NICOLAS MARGANNE: 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.
NICOLAS MARGANNE
Largest movements
- Current investments +€95,244
up €95,244 (+19.9%), from €477,491 to €572,734
- Cash -€10,720
down €10,720 (-40.1%), from €26,741 to €16,022
mainly Current investments (-€95,244) and Contributions, distributions and other (-€46,000)
- Reserves +€67,000
up €67,000 (+15.8%), from €425,000 to €492,000
- Tax, wage and social debts +€7,300
up €7,300 (+183%), from €4,000 to €11,300
- Financial charges -€65,350
down €65,350 (-79.8%), from €81,853 to €16,503
- Taxes +€17,282
up €17,282 (+43.2%), from €39,964 to €57,246
- Gross operating margin +€13,560
up €13,560 (+8.7%), from €156,721 to €170,281
- Financial income +€11,887
up €11,887 (+82.1%), from €14,471 to €26,359
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 | €556,831 | €630,889 | +€74,058 | +13.3% |
| Fixed assets | 21/28 | €44,169 | €38,040 | -€6,129 | -13.9% |
| Tangible fixed assets | 22/27 | €44,169 | €38,040 | -€6,129 | -13.9% |
| Land and buildings | 22 | €39,669 | €33,405 | -€6,264 | -15.8% |
| Plant, machinery and equipment | 23 | €4,500 | €3,423 | -€1,076 | -23.9% |
| Furniture and vehicles | 24 | - | €1,211 | +€1,211 | |
| Current assets | 29/58 | €512,662 | €592,849 | +€80,187 | +15.6% |
| Amounts receivable within one year | 40/41 | €4,682 | - | -€4,682 | |
| Other amounts receivable | 41 | €4,682 | - | -€4,682 | |
| Current investments | 50/53 | €477,491 | €572,734 | +€95,244 | +19.9% |
| Cash at bank and in hand | 54/58 | €26,741 | €16,022 | -€10,720 | -40.1% |
| Deferred charges and accrued income | 490/1 | €3,748 | €4,093 | +€345 | +9.2% |
| Total equity and liabilities | 10/49 | €556,831 | €630,889 | +€74,058 | +13.3% |
| Equity | 10/15 | €549,795 | €617,718 | +€67,923 | +12.4% |
| Contributions | 10/11 | €15,800 | €15,800 | = | 0.0% |
| Reserves | 13 | €425,000 | €492,000 | +€67,000 | +15.8% |
| Distributable reserves | 133 | €425,000 | €492,000 | +€67,000 | +15.8% |
| Profit (loss) carried forward | 14 | €108,995 | €109,918 | +€923 | +0.8% |
| Amounts payable | 17/49 | €7,036 | €13,171 | +€6,135 | +87.2% |
| Amounts payable within one year | 42/48 | €7,036 | €13,171 | +€6,135 | +87.2% |
| Trade debts | 44 | €3,036 | €1,296 | -€1,739 | -57.3% |
| Suppliers | 440/4 | €3,036 | €1,296 | -€1,739 | -57.3% |
| Taxes, remuneration and social security | 45 | €4,000 | €11,300 | +€7,300 | +183% |
| Taxes | 450/3 | €4,000 | €11,300 | +€7,300 | +183% |
| Other amounts payable | 47/48 | - | €574 | +€574 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,334 | €7,648 | +€314 | +4.3% |
| Other operating charges | 640/8 | €1,702 | €1,320 | -€382 | -22.4% |
| Gross operating margin | 9900 | €156,721 | €170,281 | +€13,560 | +8.7% |
| Operating profit (loss) | 9901 | €147,686 | €161,313 | +€13,628 | +9.2% |
| Financial income | 75/76B | €14,471 | €26,359 | +€11,887 | +82.1% |
| Recurring financial income | 75 | €14,471 | €26,359 | +€11,887 | +82.1% |
| Financial charges | 65/66B | €81,853 | €16,503 | -€65,350 | -79.8% |
| Recurring financial charges | 65 | €81,853 | €16,503 | -€65,350 | -79.8% |
| Profit (loss) for the period before taxes | 9903 | €80,304 | €171,169 | +€90,865 | +113% |
| Income taxes | 67/77 | €39,964 | €57,246 | +€17,282 | +43.2% |
| Profit (loss) for the period | 9904 | €40,340 | €113,923 | +€73,583 | +182% |
| Profit (loss) for the period to be appropriated | 9905 | €40,340 | €113,923 | +€73,583 | +182% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.