MARGHES: 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.
MARGHES
Largest movements
- Receivables after one year +€131,475
new in 2025: €131,475
- Cash -€26,678
down €26,678 (-72.6%), from €36,747 to €10,070
mainly Contributions, distributions and other (-€138,469) and Receivables after one year (-€131,475)
- Tangible fixed assets -€16,694
down €16,694 (-34.9%), from €47,847 to €31,153
of which Furniture and vehicles: -€11,594
- Debts after one year +€131,475
new in 2025: €131,475
- Reserves -€108,664
down €108,664 (-78.5%), from €138,469 to €29,805
- Other debts +€53,291
up €53,291 (+1039.0%), from €5,129 to €58,420
- Accrued charges and deferred income +€14,286
up €14,286 (+1873.6%), from €762 to €15,048
- Gross operating margin -€12,466
down €12,466 (-17.8%), from €70,143 to €57,677
- Financial income +€8,289
up €8,289 (+7671.0%), from €108 to €8,397
- Financial charges +€2,387
up €2,387 (+313.1%), from €762 to €3,150
- Depreciation +€2,122
up €2,122 (+11.2%), from €18,963 to €21,085
- Taxes -€804
down €804 (-6.8%), from €11,865 to €11,061
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 | €148,784 | €238,096 | +€89,312 | +60.0% |
| Fixed assets | 21/28 | €47,847 | €31,153 | -€16,694 | -34.9% |
| Tangible fixed assets | 22/27 | €47,847 | €31,153 | -€16,694 | -34.9% |
| Furniture and vehicles | 24 | €11,594 | €0 | -€11,594 | -100.0% |
| Other tangible fixed assets | 26 | €36,254 | €31,153 | -€5,101 | -14.1% |
| Current assets | 29/58 | €100,937 | €206,942 | +€106,006 | +105.0% |
| Amounts receivable after more than one year | 29 | - | €131,475 | +€131,475 | |
| Other amounts receivable | 291 | - | €131,475 | +€131,475 | |
| Amounts receivable within one year | 40/41 | €61,978 | €61,940 | -€38 | -0.1% |
| Trade receivables | 40 | €39,478 | €14,000 | -€25,478 | -64.5% |
| Other amounts receivable | 41 | €22,500 | €47,940 | +€25,440 | +113.1% |
| Cash at bank and in hand | 54/58 | €36,747 | €10,070 | -€26,678 | -72.6% |
| Deferred charges and accrued income | 490/1 | €2,212 | €3,458 | +€1,246 | +56.3% |
| Total equity and liabilities | 10/49 | €148,784 | €238,096 | +€89,312 | +60.0% |
| Equity | 10/15 | €139,479 | €30,815 | -€108,664 | -77.9% |
| Contributions | 10/11 | €1,010 | €1,010 | = | 0.0% |
| Reserves | 13 | €138,469 | €29,805 | -€108,664 | -78.5% |
| Distributable reserves | 133 | €138,469 | €29,805 | -€108,664 | -78.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,305 | €207,281 | +€197,976 | +2127.6% |
| Amounts payable after more than one year | 17 | - | €131,475 | +€131,475 | |
| Financial debts | 170/4 | - | €131,475 | +€131,475 | |
| Amounts payable within one year | 42/48 | €8,543 | €60,758 | +€52,215 | +611.2% |
| Trade debts | 44 | €823 | €1,331 | +€508 | +61.7% |
| Suppliers | 440/4 | €823 | €1,331 | +€508 | +61.7% |
| Taxes, remuneration and social security | 45 | €2,590 | €1,007 | -€1,584 | -61.1% |
| Taxes | 450/3 | €2,590 | €1,007 | -€1,584 | -61.1% |
| Other amounts payable | 47/48 | €5,129 | €58,420 | +€53,291 | +1039.0% |
| Accrued charges and deferred income | 492/3 | €762 | €15,048 | +€14,286 | +1873.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,963 | €21,085 | +€2,122 | +11.2% |
| Other operating charges | 640/8 | €1,037 | €973 | -€64 | -6.1% |
| Gross operating margin | 9900 | €70,143 | €57,677 | -€12,466 | -17.8% |
| Operating profit (loss) | 9901 | €50,143 | €35,618 | -€14,525 | -29.0% |
| Financial income | 75/76B | €108 | €8,397 | +€8,289 | +7671.0% |
| Recurring financial income | 75 | €108 | €8,397 | +€8,289 | +7671.0% |
| Financial charges | 65/66B | €762 | €3,150 | +€2,387 | +313.1% |
| Recurring financial charges | 65 | €762 | €3,150 | +€2,387 | +313.1% |
| Profit (loss) for the period before taxes | 9903 | €49,488 | €40,866 | -€8,623 | -17.4% |
| Income taxes | 67/77 | €11,865 | €11,061 | -€804 | -6.8% |
| Profit (loss) for the period | 9904 | €37,623 | €29,805 | -€7,819 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €37,623 | €29,805 | -€7,819 | -20.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.