MAGANEIRA: 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.
MAGANEIRA
Largest movements
- Receivables within one year +€230,806
up €230,806 (+77.0%), from €299,872 to €530,678
of which Trade receivables: +€227,731
- Cash -€67,623
down €67,623 (-38.8%), from €174,134 to €106,511
mainly Receivables within one year (-€230,806) and Other debts (-€719)
- Profit (loss) carried forward +€95,858
up €95,858 (+35.2%), from €272,600 to €368,458
- Reserves +€40,000
up €40,000 (+400%), from €10,000 to €50,000
- Trade debts +€19,412
up €19,412 (+16.8%), from €115,488 to €134,900
- Turnover -€1.0m
no longer reported in 2025 (was €1.0m)
- Purchases and services -€851,856
no longer reported in 2025 (was €851,856)
- Gross operating margin +€26,050
up €26,050 (+15.1%), from €172,674 to €198,724
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 | €495,564 | €652,081 | +€156,517 | +31.6% |
| Fixed assets | 21/28 | €21,289 | €14,892 | -€6,397 | -30.0% |
| Tangible fixed assets | 22/27 | €21,289 | €14,892 | -€6,397 | -30.0% |
| Furniture and vehicles | 24 | €21,289 | €14,892 | -€6,397 | -30.0% |
| Current assets | 29/58 | €474,275 | €637,189 | +€162,914 | +34.4% |
| Amounts receivable within one year | 40/41 | €299,872 | €530,678 | +€230,806 | +77.0% |
| Trade receivables | 40 | €298,285 | €526,016 | +€227,731 | +76.3% |
| Other amounts receivable | 41 | €1,588 | €4,662 | +€3,075 | +194% |
| Cash at bank and in hand | 54/58 | €174,134 | €106,511 | -€67,623 | -38.8% |
| Deferred charges and accrued income | 490/1 | €269 | - | -€269 | |
| Total equity and liabilities | 10/49 | €495,564 | €652,081 | +€156,517 | +31.6% |
| Equity | 10/15 | €284,600 | €420,458 | +€135,858 | +47.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €50,000 | +€40,000 | +400% |
| Distributable reserves | 133 | €10,000 | €50,000 | +€40,000 | +400% |
| Profit (loss) carried forward | 14 | €272,600 | €368,458 | +€95,858 | +35.2% |
| Amounts payable | 17/49 | €210,964 | €231,623 | +€20,658 | +9.8% |
| Amounts payable within one year | 42/48 | €210,964 | €231,623 | +€20,658 | +9.8% |
| Trade debts | 44 | €115,488 | €134,900 | +€19,412 | +16.8% |
| Suppliers | 440/4 | €115,488 | €134,900 | +€19,412 | +16.8% |
| Taxes, remuneration and social security | 45 | €85,864 | €87,830 | +€1,966 | +2.3% |
| Taxes | 450/3 | €85,864 | €87,767 | +€1,903 | +2.2% |
| Remuneration and social security | 454/9 | - | €62 | +€62 | |
| Other amounts payable | 47/48 | €9,612 | €8,893 | -€719 | -7.5% |
| Turnover | 70 | €1,020,880 | - | -€1.0m | |
| Goods, raw materials, services and sundry goods | 60/61 | €851,856 | - | -€851,856 | |
| Remuneration, social security and pensions | 62 | - | €5,886 | +€5,886 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,864 | €6,397 | +€533 | +9.1% |
| Other operating charges | 640/8 | €1,076 | €1,250 | +€174 | +16.2% |
| Non-recurring operating charges | 66A | €1,030 | - | -€1,030 | |
| Gross operating margin | 9900 | €172,674 | €198,724 | +€26,050 | +15.1% |
| Operating profit (loss) | 9901 | €164,704 | €185,191 | +€20,487 | +12.4% |
| Financial income | 75/76B | €2,022 | - | -€2,022 | |
| Recurring financial income | 75 | €2,022 | - | -€2,022 | |
| Non-recurring financial income | 76B | €2,022 | - | -€2,022 | |
| Financial charges | 65/66B | €294 | €183 | -€111 | -37.7% |
| Recurring financial charges | 65 | €294 | €183 | -€111 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €166,432 | €185,008 | +€18,576 | +11.2% |
| Income taxes | 67/77 | €50,204 | €49,150 | -€1,054 | -2.1% |
| Profit (loss) for the period | 9904 | €116,228 | €135,858 | +€19,630 | +16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €116,228 | €135,858 | +€19,630 | +16.9% |
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 18 October 2026 via checked.be.