MARGOTREM: 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.
MARGOTREM
Largest movements
- Cash +€589,523
up €589,523 (+395.7%), from €148,964 to €738,487
mainly Other debts (+€722,608) and Net result for the year (+€511,735)
- Tangible fixed assets -€122,593
down €122,593 (-21.3%), from €576,702 to €454,109
of which Land and buildings: -€121,954
- Profit (loss) carried forward -€740,157
down €740,157 (-95.4%), from €775,710 to €35,554
- Other debts +€722,608
up €722,608 (+2638.0%), from €27,392 to €750,000
- Reserves +€501,892
up €501,892 (+174.4%), from €287,796 to €789,688
of which Distributable reserves: +€524,051
- Gross operating margin +€692,865
up €692,865 (+2776.7%), from €24,953 to €717,817
- Taxes +€181,272
up €181,272 (+17467.4%), from €1,038 to €182,309
- Depreciation -€15,607
down €15,607 (-26.5%), from €59,003 to €43,396
- Financial income +€14,710
up €14,710 (+303.9%), from €4,840 to €19,549
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 | €1,251,225 | €1,726,682 | +€475,458 | +38.0% |
| Fixed assets | 21/28 | €576,702 | €454,109 | -€122,593 | -21.3% |
| Tangible fixed assets | 22/27 | €576,702 | €454,109 | -€122,593 | -21.3% |
| Land and buildings | 22 | €574,870 | €452,916 | -€121,954 | -21.2% |
| Plant, machinery and equipment | 23 | €1,591 | €1,193 | -€398 | -25.0% |
| Furniture and vehicles | 24 | €241 | - | -€241 | |
| Current assets | 29/58 | €674,522 | €1,272,573 | +€598,051 | +88.7% |
| Amounts receivable within one year | 40/41 | €3,061 | €11,588 | +€8,527 | +278.6% |
| Other amounts receivable | 41 | €3,061 | €11,588 | +€8,527 | +278.6% |
| Current investments | 50/53 | €522,498 | €522,498 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €148,964 | €738,487 | +€589,523 | +395.7% |
| Total equity and liabilities | 10/49 | €1,251,225 | €1,726,682 | +€475,458 | +38.0% |
| Equity | 10/15 | €1,129,959 | €891,694 | -€238,265 | -21.1% |
| Contributions | 10/11 | €66,452 | €66,452 | = | 0.0% |
| Capital | 10 | €66,452 | €66,452 | = | 0.0% |
| Issued capital | 100 | €66,452 | €66,452 | = | 0.0% |
| Reserves | 13 | €287,796 | €789,688 | +€501,892 | +174.4% |
| Non-distributable reserves | 130/1 | €51,981 | €51,981 | = | 0.0% |
| Legal reserve | 130 | €51,981 | €51,981 | = | 0.0% |
| Tax-exempt reserves | 132 | €229,865 | €207,707 | -€22,159 | -9.6% |
| Distributable reserves | 133 | €5,949 | €530,000 | +€524,051 | +8808.4% |
| Profit (loss) carried forward | 14 | €775,710 | €35,554 | -€740,157 | -95.4% |
| Provisions and deferred taxes | 16 | €76,622 | €67,252 | -€9,369 | -12.2% |
| Deferred taxes | 168 | €76,622 | €67,252 | -€9,369 | -12.2% |
| Amounts payable | 17/49 | €44,644 | €767,736 | +€723,092 | +1619.7% |
| Amounts payable within one year | 42/48 | €44,644 | €767,736 | +€723,092 | +1619.7% |
| Trade debts | 44 | €11,040 | €11,524 | +€484 | +4.4% |
| Suppliers | 440/4 | €11,040 | €11,524 | +€484 | +4.4% |
| Advances received on contracts in progress | 46 | €6,212 | €6,212 | = | 0.0% |
| Other amounts payable | 47/48 | €27,392 | €750,000 | +€722,608 | +2638.0% |
| Non-recurring operating income | 76A | €1,920 | €730,803 | +€728,883 | +37962.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,003 | €43,396 | -€15,607 | -26.5% |
| Other operating charges | 640/8 | €7,156 | €7,515 | +€359 | +5.0% |
| Gross operating margin | 9900 | €24,953 | €717,817 | +€692,865 | +2776.7% |
| Operating profit (loss) | 9901 | -€41,207 | €666,906 | +€708,113 | |
| Financial income | 75/76B | €4,840 | €19,549 | +€14,710 | +303.9% |
| Recurring financial income | 75 | €4,840 | €19,549 | +€14,710 | +303.9% |
| Financial charges | 65/66B | €1,762 | €1,781 | +€19 | +1.0% |
| Recurring financial charges | 65 | €1,762 | €1,781 | +€19 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | -€38,130 | €684,675 | +€722,805 | |
| Transfer from deferred taxes | 780 | €9,369 | €9,369 | = | 0.0% |
| Income taxes | 67/77 | €1,038 | €182,309 | +€181,272 | +17467.4% |
| Profit (loss) for the period | 9904 | -€29,798 | €511,735 | +€541,533 | |
| Transfer from tax-exempt reserves | 789 | €28,108 | €28,108 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,690 | €539,843 | +€541,533 |
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 2 October 2026 via checked.be.