THY MARCINELLE: 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
THY MARCINELLE
NACE 24.100, Manufacture of basic metals
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€32.3m
2024 · -€28.2m-€4.1m
Equity
€26.4m
2024 · €58.7m-€32.3m
Cash
€0
2024 · €0-€0
Balance sheet total
€127.6m
2024 · €170.2m-€42.7m
Largest movements
Assets
- Stocks and contracts -€41.9m
down €41.9m (-42.0%), from €99.9m to €58.0m
- Tangible fixed assets -€7.1m
down €7.1m (-14.3%), from €49.5m to €42.5m
of which Plant, machinery and equipment: -€4.7m
- Receivables within one year +€6.4m
up €6.4m (+36.1%), from €17.8m to €24.2m
of which Trade receivables: +€6.5m
Equity and liabilities
- Profit (loss) carried forward -€18.7m
new in 2025: -€18.7m
- Reserves -€13.6m
down €13.6m (-67.6%), from €20.1m to €6.5m
of which Distributable reserves: -€13.6m
- Trade debts -€11.4m
down €11.4m (-21.8%), from €52.6m to €41.1m
of which Suppliers: -€11.4m
- Short-term financial debts +€3.0m
up €3.0m (+6.3%), from €48.2m to €51.2m
- Other debts -€1.8m
down €1.8m (-66.3%), from €2.8m to €935,497
Income statement
- Services and other goods -€27.2m
down €27.2m (-67.8%), from €40.1m to €12.9m
- Turnover +€23.5m
up €23.5m (+6.1%), from €382.2m to €405.7m
- Goods and materials +€18.9m
up €18.9m (+5.2%), from €361.7m to €380.6m
of which Change in stocks: decrease (increase): +€17.6m
- Other operating income -€13.0m
down €13.0m (-76.0%), from €17.1m to €4.1m
- Write-downs -€6.2m
down €6.2m, from €3.6m to -€2.7m
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
-€28.2m
Turnover
+€23.5m
Other operating income
-€13.0m
Goods and materials
-€18.9m
Services and other goods
+€27.2m
Staff costs
+€5.7m
Depreciation
+€249,276
Write-downs
+€6.2m
Provisions
-€934,952
Other operating charges
+€4.6m
Other operating items
-€40.1m
Financial income
+€21,349
Financial charges
+€1.3m
Taxes
+€45,317
Result 2025
-€32.3m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€2.3m
Investment
-€670,150
Financing
+€3.0m
Cash 2024
€0
From operations (derived)
-€2.3m
Net result for the year
-€32.3m
Depreciation
+€7.8m
Smaller working-capital items
+€13,565
Stocks and contracts
+€41.9m
Receivables within one year
-€6.4m
Provisions
+€1.1m
Trade debts
-€11.4m
Tax, wage and social debts
-€635,797
Other debts
-€1.8m
Accrued charges and deferred income
-€609,650
Investment (derived)
-€670,150
Investment in fixed assets (net)
-€670,150
Financing
+€3.0m
Short-term financial debts
+€3.0m
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €170,243,232 | €127,586,356 | -€42.7m | -25.1% |
| Fixed assets | 21/28 | €51,614,587 | €44,447,415 | -€7.2m | -13.9% |
| Intangible fixed assets | 21 | €122,374 | €76 | -€122,297 | -99.9% |
| Tangible fixed assets | 22/27 | €49,537,546 | €42,459,498 | -€7.1m | -14.3% |
| Land and buildings | 22 | €10,241,400 | €9,512,782 | -€728,618 | -7.1% |
| Plant, machinery and equipment | 23 | €36,322,793 | €31,672,187 | -€4.7m | -12.8% |
| Furniture and vehicles | 24 | €2,441,231 | €1,152,029 | -€1.3m | -52.8% |
| Assets under construction and advance payments | 27 | €532,121 | €122,500 | -€409,621 | -77.0% |
| Financial fixed assets | 28 | €1,954,668 | €1,987,841 | +€33,173 | +1.7% |
| Affiliated companies | 280/1 | €26 | €26 | = | 0.0% |
| Participating interests | 280 | €26 | €26 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,954,642 | €1,987,815 | +€33,173 | +1.7% |
| Amounts receivable and cash guarantees | 285/8 | €1,954,642 | €1,987,815 | +€33,173 | +1.7% |
| Current assets | 29/58 | €118,628,645 | €83,138,940 | -€35.5m | -29.9% |
| Amounts receivable after more than one year | 29 | €519,283 | €562,350 | +€43,067 | +8.3% |
| Trade receivables | 290 | €519,283 | €562,350 | +€43,067 | +8.3% |
| Stocks and contracts in progress | 3 | €99,866,509 | €57,957,637 | -€41.9m | -42.0% |
| Stocks | 30/36 | €99,866,509 | €57,957,637 | -€41.9m | -42.0% |
| Raw materials and consumables | 30/31 | €76,325,245 | €33,138,847 | -€43.2m | -56.6% |
| Finished goods | 33 | €23,288,898 | €24,812,519 | +€1.5m | +6.5% |
| Goods purchased for resale | 34 | €252,366 | €6,270 | -€246,096 | -97.5% |
| Amounts receivable within one year | 40/41 | €17,801,020 | €24,233,753 | +€6.4m | +36.1% |
| Trade receivables | 40 | €16,639,545 | €23,124,108 | +€6.5m | +39.0% |
| Other amounts receivable | 41 | €1,161,474 | €1,109,644 | -€51,830 | -4.5% |
| Cash at bank and in hand | 54/58 | €0 | €0 | -€0 | -48.0% |
| Deferred charges and accrued income | 490/1 | €441,833 | €385,201 | -€56,632 | -12.8% |
| Total equity and liabilities | 10/49 | €170,243,232 | €127,586,356 | -€42.7m | -25.1% |
| Equity | 10/15 | €58,669,014 | €26,391,277 | -€32.3m | -55.0% |
| Contributions | 10/11 | €38,600,000 | €38,600,000 | = | 0.0% |
| Capital | 10 | €38,600,000 | €38,600,000 | = | 0.0% |
| Issued capital | 100 | €38,600,000 | €38,600,000 | = | 0.0% |
| Reserves | 13 | €20,069,014 | €6,494,915 | -€13.6m | -67.6% |
| Non-distributable reserves | 130/1 | €3,860,000 | €3,860,000 | = | 0.0% |
| Legal reserve | 130 | €3,860,000 | €3,860,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,634,915 | €2,634,915 | = | 0.0% |
| Distributable reserves | 133 | €13,574,099 | - | -€13.6m | |
| Profit (loss) carried forward | 14 | - | -€18,703,638 | -€18.7m | |
| Provisions and deferred taxes | 16 | €844,935 | €1,981,628 | +€1.1m | +135% |
| Provisions for liabilities and charges | 160/5 | €844,935 | €1,981,628 | +€1.1m | +135% |
| Other liabilities and charges | 164/5 | €844,935 | €1,981,628 | +€1.1m | +135% |
| Amounts payable | 17/49 | €110,729,283 | €99,213,451 | -€11.5m | -10.4% |
| Amounts payable within one year | 42/48 | €109,977,692 | €99,071,509 | -€10.9m | -9.9% |
| Financial debts | 43 | €48,159,766 | €51,169,915 | +€3.0m | +6.3% |
| Credit institutions | 430/8 | €48,159,766 | €51,169,915 | +€3.0m | +6.3% |
| Trade debts | 44 | €52,555,628 | €41,115,253 | -€11.4m | -21.8% |
| Suppliers | 440/4 | €52,538,632 | €41,113,899 | -€11.4m | -21.7% |
| Bills of exchange payable | 441 | €16,996 | €1,353 | -€15,643 | -92.0% |
| Taxes, remuneration and social security | 45 | €6,486,641 | €5,850,844 | -€635,797 | -9.8% |
| Taxes | 450/3 | €1,655,395 | €1,980,742 | +€325,348 | +19.7% |
| Remuneration and social security | 454/9 | €4,831,247 | €3,870,102 | -€961,144 | -19.9% |
| Other amounts payable | 47/48 | €2,775,657 | €935,497 | -€1.8m | -66.3% |
| Accrued charges and deferred income | 492/3 | €751,592 | €141,942 | -€609,650 | -81.1% |
| Operating income | 70/76A | €420,833,407 | €391,195,507 | -€29.6m | -7.0% |
| Turnover | 70 | €382,249,405 | €405,713,357 | +€23.5m | +6.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €17,341,486 | -€21,559,343 | -€38.9m | |
| Other operating income | 74 | €17,142,259 | €4,107,282 | -€13.0m | -76.0% |
| Non-recurring operating income | 76A | €4,100,257 | €2,934,210 | -€1.2m | -28.4% |
| Operating charges | 60/66A | €444,734,906 | €420,552,982 | -€24.2m | -5.4% |
| Goods for resale, raw materials and consumables | 60 | €361,731,196 | €380,612,238 | +€18.9m | +5.2% |
| Purchases | 600/8 | €356,330,780 | €357,593,199 | +€1.3m | +0.4% |
| Change in stocks: decrease (increase) | 609 | €5,400,416 | €23,019,038 | +€17.6m | +326% |
| Services and other goods | 61 | €40,114,303 | €12,912,454 | -€27.2m | -67.8% |
| Remuneration, social security and pensions | 62 | €23,852,378 | €18,123,114 | -€5.7m | -24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,086,598 | €7,837,322 | -€249,276 | -3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,580,200 | -€2,669,508 | -€6.2m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €201,741 | €1,136,693 | +€934,952 | +463% |
| Other operating charges | 640/8 | €6,254,980 | €1,664,145 | -€4.6m | -73.4% |
| Non-recurring operating charges | 66A | €913,511 | €936,524 | +€23,014 | +2.5% |
| Operating profit (loss) | 9901 | -€23,901,499 | -€29,357,475 | -€5.5m | -22.8% |
| Financial income | 75/76B | €201,868 | €223,217 | +€21,349 | +10.6% |
| Recurring financial income | 75 | €201,868 | €223,217 | +€21,349 | +10.6% |
| Income from current assets | 751 | €97,982 | €78,810 | -€19,172 | -19.6% |
| Other financial income | 752/9 | €103,886 | €144,407 | +€40,521 | +39.0% |
| Financial charges | 65/66B | €4,414,972 | €3,139,125 | -€1.3m | -28.9% |
| Recurring financial charges | 65 | €4,414,972 | €3,139,125 | -€1.3m | -28.9% |
| Debt charges | 650 | €2,075,872 | €1,046,806 | -€1.0m | -49.6% |
| Other financial charges | 652/9 | €2,339,100 | €2,092,319 | -€246,781 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | -€28,114,603 | -€32,273,383 | -€4.2m | -14.8% |
| Income taxes | 67/77 | €49,671 | €4,354 | -€45,317 | -91.2% |
| Taxes | 670/3 | €59,645 | €8,887 | -€50,757 | -85.1% |
| Tax adjustments and reversals of tax provisions | 77 | €9,974 | €4,533 | -€5,441 | -54.5% |
| Profit (loss) for the period | 9904 | -€28,164,274 | -€32,277,737 | -€4.1m | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,164,274 | -€32,277,737 | -€4.1m | -14.6% |
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 13 October 2026 via checked.be.