MARGUERITE: 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.
MARGUERITE
Largest movements
- Receivables within one year +€24,373
up €24,373 (+48.4%), from €50,316 to €74,689
of which Other amounts receivable: +€24,786
- Cash +€12,412
up €12,412 (+13.7%), from €90,825 to €103,237
mainly Net result for the year (+€30,113) and Trade debts (+€14,651)
- Tangible fixed assets +€4,800
up €4,800 (+28.2%), from €17,049 to €21,848
of which Plant, machinery and equipment: +€7,951
- Trade debts +€14,651
up €14,651 (+13.9%), from €105,479 to €120,130
- Debts after one year +€13,209
new in 2025: €13,209
- Profit (loss) carried forward +€11,613
up €11,613, from -€11,577 to €35
- Tax, wage and social debts -€10,375
down €10,375 (-23.0%), from €45,035 to €34,661
of which Taxes: -€9,610
- Other debts +€9,900
new in 2025: €9,900
- Staff costs -€38,686
down €38,686 (-9.1%), from €426,667 to €387,981
- Taxes +€9,519
new in 2025: €9,519
- Gross operating margin +€5,653
up €5,653 (+1.3%), from €442,059 to €447,712
- Depreciation -€5,500
down €5,500 (-28.4%), from €19,382 to €13,882
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 | €190,297 | €229,374 | +€39,076 | +20.5% |
| Fixed assets | 21/28 | €17,049 | €21,848 | +€4,800 | +28.2% |
| Tangible fixed assets | 22/27 | €17,049 | €21,848 | +€4,800 | +28.2% |
| Plant, machinery and equipment | 23 | €11,047 | €18,998 | +€7,951 | +72.0% |
| Furniture and vehicles | 24 | €6,002 | €2,850 | -€3,151 | -52.5% |
| Current assets | 29/58 | €173,249 | €207,525 | +€34,277 | +19.8% |
| Stocks and contracts in progress | 3 | €31,043 | €29,599 | -€1,444 | -4.7% |
| Stocks | 30/36 | €31,043 | €29,599 | -€1,444 | -4.7% |
| Amounts receivable within one year | 40/41 | €50,316 | €74,689 | +€24,373 | +48.4% |
| Trade receivables | 40 | €3,487 | €3,074 | -€413 | -11.9% |
| Other amounts receivable | 41 | €46,829 | €71,616 | +€24,786 | +52.9% |
| Cash at bank and in hand | 54/58 | €90,825 | €103,237 | +€12,412 | +13.7% |
| Deferred charges and accrued income | 490/1 | €1,065 | - | -€1,065 | |
| Total equity and liabilities | 10/49 | €190,297 | €229,374 | +€39,076 | +20.5% |
| Equity | 10/15 | €24,043 | €44,255 | +€20,213 | +84.1% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Reserves | 13 | €35,020 | €43,620 | +€8,600 | +24.6% |
| Distributable reserves | 133 | €35,020 | €43,620 | +€8,600 | +24.6% |
| Profit (loss) carried forward | 14 | -€11,577 | €35 | +€11,613 | |
| Amounts payable | 17/49 | €166,255 | €185,118 | +€18,864 | +11.3% |
| Amounts payable after more than one year | 17 | - | €13,209 | +€13,209 | |
| Financial debts | 170/4 | - | €13,209 | +€13,209 | |
| Amounts payable within one year | 42/48 | €166,255 | €171,909 | +€5,654 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €8,531 | €3,511 | -€5,020 | -58.8% |
| Trade debts | 44 | €105,479 | €120,130 | +€14,651 | +13.9% |
| Suppliers | 440/4 | €105,479 | €120,130 | +€14,651 | +13.9% |
| Advances received on contracts in progress | 46 | €7,209 | €3,707 | -€3,503 | -48.6% |
| Taxes, remuneration and social security | 45 | €45,035 | €34,661 | -€10,375 | -23.0% |
| Taxes | 450/3 | €14,443 | €4,833 | -€9,610 | -66.5% |
| Remuneration and social security | 454/9 | €30,592 | €29,828 | -€764 | -2.5% |
| Other amounts payable | 47/48 | - | €9,900 | +€9,900 | |
| Remuneration, social security and pensions | 62 | €426,667 | €387,981 | -€38,686 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,382 | €13,882 | -€5,500 | -28.4% |
| Other operating charges | 640/8 | €1,727 | €1,273 | -€454 | -26.3% |
| Gross operating margin | 9900 | €442,059 | €447,712 | +€5,653 | +1.3% |
| Operating profit (loss) | 9901 | -€5,718 | €44,575 | +€50,294 | |
| Financial income | 75/76B | €272 | €96 | -€176 | -64.6% |
| Recurring financial income | 75 | €272 | €96 | -€176 | -64.6% |
| Financial charges | 65/66B | €4,810 | €5,040 | +€230 | +4.8% |
| Recurring financial charges | 65 | €4,810 | €5,040 | +€230 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | -€10,257 | €39,631 | +€49,888 | |
| Income taxes | 67/77 | - | €9,519 | +€9,519 | |
| Profit (loss) for the period | 9904 | -€10,257 | €30,113 | +€40,369 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,257 | €30,113 | +€40,369 |
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 25 October 2026 via checked.be.