MARGOZ: 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.
MARGOZ
Largest movements
- Receivables within one year -€57,972
down €57,972 (-45.4%), from €127,729 to €69,757
of which Other amounts receivable: -€46,773
- Tangible fixed assets -€50,978
down €50,978 (-6.1%), from €830,722 to €779,743
of which Other tangible fixed assets: -€93,871
- Debts after one year -€86,506
down €86,506 (-15.8%), from €546,479 to €459,973
- Profit (loss) carried forward -€50,299
down €50,299 (-290.0%), from -€17,341 to -€67,640
- Other debts +€45,603
up €45,603 (+22.3%), from €204,174 to €249,777
- Trade debts -€14,648
down €14,648 (-19.6%), from €74,712 to €60,064
- Gross operating margin +€216,512
up €216,512 (+91.1%), from €237,629 to €454,141
- Staff costs +€179,175
up €179,175 (+94.0%), from €190,636 to €369,811
- Depreciation +€43,420
up €43,420 (+115.8%), from €37,494 to €80,914
- Taxes -€9,500
down €9,500, from €5,000 to -€4,500
- Financial charges +€9,304
up €9,304 (+68.1%), from €13,666 to €22,971
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 | €999,775 | €892,198 | -€107,578 | -10.8% |
| Formation expenses | 20 | €22,407 | €18,808 | -€3,599 | -16.1% |
| Fixed assets | 21/28 | €830,722 | €779,743 | -€50,978 | -6.1% |
| Tangible fixed assets | 22/27 | €830,722 | €779,743 | -€50,978 | -6.1% |
| Plant, machinery and equipment | 23 | €225,333 | €260,663 | +€35,330 | +15.7% |
| Furniture and vehicles | 24 | - | €7,563 | +€7,563 | |
| Other tangible fixed assets | 26 | €605,388 | €511,517 | -€93,871 | -15.5% |
| Current assets | 29/58 | €146,647 | €93,646 | -€53,001 | -36.1% |
| Stocks and contracts in progress | 3 | €11,124 | €12,197 | +€1,073 | +9.6% |
| Stocks | 30/36 | €11,124 | €12,197 | +€1,073 | +9.6% |
| Amounts receivable within one year | 40/41 | €127,729 | €69,757 | -€57,972 | -45.4% |
| Trade receivables | 40 | €39,226 | €28,027 | -€11,200 | -28.6% |
| Other amounts receivable | 41 | €88,503 | €41,730 | -€46,773 | -52.8% |
| Cash at bank and in hand | 54/58 | €3,885 | €6,310 | +€2,426 | +62.4% |
| Deferred charges and accrued income | 490/1 | €3,909 | €5,382 | +€1,473 | +37.7% |
| Total equity and liabilities | 10/49 | €999,775 | €892,198 | -€107,578 | -10.8% |
| Equity | 10/15 | €44,159 | -€6,140 | -€50,299 | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,341 | -€67,640 | -€50,299 | -290.0% |
| Amounts payable | 17/49 | €955,617 | €898,338 | -€57,279 | -6.0% |
| Amounts payable after more than one year | 17 | €546,479 | €459,973 | -€86,506 | -15.8% |
| Financial debts | 170/4 | €546,479 | €459,973 | -€86,506 | -15.8% |
| Amounts payable within one year | 42/48 | €398,638 | €436,953 | +€38,315 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €83,216 | €86,506 | +€3,290 | +4.0% |
| Trade debts | 44 | €74,712 | €60,064 | -€14,648 | -19.6% |
| Suppliers | 440/4 | €74,712 | €60,064 | -€14,648 | -19.6% |
| Taxes, remuneration and social security | 45 | €36,536 | €40,606 | +€4,070 | +11.1% |
| Taxes | 450/3 | €119 | €2,778 | +€2,660 | +2243.1% |
| Remuneration and social security | 454/9 | €36,418 | €37,827 | +€1,410 | +3.9% |
| Other amounts payable | 47/48 | €204,174 | €249,777 | +€45,603 | +22.3% |
| Accrued charges and deferred income | 492/3 | €10,500 | €1,412 | -€9,088 | -86.6% |
| Non-recurring operating income | 76A | €1,284 | €1,254 | -€30 | -2.4% |
| Remuneration, social security and pensions | 62 | €190,636 | €369,811 | +€179,175 | +94.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,494 | €80,914 | +€43,420 | +115.8% |
| Other operating charges | 640/8 | €2,474 | €940 | -€1,533 | -62.0% |
| Non-recurring operating charges | 66A | €5,700 | €34,304 | +€28,604 | +501.8% |
| Gross operating margin | 9900 | €237,629 | €454,141 | +€216,512 | +91.1% |
| Operating profit (loss) | 9901 | €1,325 | -€31,828 | -€33,153 | |
| Financial charges | 65/66B | €13,666 | €22,971 | +€9,304 | +68.1% |
| Recurring financial charges | 65 | €13,666 | €22,971 | +€9,304 | +68.1% |
| Profit (loss) for the period before taxes | 9903 | -€12,341 | -€54,799 | -€42,457 | -344.0% |
| Income taxes | 67/77 | €5,000 | -€4,500 | -€9,500 | |
| Profit (loss) for the period | 9904 | -€17,341 | -€50,299 | -€32,957 | -190.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,341 | -€50,299 | -€32,957 | -190.0% |
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 10 October 2026 via checked.be.