MARGE 12: what changed
Two fiscal 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.
MARGE 12
Largest movements
- Receivables after one year -€39,699
no longer reported in 2025 (was €39,699)
- Receivables within one year +€37,027
new in 2025: €37,027
- Tangible fixed assets -€24,879
down €24,879 (-6.4%), from €390,976 to €366,098
of which Land and buildings: -€23,879
- Deferred charges and accrued income +€6,534
new in 2025: €6,534
- Cash -€6,192
down €6,192 (-68.5%), from €9,039 to €2,846
mainly Net result for the year (-€48,496) and Receivables within one year (-€37,027)
- Profit (loss) carried forward -€48,496
down €48,496 (-70.8%), from -€68,483 to -€116,979
- Trade debts +€20,011
up €20,011 (+17.7%), from €113,360 to €133,372
- Services and other goods +€99,599
new in 2025: €99,599
- Turnover +€84,277
new in 2025: €84,277
- Gross operating margin +€18,691
no longer reported in 2025 (was -€18,691)
- Goods and materials +€2,529
new in 2025: €2,529
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €439,714 | €412,505 | -€27,209 | -6.2% |
| Fixed assets | 21/28 | €390,976 | €366,098 | -€24,879 | -6.4% |
| Tangible fixed assets | 22/27 | €390,976 | €366,098 | -€24,879 | -6.4% |
| Land and buildings | 22 | €389,976 | €366,098 | -€23,879 | -6.1% |
| Plant, machinery and equipment | 23 | €1,000 | €0 | -€1,000 | -100.0% |
| Current assets | 29/58 | €48,738 | €46,407 | -€2,331 | -4.8% |
| Amounts receivable after more than one year | 29 | €39,699 | - | -€39,699 | |
| Other amounts receivable | 291 | €39,699 | - | -€39,699 | |
| Amounts receivable within one year | 40/41 | - | €37,027 | +€37,027 | |
| Other amounts receivable | 41 | - | €37,027 | +€37,027 | |
| Cash at bank and in hand | 54/58 | €9,039 | €2,846 | -€6,192 | -68.5% |
| Deferred charges and accrued income | 490/1 | - | €6,534 | +€6,534 | |
| Total equity and liabilities | 10/49 | €439,714 | €412,505 | -€27,209 | -6.2% |
| Equity | 10/15 | €4,667 | -€43,829 | -€48,496 | |
| Contributions | 10/11 | €66,500 | €66,500 | = | 0.0% |
| Capital | 10 | €66,500 | €66,500 | = | 0.0% |
| Issued capital | 100 | €66,500 | €66,500 | = | 0.0% |
| Reserves | 13 | €6,650 | €6,650 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,650 | €6,650 | = | 0.0% |
| Legal reserve | 130 | €6,650 | €6,650 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,483 | -€116,979 | -€48,496 | -70.8% |
| Amounts payable | 17/49 | €435,047 | €456,334 | +€21,287 | +4.9% |
| Amounts payable within one year | 42/48 | €435,047 | €456,334 | +€21,287 | +4.9% |
| Trade debts | 44 | €113,360 | €133,372 | +€20,011 | +17.7% |
| Suppliers | 440/4 | €113,360 | €133,372 | +€20,011 | +17.7% |
| Other amounts payable | 47/48 | €321,687 | €322,963 | +€1,276 | +0.4% |
| Operating income | 70/76A | - | €84,277 | +€84,277 | |
| Turnover | 70 | - | €84,277 | +€84,277 | |
| Operating charges | 60/66A | - | €132,583 | +€132,583 | |
| Goods for resale, raw materials and consumables | 60 | - | €2,529 | +€2,529 | |
| Purchases | 600/8 | - | €2,529 | +€2,529 | |
| Services and other goods | 61 | - | €99,599 | +€99,599 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,261 | €24,879 | -€382 | -1.5% |
| Other operating charges | 640/8 | €5,462 | €5,575 | +€114 | +2.1% |
| Gross operating margin | 9900 | -€18,691 | - | +€18,691 | |
| Operating profit (loss) | 9901 | -€49,413 | -€48,306 | +€1,108 | +2.2% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €105 | €190 | +€85 | +81.3% |
| Recurring financial charges | 65 | €105 | €190 | +€85 | +81.3% |
| Debt charges | 650 | - | €190 | +€190 | |
| Profit (loss) for the period before taxes | 9903 | -€49,515 | -€48,496 | +€1,019 | +2.1% |
| Profit (loss) for the period | 9904 | -€49,515 | -€48,496 | +€1,019 | +2.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,515 | -€48,496 | +€1,019 | +2.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.