MARGOT BOGHAERT: 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 BOGHAERT
Largest movements
- Tangible fixed assets +€15,234
up €15,234 (+2,938%), from €518 to €15,753
of which Furniture and vehicles: +€11,507
- Cash +€9,884
up €9,884 (+64.7%), from €15,268 to €25,153
mainly Net result for the year (+€31,330) and Depreciation (+€3,870)
- Receivables within one year +€7,752
new in 2025: €7,752
- Deferred charges and accrued income +€2,573
up €2,573 (+52.7%), from €4,881 to €7,454
- Reserves +€30,809
up €30,809 (+262%), from €11,750 to €42,559
- Tax, wage and social debts +€3,813
up €3,813 (+80.6%), from €4,734 to €8,547
- Other debts +€1,344
up €1,344 (+83.3%), from €1,614 to €2,958
- Gross operating margin +€26,971
up €26,971 (+155%), from €17,387 to €44,358
- Taxes +€3,790
up €3,790 (+80.3%), from €4,721 to €8,511
- Depreciation +€3,690
up €3,690 (+2,044%), from €181 to €3,870
- Other operating charges +€482
new in 2025: €482
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 | €20,667 | €56,111 | +€35,443 | +171% |
| Fixed assets | 21/28 | €518 | €15,753 | +€15,234 | +2,938% |
| Tangible fixed assets | 22/27 | €518 | €15,753 | +€15,234 | +2,938% |
| Plant, machinery and equipment | 23 | €518 | €4,246 | +€3,727 | +719% |
| Furniture and vehicles | 24 | - | €11,507 | +€11,507 | |
| Current assets | 29/58 | €20,149 | €40,358 | +€20,209 | +100% |
| Amounts receivable within one year | 40/41 | - | €7,752 | +€7,752 | |
| Trade receivables | 40 | - | €7,752 | +€7,752 | |
| Cash at bank and in hand | 54/58 | €15,268 | €25,153 | +€9,884 | +64.7% |
| Deferred charges and accrued income | 490/1 | €4,881 | €7,454 | +€2,573 | +52.7% |
| Total equity and liabilities | 10/49 | €20,667 | €56,111 | +€35,443 | +171% |
| Equity | 10/15 | €12,829 | €43,559 | +€30,730 | +240% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €11,750 | €42,559 | +€30,809 | +262% |
| Distributable reserves | 133 | €11,750 | €42,559 | +€30,809 | +262% |
| Profit (loss) carried forward | 14 | €79 | - | -€79 | |
| Amounts payable | 17/49 | €7,839 | €12,552 | +€4,714 | +60.1% |
| Amounts payable within one year | 42/48 | €7,810 | €12,469 | +€4,658 | +59.6% |
| Trade debts | 44 | €1,463 | €964 | -€499 | -34.1% |
| Suppliers | 440/4 | €1,463 | €964 | -€499 | -34.1% |
| Taxes, remuneration and social security | 45 | €4,734 | €8,547 | +€3,813 | +80.6% |
| Taxes | 450/3 | €4,734 | €8,547 | +€3,813 | +80.6% |
| Other amounts payable | 47/48 | €1,614 | €2,958 | +€1,344 | +83.3% |
| Accrued charges and deferred income | 492/3 | €28 | €84 | +€55 | +194% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181 | €3,870 | +€3,690 | +2,044% |
| Other operating charges | 640/8 | - | €482 | +€482 | |
| Gross operating margin | 9900 | €17,387 | €44,358 | +€26,971 | +155% |
| Operating profit (loss) | 9901 | €17,207 | €40,005 | +€22,799 | +133% |
| Financial charges | 65/66B | €56 | €164 | +€108 | +192% |
| Recurring financial charges | 65 | €56 | €164 | +€108 | +192% |
| Profit (loss) for the period before taxes | 9903 | €17,150 | €39,841 | +€22,691 | +132% |
| Income taxes | 67/77 | €4,721 | €8,511 | +€3,790 | +80.3% |
| Profit (loss) for the period | 9904 | €12,429 | €31,330 | +€18,901 | +152% |
| Profit (loss) for the period to be appropriated | 9905 | €12,429 | €31,330 | +€18,901 | +152% |
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 20 October 2026 via checked.be.