Margot: 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.
Margot
Largest movements
- Current investments +€82,067
up €82,067 (+14.3%), from €575,622 to €657,689
- Cash -€62,741
down €62,741 (-21.9%), from €286,204 to €223,463
mainly Contributions, distributions and other (-€100,353) and Current investments (-€82,067)
- Stocks and contracts +€36,221
up €36,221 (+7.8%), from €464,920 to €501,141
- Tangible fixed assets -€34,082
down €34,082 (-21.8%), from €156,351 to €122,269
of which Furniture and vehicles: -€18,901
- Other debts +€91,574
up €91,574 (+200%), from €45,703 to €137,277
- Reserves -€45,825
down €45,825 (-8.1%), from €567,575 to €521,751
of which Distributable reserves: -€45,825
- Trade debts -€21,260
down €21,260 (-15.7%), from €135,737 to €114,476
- Staff costs +€15,780
up €15,780 (+31.3%), from €50,402 to €66,182
- Depreciation +€12,702
up €12,702 (+59.4%), from €21,379 to €34,082
- Financial charges +€9,919
up €9,919 (+404%), from €2,456 to €12,375
of which Non-recurring financial charges: +€8,500
- Financial income +€8,281
up €8,281 (+47.4%), from €17,484 to €25,765
- Taxes -€3,261
down €3,261 (-9.6%), from €34,063 to €30,803
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.
Derived cash bridge
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 | €1,494,249 | €1,519,584 | +€25,335 | +1.7% |
| Fixed assets | 21/28 | €156,351 | €122,269 | -€34,082 | -21.8% |
| Tangible fixed assets | 22/27 | €156,351 | €122,269 | -€34,082 | -21.8% |
| Plant, machinery and equipment | 23 | €68,003 | €52,823 | -€15,180 | -22.3% |
| Furniture and vehicles | 24 | €88,348 | €69,447 | -€18,901 | -21.4% |
| Current assets | 29/58 | €1,337,898 | €1,397,315 | +€59,417 | +4.4% |
| Stocks and contracts in progress | 3 | €464,920 | €501,141 | +€36,221 | +7.8% |
| Stocks | 30/36 | €464,920 | €501,141 | +€36,221 | +7.8% |
| Amounts receivable within one year | 40/41 | €5,590 | €9,184 | +€3,593 | +64.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €5,590 | €9,184 | +€3,593 | +64.3% |
| Current investments | 50/53 | €575,622 | €657,689 | +€82,067 | +14.3% |
| Cash at bank and in hand | 54/58 | €286,204 | €223,463 | -€62,741 | -21.9% |
| Deferred charges and accrued income | 490/1 | €5,562 | €5,838 | +€275 | +5.0% |
| Total equity and liabilities | 10/49 | €1,494,249 | €1,519,584 | +€25,335 | +1.7% |
| Equity | 10/15 | €1,252,175 | €1,206,351 | -€45,825 | -3.7% |
| Contributions | 10/11 | €684,600 | €684,600 | = | 0.0% |
| Reserves | 13 | €567,575 | €521,751 | -€45,825 | -8.1% |
| Tax-exempt reserves | 132 | €55,772 | €55,772 | = | 0.0% |
| Distributable reserves | 133 | €511,803 | €465,978 | -€45,825 | -9.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €242,074 | €313,234 | +€71,160 | +29.4% |
| Amounts payable after more than one year | 17 | €16,476 | €6,142 | -€10,334 | -62.7% |
| Financial debts | 170/4 | €16,476 | €6,142 | -€10,334 | -62.7% |
| Amounts payable within one year | 42/48 | €225,598 | €307,092 | +€81,494 | +36.1% |
| Current portion of amounts payable after more than one year | 42 | €10,094 | €10,334 | +€240 | +2.4% |
| Trade debts | 44 | €135,737 | €114,476 | -€21,260 | -15.7% |
| Suppliers | 440/4 | €135,737 | €114,476 | -€21,260 | -15.7% |
| Taxes, remuneration and social security | 45 | €34,064 | €45,004 | +€10,940 | +32.1% |
| Taxes | 450/3 | €28,521 | €38,132 | +€9,611 | +33.7% |
| Remuneration and social security | 454/9 | €5,543 | €6,872 | +€1,329 | +24.0% |
| Other amounts payable | 47/48 | €45,703 | €137,277 | +€91,574 | +200% |
| Non-recurring operating income | 76A | €23,920 | €0 | -€23,920 | -100% |
| Remuneration, social security and pensions | 62 | €50,402 | €66,182 | +€15,780 | +31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,379 | €34,082 | +€12,702 | +59.4% |
| Other operating charges | 640/8 | €5,871 | €5,078 | -€793 | -13.5% |
| Gross operating margin | 9900 | €179,354 | €177,283 | -€2,071 | -1.2% |
| Operating profit (loss) | 9901 | €101,701 | €71,941 | -€29,761 | -29.3% |
| Financial income | 75/76B | €17,484 | €25,765 | +€8,281 | +47.4% |
| Recurring financial income | 75 | €17,484 | €25,765 | +€8,281 | +47.4% |
| Financial charges | 65/66B | €2,456 | €12,375 | +€9,919 | +404% |
| Recurring financial charges | 65 | €2,456 | €3,875 | +€1,419 | +57.8% |
| Non-recurring financial charges | 66B | - | €8,500 | +€8,500 | |
| Profit (loss) for the period before taxes | 9903 | €116,729 | €85,331 | -€31,398 | -26.9% |
| Income taxes | 67/77 | €34,063 | €30,803 | -€3,261 | -9.6% |
| Profit (loss) for the period | 9904 | €82,666 | €54,528 | -€28,138 | -34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €82,666 | €54,528 | -€28,138 | -34.0% |
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 25 October 2026 via checked.be.