MARGEMA: what changed
What changed
MARGEMA
NACE 41.002, General construction of office buildings
filed annual accounts (NBB)
Net result for the year
€52,469
2025 · €116,319-€63,850
Equity
€1.0m
2025 · €962,439+€52,469
Cash
€692,050
2025 · €334,558+€357,492
Balance sheet total
€2.1m
2025 · €1.8m+€329,468
Largest movements
Assets
- Cash +€357,492
up €357,492 (+107%), from €334,558 to €692,050
mainly Trade debts (+€297,701) and Advances received (+€53,998)
- Receivables within one year +€54,305
up €54,305 (+9.9%), from €548,346 to €602,651
of which Other amounts receivable: +€35,547
- Deferred charges and accrued income -€48,879
down €48,879 (-6.9%), from €712,604 to €663,725
Equity and liabilities
- Trade debts +€297,701
up €297,701 (+53.0%), from €561,804 to €859,506
- Advances received +€53,998
new in 2026: €53,998
- Reserves +€52,469
up €52,469 (+6.5%), from €802,439 to €854,907
- Other debts -€50,400
down €50,400 (-83.3%), from €60,529 to €10,129
Income statement
- Turnover -€119,773
down €119,773 (-1.8%), from €6.6m to €6.5m
- Staff costs +€70,250
up €70,250 (+9.5%), from €737,058 to €807,308
- Purchases and services -€70,082
down €70,082 (-1.3%), from €5.6m to €5.5m
Change in the result, 2025 to 2026
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 2025
€116,319
Gross operating margin
-€32,960
Staff costs
-€70,250
Depreciation
-€4,353
Other operating charges
+€3,211
Financial income
+€1,734
Financial charges
+€13,948
Taxes
+€24,820
Result 2026
€52,469
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€383,256
Investment
-€13,764
Financing
-€12,000
Cash 2025
€334,558
From operations (derived)
+€383,256
Net result for the year
+€52,469
Depreciation
+€47,214
Receivables within one year
-€54,305
Deferred charges and accrued income
+€48,879
Trade debts
+€297,701
Tax, wage and social debts
-€3,714
Advances received
+€53,998
Other debts
-€50,400
Accrued charges and deferred income
-€8,586
Investment (derived)
-€13,764
Investment in fixed assets (net)
-€13,764
Financing
-€12,000
Short-term financial debts
-€12,000
Cash 2026
€692,050
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,763,576 | €2,093,044 | +€329,468 | +18.7% |
| Fixed assets | 21/28 | €163,094 | €129,644 | -€33,450 | -20.5% |
| Tangible fixed assets | 22/27 | €97,467 | €77,959 | -€19,509 | -20.0% |
| Land and buildings | 22 | €4,243 | €373 | -€3,870 | -91.2% |
| Plant, machinery and equipment | 23 | €75,232 | €60,600 | -€14,632 | -19.4% |
| Furniture and vehicles | 24 | €17,992 | €16,986 | -€1,007 | -5.6% |
| Financial fixed assets | 28 | €65,626 | €51,685 | -€13,941 | -21.2% |
| Current assets | 29/58 | €1,600,483 | €1,963,400 | +€362,917 | +22.7% |
| Amounts receivable within one year | 40/41 | €548,346 | €602,651 | +€54,305 | +9.9% |
| Trade receivables | 40 | €100,979 | €119,738 | +€18,758 | +18.6% |
| Other amounts receivable | 41 | €447,366 | €482,913 | +€35,547 | +7.9% |
| Current investments | 50/53 | €4,975 | €4,975 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €334,558 | €692,050 | +€357,492 | +107% |
| Deferred charges and accrued income | 490/1 | €712,604 | €663,725 | -€48,879 | -6.9% |
| Total equity and liabilities | 10/49 | €1,763,576 | €2,093,044 | +€329,468 | +18.7% |
| Equity | 10/15 | €962,439 | €1,014,907 | +€52,469 | +5.5% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €802,439 | €854,907 | +€52,469 | +6.5% |
| Distributable reserves | 133 | €802,439 | €854,907 | +€52,469 | +6.5% |
| Amounts payable | 17/49 | €801,138 | €1,078,136 | +€276,999 | +34.6% |
| Amounts payable within one year | 42/48 | €774,238 | €1,059,823 | +€285,585 | +36.9% |
| Financial debts | 43 | €92,000 | €80,000 | -€12,000 | -13.0% |
| Credit institutions | 430/8 | €92,000 | €80,000 | -€12,000 | -13.0% |
| Trade debts | 44 | €561,804 | €859,506 | +€297,701 | +53.0% |
| Suppliers | 440/4 | €561,804 | €859,506 | +€297,701 | +53.0% |
| Advances received on contracts in progress | 46 | - | €53,998 | +€53,998 | |
| Taxes, remuneration and social security | 45 | €59,904 | €56,190 | -€3,714 | -6.2% |
| Taxes | 450/3 | €26,918 | €22,381 | -€4,537 | -16.9% |
| Remuneration and social security | 454/9 | €32,986 | €33,808 | +€822 | +2.5% |
| Other amounts payable | 47/48 | €60,529 | €10,129 | -€50,400 | -83.3% |
| Accrued charges and deferred income | 492/3 | €26,899 | €18,313 | -€8,586 | -31.9% |
| Turnover | 70 | €6,601,358 | €6,481,585 | -€119,773 | -1.8% |
| Non-recurring operating income | 76A | €50 | €0 | -€50 | -100% |
| Goods, raw materials, services and sundry goods | 60/61 | €5,602,728 | €5,532,646 | -€70,082 | -1.3% |
| Remuneration, social security and pensions | 62 | €737,058 | €807,308 | +€70,250 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,861 | €47,214 | +€4,353 | +10.2% |
| Other operating charges | 640/8 | €14,666 | €11,455 | -€3,211 | -21.9% |
| Gross operating margin | 9900 | €987,008 | €954,048 | -€32,960 | -3.3% |
| Operating profit (loss) | 9901 | €192,423 | €88,072 | -€104,352 | -54.2% |
| Financial income | 75/76B | €12,448 | €14,182 | +€1,734 | +13.9% |
| Recurring financial income | 75 | €12,448 | €14,182 | +€1,734 | +13.9% |
| Financial charges | 65/66B | €41,306 | €27,358 | -€13,948 | -33.8% |
| Recurring financial charges | 65 | €41,306 | €27,358 | -€13,948 | -33.8% |
| Profit (loss) for the period before taxes | 9903 | €163,565 | €74,895 | -€88,670 | -54.2% |
| Income taxes | 67/77 | €47,246 | €22,426 | -€24,820 | -52.5% |
| Profit (loss) for the period | 9904 | €116,319 | €52,469 | -€63,850 | -54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €116,319 | €52,469 | -€63,850 | -54.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.