MARGEX: 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.
MARGEX
Largest movements
- Cash -€12,120
down €12,120 (-37.6%), from €32,271 to €20,151
mainly Other debts (-€13,139) and Debts after one year (-€5,992)
- Tangible fixed assets +€2,737
up €2,737 (+166.5%), from €1,644 to €4,382
of which Plant, machinery and equipment: +€2,286
- Receivables within one year -€1,104
down €1,104 (-25.2%), from €4,386 to €3,282
of which Trade receivables: -€1,104
- Other debts -€13,139
down €13,139 (-74.6%), from €17,618 to €4,479
- Profit (loss) carried forward +€6,120
up €6,120 (+16.6%), from €36,914 to €43,034
- Debts after one year -€5,992
down €5,992 (-32.1%), from €18,662 to €12,671
- Tax, wage and social debts +€3,036
up €3,036 (+26.6%), from €11,421 to €14,458
- Gross operating margin -€17,688
down €17,688 (-54.1%), from €32,724 to €15,036
- Taxes -€5,138
down €5,138 (-60.6%), from €8,480 to €3,342
- Financial charges +€716
up €716 (+21.3%), from €3,352 to €4,068
- Depreciation +€490
up €490 (+175.3%), from €280 to €770
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 | €91,250 | €80,824 | -€10,426 | -11.4% |
| Fixed assets | 21/28 | €54,144 | €56,882 | +€2,737 | +5.1% |
| Tangible fixed assets | 22/27 | €1,644 | €4,382 | +€2,737 | +166.5% |
| Plant, machinery and equipment | 23 | €1,644 | €3,931 | +€2,286 | +139.0% |
| Other tangible fixed assets | 26 | - | €451 | +€451 | |
| Financial fixed assets | 28 | €52,500 | €52,500 | = | 0.0% |
| Current assets | 29/58 | €37,106 | €23,942 | -€13,163 | -35.5% |
| Amounts receivable within one year | 40/41 | €4,386 | €3,282 | -€1,104 | -25.2% |
| Trade receivables | 40 | €4,386 | €3,282 | -€1,104 | -25.2% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €32,271 | €20,151 | -€12,120 | -37.6% |
| Deferred charges and accrued income | 490/1 | €449 | €509 | +€60 | +13.4% |
| Total equity and liabilities | 10/49 | €91,250 | €80,824 | -€10,426 | -11.4% |
| Equity | 10/15 | €36,915 | €43,035 | +€6,120 | +16.6% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,914 | €43,034 | +€6,120 | +16.6% |
| Amounts payable | 17/49 | €54,335 | €37,789 | -€16,546 | -30.5% |
| Amounts payable after more than one year | 17 | €18,662 | €12,671 | -€5,992 | -32.1% |
| Financial debts | 170/4 | €18,662 | €12,671 | -€5,992 | -32.1% |
| Amounts payable within one year | 42/48 | €35,672 | €25,118 | -€10,554 | -29.6% |
| Current portion of amounts payable after more than one year | 42 | €5,774 | €5,992 | +€218 | +3.8% |
| Trade debts | 44 | €859 | €190 | -€669 | -77.9% |
| Suppliers | 440/4 | €859 | €190 | -€669 | -77.9% |
| Taxes, remuneration and social security | 45 | €11,421 | €14,458 | +€3,036 | +26.6% |
| Taxes | 450/3 | €11,421 | €14,458 | +€3,036 | +26.6% |
| Other amounts payable | 47/48 | €17,618 | €4,479 | -€13,139 | -74.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €280 | €770 | +€490 | +175.3% |
| Other operating charges | 640/8 | €996 | €1,015 | +€19 | +1.9% |
| Gross operating margin | 9900 | €32,724 | €15,036 | -€17,688 | -54.1% |
| Operating profit (loss) | 9901 | €31,448 | €13,251 | -€18,198 | -57.9% |
| Financial income | 75/76B | €1,250 | €1,112 | -€138 | -11.0% |
| Recurring financial income | 75 | €1,250 | €1,112 | -€138 | -11.0% |
| Financial charges | 65/66B | €3,352 | €4,068 | +€716 | +21.3% |
| Recurring financial charges | 65 | €3,352 | €4,068 | +€716 | +21.3% |
| Profit (loss) for the period before taxes | 9903 | €29,346 | €10,295 | -€19,051 | -64.9% |
| Income taxes | 67/77 | €8,480 | €3,342 | -€5,138 | -60.6% |
| Profit (loss) for the period | 9904 | €20,866 | €6,953 | -€13,914 | -66.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,866 | €6,953 | -€13,914 | -66.7% |
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 2 October 2026 via checked.be.