MAGELAN: 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.
MAGELAN
Largest movements
- Tangible fixed assets +€41,688
up €41,688 (+561.9%), from €7,420 to €49,108
- Cash -€40,650
down €40,650 (-58.3%), from €69,679 to €29,028
mainly Investment in fixed assets (net) (-€52,193) and Contributions, distributions and other (-€40,735)
- Receivables within one year +€7,638
up €7,638 (+22.3%), from €34,263 to €41,901
of which Trade receivables: +€4,208
- Deferred charges and accrued income +€1,602
up €1,602 (+72.5%), from €2,210 to €3,812
- Reserves +€15,000
up €15,000 (+35.8%), from €41,932 to €56,932
of which Distributable reserves: +€15,000
- Other debts -€6,006
down €6,006 (-10.8%), from €55,510 to €49,504
- Trade debts +€2,426
up €2,426 (+3677.3%), from €66 to €2,491
- Gross operating margin -€14,912
down €14,912 (-15.1%), from €98,462 to €83,549
- Taxes -€6,298
down €6,298 (-27.5%), from €22,868 to €16,570
- Depreciation +€3,236
up €3,236 (+44.5%), from €7,269 to €10,505
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 | €113,571 | €123,850 | +€10,278 | +9.1% |
| Fixed assets | 21/28 | €7,420 | €49,108 | +€41,688 | +561.9% |
| Tangible fixed assets | 22/27 | €7,420 | €49,108 | +€41,688 | +561.9% |
| Furniture and vehicles | 24 | €7,420 | €49,108 | +€41,688 | +561.9% |
| Current assets | 29/58 | €106,152 | €74,742 | -€31,410 | -29.6% |
| Amounts receivable within one year | 40/41 | €34,263 | €41,901 | +€7,638 | +22.3% |
| Trade receivables | 40 | €34,263 | €38,471 | +€4,208 | +12.3% |
| Other amounts receivable | 41 | - | €3,430 | +€3,430 | |
| Cash at bank and in hand | 54/58 | €69,679 | €29,028 | -€40,650 | -58.3% |
| Deferred charges and accrued income | 490/1 | €2,210 | €3,812 | +€1,602 | +72.5% |
| Total equity and liabilities | 10/49 | €113,571 | €123,850 | +€10,278 | +9.1% |
| Equity | 10/15 | €54,532 | €69,532 | +€15,000 | +27.5% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €41,932 | €56,932 | +€15,000 | +35.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €40,072 | €55,072 | +€15,000 | +37.4% |
| Amounts payable | 17/49 | €59,039 | €54,318 | -€4,722 | -8.0% |
| Amounts payable within one year | 42/48 | €59,039 | €54,318 | -€4,722 | -8.0% |
| Trade debts | 44 | €66 | €2,491 | +€2,426 | +3677.3% |
| Suppliers | 440/4 | €66 | €2,491 | +€2,426 | +3677.3% |
| Taxes, remuneration and social security | 45 | €3,464 | €2,322 | -€1,141 | -33.0% |
| Taxes | 450/3 | €3,464 | €2,322 | -€1,141 | -33.0% |
| Other amounts payable | 47/48 | €55,510 | €49,504 | -€6,006 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,269 | €10,505 | +€3,236 | +44.5% |
| Other operating charges | 640/8 | €1,149 | €684 | -€465 | -40.5% |
| Gross operating margin | 9900 | €98,462 | €83,549 | -€14,912 | -15.1% |
| Operating profit (loss) | 9901 | €90,044 | €72,360 | -€17,683 | -19.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €55 | €55 | +€1 | +1.6% |
| Recurring financial charges | 65 | €55 | €55 | +€1 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €89,989 | €72,305 | -€17,684 | -19.7% |
| Income taxes | 67/77 | €22,868 | €16,570 | -€6,298 | -27.5% |
| Profit (loss) for the period | 9904 | €67,122 | €55,735 | -€11,386 | -17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,122 | €55,735 | -€11,386 | -17.0% |
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.