MAGA: 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.
MAGA
Largest movements
- Tangible fixed assets +€54,251
up €54,251 (+32.6%), from €166,177 to €220,428
of which Other tangible fixed assets: +€44,469
- Receivables within one year -€24,259
down €24,259 (-12.2%), from €198,874 to €174,616
of which Trade receivables: -€14,493
- Cash -€13,620
down €13,620 (-4.4%), from €311,159 to €297,540
mainly Investment in fixed assets (net) (-€93,411) and Trade debts (-€33,587)
- Reserves +€40,038
up €40,038 (+8.6%), from €468,109 to €508,146
of which Distributable reserves: +€40,038
- Trade debts -€33,587
down €33,587 (-65.6%), from €51,173 to €17,586
- Tax, wage and social debts +€31,628
up €31,628 (+32.2%), from €98,211 to €129,839
of which Remuneration and social security: +€25,543
- Other debts -€20,000
down €20,000 (-40.0%), from €50,000 to €30,000
- Staff costs +€83,174
up €83,174 (+14.4%), from €578,091 to €661,265
- Gross operating margin +€42,208
up €42,208 (+5.6%), from €749,676 to €791,884
- Taxes -€11,243
down €11,243 (-43.9%), from €25,603 to €14,361
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 | €686,085 | €704,163 | +€18,079 | +2.6% |
| Fixed assets | 21/28 | €167,141 | €221,392 | +€54,251 | +32.5% |
| Tangible fixed assets | 22/27 | €166,177 | €220,428 | +€54,251 | +32.6% |
| Plant, machinery and equipment | 23 | €63,577 | €49,259 | -€14,319 | -22.5% |
| Furniture and vehicles | 24 | €20,668 | €44,768 | +€24,100 | +117% |
| Other tangible fixed assets | 26 | €81,932 | €126,401 | +€44,469 | +54.3% |
| Financial fixed assets | 28 | €964 | €964 | = | 0.0% |
| Current assets | 29/58 | €518,944 | €482,772 | -€36,172 | -7.0% |
| Stocks and contracts in progress | 3 | €7,417 | €7,019 | -€398 | -5.4% |
| Stocks | 30/36 | €7,417 | €7,019 | -€398 | -5.4% |
| Amounts receivable within one year | 40/41 | €198,874 | €174,616 | -€24,259 | -12.2% |
| Trade receivables | 40 | €43,628 | €29,135 | -€14,493 | -33.2% |
| Other amounts receivable | 41 | €155,246 | €145,481 | -€9,765 | -6.3% |
| Cash at bank and in hand | 54/58 | €311,159 | €297,540 | -€13,620 | -4.4% |
| Deferred charges and accrued income | 490/1 | €1,493 | €3,597 | +€2,104 | +141% |
| Total equity and liabilities | 10/49 | €686,085 | €704,163 | +€18,079 | +2.6% |
| Equity | 10/15 | €486,701 | €526,738 | +€40,038 | +8.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €468,109 | €508,146 | +€40,038 | +8.6% |
| Tax-exempt reserves | 132 | €2,671 | €2,671 | = | 0.0% |
| Distributable reserves | 133 | €465,438 | €505,476 | +€40,038 | +8.6% |
| Amounts payable | 17/49 | €199,384 | €177,425 | -€21,959 | -11.0% |
| Amounts payable within one year | 42/48 | €199,384 | €177,425 | -€21,959 | -11.0% |
| Trade debts | 44 | €51,173 | €17,586 | -€33,587 | -65.6% |
| Suppliers | 440/4 | €51,173 | €17,586 | -€33,587 | -65.6% |
| Taxes, remuneration and social security | 45 | €98,211 | €129,839 | +€31,628 | +32.2% |
| Taxes | 450/3 | €48,586 | €54,670 | +€6,085 | +12.5% |
| Remuneration and social security | 454/9 | €49,625 | €75,168 | +€25,543 | +51.5% |
| Other amounts payable | 47/48 | €50,000 | €30,000 | -€20,000 | -40.0% |
| Non-recurring operating income | 76A | - | €11,542 | +€11,542 | |
| Remuneration, social security and pensions | 62 | €578,091 | €661,265 | +€83,174 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,553 | €39,160 | +€7,607 | +24.1% |
| Other operating charges | 640/8 | €796 | €878 | +€83 | +10.4% |
| Gross operating margin | 9900 | €749,676 | €791,884 | +€42,208 | +5.6% |
| Operating profit (loss) | 9901 | €139,236 | €90,581 | -€48,655 | -34.9% |
| Financial income | 75/76B | €6,578 | €2,040 | -€4,538 | -69.0% |
| Recurring financial income | 75 | €6,578 | €2,040 | -€4,538 | -69.0% |
| Financial charges | 65/66B | €7,922 | €8,222 | +€300 | +3.8% |
| Recurring financial charges | 65 | €7,922 | €8,222 | +€300 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €137,892 | €84,398 | -€53,494 | -38.8% |
| Income taxes | 67/77 | €25,603 | €14,361 | -€11,243 | -43.9% |
| Profit (loss) for the period | 9904 | €112,289 | €70,038 | -€42,251 | -37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €112,289 | €70,038 | -€42,251 | -37.6% |
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 13 October 2026 via checked.be.