MARGI: 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.
MARGI
Largest movements
- Receivables within one year +€67,468
up €67,468 (+57.8%), from €116,803 to €184,271
of which Other amounts receivable: +€58,361
- Tangible fixed assets -€29,168
down €29,168 (-18.7%), from €156,239 to €127,071
of which Furniture and vehicles: -€19,389
- Cash +€6,014
up €6,014 (+44.4%), from €13,551 to €19,565
mainly Other debts (+€108,000) and Depreciation (+€56,311)
- Other debts +€108,000
up €108,000 (+58.7%), from €183,839 to €291,840
- Profit (loss) carried forward -€37,366
new in 2025: -€37,366
- Debts after one year -€14,017
down €14,017 (-85.6%), from €16,370 to €2,352
- Reserves -€12,255
down €12,255 (-100.0%), from €12,255 to €0
- Gross operating margin -€53,132
down €53,132 (-64.9%), from €81,814 to €28,683
- Write-downs -€11,930
down €11,930 (-77.6%), from €15,369 to €3,438
- Financial income -€1,441
down €1,441 (-55.1%), from €2,613 to €1,173
- Depreciation +€1,068
up €1,068 (+1.9%), from €55,242 to €56,311
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 | €290,255 | €332,089 | +€41,834 | +14.4% |
| Fixed assets | 21/28 | €156,239 | €127,071 | -€29,168 | -18.7% |
| Tangible fixed assets | 22/27 | €156,239 | €127,071 | -€29,168 | -18.7% |
| Land and buildings | 22 | €81,731 | €78,170 | -€3,561 | -4.4% |
| Plant, machinery and equipment | 23 | €28,423 | €22,206 | -€6,217 | -21.9% |
| Furniture and vehicles | 24 | €46,085 | €26,695 | -€19,389 | -42.1% |
| Current assets | 29/58 | €134,016 | €205,018 | +€71,002 | +53.0% |
| Amounts receivable within one year | 40/41 | €116,803 | €184,271 | +€67,468 | +57.8% |
| Trade receivables | 40 | €37,633 | €46,740 | +€9,107 | +24.2% |
| Other amounts receivable | 41 | €79,171 | €137,531 | +€58,361 | +73.7% |
| Cash at bank and in hand | 54/58 | €13,551 | €19,565 | +€6,014 | +44.4% |
| Deferred charges and accrued income | 490/1 | €3,662 | €1,182 | -€2,480 | -67.7% |
| Total equity and liabilities | 10/49 | €290,255 | €332,089 | +€41,834 | +14.4% |
| Equity | 10/15 | €30,855 | -€18,766 | -€49,620 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,255 | €0 | -€12,255 | -100.0% |
| Distributable reserves | 133 | €12,255 | €0 | -€12,255 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€37,366 | -€37,366 | |
| Amounts payable | 17/49 | €259,401 | €350,855 | +€91,455 | +35.3% |
| Amounts payable after more than one year | 17 | €16,370 | €2,352 | -€14,017 | -85.6% |
| Financial debts | 170/4 | €16,370 | €2,352 | -€14,017 | -85.6% |
| Amounts payable within one year | 42/48 | €243,031 | €348,503 | +€105,472 | +43.4% |
| Current portion of amounts payable after more than one year | 42 | €13,852 | €14,017 | +€165 | +1.2% |
| Financial debts | 43 | €19,094 | €20,568 | +€1,474 | +7.7% |
| Credit institutions | 430/8 | €19,094 | €20,568 | +€1,474 | +7.7% |
| Trade debts | 44 | €24,605 | €21,296 | -€3,309 | -13.4% |
| Suppliers | 440/4 | €24,605 | €21,296 | -€3,309 | -13.4% |
| Taxes, remuneration and social security | 45 | €1,641 | €782 | -€859 | -52.3% |
| Taxes | 450/3 | €1,641 | €782 | -€859 | -52.3% |
| Other amounts payable | 47/48 | €183,839 | €291,840 | +€108,000 | +58.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,242 | €56,311 | +€1,068 | +1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,369 | €3,438 | -€11,930 | -77.6% |
| Other operating charges | 640/8 | €16,582 | €15,892 | -€690 | -4.2% |
| Gross operating margin | 9900 | €81,814 | €28,683 | -€53,132 | -64.9% |
| Operating profit (loss) | 9901 | -€5,378 | -€46,959 | -€41,580 | -773.1% |
| Financial income | 75/76B | €2,613 | €1,173 | -€1,441 | -55.1% |
| Recurring financial income | 75 | €2,613 | €1,173 | -€1,441 | -55.1% |
| Financial charges | 65/66B | €3,404 | €3,049 | -€356 | -10.4% |
| Recurring financial charges | 65 | €3,404 | €3,049 | -€356 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,169 | -€48,835 | -€42,665 | -691.6% |
| Income taxes | 67/77 | €646 | €786 | +€140 | +21.7% |
| Profit (loss) for the period | 9904 | -€6,815 | -€49,620 | -€42,805 | -628.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,815 | -€49,620 | -€42,805 | -628.1% |
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 8 October 2026 via checked.be.