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
- Cash +€152,588
up €152,588 (+95.7%), from €159,449 to €312,037
mainly Other debts (+€104,409) and Current investments (+€100,000)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Deferred charges and accrued income -€19,554
down €19,554 (-43.7%), from €44,710 to €25,156
- Tangible fixed assets -€14,369
down €14,369 (-2.3%), from €618,089 to €603,720
of which Land and buildings: -€8,797
- Receivables within one year +€14,263
up €14,263 (+64.7%), from €22,047 to €36,310
of which Other amounts receivable: +€10,129
- Other debts +€104,409
up €104,409 (+154%), from €67,689 to €172,097
- Reserves -€62,954
down €62,954 (-21.7%), from €290,415 to €227,460
of which Distributable reserves: -€62,954
- Debts after one year -€30,503
down €30,503 (-7.9%), from €386,208 to €355,704
- Trade debts +€17,198
up €17,198 (+57.6%), from €29,869 to €47,066
- Taxes -€9,866
down €9,866 (-37.3%), from €26,450 to €16,584
- Staff costs +€6,691
up €6,691 (+1.7%), from €384,377 to €391,068
- Depreciation +€6,120
up €6,120 (+13.1%), from €46,812 to €52,932
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 | €955,585 | €990,489 | +€34,904 | +3.7% |
| Fixed assets | 21/28 | €618,089 | €603,720 | -€14,369 | -2.3% |
| Tangible fixed assets | 22/27 | €618,089 | €603,720 | -€14,369 | -2.3% |
| Land and buildings | 22 | €593,978 | €585,182 | -€8,797 | -1.5% |
| Plant, machinery and equipment | 23 | €11,088 | €6,028 | -€5,060 | -45.6% |
| Furniture and vehicles | 24 | €13,023 | €12,511 | -€512 | -3.9% |
| Current assets | 29/58 | €337,495 | €386,768 | +€49,273 | +14.6% |
| Stocks and contracts in progress | 3 | €11,289 | €13,266 | +€1,976 | +17.5% |
| Stocks | 30/36 | €11,289 | €13,266 | +€1,976 | +17.5% |
| Amounts receivable within one year | 40/41 | €22,047 | €36,310 | +€14,263 | +64.7% |
| Trade receivables | 40 | €12,730 | €16,863 | +€4,133 | +32.5% |
| Other amounts receivable | 41 | €9,317 | €19,446 | +€10,129 | +109% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €159,449 | €312,037 | +€152,588 | +95.7% |
| Deferred charges and accrued income | 490/1 | €44,710 | €25,156 | -€19,554 | -43.7% |
| Total equity and liabilities | 10/49 | €955,585 | €990,489 | +€34,904 | +3.7% |
| Equity | 10/15 | €352,388 | €289,434 | -€62,954 | -17.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €290,415 | €227,460 | -€62,954 | -21.7% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €284,217 | €221,263 | -€62,954 | -22.2% |
| Amounts payable | 17/49 | €603,197 | €701,055 | +€97,858 | +16.2% |
| Amounts payable after more than one year | 17 | €386,208 | €355,704 | -€30,503 | -7.9% |
| Financial debts | 170/4 | €386,208 | €355,704 | -€30,503 | -7.9% |
| Amounts payable within one year | 42/48 | €216,815 | €345,351 | +€128,535 | +59.3% |
| Current portion of amounts payable after more than one year | 42 | €29,959 | €30,503 | +€544 | +1.8% |
| Trade debts | 44 | €29,869 | €47,066 | +€17,198 | +57.6% |
| Suppliers | 440/4 | €29,869 | €47,066 | +€17,198 | +57.6% |
| Advances received on contracts in progress | 46 | €2,505 | €7,539 | +€5,034 | +201% |
| Taxes, remuneration and social security | 45 | €86,794 | €88,145 | +€1,351 | +1.6% |
| Taxes | 450/3 | €38,309 | €35,801 | -€2,507 | -6.5% |
| Remuneration and social security | 454/9 | €48,485 | €52,343 | +€3,859 | +8.0% |
| Other amounts payable | 47/48 | €67,689 | €172,097 | +€104,409 | +154% |
| Accrued charges and deferred income | 492/3 | €174 | - | -€174 | |
| Remuneration, social security and pensions | 62 | €384,377 | €391,068 | +€6,691 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,812 | €52,932 | +€6,120 | +13.1% |
| Other operating charges | 640/8 | €6,335 | €6,009 | -€326 | -5.1% |
| Gross operating margin | 9900 | €519,586 | €517,871 | -€1,715 | -0.3% |
| Operating profit (loss) | 9901 | €82,063 | €67,862 | -€14,201 | -17.3% |
| Financial income | 75/76B | €2,323 | €2,420 | +€97 | +4.2% |
| Recurring financial income | 75 | €2,323 | €2,420 | +€97 | +4.2% |
| Financial charges | 65/66B | €14,922 | €12,152 | -€2,769 | -18.6% |
| Recurring financial charges | 65 | €14,922 | €12,152 | -€2,769 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €69,464 | €58,130 | -€11,334 | -16.3% |
| Income taxes | 67/77 | €26,450 | €16,584 | -€9,866 | -37.3% |
| Profit (loss) for the period | 9904 | €43,014 | €41,546 | -€1,468 | -3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,014 | €41,546 | -€1,468 | -3.4% |
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 16 October 2026 via checked.be.