MAGDEAU: 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.
MAGDEAU
Largest movements
- Tangible fixed assets +€222,214
up €222,214 (+41.2%), from €539,497 to €761,712
of which Land and buildings: +€222,589
- Receivables within one year +€30,379
up €30,379 (+567.9%), from €5,349 to €35,727
of which Trade receivables: +€23,525
- Cash -€12,006
down €12,006 (-59.2%), from €20,276 to €8,270
mainly Investment in fixed assets (net) (-€257,676) and Receivables within one year (-€30,379)
- Debts after one year +€223,802
up €223,802 (+58.0%), from €385,542 to €609,344
of which Financial debts: +€163,802
- Current portion of long-term debt +€15,979
up €15,979 (+50.8%), from €31,471 to €47,450
- Other operating charges +€24,771
up €24,771 (+295.0%), from €8,397 to €33,168
- Taxes -€8,854
down €8,854 (-84.8%), from €10,435 to €1,582
- Gross operating margin -€7,285
down €7,285 (-7.5%), from €97,367 to €90,083
- Financial charges +€6,688
up €6,688 (+51.5%), from €12,996 to €19,684
- Depreciation +€5,066
up €5,066 (+16.7%), from €30,395 to €35,461
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 | €565,762 | €809,175 | +€243,413 | +43.0% |
| Fixed assets | 21/28 | €539,497 | €761,712 | +€222,214 | +41.2% |
| Tangible fixed assets | 22/27 | €539,497 | €761,712 | +€222,214 | +41.2% |
| Land and buildings | 22 | €534,135 | €756,724 | +€222,589 | +41.7% |
| Plant, machinery and equipment | 23 | - | €607 | +€607 | |
| Furniture and vehicles | 24 | €5,362 | €4,381 | -€981 | -18.3% |
| Current assets | 29/58 | €26,265 | €47,463 | +€21,198 | +80.7% |
| Amounts receivable within one year | 40/41 | €5,349 | €35,727 | +€30,379 | +567.9% |
| Trade receivables | 40 | €1,784 | €25,309 | +€23,525 | +1318.4% |
| Other amounts receivable | 41 | €3,565 | €10,418 | +€6,854 | +192.3% |
| Cash at bank and in hand | 54/58 | €20,276 | €8,270 | -€12,006 | -59.2% |
| Deferred charges and accrued income | 490/1 | €640 | €3,465 | +€2,825 | +441.5% |
| Total equity and liabilities | 10/49 | €565,762 | €809,175 | +€243,413 | +43.0% |
| Equity | 10/15 | €131,054 | €131,242 | +€188 | +0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €87,239 | €87,239 | = | 0.0% |
| Reserves | 13 | €23,815 | €23,815 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €6,315 | €6,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €188 | +€188 | |
| Amounts payable | 17/49 | €434,708 | €677,933 | +€243,225 | +56.0% |
| Amounts payable after more than one year | 17 | €385,542 | €609,344 | +€223,802 | +58.0% |
| Financial debts | 170/4 | €325,542 | €489,344 | +€163,802 | +50.3% |
| Other amounts payable | 178/9 | €60,000 | €120,000 | +€60,000 | +100.0% |
| Amounts payable within one year | 42/48 | €44,366 | €61,218 | +€16,852 | +38.0% |
| Current portion of amounts payable after more than one year | 42 | €31,471 | €47,450 | +€15,979 | +50.8% |
| Financial debts | 43 | - | €4,037 | +€4,037 | |
| Credit institutions | 430/8 | - | €4,037 | +€4,037 | |
| Trade debts | 44 | €5,861 | €5,694 | -€167 | -2.8% |
| Suppliers | 440/4 | €5,861 | €5,694 | -€167 | -2.8% |
| Taxes, remuneration and social security | 45 | €3,260 | €4,037 | +€778 | +23.9% |
| Taxes | 450/3 | €2,013 | €2,614 | +€601 | +29.9% |
| Remuneration and social security | 454/9 | €1,247 | €1,423 | +€176 | +14.1% |
| Other amounts payable | 47/48 | €3,774 | - | -€3,774 | |
| Accrued charges and deferred income | 492/3 | €4,800 | €7,371 | +€2,571 | +53.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,395 | €35,461 | +€5,066 | +16.7% |
| Other operating charges | 640/8 | €8,397 | €33,168 | +€24,771 | +295.0% |
| Non-recurring operating charges | 66A | €1,018 | - | -€1,018 | |
| Gross operating margin | 9900 | €97,367 | €90,083 | -€7,285 | -7.5% |
| Operating profit (loss) | 9901 | €57,558 | €21,454 | -€36,104 | -62.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €12,996 | €19,684 | +€6,688 | +51.5% |
| Recurring financial charges | 65 | €12,996 | €19,684 | +€6,688 | +51.5% |
| Profit (loss) for the period before taxes | 9903 | €44,561 | €1,769 | -€42,792 | -96.0% |
| Income taxes | 67/77 | €10,435 | €1,582 | -€8,854 | -84.8% |
| Profit (loss) for the period | 9904 | €34,126 | €188 | -€33,938 | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,126 | €188 | -€33,938 | -99.4% |
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 11 October 2026 via checked.be.