MARGINVEST: what changed
What changed
MARGINVEST
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€17,912
31-12-2024 · -€10,841+€28,753
Equity
€1.4m
31-12-2024 · €1.4m+€17,912
Cash
€28,737
31-12-2024 · €2,898+€25,839
Balance sheet total
€1.6m
31-12-2024 · €1.6m-€3,245
Largest movements
Assets
- Tangible fixed assets -€38,692
down €38,692 (-9.7%), from €398,155 to €359,463
of which Plant, machinery and equipment: -€30,119
- Cash +€25,839
up €25,839 (+892%), from €2,898 to €28,737
mainly Depreciation (+€62,095) and Provisions (+€21,594)
Equity and liabilities
- Debts after one year -€28,021
down €28,021 (-28.0%), from €100,090 to €72,069
- Provisions +€21,594
new in 2025: €21,594
- Reserves +€17,912
up €17,912 (+4.3%), from €415,961 to €433,873
of which Distributable reserves: +€17,912
- Other debts -€16,909
down €16,909 (-46.9%), from €36,035 to €19,126
- Current portion of long-term debt -€16,809
down €16,809 (-37.5%), from €44,830 to €28,021
Income statement
- Depreciation -€52,297
down €52,297 (-45.7%), from €114,392 to €62,095
- Provisions +€21,594
new in 2025: €21,594
- Taxes +€11,825
up €11,825, from €0 to €11,825
- Gross operating margin +€9,871
up €9,871 (+6.6%), from €150,144 to €160,014
Change in the result, 31-12-2024 to 31-12-2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 31-12-2024
-€10,841
Gross operating margin
+€9,871
Depreciation
+€52,297
Provisions
-€21,594
Other operating charges
-€1,062
Financial income
-€79
Financial charges
+€1,145
Taxes
-€11,825
Result 31-12-2025
€17,912
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€94,072
Investment
-€23,403
Financing
-€44,830
Cash 31-12-2024
€2,898
From operations (derived)
+€94,072
Net result for the year
+€17,912
Depreciation
+€62,095
Receivables within one year
-€8,440
Deferred charges and accrued income
-€1,167
Provisions
+€21,594
Trade debts
+€7,104
Tax, wage and social debts
+€11,885
Other debts
-€16,909
Investment (derived)
-€23,403
Investment in fixed assets (net)
-€23,403
Financing
-€44,830
Debts after one year
-€28,021
Current portion of long-term debt
-€16,809
Cash 31-12-2025
€28,737
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,590,233 | €1,586,988 | -€3,245 | -0.2% |
| Fixed assets | 21/28 | €1,541,155 | €1,502,463 | -€38,692 | -2.5% |
| Tangible fixed assets | 22/27 | €398,155 | €359,463 | -€38,692 | -9.7% |
| Land and buildings | 22 | €196,150 | €181,148 | -€15,003 | -7.6% |
| Plant, machinery and equipment | 23 | €193,631 | €163,512 | -€30,119 | -15.6% |
| Furniture and vehicles | 24 | €8,373 | €14,804 | +€6,430 | +76.8% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €1,143,000 | €1,143,000 | = | 0.0% |
| Current assets | 29/58 | €49,077 | €84,524 | +€35,447 | +72.2% |
| Amounts receivable within one year | 40/41 | €33,658 | €42,098 | +€8,440 | +25.1% |
| Trade receivables | 40 | €32,879 | €18,910 | -€13,969 | -42.5% |
| Other amounts receivable | 41 | €779 | €23,188 | +€22,409 | +2,878% |
| Cash at bank and in hand | 54/58 | €2,898 | €28,737 | +€25,839 | +892% |
| Deferred charges and accrued income | 490/1 | €12,522 | €13,689 | +€1,167 | +9.3% |
| Total equity and liabilities | 10/49 | €1,590,233 | €1,586,988 | -€3,245 | -0.2% |
| Equity | 10/15 | €1,399,838 | €1,417,750 | +€17,912 | +1.3% |
| Contributions | 10/11 | €112,000 | €112,000 | = | 0.0% |
| Capital | 10 | €112,000 | €112,000 | = | 0.0% |
| Issued capital | 100 | €112,000 | €112,000 | = | 0.0% |
| Reserves | 13 | €415,961 | €433,873 | +€17,912 | +4.3% |
| Non-distributable reserves | 130/1 | €11,200 | €11,200 | = | 0.0% |
| Legal reserve | 130 | €11,200 | €11,200 | = | 0.0% |
| Distributable reserves | 133 | €404,761 | €422,673 | +€17,912 | +4.4% |
| Profit (loss) carried forward | 14 | €871,877 | €871,877 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €21,594 | +€21,594 | |
| Provisions for liabilities and charges | 160/5 | - | €21,594 | +€21,594 | |
| Major repairs and maintenance | 162 | - | €21,594 | +€21,594 | |
| Amounts payable | 17/49 | €190,395 | €147,644 | -€42,750 | -22.5% |
| Amounts payable after more than one year | 17 | €100,090 | €72,069 | -€28,021 | -28.0% |
| Financial debts | 170/4 | €100,090 | €72,069 | -€28,021 | -28.0% |
| Amounts payable within one year | 42/48 | €90,304 | €75,575 | -€14,729 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €44,830 | €28,021 | -€16,809 | -37.5% |
| Trade debts | 44 | €9,194 | €16,298 | +€7,104 | +77.3% |
| Suppliers | 440/4 | €9,194 | €16,298 | +€7,104 | +77.3% |
| Taxes, remuneration and social security | 45 | €245 | €12,131 | +€11,885 | +4,846% |
| Taxes | 450/3 | €245 | €12,131 | +€11,885 | +4,846% |
| Other amounts payable | 47/48 | €36,035 | €19,126 | -€16,909 | -46.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,392 | €62,095 | -€52,297 | -45.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €21,594 | +€21,594 | |
| Other operating charges | 640/8 | €40,057 | €41,119 | +€1,062 | +2.7% |
| Gross operating margin | 9900 | €150,144 | €160,014 | +€9,871 | +6.6% |
| Operating profit (loss) | 9901 | -€4,305 | €35,207 | +€39,512 | |
| Financial income | 75/76B | €150 | €71 | -€79 | -52.4% |
| Recurring financial income | 75 | €150 | €71 | -€79 | -52.4% |
| Financial charges | 65/66B | €6,686 | €5,541 | -€1,145 | -17.1% |
| Recurring financial charges | 65 | €6,686 | €5,541 | -€1,145 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | -€10,841 | €29,737 | +€40,578 | |
| Income taxes | 67/77 | €0 | €11,825 | +€11,825 | |
| Profit (loss) for the period | 9904 | -€10,841 | €17,912 | +€28,753 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,841 | €17,912 | +€28,753 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.