MARGIMMO: what changed
Two financial 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.
MARGIMMO
Largest movements
- Current investments +€222,848
up €222,848 (+8.5%), from €2.6m to €2.8m
- Tangible fixed assets -€139,505
down €139,505 (-7.3%), from €1.9m to €1.8m
of which Land and buildings: -€132,005
- Other debts +€201,605
up €201,605 (+10.8%), from €1.9m to €2.1m
- Reserves -€117,479
down €117,479 (-6.9%), from €1.7m to €1.6m
of which Distributable reserves: -€106,485
- Financial income +€89,624
up €89,624 (+181.2%), from €49,456 to €139,080
- Gross operating margin -€47,513
down €47,513 (-18.4%), from €258,090 to €210,577
- Depreciation -€32,808
down €32,808 (-19.0%), from €172,312 to €139,505
- Financial charges -€15,415
down €15,415 (-9.8%), from €156,816 to €141,401
- Taxes +€4,639
up €4,639 (+1627.4%), from €285 to €4,924
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 | €4,669,198 | €4,731,591 | +€62,392 | +1.3% |
| Fixed assets | 21/28 | €1,908,384 | €1,768,879 | -€139,505 | -7.3% |
| Tangible fixed assets | 22/27 | €1,908,384 | €1,768,879 | -€139,505 | -7.3% |
| Land and buildings | 22 | €1,894,760 | €1,762,756 | -€132,005 | -7.0% |
| Furniture and vehicles | 24 | €13,623 | €6,123 | -€7,500 | -55.1% |
| Current assets | 29/58 | €2,760,815 | €2,962,712 | +€201,897 | +7.3% |
| Amounts receivable within one year | 40/41 | €26,864 | €31,462 | +€4,598 | +17.1% |
| Trade receivables | 40 | €5,109 | €3,454 | -€1,655 | -32.4% |
| Other amounts receivable | 41 | €21,755 | €28,008 | +€6,253 | +28.7% |
| Current investments | 50/53 | €2,624,291 | €2,847,139 | +€222,848 | +8.5% |
| Cash at bank and in hand | 54/58 | €93,814 | €66,370 | -€27,443 | -29.3% |
| Deferred charges and accrued income | 490/1 | €15,845 | €17,740 | +€1,895 | +12.0% |
| Total equity and liabilities | 10/49 | €4,669,198 | €4,731,591 | +€62,392 | +1.3% |
| Equity | 10/15 | €2,577,996 | €2,460,517 | -€117,479 | -4.6% |
| Contributions | 10/11 | €872,970 | €872,970 | = | 0.0% |
| Capital | 10 | €872,970 | €872,970 | = | 0.0% |
| Issued capital | 100 | €872,970 | €872,970 | = | 0.0% |
| Reserves | 13 | €1,705,026 | €1,587,547 | -€117,479 | -6.9% |
| Non-distributable reserves | 130/1 | €87,297 | €87,297 | = | 0.0% |
| Legal reserve | 130 | €87,297 | €87,297 | = | 0.0% |
| Tax-exempt reserves | 132 | €118,959 | €107,965 | -€10,994 | -9.2% |
| Distributable reserves | 133 | €1,498,770 | €1,392,285 | -€106,485 | -7.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €39,653 | €35,988 | -€3,665 | -9.2% |
| Deferred taxes | 168 | €39,653 | €35,988 | -€3,665 | -9.2% |
| Amounts payable | 17/49 | €2,051,549 | €2,235,086 | +€183,537 | +8.9% |
| Amounts payable after more than one year | 17 | €12,344 | €12,344 | = | 0.0% |
| Other amounts payable | 178/9 | €12,344 | €12,344 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,878,329 | €2,086,074 | +€207,745 | +11.1% |
| Trade debts | 44 | €541 | €6,340 | +€5,799 | +1071.4% |
| Suppliers | 440/4 | €541 | €6,340 | +€5,799 | +1071.4% |
| Taxes, remuneration and social security | 45 | €4,297 | €4,638 | +€340 | +7.9% |
| Taxes | 450/3 | €4,297 | €4,638 | +€340 | +7.9% |
| Other amounts payable | 47/48 | €1,873,490 | €2,075,096 | +€201,605 | +10.8% |
| Accrued charges and deferred income | 492/3 | €160,877 | €136,668 | -€24,208 | -15.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,312 | €139,505 | -€32,808 | -19.0% |
| Other operating charges | 640/8 | €31,494 | €32,111 | +€617 | +2.0% |
| Gross operating margin | 9900 | €258,090 | €210,577 | -€47,513 | -18.4% |
| Operating profit (loss) | 9901 | €54,283 | €38,962 | -€15,322 | -28.2% |
| Financial income | 75/76B | €49,456 | €139,080 | +€89,624 | +181.2% |
| Recurring financial income | 75 | €49,456 | €139,080 | +€89,624 | +181.2% |
| Financial charges | 65/66B | €156,816 | €141,401 | -€15,415 | -9.8% |
| Recurring financial charges | 65 | €156,816 | €141,401 | -€15,415 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | -€53,077 | €36,641 | +€89,717 | |
| Transfer from deferred taxes | 780 | €5,167 | €3,665 | -€1,502 | -29.1% |
| Income taxes | 67/77 | €285 | €4,924 | +€4,639 | +1627.4% |
| Profit (loss) for the period | 9904 | -€48,195 | €35,381 | +€83,576 | |
| Transfer from tax-exempt reserves | 789 | €15,502 | €10,994 | -€4,507 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,693 | €46,376 | +€79,069 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.