MAGADAX: 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.
MAGADAX
Largest movements
- Cash -€82,831
down €82,831 (-34.1%), from €242,664 to €159,833
mainly Contributions, distributions and other (-€145,804) and Debts after one year (-€20,330)
- Intangible fixed assets -€20,000
down €20,000 (-29.3%), from €68,333 to €48,333
- Reserves -€97,094
down €97,094 (-100.0%), from €97,094 to €0
- Other debts +€24,317
up €24,317 (+20.2%), from €120,564 to €144,882
- Debts after one year -€20,330
down €20,330 (-22.5%), from €90,308 to €69,978
- Tax, wage and social debts -€10,248
down €10,248 (-52.8%), from €19,414 to €9,166
of which Taxes: -€5,730
- Staff costs +€23,593
up €23,593 (+65.9%), from €35,779 to €59,372
- Financial charges -€6,423
down €6,423 (-15.4%), from €41,714 to €35,291
- Taxes -€4,141
down €4,141 (-23.5%), from €17,646 to €13,505
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 | €368,215 | €266,738 | -€101,477 | -27.6% |
| Fixed assets | 21/28 | €91,481 | €73,774 | -€17,707 | -19.4% |
| Intangible fixed assets | 21 | €68,333 | €48,333 | -€20,000 | -29.3% |
| Tangible fixed assets | 22/27 | €22,347 | €24,640 | +€2,293 | +10.3% |
| Plant, machinery and equipment | 23 | €18,003 | €24,640 | +€6,637 | +36.9% |
| Assets under construction and advance payments | 27 | €4,344 | €0 | -€4,344 | -100.0% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €276,735 | €192,964 | -€83,770 | -30.3% |
| Amounts receivable within one year | 40/41 | €31,134 | €31,303 | +€169 | +0.5% |
| Trade receivables | 40 | €780 | €0 | -€780 | -100.0% |
| Other amounts receivable | 41 | €30,354 | €31,303 | +€949 | +3.1% |
| Cash at bank and in hand | 54/58 | €242,664 | €159,833 | -€82,831 | -34.1% |
| Deferred charges and accrued income | 490/1 | €2,936 | €1,828 | -€1,108 | -37.7% |
| Total equity and liabilities | 10/49 | €368,215 | €266,738 | -€101,477 | -27.6% |
| Equity | 10/15 | €115,694 | €18,600 | -€97,094 | -83.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €97,094 | €0 | -€97,094 | -100.0% |
| Distributable reserves | 133 | €97,094 | €0 | -€97,094 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €252,522 | €248,138 | -€4,384 | -1.7% |
| Amounts payable after more than one year | 17 | €90,308 | €69,978 | -€20,330 | -22.5% |
| Financial debts | 170/4 | €90,308 | €69,978 | -€20,330 | -22.5% |
| Amounts payable within one year | 42/48 | €162,189 | €178,130 | +€15,941 | +9.8% |
| Current portion of amounts payable after more than one year | 42 | €20,031 | €20,330 | +€298 | +1.5% |
| Trade debts | 44 | €2,179 | €3,753 | +€1,574 | +72.2% |
| Suppliers | 440/4 | €2,179 | €3,753 | +€1,574 | +72.2% |
| Taxes, remuneration and social security | 45 | €19,414 | €9,166 | -€10,248 | -52.8% |
| Taxes | 450/3 | €14,730 | €9,001 | -€5,730 | -38.9% |
| Remuneration and social security | 454/9 | €4,684 | €165 | -€4,518 | -96.5% |
| Other amounts payable | 47/48 | €120,564 | €144,882 | +€24,317 | +20.2% |
| Accrued charges and deferred income | 492/3 | €25 | €30 | +€5 | +20.4% |
| Remuneration, social security and pensions | 62 | €35,779 | €59,372 | +€23,593 | +65.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,001 | €25,891 | +€890 | +3.6% |
| Other operating charges | 640/8 | €675 | €1,125 | +€450 | +66.6% |
| Gross operating margin | 9900 | €184,536 | €183,002 | -€1,534 | -0.8% |
| Operating profit (loss) | 9901 | €123,081 | €96,614 | -€26,467 | -21.5% |
| Financial income | 75/76B | €550 | €893 | +€343 | +62.3% |
| Recurring financial income | 75 | €550 | €893 | +€343 | +62.3% |
| Financial charges | 65/66B | €41,714 | €35,291 | -€6,423 | -15.4% |
| Recurring financial charges | 65 | €41,714 | €35,291 | -€6,423 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €81,917 | €62,216 | -€19,701 | -24.1% |
| Income taxes | 67/77 | €17,646 | €13,505 | -€4,141 | -23.5% |
| Profit (loss) for the period | 9904 | €64,271 | €48,710 | -€15,561 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €64,271 | €48,710 | -€15,561 | -24.2% |
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.