MAG ACTIVITIES: 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.
MAG ACTIVITIES
Largest movements
- Cash -€28,495
down €28,495 (-63.8%), from €44,645 to €16,150
mainly Debts after one year (-€54,050) and Investment in fixed assets (net) (-€32,935)
- Tangible fixed assets -€17,067
down €17,067 (-1.4%), from €1.3m to €1.2m
of which Land and buildings: -€59,629
- Profit (loss) carried forward +€77,390
up €77,390 (+63.2%), from €122,384 to €199,774
- Debts after one year -€54,050
down €54,050 (-26.2%), from €206,565 to €152,515
- Accrued charges and deferred income -€19,433
down €19,433 (-93.6%), from €20,752 to €1,319
- Other debts -€18,263
down €18,263 (-5.3%), from €343,191 to €324,928
- Trade debts -€13,509
down €13,509 (-62.4%), from €21,664 to €8,155
- Gross operating margin +€133,889
up €133,889 (+350%), from €38,214 to €172,102
- Other operating charges -€8,614
down €8,614 (-51.6%), from €16,699 to €8,084
- Financial charges -€5,064
down €5,064 (-13.6%), from €37,287 to €32,223
of which Non-recurring financial charges: -€4,046
- Depreciation +€4,234
up €4,234 (+9.3%), from €45,767 to €50,001
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 | €1,349,438 | €1,314,161 | -€35,278 | -2.6% |
| Fixed assets | 21/28 | €1,263,065 | €1,245,998 | -€17,067 | -1.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1,262,990 | €1,245,923 | -€17,067 | -1.4% |
| Land and buildings | 22 | €1,185,170 | €1,125,541 | -€59,629 | -5.0% |
| Plant, machinery and equipment | 23 | €77,820 | €120,382 | +€42,562 | +54.7% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €86,374 | €68,163 | -€18,211 | -21.1% |
| Amounts receivable within one year | 40/41 | €37,745 | €41,017 | +€3,273 | +8.7% |
| Trade receivables | 40 | €11,634 | €18,418 | +€6,783 | +58.3% |
| Other amounts receivable | 41 | €26,110 | €22,600 | -€3,510 | -13.4% |
| Cash at bank and in hand | 54/58 | €44,645 | €16,150 | -€28,495 | -63.8% |
| Deferred charges and accrued income | 490/1 | €3,984 | €10,996 | +€7,012 | +176% |
| Total equity and liabilities | 10/49 | €1,349,438 | €1,314,161 | -€35,278 | -2.6% |
| Equity | 10/15 | €703,289 | €777,029 | +€73,740 | +10.5% |
| Contributions | 10/11 | €476,941 | €476,941 | = | 0.0% |
| Reserves | 13 | €103,964 | €100,314 | -€3,650 | -3.5% |
| Non-distributable reserves | 130/1 | €22,672 | €22,672 | = | 0.0% |
| Reserves not available under the articles | 1311 | €22,672 | €22,672 | = | 0.0% |
| Tax-exempt reserves | 132 | €81,292 | €77,642 | -€3,650 | -4.5% |
| Profit (loss) carried forward | 14 | €122,384 | €199,774 | +€77,390 | +63.2% |
| Provisions and deferred taxes | 16 | €32,204 | €30,325 | -€1,879 | -5.8% |
| Deferred taxes | 168 | €32,204 | €30,325 | -€1,879 | -5.8% |
| Amounts payable | 17/49 | €613,945 | €506,807 | -€107,138 | -17.5% |
| Amounts payable after more than one year | 17 | €206,565 | €152,515 | -€54,050 | -26.2% |
| Financial debts | 170/4 | €206,565 | €152,515 | -€54,050 | -26.2% |
| Amounts payable within one year | 42/48 | €386,628 | €352,973 | -€33,655 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €13,092 | €9,260 | -€3,831 | -29.3% |
| Trade debts | 44 | €21,664 | €8,155 | -€13,509 | -62.4% |
| Suppliers | 440/4 | €21,664 | €8,155 | -€13,509 | -62.4% |
| Taxes, remuneration and social security | 45 | €8,681 | €10,629 | +€1,948 | +22.4% |
| Taxes | 450/3 | €8,681 | €10,629 | +€1,948 | +22.4% |
| Other amounts payable | 47/48 | €343,191 | €324,928 | -€18,263 | -5.3% |
| Accrued charges and deferred income | 492/3 | €20,752 | €1,319 | -€19,433 | -93.6% |
| Non-recurring operating income | 76A | €38,094 | €95,829 | +€57,735 | +152% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,767 | €50,001 | +€4,234 | +9.3% |
| Other operating charges | 640/8 | €16,699 | €8,084 | -€8,614 | -51.6% |
| Non-recurring operating charges | 66A | €2,847 | €9,934 | +€7,087 | +249% |
| Gross operating margin | 9900 | €38,214 | €172,102 | +€133,889 | +350% |
| Operating profit (loss) | 9901 | -€27,100 | €104,082 | +€131,182 | |
| Financial income | 75/76B | €0 | €1 | +€1 | +175% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +175% |
| Financial charges | 65/66B | €37,287 | €32,223 | -€5,064 | -13.6% |
| Recurring financial charges | 65 | €33,241 | €32,223 | -€1,018 | -3.1% |
| Non-recurring financial charges | 66B | €4,046 | - | -€4,046 | |
| Profit (loss) for the period before taxes | 9903 | -€64,386 | €71,861 | +€136,247 | |
| Transfer from deferred taxes | 780 | €1,879 | €1,879 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€62,507 | €73,740 | +€136,247 | |
| Transfer from tax-exempt reserves | 789 | €3,650 | €3,650 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,857 | €77,390 | +€136,247 |
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.