MARGIVAL: 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.
MARGIVAL
Largest movements
- Intangible fixed assets -€12,500
down €12,500 (-32.4%), from €38,542 to €26,042
- Cash -€9,322
down €9,322 (-15.2%), from €61,292 to €51,970
mainly Contributions, distributions and other (-€70,000) and Receivables within one year (-€6,884)
- Tangible fixed assets -€8,009
down €8,009 (-93.7%), from €8,548 to €538
of which Furniture and vehicles: -€7,222
- Receivables within one year +€6,884
up €6,884 (+140.9%), from €4,886 to €11,769
of which Other amounts receivable: +€6,809
- Profit (loss) carried forward -€20,955
down €20,955 (-27.5%), from €76,240 to €55,285
- Current portion of long-term debt -€5,139
no longer reported in 2025 (was €5,139)
- Other debts +€1,862
up €1,862 (+13.4%), from €13,855 to €15,716
- Gross operating margin -€11,512
down €11,512 (-11.4%), from €100,682 to €89,171
- Depreciation -€2,036
down €2,036 (-9.0%), from €22,545 to €20,509
- Taxes -€1,911
down €1,911 (-11.2%), from €17,114 to €15,203
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 | €115,866 | €92,792 | -€23,074 | -19.9% |
| Fixed assets | 21/28 | €47,114 | €26,605 | -€20,509 | -43.5% |
| Intangible fixed assets | 21 | €38,542 | €26,042 | -€12,500 | -32.4% |
| Tangible fixed assets | 22/27 | €8,548 | €538 | -€8,009 | -93.7% |
| Land and buildings | 22 | €511 | €383 | -€128 | -25.0% |
| Plant, machinery and equipment | 23 | €815 | €155 | -€659 | -80.9% |
| Furniture and vehicles | 24 | €7,222 | - | -€7,222 | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €68,752 | €66,187 | -€2,564 | -3.7% |
| Amounts receivable within one year | 40/41 | €4,886 | €11,769 | +€6,884 | +140.9% |
| Trade receivables | 40 | - | €75 | +€75 | |
| Other amounts receivable | 41 | €4,886 | €11,694 | +€6,809 | +139.4% |
| Cash at bank and in hand | 54/58 | €61,292 | €51,970 | -€9,322 | -15.2% |
| Deferred charges and accrued income | 490/1 | €2,575 | €2,448 | -€126 | -4.9% |
| Total equity and liabilities | 10/49 | €115,866 | €92,792 | -€23,074 | -19.9% |
| Equity | 10/15 | €96,700 | €75,745 | -€20,955 | -21.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,240 | €55,285 | -€20,955 | -27.5% |
| Amounts payable | 17/49 | €19,166 | €17,048 | -€2,118 | -11.1% |
| Amounts payable within one year | 42/48 | €19,166 | €17,048 | -€2,118 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €5,139 | - | -€5,139 | |
| Trade debts | 44 | €173 | €1,127 | +€954 | +553.0% |
| Suppliers | 440/4 | €173 | €1,127 | +€954 | +553.0% |
| Taxes, remuneration and social security | 45 | - | €205 | +€205 | |
| Remuneration and social security | 454/9 | - | €205 | +€205 | |
| Other amounts payable | 47/48 | €13,855 | €15,716 | +€1,862 | +13.4% |
| Remuneration, social security and pensions | 62 | €2,801 | €3,084 | +€284 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,545 | €20,509 | -€2,036 | -9.0% |
| Other operating charges | 640/8 | €1,851 | €1,057 | -€795 | -42.9% |
| Gross operating margin | 9900 | €100,682 | €89,171 | -€11,512 | -11.4% |
| Operating profit (loss) | 9901 | €73,485 | €64,521 | -€8,964 | -12.2% |
| Financial income | 75/76B | €0 | €62 | +€62 | +617700.0% |
| Recurring financial income | 75 | €0 | €62 | +€62 | +617700.0% |
| Financial charges | 65/66B | €603 | €335 | -€269 | -44.5% |
| Recurring financial charges | 65 | €603 | €335 | -€269 | -44.5% |
| Profit (loss) for the period before taxes | 9903 | €72,882 | €64,248 | -€8,634 | -11.8% |
| Income taxes | 67/77 | €17,114 | €15,203 | -€1,911 | -11.2% |
| Profit (loss) for the period | 9904 | €55,768 | €49,045 | -€6,723 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €55,768 | €49,045 | -€6,723 | -12.1% |
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.