MAGDUTON: 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.
MAGDUTON
Largest movements
- Cash -€200,960
down €200,960 (-91.6%), from €219,427 to €18,467
mainly Other debts (-€137,507) and Trade debts (-€74,523)
- Tangible fixed assets -€58,139
down €58,139 (-3.0%), from €2.0m to €1.9m
of which Land and buildings: -€76,891
- Receivables within one year -€45,558
down €45,558 (-83.5%), from €54,565 to €9,008
of which Trade receivables: -€33,880
- Other debts -€137,507
down €137,507 (-80.2%), from €171,357 to €33,850
- Trade debts -€74,523
down €74,523 (-91.2%), from €81,736 to €7,213
- Debts after one year -€51,047
down €51,047 (-9.5%), from €536,314 to €485,267
- Accrued charges and deferred income -€30,256
down €30,256 (-98.1%), from €30,835 to €579
- Financial charges -€34,158
down €34,158 (-58.1%), from €58,757 to €24,599
- Depreciation +€22,306
up €22,306 (+26.6%), from €83,992 to €106,298
- Other operating charges +€4,448
up €4,448 (+29.5%), from €15,080 to €19,528
- Gross operating margin +€3,998
up €3,998 (+3.2%), from €125,586 to €129,584
- Taxes +€3,601
up €3,601 (+334%), from €1,078 to €4,680
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 | €2,237,320 | €1,932,664 | -€304,656 | -13.6% |
| Fixed assets | 21/28 | €1,963,328 | €1,905,189 | -€58,139 | -3.0% |
| Tangible fixed assets | 22/27 | €1,963,328 | €1,905,189 | -€58,139 | -3.0% |
| Land and buildings | 22 | €1,927,611 | €1,850,720 | -€76,891 | -4.0% |
| Plant, machinery and equipment | 23 | €10,843 | €8,404 | -€2,439 | -22.5% |
| Furniture and vehicles | 24 | €23,798 | €45,608 | +€21,810 | +91.6% |
| Other tangible fixed assets | 26 | €1,076 | €457 | -€619 | -57.6% |
| Current assets | 29/58 | €273,992 | €27,474 | -€246,518 | -90.0% |
| Amounts receivable within one year | 40/41 | €54,565 | €9,008 | -€45,558 | -83.5% |
| Trade receivables | 40 | €40,372 | €6,492 | -€33,880 | -83.9% |
| Other amounts receivable | 41 | €14,193 | €2,515 | -€11,678 | -82.3% |
| Cash at bank and in hand | 54/58 | €219,427 | €18,467 | -€200,960 | -91.6% |
| Total equity and liabilities | 10/49 | €2,237,320 | €1,932,664 | -€304,656 | -13.6% |
| Equity | 10/15 | €1,202,473 | €1,185,902 | -€16,572 | -1.4% |
| Contributions | 10/11 | €480,294 | €480,294 | = | 0.0% |
| Reserves | 13 | €429,135 | €412,563 | -€16,572 | -3.9% |
| Tax-exempt reserves | 132 | €429,135 | €401,440 | -€27,695 | -6.5% |
| Distributable reserves | 133 | - | €11,124 | +€11,124 | |
| Profit (loss) carried forward | 14 | €293,045 | €293,045 | = | 0.0% |
| Provisions and deferred taxes | 16 | €143,045 | €133,813 | -€9,232 | -6.5% |
| Deferred taxes | 168 | €143,045 | €133,813 | -€9,232 | -6.5% |
| Amounts payable | 17/49 | €891,802 | €612,949 | -€278,853 | -31.3% |
| Amounts payable after more than one year | 17 | €536,314 | €485,267 | -€51,047 | -9.5% |
| Financial debts | 170/4 | €536,314 | €485,267 | -€51,047 | -9.5% |
| Amounts payable within one year | 42/48 | €324,653 | €127,103 | -€197,550 | -60.8% |
| Current portion of amounts payable after more than one year | 42 | €70,865 | €75,054 | +€4,189 | +5.9% |
| Trade debts | 44 | €81,736 | €7,213 | -€74,523 | -91.2% |
| Suppliers | 440/4 | €81,736 | €7,213 | -€74,523 | -91.2% |
| Taxes, remuneration and social security | 45 | €695 | €10,986 | +€10,291 | +1,481% |
| Taxes | 450/3 | €695 | €10,986 | +€10,291 | +1,481% |
| Other amounts payable | 47/48 | €171,357 | €33,850 | -€137,507 | -80.2% |
| Accrued charges and deferred income | 492/3 | €30,835 | €579 | -€30,256 | -98.1% |
| Non-recurring operating income | 76A | €801 | - | -€801 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,992 | €106,298 | +€22,306 | +26.6% |
| Other operating charges | 640/8 | €15,080 | €19,528 | +€4,448 | +29.5% |
| Non-recurring operating charges | 66A | - | €381 | +€381 | |
| Gross operating margin | 9900 | €125,586 | €129,584 | +€3,998 | +3.2% |
| Operating profit (loss) | 9901 | €26,513 | €3,377 | -€23,136 | -87.3% |
| Financial income | 75/76B | €2,491 | €99 | -€2,392 | -96.0% |
| Recurring financial income | 75 | €2,491 | €99 | -€2,392 | -96.0% |
| Financial charges | 65/66B | €58,757 | €24,599 | -€34,158 | -58.1% |
| Recurring financial charges | 65 | €58,757 | €24,599 | -€34,158 | -58.1% |
| Profit (loss) for the period before taxes | 9903 | -€29,753 | -€21,124 | +€8,629 | +29.0% |
| Transfer from deferred taxes | 780 | €6,134 | €9,232 | +€3,098 | +50.5% |
| Income taxes | 67/77 | €1,078 | €4,680 | +€3,601 | +334% |
| Profit (loss) for the period | 9904 | -€24,698 | -€16,572 | +€8,126 | +32.9% |
| Transfer from tax-exempt reserves | 789 | €18,401 | €27,695 | +€9,295 | +50.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,297 | €11,124 | +€17,421 |
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 27 October 2026 via checked.be.