. MARGRAFF: 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
Largest movements
- Receivables within one year -€36,672
down €36,672 (-49.2%), from €74,526 to €37,854
of which Trade receivables: -€23,877
- Cash -€34,714
down €34,714 (-21.6%), from €160,888 to €126,173
mainly Contributions, distributions and other (-€75,675) and Other debts (-€30,812)
- Tangible fixed assets -€28,778
down €28,778 (-27.1%), from €106,231 to €77,452
of which Furniture and vehicles: -€17,057
- Reserves -€55,993
down €55,993 (-33.5%), from €167,121 to €111,127
- Other debts -€30,812
down €30,812 (-23.7%), from €129,769 to €98,958
- Tax, wage and social debts -€16,992
down €16,992 (-42.4%), from €40,091 to €23,099
of which Remuneration and social security: -€18,965
- Trade debts +€3,721
up €3,721 (+182.4%), from €2,040 to €5,761
- Gross operating margin -€49,100
down €49,100 (-16.9%), from €291,271 to €242,171
- Staff costs -€46,859
down €46,859 (-21.4%), from €219,110 to €172,252
- Taxes +€9,564
up €9,564 (+288.8%), from €3,312 to €12,875
- Other operating charges +€4,673
up €4,673 (+127.8%), from €3,655 to €8,328
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 | €346,070 | €245,824 | -€100,246 | -29.0% |
| Fixed assets | 21/28 | €108,346 | €79,567 | -€28,778 | -26.6% |
| Tangible fixed assets | 22/27 | €106,231 | €77,452 | -€28,778 | -27.1% |
| Land and buildings | 22 | €50,489 | €40,000 | -€10,489 | -20.8% |
| Plant, machinery and equipment | 23 | €2,601 | €1,369 | -€1,232 | -47.4% |
| Furniture and vehicles | 24 | €53,140 | €36,083 | -€17,057 | -32.1% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €2,115 | €2,115 | = | 0.0% |
| Current assets | 29/58 | €237,724 | €166,257 | -€71,467 | -30.1% |
| Amounts receivable within one year | 40/41 | €74,526 | €37,854 | -€36,672 | -49.2% |
| Trade receivables | 40 | €52,488 | €28,611 | -€23,877 | -45.5% |
| Other amounts receivable | 41 | €22,039 | €9,244 | -€12,795 | -58.1% |
| Cash at bank and in hand | 54/58 | €160,888 | €126,173 | -€34,714 | -21.6% |
| Deferred charges and accrued income | 490/1 | €2,310 | €2,229 | -€81 | -3.5% |
| Total equity and liabilities | 10/49 | €346,070 | €245,824 | -€100,246 | -29.0% |
| Equity | 10/15 | €174,170 | €118,007 | -€56,163 | -32.2% |
| Contributions | 10/11 | €6,507 | €6,507 | = | 0.0% |
| Reserves | 13 | €167,121 | €111,127 | -€55,993 | -33.5% |
| Distributable reserves | 133 | €167,121 | €111,127 | -€55,993 | -33.5% |
| Investment grants | 15 | €542 | €372 | -€170 | -31.3% |
| Amounts payable | 17/49 | €171,900 | €127,817 | -€44,083 | -25.6% |
| Amounts payable within one year | 42/48 | €171,900 | €127,817 | -€44,083 | -25.6% |
| Trade debts | 44 | €2,040 | €5,761 | +€3,721 | +182.4% |
| Suppliers | 440/4 | €2,040 | €5,761 | +€3,721 | +182.4% |
| Taxes, remuneration and social security | 45 | €40,091 | €23,099 | -€16,992 | -42.4% |
| Taxes | 450/3 | €9,273 | €11,246 | +€1,973 | +21.3% |
| Remuneration and social security | 454/9 | €30,818 | €11,852 | -€18,965 | -61.5% |
| Other amounts payable | 47/48 | €129,769 | €98,958 | -€30,812 | -23.7% |
| Remuneration, social security and pensions | 62 | €219,110 | €172,252 | -€46,859 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,072 | €29,741 | -€2,331 | -7.3% |
| Other operating charges | 640/8 | €3,655 | €8,328 | +€4,673 | +127.8% |
| Non-recurring operating charges | 66A | €27,293 | - | -€27,293 | |
| Gross operating margin | 9900 | €291,271 | €242,171 | -€49,100 | -16.9% |
| Operating profit (loss) | 9901 | €9,140 | €31,850 | +€22,711 | +248.5% |
| Financial income | 75/76B | €1,104 | €1,138 | +€34 | +3.1% |
| Recurring financial income | 75 | €1,104 | €1,138 | +€34 | +3.1% |
| Financial charges | 65/66B | €421 | €601 | +€180 | +42.9% |
| Recurring financial charges | 65 | €421 | €601 | +€180 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €9,824 | €32,388 | +€22,564 | +229.7% |
| Income taxes | 67/77 | €3,312 | €12,875 | +€9,564 | +288.8% |
| Profit (loss) for the period | 9904 | €6,512 | €19,512 | +€13,001 | +199.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,512 | €19,512 | +€13,001 | +199.7% |
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 11 October 2026 via checked.be.