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
- Cash +€84,753
up €84,753 (+58.3%), from €145,433 to €230,187
mainly Trade debts (+€86,837) and Net result for the year (+€51,048)
- Tangible fixed assets +€11,474
up €11,474 (+18.4%), from €62,279 to €73,753
of which Furniture and vehicles: +€15,881
- Receivables within one year +€6,499
up €6,499 (+164.9%), from €3,941 to €10,440
of which Other amounts receivable: +€4,101
- Current investments -€5,000
down €5,000 (-14.3%), from €35,000 to €30,000
- Trade debts +€86,837
up €86,837 (+339.9%), from €25,546 to €112,383
- Reserves +€51,048
up €51,048 (+43.4%), from €117,742 to €168,790
- Debts after one year -€23,935
down €23,935 (-54.4%), from €43,991 to €20,056
- Tax, wage and social debts -€20,206
down €20,206 (-39.0%), from €51,867 to €31,662
of which Remuneration and social security: -€21,855
- Staff costs -€33,922
down €33,922 (-70.1%), from €48,396 to €14,474
- Gross operating margin -€24,643
down €24,643 (-17.6%), from €140,354 to €115,711
- Taxes +€5,521
up €5,521 (+42.3%), from €13,039 to €18,560
- Depreciation +€4,807
up €4,807 (+23.8%), from €20,209 to €25,016
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 | €274,106 | €367,025 | +€92,919 | +33.9% |
| Fixed assets | 21/28 | €62,279 | €73,753 | +€11,474 | +18.4% |
| Tangible fixed assets | 22/27 | €62,279 | €73,753 | +€11,474 | +18.4% |
| Plant, machinery and equipment | 23 | €26,072 | €21,665 | -€4,407 | -16.9% |
| Furniture and vehicles | 24 | €36,206 | €52,087 | +€15,881 | +43.9% |
| Current assets | 29/58 | €211,828 | €293,272 | +€81,445 | +38.4% |
| Stocks and contracts in progress | 3 | €25,047 | €22,471 | -€2,577 | -10.3% |
| Stocks | 30/36 | €25,047 | €22,471 | -€2,577 | -10.3% |
| Amounts receivable within one year | 40/41 | €3,941 | €10,440 | +€6,499 | +164.9% |
| Trade receivables | 40 | €1,982 | €4,380 | +€2,399 | +121.0% |
| Other amounts receivable | 41 | €1,959 | €6,060 | +€4,101 | +209.3% |
| Current investments | 50/53 | €35,000 | €30,000 | -€5,000 | -14.3% |
| Cash at bank and in hand | 54/58 | €145,433 | €230,187 | +€84,753 | +58.3% |
| Deferred charges and accrued income | 490/1 | €2,406 | €175 | -€2,231 | -92.7% |
| Total equity and liabilities | 10/49 | €274,106 | €367,025 | +€92,919 | +33.9% |
| Equity | 10/15 | €127,742 | €178,790 | +€51,048 | +40.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €117,742 | €168,790 | +€51,048 | +43.4% |
| Distributable reserves | 133 | €117,742 | €168,790 | +€51,048 | +43.4% |
| Amounts payable | 17/49 | €146,364 | €188,235 | +€41,871 | +28.6% |
| Amounts payable after more than one year | 17 | €43,991 | €20,056 | -€23,935 | -54.4% |
| Financial debts | 170/4 | €43,991 | €20,056 | -€23,935 | -54.4% |
| Amounts payable within one year | 42/48 | €101,828 | €167,979 | +€66,151 | +65.0% |
| Current portion of amounts payable after more than one year | 42 | €24,416 | €23,935 | -€481 | -2.0% |
| Trade debts | 44 | €25,546 | €112,383 | +€86,837 | +339.9% |
| Suppliers | 440/4 | €25,546 | €112,383 | +€86,837 | +339.9% |
| Taxes, remuneration and social security | 45 | €51,867 | €31,662 | -€20,206 | -39.0% |
| Taxes | 450/3 | €29,093 | €30,742 | +€1,649 | +5.7% |
| Remuneration and social security | 454/9 | €22,774 | €919 | -€21,855 | -96.0% |
| Accrued charges and deferred income | 492/3 | €545 | €201 | -€345 | -63.2% |
| Remuneration, social security and pensions | 62 | €48,396 | €14,474 | -€33,922 | -70.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,209 | €25,016 | +€4,807 | +23.8% |
| Other operating charges | 640/8 | €3,168 | €2,874 | -€295 | -9.3% |
| Gross operating margin | 9900 | €140,354 | €115,711 | -€24,643 | -17.6% |
| Operating profit (loss) | 9901 | €68,580 | €73,346 | +€4,766 | +6.9% |
| Financial income | 75/76B | €15 | €1,050 | +€1,035 | +6745.4% |
| Recurring financial income | 75 | €15 | €1,050 | +€1,035 | +6745.4% |
| Financial charges | 65/66B | €4,661 | €4,789 | +€128 | +2.7% |
| Recurring financial charges | 65 | €4,661 | €4,789 | +€128 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €63,935 | €69,608 | +€5,673 | +8.9% |
| Income taxes | 67/77 | €13,039 | €18,560 | +€5,521 | +42.3% |
| Profit (loss) for the period | 9904 | €50,895 | €51,048 | +€152 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,895 | €51,048 | +€152 | +0.3% |
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 9 October 2026 via checked.be.