HET MAGAZIJN: 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.
HET MAGAZIJN
Largest movements
- Tangible fixed assets -€71,940
down €71,940 (-5.6%), from €1.3m to €1.2m
- Current investments -€16,577
down €16,577 (-7.8%), from €212,997 to €196,419
- Debts after one year -€125,527
down €125,527 (-17.7%), from €707,302 to €581,775
- Reserves +€47,633
up €47,633 (+9.5%), from €502,035 to €549,668
of which Distributable reserves: +€47,633
- Other debts -€17,242
down €17,242 (-25.6%), from €67,260 to €50,019
- Depreciation -€9,172
down €9,172 (-11.1%), from €82,977 to €73,805
- Financial charges -€5,589
down €5,589 (-17.3%), from €32,237 to €26,648
of which Financial charges: -€3,682
- Taxes +€5,445
up €5,445 (+32.8%), from €16,577 to €22,022
- Gross operating margin +€3,980
up €3,980 (+2.0%), from €197,871 to €201,851
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 | €1,551,804 | €1,457,408 | -€94,396 | -6.1% |
| Fixed assets | 21/28 | €1,278,923 | €1,206,984 | -€71,940 | -5.6% |
| Intangible fixed assets | 21 | €116 | €116 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,278,807 | €1,206,868 | -€71,940 | -5.6% |
| Land and buildings | 22 | €1,278,807 | €1,206,868 | -€71,940 | -5.6% |
| Current assets | 29/58 | €272,880 | €250,425 | -€22,456 | -8.2% |
| Current investments | 50/53 | €212,997 | €196,419 | -€16,577 | -7.8% |
| Cash at bank and in hand | 54/58 | €28,293 | €26,751 | -€1,542 | -5.4% |
| Deferred charges and accrued income | 490/1 | €31,591 | €27,254 | -€4,337 | -13.7% |
| Total equity and liabilities | 10/49 | €1,551,804 | €1,457,408 | -€94,396 | -6.1% |
| Equity | 10/15 | €634,509 | €682,142 | +€47,633 | +7.5% |
| Contributions | 10/11 | €132,474 | €132,474 | = | 0.0% |
| Capital | 10 | €132,474 | €132,474 | = | 0.0% |
| Issued capital | 100 | €132,474 | €132,474 | = | 0.0% |
| Reserves | 13 | €502,035 | €549,668 | +€47,633 | +9.5% |
| Non-distributable reserves | 130/1 | €13,247 | €13,247 | = | 0.0% |
| Legal reserve | 130 | €13,247 | €13,247 | = | 0.0% |
| Distributable reserves | 133 | €488,787 | €536,420 | +€47,633 | +9.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €917,295 | €775,266 | -€142,029 | -15.5% |
| Amounts payable after more than one year | 17 | €707,302 | €581,775 | -€125,527 | -17.7% |
| Financial debts | 170/4 | €707,302 | €581,775 | -€125,527 | -17.7% |
| Amounts payable within one year | 42/48 | €200,237 | €179,146 | -€21,091 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €120,975 | €125,527 | +€4,551 | +3.8% |
| Trade debts | 44 | €7,602 | €3,301 | -€4,301 | -56.6% |
| Suppliers | 440/4 | €7,602 | €3,301 | -€4,301 | -56.6% |
| Taxes, remuneration and social security | 45 | €4,400 | €300 | -€4,100 | -93.2% |
| Taxes | 450/3 | €4,400 | €300 | -€4,100 | -93.2% |
| Other amounts payable | 47/48 | €67,260 | €50,019 | -€17,242 | -25.6% |
| Accrued charges and deferred income | 492/3 | €9,756 | €14,345 | +€4,589 | +47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,977 | €73,805 | -€9,172 | -11.1% |
| Other operating charges | 640/8 | €35,077 | €36,178 | +€1,100 | +3.1% |
| Gross operating margin | 9900 | €197,871 | €201,851 | +€3,980 | +2.0% |
| Operating profit (loss) | 9901 | €79,817 | €91,868 | +€12,051 | +15.1% |
| Financial income | 75/76B | €4,028 | €4,435 | +€408 | +10.1% |
| Recurring financial income | 75 | €466 | €4,435 | +€3,970 | +852.6% |
| Non-recurring financial income | 76B | €3,562 | €0 | -€3,562 | -100.0% |
| Financial charges | 65/66B | €32,237 | €26,648 | -€5,589 | -17.3% |
| Recurring financial charges | 65 | €30,330 | €26,648 | -€3,682 | -12.1% |
| Non-recurring financial charges | 66B | €1,907 | €0 | -€1,907 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €51,608 | €69,655 | +€18,047 | +35.0% |
| Income taxes | 67/77 | €16,577 | €22,022 | +€5,445 | +32.8% |
| Profit (loss) for the period | 9904 | €35,031 | €47,633 | +€12,603 | +36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,031 | €47,633 | +€12,603 | +36.0% |
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.