Code Marguerite: 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.
Code Marguerite
Largest movements
- Cash +€7,562
up €7,562 (+112%), from €6,743 to €14,305
mainly Net result for the year (+€9,555) and Other debts (+€9,000)
- Tangible fixed assets -€5,199
down €5,199 (-87.7%), from €5,929 to €730
of which Furniture and vehicles: -€4,885
- Receivables within one year -€1,313
down €1,313 (-4.7%), from €27,894 to €26,581
of which Other amounts receivable: -€6,416
- Reserves -€17,200
down €17,200 (-41.9%), from €41,050 to €23,850
- Profit (loss) carried forward +€9,555
up €9,555 (+51.4%), from -€18,584 to -€9,029
- Other debts +€9,000
up €9,000 (+110%), from €8,200 to €17,200
- Current portion of long-term debt -€4,109
no longer reported in 2025 (was €4,109)
- Tax, wage and social debts +€2,470
up €2,470 (+73.6%), from €3,355 to €5,825
- Gross operating margin +€20,689
up €20,689, from -€1,481 to €19,208
- Depreciation -€4,508
down €4,508 (-43.4%), from €10,395 to €5,887
- Other operating charges -€371
down €371 (-17.3%), from €2,146 to €1,775
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 | €40,915 | €41,616 | +€701 | +1.7% |
| Fixed assets | 21/28 | €6,114 | €730 | -€5,384 | -88.1% |
| Tangible fixed assets | 22/27 | €5,929 | €730 | -€5,199 | -87.7% |
| Plant, machinery and equipment | 23 | €314 | - | -€314 | |
| Furniture and vehicles | 24 | €5,615 | €730 | -€4,885 | -87.0% |
| Financial fixed assets | 28 | €185 | - | -€185 | |
| Current assets | 29/58 | €34,801 | €40,886 | +€6,085 | +17.5% |
| Amounts receivable within one year | 40/41 | €27,894 | €26,581 | -€1,313 | -4.7% |
| Trade receivables | 40 | €13,106 | €18,209 | +€5,103 | +38.9% |
| Other amounts receivable | 41 | €14,788 | €8,372 | -€6,416 | -43.4% |
| Cash at bank and in hand | 54/58 | €6,743 | €14,305 | +€7,562 | +112% |
| Deferred charges and accrued income | 490/1 | €164 | - | -€164 | |
| Total equity and liabilities | 10/49 | €40,915 | €41,616 | +€701 | +1.7% |
| Equity | 10/15 | €22,652 | €15,007 | -€7,645 | -33.7% |
| Contributions | 10/11 | €186 | €186 | = | 0.0% |
| Reserves | 13 | €41,050 | €23,850 | -€17,200 | -41.9% |
| Distributable reserves | 133 | €41,050 | €23,850 | -€17,200 | -41.9% |
| Profit (loss) carried forward | 14 | -€18,584 | -€9,029 | +€9,555 | +51.4% |
| Amounts payable | 17/49 | €18,263 | €26,609 | +€8,346 | +45.7% |
| Amounts payable within one year | 42/48 | €17,005 | €26,209 | +€9,204 | +54.1% |
| Current portion of amounts payable after more than one year | 42 | €4,109 | - | -€4,109 | |
| Trade debts | 44 | €1,341 | €3,184 | +€1,843 | +137% |
| Suppliers | 440/4 | €1,341 | €3,184 | +€1,843 | +137% |
| Taxes, remuneration and social security | 45 | €3,355 | €5,825 | +€2,470 | +73.6% |
| Taxes | 450/3 | €3,355 | €5,825 | +€2,470 | +73.6% |
| Other amounts payable | 47/48 | €8,200 | €17,200 | +€9,000 | +110% |
| Accrued charges and deferred income | 492/3 | €1,258 | €400 | -€858 | -68.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,395 | €5,887 | -€4,508 | -43.4% |
| Other operating charges | 640/8 | €2,146 | €1,775 | -€371 | -17.3% |
| Gross operating margin | 9900 | -€1,481 | €19,208 | +€20,689 | |
| Operating profit (loss) | 9901 | -€14,022 | €11,546 | +€25,568 | |
| Financial income | 75/76B | €19 | - | -€19 | |
| Recurring financial income | 75 | €19 | - | -€19 | |
| Financial charges | 65/66B | €1,783 | €1,709 | -€74 | -4.2% |
| Recurring financial charges | 65 | €1,783 | €1,709 | -€74 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,786 | €9,837 | +€25,623 | |
| Income taxes | 67/77 | €192 | €282 | +€90 | +46.9% |
| Profit (loss) for the period | 9904 | -€15,978 | €9,555 | +€25,533 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,978 | €9,555 | +€25,533 |
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.