Margaux Matton: 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.
Margaux Matton
Largest movements
- Cash +€60,755
up €60,755 (+1,223%), from €4,967 to €65,722
mainly Debts after one year (+€50,000) and Net result for the year (+€21,291)
- Tangible fixed assets +€10,667
up €10,667 (+323%), from €3,307 to €13,974
of which Assets under construction and advance payments: +€10,918
- Debts after one year +€50,000
new in 2025: €50,000
- Profit (loss) carried forward +€21,291
up €21,291 (+2,316%), from €919 to €22,211
- Trade debts +€959
up €959 (+58.4%), from €1,642 to €2,601
- Gross operating margin +€25,658
up €25,658 (+550%), from €4,664 to €30,322
- Taxes +€4,963
up €4,963 (+379%), from €1,308 to €6,271
- Depreciation +€642
up €642 (+53.0%), from €1,211 to €1,854
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 | €9,531 | €80,450 | +€70,919 | +744% |
| Formation expenses | 20 | €906 | €601 | -€304 | -33.6% |
| Fixed assets | 21/28 | €3,307 | €13,974 | +€10,667 | +323% |
| Tangible fixed assets | 22/27 | €3,307 | €13,974 | +€10,667 | +323% |
| Land and buildings | 22 | €949 | €632 | -€317 | -33.4% |
| Plant, machinery and equipment | 23 | €1,079 | €851 | -€228 | -21.2% |
| Furniture and vehicles | 24 | €1,279 | €1,573 | +€294 | +23.0% |
| Assets under construction and advance payments | 27 | - | €10,918 | +€10,918 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €5,319 | €65,875 | +€60,556 | +1,139% |
| Cash at bank and in hand | 54/58 | €4,967 | €65,722 | +€60,755 | +1,223% |
| Deferred charges and accrued income | 490/1 | €352 | €153 | -€199 | -56.6% |
| Total equity and liabilities | 10/49 | €9,531 | €80,450 | +€70,919 | +744% |
| Equity | 10/15 | €3,419 | €24,711 | +€21,291 | +623% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €919 | €22,211 | +€21,291 | +2,316% |
| Amounts payable | 17/49 | €6,112 | €55,739 | +€49,627 | +812% |
| Amounts payable after more than one year | 17 | - | €50,000 | +€50,000 | |
| Financial debts | 170/4 | - | €50,000 | +€50,000 | |
| Amounts payable within one year | 42/48 | €6,112 | €5,617 | -€495 | -8.1% |
| Trade debts | 44 | €1,642 | €2,601 | +€959 | +58.4% |
| Suppliers | 440/4 | €1,642 | €2,601 | +€959 | +58.4% |
| Taxes, remuneration and social security | 45 | €3,196 | €2,409 | -€787 | -24.6% |
| Taxes | 450/3 | €1,596 | €659 | -€937 | -58.7% |
| Remuneration and social security | 454/9 | €1,600 | €1,750 | +€150 | +9.4% |
| Other amounts payable | 47/48 | €1,274 | €607 | -€667 | -52.4% |
| Accrued charges and deferred income | 492/3 | - | €123 | +€123 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,211 | €1,854 | +€642 | +53.0% |
| Other operating charges | 640/8 | €741 | €757 | +€16 | +2.2% |
| Gross operating margin | 9900 | €4,664 | €30,322 | +€25,658 | +550% |
| Operating profit (loss) | 9901 | €2,711 | €27,711 | +€25,000 | +922% |
| Financial income | 75/76B | €7 | €0 | -€7 | -95.7% |
| Recurring financial income | 75 | €7 | €0 | -€7 | -95.7% |
| Financial charges | 65/66B | €149 | €148 | -€1 | -0.7% |
| Recurring financial charges | 65 | €149 | €148 | -€1 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €2,569 | €27,563 | +€24,994 | +973% |
| Income taxes | 67/77 | €1,308 | €6,271 | +€4,963 | +379% |
| Profit (loss) for the period | 9904 | €1,261 | €21,291 | +€20,031 | +1,589% |
| Profit (loss) for the period to be appropriated | 9905 | €1,261 | €21,291 | +€20,031 | +1,589% |
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 20 October 2026 via checked.be.