MARGUERITTE: 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.
MARGUERITTE
Largest movements
- Receivables within one year +€17,831
up €17,831 (+157.3%), from €11,339 to €29,170
of which Trade receivables: +€20,154
- Deferred charges and accrued income -€15,199
down €15,199 (-85.8%), from €17,721 to €2,522
- Cash +€10,398
up €10,398 (+9.7%), from €107,303 to €117,701
mainly Deferred charges and accrued income (+€15,199) and Net result for the year (+€9,924)
- Reserves +€9,925
up €9,925 (+15.0%), from €66,193 to €76,118
of which Distributable reserves: +€9,925
- Trade debts +€5,640
up €5,640 (+744.1%), from €758 to €6,398
- Accrued charges and deferred income -€5,158
no longer reported in 2025 (was €5,158)
- Gross operating margin -€19,037
down €19,037 (-49.5%), from €38,465 to €19,428
- Taxes +€3,828
new in 2025: €3,828
- Financial income +€1,597
up €1,597 (+358.9%), from €445 to €2,042
of which Non-recurring financial income: +€1,492
- Depreciation +€814
up €814 (+16.3%), from €4,984 to €5,798
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 | €452,567 | €461,038 | +€8,471 | +1.9% |
| Fixed assets | 21/28 | €314,954 | €310,395 | -€4,559 | -1.4% |
| Tangible fixed assets | 22/27 | €314,929 | €310,370 | -€4,559 | -1.4% |
| Land and buildings | 22 | €249,400 | €249,400 | = | 0.0% |
| Plant, machinery and equipment | 23 | €64,741 | €59,342 | -€5,399 | -8.3% |
| Furniture and vehicles | 24 | €788 | €1,628 | +€840 | +106.6% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €137,613 | €150,643 | +€13,030 | +9.5% |
| Stocks and contracts in progress | 3 | €1,250 | €1,250 | = | 0.0% |
| Stocks | 30/36 | €1,250 | €1,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,339 | €29,170 | +€17,831 | +157.3% |
| Trade receivables | 40 | €1,375 | €21,529 | +€20,154 | +1465.7% |
| Other amounts receivable | 41 | €9,964 | €7,641 | -€2,323 | -23.3% |
| Cash at bank and in hand | 54/58 | €107,303 | €117,701 | +€10,398 | +9.7% |
| Deferred charges and accrued income | 490/1 | €17,721 | €2,522 | -€15,199 | -85.8% |
| Total equity and liabilities | 10/49 | €452,567 | €461,038 | +€8,471 | +1.9% |
| Equity | 10/15 | €189,645 | €199,570 | +€9,925 | +5.2% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €66,193 | €76,118 | +€9,925 | +15.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Financial assistance | 1313 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €63,193 | €73,118 | +€9,925 | +15.7% |
| Profit (loss) carried forward | 14 | €115,392 | €115,392 | = | 0.0% |
| Amounts payable | 17/49 | €262,922 | €261,468 | -€1,454 | -0.6% |
| Amounts payable after more than one year | 17 | €220,000 | €220,000 | = | 0.0% |
| Financial debts | 170/4 | €220,000 | €220,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €37,764 | €41,468 | +€3,704 | +9.8% |
| Trade debts | 44 | €758 | €6,398 | +€5,640 | +744.1% |
| Suppliers | 440/4 | €758 | €6,398 | +€5,640 | +744.1% |
| Taxes, remuneration and social security | 45 | €13,523 | €9,201 | -€4,322 | -32.0% |
| Taxes | 450/3 | €13,523 | €9,201 | -€4,322 | -32.0% |
| Other amounts payable | 47/48 | €23,483 | €25,869 | +€2,386 | +10.2% |
| Accrued charges and deferred income | 492/3 | €5,158 | - | -€5,158 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,984 | €5,798 | +€814 | +16.3% |
| Other operating charges | 640/8 | €1,876 | €1,753 | -€123 | -6.6% |
| Gross operating margin | 9900 | €38,465 | €19,428 | -€19,037 | -49.5% |
| Operating profit (loss) | 9901 | €31,605 | €11,877 | -€19,728 | -62.4% |
| Financial income | 75/76B | €445 | €2,042 | +€1,597 | +358.9% |
| Recurring financial income | 75 | €389 | €494 | +€105 | +27.0% |
| Non-recurring financial income | 76B | €56 | €1,548 | +€1,492 | +2664.3% |
| Financial charges | 65/66B | €281 | €167 | -€114 | -40.6% |
| Recurring financial charges | 65 | €104 | €68 | -€36 | -34.6% |
| Non-recurring financial charges | 66B | €177 | €99 | -€78 | -44.1% |
| Profit (loss) for the period before taxes | 9903 | €31,769 | €13,752 | -€18,017 | -56.7% |
| Income taxes | 67/77 | - | €3,828 | +€3,828 | |
| Profit (loss) for the period | 9904 | €31,769 | €9,924 | -€21,845 | -68.8% |
| Transfer to tax-exempt reserves | 689 | €10,214 | - | -€10,214 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,555 | €9,924 | -€11,631 | -54.0% |
Source: filed annual accounts (NBB), fiscal 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.