MARGOT BALBAERT: 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 BALBAERT
Largest movements
- Cash -€63,911
down €63,911 (-78.4%), from €81,550 to €17,639
mainly Other debts (-€117,653) and Current investments (-€52,000)
- Current investments +€52,000
up €52,000 (+66.7%), from €78,000 to €130,000
- Receivables within one year +€28,875
up €28,875 (+124%), from €23,304 to €52,179
of which Other amounts receivable: +€18,770
- Tangible fixed assets -€14,638
down €14,638 (-51.3%), from €28,508 to €13,869
of which Furniture and vehicles: -€13,546
- Reserves +€148,987
up €148,987 (+824%), from €18,090 to €167,077
- Other debts -€117,653
down €117,653 (-100%), from €117,653 to €0
- Tax, wage and social debts -€27,411
down €27,411 (-47.2%), from €58,020 to €30,609
of which Taxes: -€27,411
- Gross operating margin +€69,735
up €69,735 (+42.6%), from €163,680 to €233,415
- Taxes +€35,575
up €35,575 (+104%), from €34,214 to €69,789
- Financial income -€3,600
down €3,600 (-82.5%), from €4,362 to €763
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 | €211,362 | €214,530 | +€3,169 | +1.5% |
| Fixed assets | 21/28 | €28,508 | €13,869 | -€14,638 | -51.3% |
| Tangible fixed assets | 22/27 | €28,508 | €13,869 | -€14,638 | -51.3% |
| Furniture and vehicles | 24 | €20,973 | €7,427 | -€13,546 | -64.6% |
| Other tangible fixed assets | 26 | €7,535 | €6,442 | -€1,093 | -14.5% |
| Current assets | 29/58 | €182,854 | €200,661 | +€17,807 | +9.7% |
| Amounts receivable within one year | 40/41 | €23,304 | €52,179 | +€28,875 | +124% |
| Trade receivables | 40 | €20,381 | €30,486 | +€10,105 | +49.6% |
| Other amounts receivable | 41 | €2,923 | €21,694 | +€18,770 | +642% |
| Current investments | 50/53 | €78,000 | €130,000 | +€52,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €81,550 | €17,639 | -€63,911 | -78.4% |
| Deferred charges and accrued income | 490/1 | €0 | €843 | +€843 | |
| Total equity and liabilities | 10/49 | €211,362 | €214,530 | +€3,169 | +1.5% |
| Equity | 10/15 | €33,090 | €182,077 | +€148,987 | +450% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €18,090 | €167,077 | +€148,987 | +824% |
| Distributable reserves | 133 | €18,090 | €167,077 | +€148,987 | +824% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €178,271 | €32,454 | -€145,818 | -81.8% |
| Amounts payable within one year | 42/48 | €177,971 | €32,437 | -€145,535 | -81.8% |
| Trade debts | 44 | €2,298 | €1,828 | -€471 | -20.5% |
| Suppliers | 440/4 | €2,298 | €1,828 | -€471 | -20.5% |
| Taxes, remuneration and social security | 45 | €58,020 | €30,609 | -€27,411 | -47.2% |
| Taxes | 450/3 | €58,020 | €30,609 | -€27,411 | -47.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €117,653 | €0 | -€117,653 | -100% |
| Accrued charges and deferred income | 492/3 | €300 | €17 | -€283 | -94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,675 | €14,638 | -€37 | -0.3% |
| Other operating charges | 640/8 | €1,301 | €528 | -€773 | -59.4% |
| Gross operating margin | 9900 | €163,680 | €233,415 | +€69,735 | +42.6% |
| Operating profit (loss) | 9901 | €147,704 | €218,249 | +€70,545 | +47.8% |
| Financial income | 75/76B | €4,362 | €763 | -€3,600 | -82.5% |
| Recurring financial income | 75 | €4,362 | €763 | -€3,600 | -82.5% |
| Financial charges | 65/66B | €200 | €237 | +€37 | +18.3% |
| Recurring financial charges | 65 | €200 | €237 | +€37 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €151,867 | €218,775 | +€66,909 | +44.1% |
| Income taxes | 67/77 | €34,214 | €69,789 | +€35,575 | +104% |
| Profit (loss) for the period | 9904 | €117,653 | €148,987 | +€31,333 | +26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €117,653 | €148,987 | +€31,333 | +26.6% |
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 23 October 2026 via checked.be.