Marginet: 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.
Marginet
Largest movements
- Cash +€151,221
up €151,221 (+44.1%), from €342,834 to €494,055
mainly Net result for the year (+€128,832) and Depreciation (+€30,006)
- Tangible fixed assets -€27,115
down €27,115 (-29.8%), from €90,974 to €63,859
of which Furniture and vehicles: -€26,813
- Receivables within one year -€9,556
down €9,556 (-7.3%), from €130,469 to €120,914
of which Other amounts receivable: -€19,351
- Reserves +€128,832
up €128,832 (+26.4%), from €488,213 to €617,045
- Tax, wage and social debts +€16,385
up €16,385 (+960.7%), from €1,706 to €18,090
- Debts after one year -€14,810
down €14,810 (-49.0%), from €30,205 to €15,394
- Trade debts -€11,974
down €11,974 (-49.2%), from €24,344 to €12,370
- Gross operating margin +€11,174
up €11,174 (+5.6%), from €201,282 to €212,456
- Financial income -€5,461
down €5,461 (-47.9%), from €11,402 to €5,941
- Taxes +€3,109
up €3,109 (+6.0%), from €51,770 to €54,879
- Other operating charges -€2,357
down €2,357 (-53.3%), from €4,421 to €2,064
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 | €620,568 | €738,910 | +€118,343 | +19.1% |
| Fixed assets | 21/28 | €90,974 | €63,859 | -€27,115 | -29.8% |
| Tangible fixed assets | 22/27 | €90,974 | €63,859 | -€27,115 | -29.8% |
| Plant, machinery and equipment | 23 | €5,724 | €6,161 | +€437 | +7.6% |
| Furniture and vehicles | 24 | €82,485 | €55,672 | -€26,813 | -32.5% |
| Other tangible fixed assets | 26 | €2,765 | €2,027 | -€738 | -26.7% |
| Current assets | 29/58 | €529,594 | €675,052 | +€145,458 | +27.5% |
| Stocks and contracts in progress | 3 | €46,877 | €54,033 | +€7,156 | +15.3% |
| Stocks | 30/36 | €46,877 | €49,033 | +€2,156 | +4.6% |
| Contracts in progress | 37 | - | €5,000 | +€5,000 | |
| Amounts receivable within one year | 40/41 | €130,469 | €120,914 | -€9,556 | -7.3% |
| Trade receivables | 40 | €105,017 | €114,811 | +€9,795 | +9.3% |
| Other amounts receivable | 41 | €25,453 | €6,102 | -€19,351 | -76.0% |
| Cash at bank and in hand | 54/58 | €342,834 | €494,055 | +€151,221 | +44.1% |
| Deferred charges and accrued income | 490/1 | €9,413 | €6,050 | -€3,363 | -35.7% |
| Total equity and liabilities | 10/49 | €620,568 | €738,910 | +€118,343 | +19.1% |
| Equity | 10/15 | €550,013 | €678,245 | +€128,232 | +23.3% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €488,213 | €617,045 | +€128,832 | +26.4% |
| Distributable reserves | 133 | €488,213 | €617,045 | +€128,832 | +26.4% |
| Investment grants | 15 | €1,800 | €1,200 | -€600 | -33.3% |
| Amounts payable | 17/49 | €70,554 | €60,665 | -€9,889 | -14.0% |
| Amounts payable after more than one year | 17 | €30,205 | €15,394 | -€14,810 | -49.0% |
| Financial debts | 170/4 | €30,205 | €15,394 | -€14,810 | -49.0% |
| Amounts payable within one year | 42/48 | €40,298 | €45,271 | +€4,973 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €14,249 | €14,810 | +€562 | +3.9% |
| Trade debts | 44 | €24,344 | €12,370 | -€11,974 | -49.2% |
| Suppliers | 440/4 | €24,344 | €12,370 | -€11,974 | -49.2% |
| Taxes, remuneration and social security | 45 | €1,706 | €18,090 | +€16,385 | +960.7% |
| Taxes | 450/3 | €1,706 | €18,090 | +€16,385 | +960.7% |
| Accrued charges and deferred income | 492/3 | €51 | €0 | -€51 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,004 | €30,006 | -€998 | -3.2% |
| Other operating charges | 640/8 | €4,421 | €2,064 | -€2,357 | -53.3% |
| Gross operating margin | 9900 | €201,282 | €212,456 | +€11,174 | +5.6% |
| Operating profit (loss) | 9901 | €165,857 | €180,385 | +€14,528 | +8.8% |
| Financial income | 75/76B | €11,402 | €5,941 | -€5,461 | -47.9% |
| Recurring financial income | 75 | €11,402 | €5,941 | -€5,461 | -47.9% |
| Financial charges | 65/66B | €3,457 | €2,616 | -€841 | -24.3% |
| Recurring financial charges | 65 | €3,457 | €2,616 | -€841 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €173,802 | €183,711 | +€9,909 | +5.7% |
| Income taxes | 67/77 | €51,770 | €54,879 | +€3,109 | +6.0% |
| Profit (loss) for the period | 9904 | €122,032 | €128,832 | +€6,799 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €122,032 | €128,832 | +€6,799 | +5.6% |
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 12 October 2026 via checked.be.