MARGINAL: 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.
MARGINAL
Largest movements
- Receivables within one year -€39,545
down €39,545 (-48.6%), from €81,382 to €41,837
of which Trade receivables: -€41,873
- Deferred charges and accrued income +€1,391
up €1,391 (+151.5%), from €918 to €2,309
- Profit (loss) carried forward -€36,598
down €36,598 (-413.1%), from -€8,859 to -€45,457
- Tax, wage and social debts -€4,242
down €4,242 (-59.3%), from €7,152 to €2,910
- Trade debts +€2,581
up €2,581 (+65.3%), from €3,950 to €6,531
- Gross operating margin -€22,326
down €22,326, from €302 to -€22,024
- Write-downs +€7,000
new in 2025: €7,000
- Other operating charges -€6,678
down €6,678 (-83.9%), from €7,957 to €1,278
- Financial charges +€879
up €879 (+12.8%), from €6,876 to €7,755
- Depreciation -€429
no longer reported in 2025 (was €429)
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 | €82,689 | €44,535 | -€38,154 | -46.1% |
| Fixed assets | 21/28 | €322 | €322 | = | 0.0% |
| Financial fixed assets | 28 | €322 | €322 | = | 0.0% |
| Current assets | 29/58 | €82,367 | €44,213 | -€38,154 | -46.3% |
| Amounts receivable within one year | 40/41 | €81,382 | €41,837 | -€39,545 | -48.6% |
| Trade receivables | 40 | €47,743 | €5,869 | -€41,873 | -87.7% |
| Other amounts receivable | 41 | €33,639 | €35,968 | +€2,328 | +6.9% |
| Cash at bank and in hand | 54/58 | €67 | €67 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €918 | €2,309 | +€1,391 | +151.5% |
| Total equity and liabilities | 10/49 | €82,689 | €44,535 | -€38,154 | -46.1% |
| Equity | 10/15 | €60,240 | €23,642 | -€36,598 | -60.8% |
| Contributions | 10/11 | €21,699 | €21,699 | = | 0.0% |
| Reserves | 13 | €47,400 | €47,400 | = | 0.0% |
| Distributable reserves | 133 | €47,400 | €47,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,859 | -€45,457 | -€36,598 | -413.1% |
| Amounts payable | 17/49 | €22,449 | €20,893 | -€1,556 | -6.9% |
| Amounts payable within one year | 42/48 | €21,829 | €20,819 | -€1,010 | -4.6% |
| Financial debts | 43 | €10,727 | €11,378 | +€651 | +6.1% |
| Credit institutions | 430/8 | €10,727 | €11,378 | +€651 | +6.1% |
| Trade debts | 44 | €3,950 | €6,531 | +€2,581 | +65.3% |
| Suppliers | 440/4 | €3,950 | €6,531 | +€2,581 | +65.3% |
| Taxes, remuneration and social security | 45 | €7,152 | €2,910 | -€4,242 | -59.3% |
| Taxes | 450/3 | €7,152 | €2,910 | -€4,242 | -59.3% |
| Accrued charges and deferred income | 492/3 | €620 | €74 | -€546 | -88.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €429 | - | -€429 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,000 | +€7,000 | |
| Other operating charges | 640/8 | €7,957 | €1,278 | -€6,678 | -83.9% |
| Gross operating margin | 9900 | €302 | -€22,024 | -€22,326 | |
| Operating profit (loss) | 9901 | -€8,083 | -€30,303 | -€22,219 | -274.9% |
| Financial income | 75/76B | €1,625 | €1,789 | +€164 | +10.1% |
| Recurring financial income | 75 | €1,625 | €1,789 | +€164 | +10.1% |
| Financial charges | 65/66B | €6,876 | €7,755 | +€879 | +12.8% |
| Recurring financial charges | 65 | €6,876 | €7,755 | +€879 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | -€13,335 | -€36,269 | -€22,934 | -172.0% |
| Income taxes | 67/77 | €267 | €329 | +€62 | +23.3% |
| Profit (loss) for the period | 9904 | -€13,602 | -€36,598 | -€22,996 | -169.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,602 | -€36,598 | -€22,996 | -169.1% |
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 4 October 2026 via checked.be.