MARGINET: 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.
MARGINET
Largest movements
- Cash +€104,003
up €104,003 (+1457.6%), from €7,135 to €111,138
mainly Depreciation (+€89,738) and Stocks and contracts (+€47,300)
- Tangible fixed assets -€48,286
down €48,286 (-8.4%), from €571,615 to €523,329
- Stocks and contracts -€47,300
down €47,300 (-21.5%), from €219,700 to €172,400
- Receivables within one year -€27,028
down €27,028 (-81.1%), from €33,334 to €6,306
of which Other amounts receivable: -€14,533
- Trade debts -€24,971
down €24,971 (-54.3%), from €45,966 to €20,995
- Profit (loss) carried forward +€21,358
up €21,358 (+53.8%), from €39,710 to €61,067
- Debts after one year -€17,760
down €17,760 (-30.7%), from €57,760 to €40,000
- Gross operating margin +€51,621
up €51,621 (+76.1%), from €67,797 to €119,419
- Depreciation +€16,771
up €16,771 (+23.0%), from €72,967 to €89,738
- Other operating charges +€2,131
up €2,131 (+57.2%), from €3,723 to €5,854
- Taxes -€1,200
no longer reported in 2025 (was €1,200)
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 | €852,833 | €833,714 | -€19,119 | -2.2% |
| Fixed assets | 21/28 | €571,672 | €523,386 | -€48,286 | -8.4% |
| Tangible fixed assets | 22/27 | €571,615 | €523,329 | -€48,286 | -8.4% |
| Land and buildings | 22 | €322,923 | €308,802 | -€14,122 | -4.4% |
| Plant, machinery and equipment | 23 | €208,554 | €197,718 | -€10,836 | -5.2% |
| Furniture and vehicles | 24 | €40,137 | €16,809 | -€23,328 | -58.1% |
| Financial fixed assets | 28 | €57 | €57 | +€0 | +0.4% |
| Current assets | 29/58 | €281,162 | €310,328 | +€29,167 | +10.4% |
| Stocks and contracts in progress | 3 | €219,700 | €172,400 | -€47,300 | -21.5% |
| Stocks | 30/36 | €219,700 | €172,400 | -€47,300 | -21.5% |
| Amounts receivable within one year | 40/41 | €33,334 | €6,306 | -€27,028 | -81.1% |
| Trade receivables | 40 | €12,495 | - | -€12,495 | |
| Other amounts receivable | 41 | €20,839 | €6,306 | -€14,533 | -69.7% |
| Cash at bank and in hand | 54/58 | €7,135 | €111,138 | +€104,003 | +1457.6% |
| Deferred charges and accrued income | 490/1 | €20,992 | €20,485 | -€508 | -2.4% |
| Total equity and liabilities | 10/49 | €852,833 | €833,714 | -€19,119 | -2.2% |
| Equity | 10/15 | €715,395 | €736,753 | +€21,358 | +3.0% |
| Contributions | 10/11 | €608,685 | €608,685 | = | 0.0% |
| Reserves | 13 | €67,000 | €67,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,710 | €61,067 | +€21,358 | +53.8% |
| Amounts payable | 17/49 | €137,438 | €96,962 | -€40,477 | -29.5% |
| Amounts payable after more than one year | 17 | €57,760 | €40,000 | -€17,760 | -30.7% |
| Financial debts | 170/4 | €57,760 | €40,000 | -€17,760 | -30.7% |
| Amounts payable within one year | 42/48 | €79,118 | €56,542 | -€22,577 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €22,240 | €20,000 | -€2,240 | -10.1% |
| Trade debts | 44 | €45,966 | €20,995 | -€24,971 | -54.3% |
| Suppliers | 440/4 | €45,966 | €20,995 | -€24,971 | -54.3% |
| Taxes, remuneration and social security | 45 | €1,663 | €6,197 | +€4,534 | +272.7% |
| Taxes | 450/3 | €1,663 | €6,197 | +€4,534 | +272.7% |
| Other amounts payable | 47/48 | €9,250 | €9,350 | +€101 | +1.1% |
| Accrued charges and deferred income | 492/3 | €560 | €420 | -€140 | -25.0% |
| Non-recurring operating income | 76A | €216 | €216 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €719 | €461 | -€257 | -35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,967 | €89,738 | +€16,771 | +23.0% |
| Other operating charges | 640/8 | €3,723 | €5,854 | +€2,131 | +57.2% |
| Gross operating margin | 9900 | €67,797 | €119,419 | +€51,621 | +76.1% |
| Operating profit (loss) | 9901 | -€9,612 | €23,365 | +€32,976 | |
| Financial income | 75/76B | €179 | €195 | +€15 | +8.6% |
| Recurring financial income | 75 | €179 | €195 | +€15 | +8.6% |
| Financial charges | 65/66B | €2,747 | €2,202 | -€545 | -19.8% |
| Recurring financial charges | 65 | €2,747 | €2,202 | -€545 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,179 | €21,358 | +€33,537 | |
| Income taxes | 67/77 | €1,200 | - | -€1,200 | |
| Profit (loss) for the period | 9904 | -€13,379 | €21,358 | +€34,737 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,379 | €21,358 | +€34,737 |
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 7 October 2026 via checked.be.