MARCELL: what changed
What changed
MARCELL
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€10,117
2024 · -€111,932+€122,049
Equity
€98,651
2024 · €88,534+€10,117
Cash
€1,557
2024 · €217,160-€215,603
Balance sheet total
€906,544
2024 · €1.1m-€169,067
Largest movements
Assets
- 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)
Equity and liabilities
- 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
Income statement
- 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
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€111,932
Gross operating margin
+€71,813
Depreciation
+€1,185
Other operating charges
+€43,148
Financial charges
+€5,902
Result 2025
€10,117
raises the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€359,674
Investment
-€392,361
Financing
-€182,916
Cash 2024
€217,160
From operations (derived)
+€359,674
Net result for the year
+€10,117
Depreciation
+€15,698
Stocks and contracts
+€330,000
Smaller working-capital items
+€218
Trade debts
-€2,158
Tax, wage and social debts
-€1,099
Other debts
+€6,898
Investment (derived)
-€392,361
Investment in fixed assets (net)
-€392,361
Financing
-€182,916
Debts after one year
-€302,351
Current portion of long-term debt
+€119,435
Cash 2025
€1,557
brings cash intakes cash out
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 |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.