MAG - BELGIUM: 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 - BELGIUM
Largest movements
- Stocks and contracts -€2,608
no longer reported in 2025 (was €2,608)
- Cash -€1,710
down €1,710 (-24.3%), from €7,046 to €5,336
mainly Trade debts (-€17,552) and Net result for the year (-€5,267)
- Tangible fixed assets +€685
up €685 (+640%), from €107 to €792
- Receivables within one year +€558
up €558 (+15.6%), from €3,588 to €4,146
of which Other amounts receivable: +€516
- Other debts +€19,620
up €19,620 (+25.0%), from €78,387 to €98,007
- Trade debts -€17,552
down €17,552 (-86.7%), from €20,233 to €2,681
- Profit (loss) carried forward -€5,267
down €5,267 (-5.2%), from -€100,998 to -€106,265
- Depreciation -€938
down €938 (-65.1%), from €1,441 to €503
- Other operating charges -€782
no longer reported in 2025 (was €782)
- Gross operating margin -€597
down €597 (-38.3%), from -€1,559 to -€2,156
- Turnover -€579
down €579 (-5.7%), from €10,086 to €9,507
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 | €13,349 | €10,274 | -€3,075 | -23.0% |
| Fixed assets | 21/28 | €107 | €792 | +€685 | +640% |
| Tangible fixed assets | 22/27 | €107 | €792 | +€685 | +640% |
| Furniture and vehicles | 24 | €107 | €792 | +€685 | +640% |
| Current assets | 29/58 | €13,242 | €9,482 | -€3,760 | -28.4% |
| Stocks and contracts in progress | 3 | €2,608 | - | -€2,608 | |
| Stocks | 30/36 | €2,608 | - | -€2,608 | |
| Amounts receivable within one year | 40/41 | €3,588 | €4,146 | +€558 | +15.6% |
| Trade receivables | 40 | €106 | €148 | +€42 | +39.6% |
| Other amounts receivable | 41 | €3,482 | €3,998 | +€516 | +14.8% |
| Cash at bank and in hand | 54/58 | €7,046 | €5,336 | -€1,710 | -24.3% |
| Total equity and liabilities | 10/49 | €13,349 | €10,274 | -€3,075 | -23.0% |
| Equity | 10/15 | -€88,598 | -€93,865 | -€5,267 | -5.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,998 | -€106,265 | -€5,267 | -5.2% |
| Amounts payable | 17/49 | €101,947 | €104,139 | +€2,192 | +2.2% |
| Amounts payable within one year | 42/48 | €101,947 | €104,139 | +€2,192 | +2.2% |
| Trade debts | 44 | €20,233 | €2,681 | -€17,552 | -86.7% |
| Suppliers | 440/4 | €20,233 | €2,681 | -€17,552 | -86.7% |
| Taxes, remuneration and social security | 45 | €3,327 | €3,451 | +€124 | +3.7% |
| Taxes | 450/3 | €3,327 | €3,451 | +€124 | +3.7% |
| Other amounts payable | 47/48 | €78,387 | €98,007 | +€19,620 | +25.0% |
| Turnover | 70 | €10,086 | €9,507 | -€579 | -5.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €11,645 | €11,663 | +€18 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,441 | €503 | -€938 | -65.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,608 | €2,608 | = | 0.0% |
| Other operating charges | 640/8 | €782 | - | -€782 | |
| Gross operating margin | 9900 | -€1,559 | -€2,156 | -€597 | -38.3% |
| Operating profit (loss) | 9901 | -€6,390 | -€5,267 | +€1,123 | +17.6% |
| Financial charges | 65/66B | €34 | - | -€34 | |
| Recurring financial charges | 65 | €34 | - | -€34 | |
| Non-recurring financial charges | 66B | €34 | - | -€34 | |
| Profit (loss) for the period before taxes | 9903 | -€6,424 | -€5,267 | +€1,157 | +18.0% |
| Profit (loss) for the period | 9904 | -€6,424 | -€5,267 | +€1,157 | +18.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,424 | -€5,267 | +€1,157 | +18.0% |
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 28 October 2026 via checked.be.