621 to €0
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.
Result 2024
€1.7m
Gross operating margin
+€56,347
Depreciation
+€37
Write-downs
+€15,621
Other operating charges
+€1,207
Financial income
-€1.6m
Financial charges
+€19,152
Taxes
+€18,419
Result 2025
€201,697
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.
From operations
+€1.9m
Investment
-€1.3m
Financing
-€759,727
Cash 2024
€177,176
From operations (derived)
+€1.9m
Net result for the year
+€201,697
Depreciation
+€147,058
Receivables after one year
+€800,000
Receivables within one year
+€235,744
Smaller working-capital items
-€1,333
Tax, wage and social debts
-€5,408
Other debts
+€523,965
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
-€759,727
Debts after one year
-€1.1m
Current portion of long-term debt
+€21,380
Short-term financial debts
+€330,285
Cash 2025
€3,691
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,099,580 | €25,061,323 | -€38,257 | -0.2% |
| Fixed assets | 21/28 | €20,437,834 | €21,606,258 | +€1.2m | +5.7% |
| Tangible fixed assets | 22/27 | €1,355,035 | €1,520,790 | +€165,755 | +12.2% |
| Land and buildings | 22 | €958,061 | €927,599 | -€30,461 | -3.2% |
| Plant, machinery and equipment | 23 | €1,026 | €624 | -€402 | -39.2% |
| Furniture and vehicles | 24 | €342,123 | €236,234 | -€105,889 | -31.0% |
| Other tangible fixed assets | 26 | €53,825 | €56,333 | +€2,508 | +4.7% |
| Assets under construction and advance payments | 27 | - | €300,000 | +€300,000 | |
| Financial fixed assets | 28 | €19,082,799 | €20,085,468 | +€1.0m | +5.3% |
| Current assets | 29/58 | €4,661,746 | €3,455,065 | -€1.2m | -25.9% |
| Amounts receivable after more than one year | 29 | €850,000 | €50,000 | -€800,000 | -94.1% |
| Other amounts receivable | 291 | €850,000 | €50,000 | -€800,000 | -94.1% |
| Amounts receivable within one year | 40/41 | €3,631,501 | €3,395,757 | -€235,744 | -6.5% |
| Trade receivables | 40 | €86,540 | €16,005 | -€70,535 | -81.5% |
| Other amounts receivable | 41 | €3,544,961 | €3,379,752 | -€165,209 | -4.7% |
| Cash at bank and in hand | 54/58 | €177,176 | €3,691 | -€173,486 | -97.9% |
| Deferred charges and accrued income | 490/1 | €3,069 | €5,618 | +€2,549 | +83.0% |
| Total equity and liabilities | 10/49 | €25,099,580 | €25,061,323 | -€38,257 | -0.2% |
| Equity | 10/15 | €19,338,563 | €19,540,260 | +€201,697 | +1.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €5,641,014 | €5,641,014 | = | 0.0% |
| Distributable reserves | 133 | €5,641,014 | €5,641,014 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,677,549 | €13,879,246 | +€201,697 | +1.5% |
| Amounts payable | 17/49 | €5,761,017 | €5,521,063 | -€239,954 | -4.2% |
| Amounts payable after more than one year | 17 | €2,620,879 | €1,509,489 | -€1.1m | -42.4% |
| Financial debts | 170/4 | €2,609,629 | €1,494,489 | -€1.1m | -42.7% |
| Other amounts payable | 178/9 | €11,250 | €15,000 | +€3,750 | +33.3% |
| Amounts payable within one year | 42/48 | €3,134,352 | €4,005,748 | +€871,396 | +27.8% |
| Current portion of amounts payable after more than one year | 42 | €1,093,761 | €1,115,141 | +€21,380 | +2.0% |
| Financial debts | 43 | €0 | €330,285 | +€330,285 | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | - | €330,285 | +€330,285 | |
| Trade debts | 44 | €3,651 | €4,826 | +€1,176 | +32.2% |
| Suppliers | 440/4 | €3,651 | €4,826 | +€1,176 | +32.2% |
| Taxes, remuneration and social security | 45 | €22,473 | €17,064 | -€5,408 | -24.1% |
| Taxes | 450/3 | €22,473 | €17,064 | -€5,408 | -24.1% |
| Other amounts payable | 47/48 | €2,014,467 | €2,538,432 | +€523,965 | +26.0% |
| Accrued charges and deferred income | 492/3 | €5,786 | €5,827 | +€40 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,096 | €147,058 | -€37 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,621 | €0 | -€15,621 | -100.0% |
| Other operating charges | 640/8 | €4,007 | €2,801 | -€1,207 | -30.1% |
| Gross operating margin | 9900 | €236,495 | €292,842 | +€56,347 | +23.8% |
| Operating profit (loss) | 9901 | €69,771 | €142,983 | +€73,212 | +104.9% |
| Financial income | 75/76B | €1,748,151 | €113,957 | -€1.6m | -93.5% |
| Recurring financial income | 75 | €1,748,151 | €113,957 | -€1.6m | -93.5% |
| Financial charges | 65/66B | €83,604 | €64,452 | -€19,152 | -22.9% |
| Recurring financial charges | 65 | €83,604 | €64,452 | -€19,152 | -22.9% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €1,734,318 | €192,488 | -€1.5m | -88.9% |
| Income taxes | 67/77 | €9,209 | -€9,209 | -€18,419 | |
| Profit (loss) for the period | 9904 | €1,725,109 | €201,697 | -€1.5m | -88.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,725,109 | €201,697 | -€1.5m | -88.3% |
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 9 October 2026 via checked.be.