Magelaan: 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.
Magelaan
Largest movements
- Receivables within one year -€102,309
down €102,309 (-42.1%), from €243,044 to €140,735
of which Trade receivables: -€92,009
- Deferred charges and accrued income -€55,585
down €55,585 (-75.3%), from €73,839 to €18,254
- Stocks and contracts -€16,971
down €16,971 (-55.5%), from €30,599 to €13,628
of which Contracts in progress: -€17,110
- Cash +€13,949
up €13,949 (+25.5%), from €54,784 to €68,733
mainly Receivables within one year (+€102,309) and Deferred charges and accrued income (+€55,585)
- Tangible fixed assets +€7,710
up €7,710 (+78.8%), from €9,781 to €17,491
of which Plant, machinery and equipment: +€9,209
- Profit (loss) carried forward -€151,310
down €151,310, from €108,901 to -€42,410
- Short-term financial debts +€50,000
new in 2025: €50,000
- Advances received -€29,770
down €29,770 (-100%), from €29,770 to €0
- Trade debts -€18,274
down €18,274 (-23.0%), from €79,422 to €61,148
- Accrued charges and deferred income -€7,780
down €7,780 (-34.2%), from €22,759 to €14,979
- Gross operating margin -€163,857
down €163,857 (-34.4%), from €476,459 to €312,602
- Taxes -€6,110
down €6,110 (-100%), from €6,110 to €0
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 | €428,402 | €273,215 | -€155,187 | -36.2% |
| Fixed assets | 21/28 | €26,136 | €31,864 | +€5,729 | +21.9% |
| Intangible fixed assets | 21 | €3,549 | €2,568 | -€981 | -27.7% |
| Tangible fixed assets | 22/27 | €9,781 | €17,491 | +€7,710 | +78.8% |
| Plant, machinery and equipment | 23 | €4,987 | €14,196 | +€9,209 | +185% |
| Furniture and vehicles | 24 | €3,464 | €2,476 | -€988 | -28.5% |
| Other tangible fixed assets | 26 | €1,330 | €818 | -€511 | -38.5% |
| Financial fixed assets | 28 | €12,806 | €11,806 | -€1,000 | -7.8% |
| Current assets | 29/58 | €402,266 | €241,350 | -€160,916 | -40.0% |
| Stocks and contracts in progress | 3 | €30,599 | €13,628 | -€16,971 | -55.5% |
| Stocks | 30/36 | €2,139 | €2,279 | +€140 | +6.5% |
| Contracts in progress | 37 | €28,460 | €11,350 | -€17,110 | -60.1% |
| Amounts receivable within one year | 40/41 | €243,044 | €140,735 | -€102,309 | -42.1% |
| Trade receivables | 40 | €229,040 | €137,031 | -€92,009 | -40.2% |
| Other amounts receivable | 41 | €14,005 | €3,704 | -€10,301 | -73.6% |
| Cash at bank and in hand | 54/58 | €54,784 | €68,733 | +€13,949 | +25.5% |
| Deferred charges and accrued income | 490/1 | €73,839 | €18,254 | -€55,585 | -75.3% |
| Total equity and liabilities | 10/49 | €428,402 | €273,215 | -€155,187 | -36.2% |
| Equity | 10/15 | €236,855 | €85,545 | -€151,310 | -63.9% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €9,354 | €9,354 | = | 0.0% |
| Distributable reserves | 133 | €9,354 | €9,354 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,901 | -€42,410 | -€151,310 | |
| Amounts payable | 17/49 | €191,547 | €187,670 | -€3,877 | -2.0% |
| Amounts payable within one year | 42/48 | €168,788 | €172,691 | +€3,903 | +2.3% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €79,422 | €61,148 | -€18,274 | -23.0% |
| Suppliers | 440/4 | €79,422 | €61,148 | -€18,274 | -23.0% |
| Advances received on contracts in progress | 46 | €29,770 | €0 | -€29,770 | -100% |
| Taxes, remuneration and social security | 45 | €59,596 | €61,454 | +€1,858 | +3.1% |
| Taxes | 450/3 | €16,286 | €12,386 | -€3,900 | -23.9% |
| Remuneration and social security | 454/9 | €43,310 | €49,068 | +€5,758 | +13.3% |
| Other amounts payable | 47/48 | - | €89 | +€89 | |
| Accrued charges and deferred income | 492/3 | €22,759 | €14,979 | -€7,780 | -34.2% |
| Remuneration, social security and pensions | 62 | €425,673 | €425,048 | -€625 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,941 | €11,827 | +€1,886 | +19.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €2,079 | +€2,079 | |
| Other operating charges | 640/8 | €30,934 | €26,795 | -€4,139 | -13.4% |
| Gross operating margin | 9900 | €476,459 | €312,602 | -€163,857 | -34.4% |
| Operating profit (loss) | 9901 | €9,910 | -€153,148 | -€163,058 | |
| Financial income | 75/76B | €3,039 | €5,357 | +€2,319 | +76.3% |
| Recurring financial income | 75 | €3,039 | €5,357 | +€2,319 | +76.3% |
| Financial charges | 65/66B | €2,981 | €3,520 | +€539 | +18.1% |
| Recurring financial charges | 65 | €2,981 | €3,520 | +€539 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €9,968 | -€151,310 | -€161,278 | |
| Income taxes | 67/77 | €6,110 | €0 | -€6,110 | -100% |
| Profit (loss) for the period | 9904 | €3,858 | -€151,310 | -€155,168 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,858 | -€151,310 | -€155,168 |
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 24 October 2026 via checked.be.