MARGRAFF LAW: 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.
MARGRAFF LAW
Largest movements
- Cash +€56,964
up €56,964 (+201%), from €28,313 to €85,278
mainly Net result for the year (+€32,585) and Tax, wage and social debts (+€13,264)
- Receivables within one year -€7,753
down €7,753 (-36.4%), from €21,322 to €13,569
- Deferred charges and accrued income +€2,784
up €2,784 (+322%), from €865 to €3,648
- Profit (loss) carried forward +€31,785
up €31,785 (+126%), from €25,182 to €56,967
- Tax, wage and social debts +€13,264
up €13,264 (+72.7%), from €18,252 to €31,516
of which Taxes: +€11,456
- Trade debts +€4,862
up €4,862 (+390%), from €1,248 to €6,110
- Other debts +€4,527
up €4,527 (+317%), from €1,428 to €5,955
- Accrued charges and deferred income -€3,054
no longer reported in 2025 (was €3,054)
- Gross operating margin +€9,242
up €9,242 (+25.2%), from €36,721 to €45,963
- Taxes +€2,703
up €2,703 (+30.7%), from €8,797 to €11,500
- Other operating charges -€652
down €652 (-38.4%), from €1,698 to €1,045
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 | €52,164 | €103,547 | +€51,384 | +98.5% |
| Fixed assets | 21/28 | €1,663 | €1,052 | -€611 | -36.8% |
| Tangible fixed assets | 22/27 | €1,663 | €1,052 | -€611 | -36.8% |
| Furniture and vehicles | 24 | €1,663 | €1,052 | -€611 | -36.8% |
| Current assets | 29/58 | €50,501 | €102,495 | +€51,995 | +103% |
| Amounts receivable within one year | 40/41 | €21,322 | €13,569 | -€7,753 | -36.4% |
| Trade receivables | 40 | €21,322 | €13,569 | -€7,753 | -36.4% |
| Cash at bank and in hand | 54/58 | €28,313 | €85,278 | +€56,964 | +201% |
| Deferred charges and accrued income | 490/1 | €865 | €3,648 | +€2,784 | +322% |
| Total equity and liabilities | 10/49 | €52,164 | €103,547 | +€51,384 | +98.5% |
| Equity | 10/15 | €28,182 | €59,967 | +€31,785 | +113% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,182 | €56,967 | +€31,785 | +126% |
| Amounts payable | 17/49 | €23,982 | €43,581 | +€19,599 | +81.7% |
| Amounts payable within one year | 42/48 | €20,927 | €43,581 | +€22,653 | +108% |
| Trade debts | 44 | €1,248 | €6,110 | +€4,862 | +390% |
| Suppliers | 440/4 | €1,248 | €6,110 | +€4,862 | +390% |
| Taxes, remuneration and social security | 45 | €18,252 | €31,516 | +€13,264 | +72.7% |
| Taxes | 450/3 | €16,152 | €27,607 | +€11,456 | +70.9% |
| Remuneration and social security | 454/9 | €2,100 | €3,909 | +€1,809 | +86.1% |
| Other amounts payable | 47/48 | €1,428 | €5,955 | +€4,527 | +317% |
| Accrued charges and deferred income | 492/3 | €3,054 | - | -€3,054 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €171 | €611 | +€440 | +258% |
| Other operating charges | 640/8 | €1,698 | €1,045 | -€652 | -38.4% |
| Non-recurring operating charges | 66A | -€0 | €0 | +€1 | |
| Gross operating margin | 9900 | €36,721 | €45,963 | +€9,242 | +25.2% |
| Operating profit (loss) | 9901 | €34,853 | €44,307 | +€9,454 | +27.1% |
| Financial income | 75/76B | - | €23 | +€23 | |
| Recurring financial income | 75 | - | €23 | +€23 | |
| Financial charges | 65/66B | €74 | €246 | +€172 | +232% |
| Recurring financial charges | 65 | €74 | €246 | +€172 | +232% |
| Profit (loss) for the period before taxes | 9903 | €34,779 | €44,084 | +€9,306 | +26.8% |
| Income taxes | 67/77 | €8,797 | €11,500 | +€2,703 | +30.7% |
| Profit (loss) for the period | 9904 | €25,982 | €32,585 | +€6,603 | +25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,982 | €32,585 | +€6,603 | +25.4% |
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 19 October 2026 via checked.be.