Margitte: 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.
Margitte
Largest movements
- Receivables within one year -€24,986
down €24,986 (-51.9%), from €48,114 to €23,128
of which Trade receivables: -€21,827
- Tangible fixed assets +€12,142
up €12,142 (+5.6%), from €217,036 to €229,178
of which Land and buildings: +€11,303
- Cash +€9,666
up €9,666 (+256.6%), from €3,767 to €13,433
mainly Receivables within one year (+€24,986) and Net result for the year (+€23,501)
- Current investments +€3,575
up €3,575 (+48.9%), from €7,313 to €10,887
- Other debts -€32,431
down €32,431 (-93.0%), from €34,869 to €2,438
- Reserves +€23,501
up €23,501 (+33.3%), from €70,612 to €94,112
- Trade debts +€6,814
up €6,814 (+407.0%), from €1,674 to €8,488
- Gross operating margin -€12,365
down €12,365 (-17.5%), from €70,774 to €58,409
- Depreciation +€4,295
up €4,295 (+29.1%), from €14,737 to €19,031
- Financial charges -€3,163
down €3,163 (-36.8%), from €8,602 to €5,439
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 | €280,940 | €279,948 | -€993 | -0.4% |
| Fixed assets | 21/28 | €217,036 | €229,178 | +€12,142 | +5.6% |
| Tangible fixed assets | 22/27 | €217,036 | €229,178 | +€12,142 | +5.6% |
| Land and buildings | 22 | €195,689 | €206,992 | +€11,303 | +5.8% |
| Plant, machinery and equipment | 23 | €6,302 | €4,140 | -€2,162 | -34.3% |
| Furniture and vehicles | 24 | €15,045 | €18,046 | +€3,001 | +19.9% |
| Current assets | 29/58 | €63,905 | €50,770 | -€13,135 | -20.6% |
| Amounts receivable after more than one year | 29 | €3,013 | €1,103 | -€1,910 | -63.4% |
| Other amounts receivable | 291 | €3,013 | €1,103 | -€1,910 | -63.4% |
| Amounts receivable within one year | 40/41 | €48,114 | €23,128 | -€24,986 | -51.9% |
| Trade receivables | 40 | €35,058 | €13,231 | -€21,827 | -62.3% |
| Other amounts receivable | 41 | €13,056 | €9,896 | -€3,160 | -24.2% |
| Current investments | 50/53 | €7,313 | €10,887 | +€3,575 | +48.9% |
| Cash at bank and in hand | 54/58 | €3,767 | €13,433 | +€9,666 | +256.6% |
| Deferred charges and accrued income | 490/1 | €1,698 | €2,219 | +€521 | +30.7% |
| Total equity and liabilities | 10/49 | €280,940 | €279,948 | -€993 | -0.4% |
| Equity | 10/15 | €72,612 | €96,112 | +€23,501 | +32.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €70,612 | €94,112 | +€23,501 | +33.3% |
| Distributable reserves | 133 | €70,612 | €94,112 | +€23,501 | +33.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €208,329 | €183,835 | -€24,493 | -11.8% |
| Amounts payable after more than one year | 17 | €150,193 | €152,251 | +€2,058 | +1.4% |
| Financial debts | 170/4 | €150,193 | €152,251 | +€2,058 | +1.4% |
| Amounts payable within one year | 42/48 | €58,136 | €31,585 | -€26,551 | -45.7% |
| Current portion of amounts payable after more than one year | 42 | €18,137 | €19,502 | +€1,365 | +7.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,674 | €8,488 | +€6,814 | +407.0% |
| Suppliers | 440/4 | €1,674 | €8,488 | +€6,814 | +407.0% |
| Taxes, remuneration and social security | 45 | €3,456 | €1,156 | -€2,300 | -66.5% |
| Taxes | 450/3 | €3,456 | €1,156 | -€2,300 | -66.5% |
| Other amounts payable | 47/48 | €34,869 | €2,438 | -€32,431 | -93.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,737 | €19,031 | +€4,295 | +29.1% |
| Other operating charges | 640/8 | €1,357 | €1,140 | -€216 | -16.0% |
| Gross operating margin | 9900 | €70,774 | €58,409 | -€12,365 | -17.5% |
| Operating profit (loss) | 9901 | €54,681 | €38,237 | -€16,443 | -30.1% |
| Financial income | 75/76B | €1,135 | €482 | -€653 | -57.5% |
| Recurring financial income | 75 | €443 | €482 | +€39 | +8.8% |
| Non-recurring financial income | 76B | €692 | €0 | -€692 | -100.0% |
| Financial charges | 65/66B | €8,602 | €5,439 | -€3,163 | -36.8% |
| Recurring financial charges | 65 | €8,602 | €5,439 | -€3,163 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | €47,214 | €33,280 | -€13,933 | -29.5% |
| Income taxes | 67/77 | €10,336 | €9,780 | -€557 | -5.4% |
| Profit (loss) for the period | 9904 | €36,878 | €23,501 | -€13,377 | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,878 | €23,501 | -€13,377 | -36.3% |
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 5 October 2026 via checked.be.