MAG: what changed
Two fiscal 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.
MAG
Largest movements
- Cash -€24,002
down €24,002 (-10.7%), from €223,732 to €199,730
mainly Net result for the year (-€41,114) and Receivables within one year (-€104)
- Tangible fixed assets -€14,069
down €14,069 (-28.9%), from €48,709 to €34,640
- Profit (loss) carried forward -€41,114
down €41,114 (-16.3%), from €252,946 to €211,832
- Financial income -€4,143
down €4,143 (-62.7%), from €6,611 to €2,468
- Gross operating margin -€510
down €510 (-1.8%), from -€28,186 to -€28,696
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 | €277,951 | €239,489 | -€38,462 | -13.8% |
| Fixed assets | 21/28 | €48,709 | €34,640 | -€14,069 | -28.9% |
| Tangible fixed assets | 22/27 | €48,709 | €34,640 | -€14,069 | -28.9% |
| Furniture and vehicles | 24 | €48,709 | €34,640 | -€14,069 | -28.9% |
| Current assets | 29/58 | €229,242 | €204,849 | -€24,393 | -10.6% |
| Amounts receivable within one year | 40/41 | €2,909 | €3,013 | +€104 | +3.6% |
| Other amounts receivable | 41 | €2,909 | €3,013 | +€104 | +3.6% |
| Cash at bank and in hand | 54/58 | €223,732 | €199,730 | -€24,002 | -10.7% |
| Deferred charges and accrued income | 490/1 | €2,601 | €2,106 | -€495 | -19.0% |
| Total equity and liabilities | 10/49 | €277,951 | €239,489 | -€38,462 | -13.8% |
| Equity | 10/15 | €274,946 | €233,832 | -€41,114 | -15.0% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €252,946 | €211,832 | -€41,114 | -16.3% |
| Amounts payable | 17/49 | €3,005 | €5,657 | +€2,652 | +88.2% |
| Amounts payable within one year | 42/48 | €3,005 | €5,657 | +€2,652 | +88.2% |
| Trade debts | 44 | - | €1,315 | +€1,315 | |
| Suppliers | 440/4 | - | €1,315 | +€1,315 | |
| Taxes, remuneration and social security | 45 | €211 | €1,000 | +€789 | +374.2% |
| Taxes | 450/3 | €211 | - | -€211 | |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €2,794 | €3,342 | +€548 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,069 | €14,069 | = | 0.0% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | -€28,186 | -€28,696 | -€510 | -1.8% |
| Operating profit (loss) | 9901 | -€42,783 | -€43,309 | -€526 | -1.2% |
| Financial income | 75/76B | €6,611 | €2,468 | -€4,143 | -62.7% |
| Recurring financial income | 75 | €6,611 | €2,468 | -€4,143 | -62.7% |
| Financial charges | 65/66B | €98 | €93 | -€5 | -5.2% |
| Recurring financial charges | 65 | €98 | €93 | -€5 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | -€36,270 | -€40,934 | -€4,664 | -12.9% |
| Income taxes | 67/77 | €191 | €180 | -€12 | -6.1% |
| Profit (loss) for the period | 9904 | -€36,461 | -€41,114 | -€4,652 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,461 | -€41,114 | -€4,652 | -12.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.