M.A.G.: 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.
What changed
M.A.G.
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€30,163
2024 · €4,473+€25,690
Equity
€1.3m
2024 · €1.2m+€30,163
Cash
€26,894
2024 · €32,074-€5,180
Balance sheet total
€4.9m
2024 · €5.1m-€142,376
Largest movements
Assets
- Tangible fixed assets -€163,122
down €163,122 (-3.3%), from €4.9m to €4.7m
of which Land and buildings: -€109,528
Equity and liabilities
- Debts after one year -€247,065
down €247,065 (-9.8%), from €2.5m to €2.3m
- Other debts +€126,107
up €126,107 (+13.4%), from €944,036 to €1.1m
Income statement
- Gross operating margin +€39,479
up €39,479 (+11.5%), from €342,188 to €381,667
- Depreciation +€7,708
up €7,708 (+4.2%), from €183,688 to €191,396
- Financial charges +€4,520
up €4,520 (+5.1%), from €88,018 to €92,538
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.
Result 2024
€4,473
Gross operating margin
+€39,479
Depreciation
-€7,708
Other operating charges
-€2,035
Financial income
+€474
Financial charges
-€4,520
Result 2025
€30,163
raises the resultlowers the result
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.
From operations
+€265,094
Investment
-€28,274
Financing
-€242,000
Cash 2024
€32,074
From operations (derived)
+€265,094
Net result for the year
+€30,163
Depreciation
+€191,396
Receivables within one year
-€25,674
Deferred charges and accrued income
-€252
Provisions
-€3,744
Trade debts
-€43,307
Other debts
+€126,107
Accrued charges and deferred income
-€9,595
Investment (derived)
-€28,274
Investment in fixed assets (net)
-€28,274
Financing
-€242,000
Debts after one year
-€247,065
Current portion of long-term debt
+€5,065
Cash 2025
€26,894
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,090,788 | €4,948,411 | -€142,376 | -2.8% |
| Fixed assets | 21/28 | €4,914,931 | €4,751,808 | -€163,122 | -3.3% |
| Tangible fixed assets | 22/27 | €4,893,007 | €4,729,884 | -€163,122 | -3.3% |
| Land and buildings | 22 | €3,512,077 | €3,402,549 | -€109,528 | -3.1% |
| Furniture and vehicles | 24 | €2,595 | - | -€2,595 | |
| Leasing and similar rights | 25 | €1,378,335 | €1,327,336 | -€50,999 | -3.7% |
| Financial fixed assets | 28 | €21,924 | €21,924 | = | 0.0% |
| Current assets | 29/58 | €175,857 | €196,603 | +€20,746 | +11.8% |
| Amounts receivable within one year | 40/41 | €135,089 | €160,763 | +€25,674 | +19.0% |
| Trade receivables | 40 | €7,073 | €22,964 | +€15,890 | +225% |
| Other amounts receivable | 41 | €128,016 | €137,800 | +€9,783 | +7.6% |
| Cash at bank and in hand | 54/58 | €32,074 | €26,894 | -€5,180 | -16.2% |
| Deferred charges and accrued income | 490/1 | €8,694 | €8,946 | +€252 | +2.9% |
| Total equity and liabilities | 10/49 | €5,090,788 | €4,948,411 | -€142,376 | -2.8% |
| Equity | 10/15 | €1,235,989 | €1,266,152 | +€30,163 | +2.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Revaluation surpluses | 12 | €833,363 | €833,363 | = | 0.0% |
| Reserves | 13 | €252,626 | €282,789 | +€30,163 | +11.9% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €129,916 | €118,683 | -€11,232 | -8.6% |
| Distributable reserves | 133 | €107,710 | €149,106 | +€41,396 | +38.4% |
| Provisions and deferred taxes | 16 | €43,305 | €39,561 | -€3,744 | -8.6% |
| Deferred taxes | 168 | €43,305 | €39,561 | -€3,744 | -8.6% |
| Amounts payable | 17/49 | €3,811,494 | €3,642,698 | -€168,795 | -4.4% |
| Amounts payable after more than one year | 17 | €2,514,551 | €2,267,486 | -€247,065 | -9.8% |
| Financial debts | 170/4 | €2,514,551 | €2,267,486 | -€247,065 | -9.8% |
| Amounts payable within one year | 42/48 | €1,276,644 | €1,364,509 | +€87,865 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €284,286 | €289,351 | +€5,065 | +1.8% |
| Trade debts | 44 | €48,322 | €5,015 | -€43,307 | -89.6% |
| Suppliers | 440/4 | €48,322 | €5,015 | -€43,307 | -89.6% |
| Other amounts payable | 47/48 | €944,036 | €1,070,143 | +€126,107 | +13.4% |
| Accrued charges and deferred income | 492/3 | €20,299 | €10,704 | -€9,595 | -47.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €183,688 | €191,396 | +€7,708 | +4.2% |
| Other operating charges | 640/8 | €74,291 | €76,325 | +€2,035 | +2.7% |
| Gross operating margin | 9900 | €342,188 | €381,667 | +€39,479 | +11.5% |
| Operating profit (loss) | 9901 | €84,209 | €113,945 | +€29,736 | +35.3% |
| Financial income | 75/76B | €4,538 | €5,012 | +€474 | +10.4% |
| Recurring financial income | 75 | €4,538 | €5,012 | +€474 | +10.4% |
| Financial charges | 65/66B | €88,018 | €92,538 | +€4,520 | +5.1% |
| Recurring financial charges | 65 | €88,018 | €92,538 | +€4,520 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €729 | €26,419 | +€25,690 | +3,524% |
| Transfer from deferred taxes | 780 | €3,744 | €3,744 | = | 0.0% |
| Profit (loss) for the period | 9904 | €4,473 | €30,163 | +€25,690 | +574% |
| Transfer from tax-exempt reserves | 789 | €11,232 | €11,232 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,706 | €41,396 | +€25,690 | +164% |
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 18 October 2026 via checked.be.