MAGASIN: 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.
MAGASIN
Largest movements
- Stocks and contracts -€104,467
down €104,467 (-44.3%), from €236,056 to €131,589
- Cash -€31,223
down €31,223 (-25.6%), from €122,095 to €90,872
mainly Net result for the year (-€129,099) and Investment in fixed assets (net) (-€31,957)
- Tangible fixed assets +€18,945
up €18,945 (+43.9%), from €43,144 to €62,089
of which Other tangible fixed assets: +€18,161
- Receivables within one year +€10,259
up €10,259 (+24.9%), from €41,132 to €51,391
of which Other amounts receivable: +€12,545
- Profit (loss) carried forward -€91,254
new in 2025: -€91,254
- Debts after one year +€38,510
new in 2025: €38,510
- Reserves -€37,845
down €37,845 (-10.1%), from €375,349 to €337,504
- Tax, wage and social debts +€17,897
up €17,897 (+162.0%), from €11,050 to €28,947
of which Taxes: +€12,881
- Current portion of long-term debt -€15,758
down €15,758 (-63.0%), from €25,000 to €9,242
- Gross operating margin -€117,627
down €117,627 (-61.4%), from €191,482 to €73,855
- Taxes -€27,376
down €27,376 (-98.8%), from €27,702 to €326
- Staff costs +€26,726
up €26,726 (+32.8%), from €81,405 to €108,131
- Financial income +€6,741
up €6,741 (+244.5%), from €2,757 to €9,498
- Depreciation +€2,008
up €2,008 (+18.2%), from €11,005 to €13,012
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 | €446,995 | €339,690 | -€107,304 | -24.0% |
| Fixed assets | 21/28 | €46,894 | €65,839 | +€18,945 | +40.4% |
| Tangible fixed assets | 22/27 | €43,144 | €62,089 | +€18,945 | +43.9% |
| Plant, machinery and equipment | 23 | €366 | €1,861 | +€1,495 | +408.6% |
| Furniture and vehicles | 24 | €4,087 | €3,376 | -€711 | -17.4% |
| Other tangible fixed assets | 26 | €38,691 | €56,852 | +€18,161 | +46.9% |
| Financial fixed assets | 28 | €3,750 | €3,750 | = | 0.0% |
| Current assets | 29/58 | €400,101 | €273,852 | -€126,249 | -31.6% |
| Stocks and contracts in progress | 3 | €236,056 | €131,589 | -€104,467 | -44.3% |
| Stocks | 30/36 | €236,056 | €131,589 | -€104,467 | -44.3% |
| Amounts receivable within one year | 40/41 | €41,132 | €51,391 | +€10,259 | +24.9% |
| Trade receivables | 40 | €4,120 | €1,834 | -€2,286 | -55.5% |
| Other amounts receivable | 41 | €37,011 | €49,556 | +€12,545 | +33.9% |
| Cash at bank and in hand | 54/58 | €122,095 | €90,872 | -€31,223 | -25.6% |
| Deferred charges and accrued income | 490/1 | €818 | €0 | -€818 | -100.0% |
| Total equity and liabilities | 10/49 | €446,995 | €339,690 | -€107,304 | -24.0% |
| Equity | 10/15 | €375,349 | €246,249 | -€129,099 | -34.4% |
| Reserves | 13 | €375,349 | €337,504 | -€37,845 | -10.1% |
| Distributable reserves | 133 | €375,349 | €337,504 | -€37,845 | -10.1% |
| Profit (loss) carried forward | 14 | - | -€91,254 | -€91,254 | |
| Amounts payable | 17/49 | €71,646 | €93,441 | +€21,795 | +30.4% |
| Amounts payable after more than one year | 17 | - | €38,510 | +€38,510 | |
| Financial debts | 170/4 | - | €38,510 | +€38,510 | |
| Amounts payable within one year | 42/48 | €71,646 | €54,001 | -€17,645 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €9,242 | -€15,758 | -63.0% |
| Financial debts | 43 | - | €345 | +€345 | |
| Credit institutions | 430/8 | - | €345 | +€345 | |
| Trade debts | 44 | €27,605 | €15,468 | -€12,137 | -44.0% |
| Suppliers | 440/4 | €27,605 | €15,468 | -€12,137 | -44.0% |
| Advances received on contracts in progress | 46 | €7,991 | €0 | -€7,991 | -100.0% |
| Taxes, remuneration and social security | 45 | €11,050 | €28,947 | +€17,897 | +162.0% |
| Taxes | 450/3 | €10,036 | €22,917 | +€12,881 | +128.4% |
| Remuneration and social security | 454/9 | €1,014 | €6,030 | +€5,016 | +494.5% |
| Accrued charges and deferred income | 492/3 | - | €930 | +€930 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €81,405 | €108,131 | +€26,726 | +32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,005 | €13,012 | +€2,008 | +18.2% |
| Other operating charges | 640/8 | €1,946 | €1,154 | -€792 | -40.7% |
| Non-recurring operating charges | 66A | - | €83,050 | +€83,050 | |
| Gross operating margin | 9900 | €191,482 | €73,855 | -€117,627 | -61.4% |
| Operating profit (loss) | 9901 | €97,126 | -€131,493 | -€228,618 | |
| Financial income | 75/76B | €2,757 | €9,498 | +€6,741 | +244.5% |
| Recurring financial income | 75 | €2,757 | €9,498 | +€6,741 | +244.5% |
| Financial charges | 65/66B | €6,092 | €6,779 | +€686 | +11.3% |
| Recurring financial charges | 65 | €6,092 | €6,779 | +€686 | +11.3% |
| Profit (loss) for the period before taxes | 9903 | €93,790 | -€128,774 | -€222,564 | |
| Income taxes | 67/77 | €27,702 | €326 | -€27,376 | -98.8% |
| Profit (loss) for the period | 9904 | €66,088 | -€129,099 | -€195,187 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,088 | -€129,099 | -€195,187 |
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 10 October 2026 via checked.be.