. MARGRAFF: 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.
. MARGRAFF
Largest movements
- Tangible fixed assets -€75,236
down €75,236 (-41.5%), from €181,466 to €106,231
of which Furniture and vehicles: -€60,623
- Cash +€38,254
up €38,254 (+31.2%), from €122,634 to €160,888
mainly Other debts (+€47,198) and Investment in fixed assets (net) (+€43,163)
- Receivables within one year +€28,544
up €28,544 (+62.1%), from €45,982 to €74,526
of which Trade receivables: +€31,586
- Reserves -€55,151
down €55,151 (-24.8%), from €222,272 to €167,121
- Other debts +€47,198
up €47,198 (+57.2%), from €82,571 to €129,769
- Trade debts -€4,669
down €4,669 (-69.6%), from €6,709 to €2,040
- Staff costs -€16,652
down €16,652 (-7.1%), from €235,762 to €219,110
- Depreciation -€10,696
down €10,696 (-25.0%), from €42,769 to €32,072
- Gross operating margin +€9,177
up €9,177 (+3.3%), from €282,094 to €291,271
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €354,861 | €346,070 | -€8,791 | -2.5% |
| Fixed assets | 21/28 | €183,581 | €108,346 | -€75,236 | -41.0% |
| Tangible fixed assets | 22/27 | €181,466 | €106,231 | -€75,236 | -41.5% |
| Land and buildings | 22 | €62,639 | €50,489 | -€12,150 | -19.4% |
| Plant, machinery and equipment | 23 | €5,064 | €2,601 | -€2,463 | -48.6% |
| Furniture and vehicles | 24 | €113,764 | €53,140 | -€60,623 | -53.3% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €2,115 | €2,115 | = | 0.0% |
| Current assets | 29/58 | €171,280 | €237,724 | +€66,444 | +38.8% |
| Amounts receivable within one year | 40/41 | €45,982 | €74,526 | +€28,544 | +62.1% |
| Trade receivables | 40 | €20,901 | €52,488 | +€31,586 | +151.1% |
| Other amounts receivable | 41 | €25,081 | €22,039 | -€3,042 | -12.1% |
| Cash at bank and in hand | 54/58 | €122,634 | €160,888 | +€38,254 | +31.2% |
| Deferred charges and accrued income | 490/1 | €2,664 | €2,310 | -€354 | -13.3% |
| Total equity and liabilities | 10/49 | €354,861 | €346,070 | -€8,791 | -2.5% |
| Equity | 10/15 | €228,096 | €174,170 | -€53,927 | -23.6% |
| Contributions | 10/11 | €6,507 | €6,507 | = | 0.0% |
| Reserves | 13 | €222,272 | €167,121 | -€55,151 | -24.8% |
| Distributable reserves | 133 | €222,272 | €167,121 | -€55,151 | -24.8% |
| Profit (loss) carried forward | 14 | -€1,454 | - | +€1,454 | |
| Investment grants | 15 | €772 | €542 | -€230 | -29.8% |
| Amounts payable | 17/49 | €126,765 | €171,900 | +€45,135 | +35.6% |
| Amounts payable within one year | 42/48 | €126,765 | €171,900 | +€45,135 | +35.6% |
| Trade debts | 44 | €6,709 | €2,040 | -€4,669 | -69.6% |
| Suppliers | 440/4 | €6,709 | €2,040 | -€4,669 | -69.6% |
| Taxes, remuneration and social security | 45 | €37,484 | €40,091 | +€2,606 | +7.0% |
| Taxes | 450/3 | €9,964 | €9,273 | -€691 | -6.9% |
| Remuneration and social security | 454/9 | €27,520 | €30,818 | +€3,297 | +12.0% |
| Other amounts payable | 47/48 | €82,571 | €129,769 | +€47,198 | +57.2% |
| Remuneration, social security and pensions | 62 | €235,762 | €219,110 | -€16,652 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,769 | €32,072 | -€10,696 | -25.0% |
| Other operating charges | 640/8 | €3,361 | €3,655 | +€294 | +8.8% |
| Non-recurring operating charges | 66A | - | €27,293 | +€27,293 | |
| Gross operating margin | 9900 | €282,094 | €291,271 | +€9,177 | +3.3% |
| Operating profit (loss) | 9901 | €203 | €9,140 | +€8,937 | +4406.9% |
| Financial income | 75/76B | €649 | €1,104 | +€456 | +70.3% |
| Recurring financial income | 75 | €649 | €1,104 | +€456 | +70.3% |
| Financial charges | 65/66B | €1,414 | €421 | -€993 | -70.3% |
| Recurring financial charges | 65 | €1,414 | €421 | -€993 | -70.3% |
| Profit (loss) for the period before taxes | 9903 | -€563 | €9,824 | +€10,386 | |
| Income taxes | 67/77 | €892 | €3,312 | +€2,420 | +271.4% |
| Profit (loss) for the period | 9904 | -€1,454 | €6,512 | +€7,966 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,454 | €6,512 | +€7,966 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.