MAGELLAAN: 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.
MAGELLAAN
Largest movements
- Receivables within one year +€170,200
up €170,200 (+224%), from €76,039 to €246,239
of which Other amounts receivable: +€170,087
- Cash -€71,560
down €71,560 (-37.5%), from €190,998 to €119,438
mainly Receivables within one year (-€170,200) and Investment in fixed assets (net) (-€63,396)
- Accrued charges and deferred income +€69,715
up €69,715 (+110%), from €63,462 to €133,177
- Debts after one year -€48,005
down €48,005 (-5.6%), from €853,980 to €805,975
- Profit (loss) carried forward +€45,592
up €45,592 (+104%), from €43,661 to €89,254
- Staff costs +€40,344
up €40,344 (+11.9%), from €338,895 to €379,239
- Gross operating margin +€29,944
up €29,944 (+5.8%), from €513,892 to €543,836
- Taxes -€11,905
down €11,905 (-37.4%), from €31,794 to €19,889
- Depreciation +€9,623
up €9,623 (+15.7%), from €61,416 to €71,039
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 | €1,140,520 | €1,230,219 | +€89,699 | +7.9% |
| Fixed assets | 21/28 | €869,287 | €861,644 | -€7,643 | -0.9% |
| Tangible fixed assets | 22/27 | €865,287 | €857,644 | -€7,643 | -0.9% |
| Land and buildings | 22 | €827,705 | €790,536 | -€37,169 | -4.5% |
| Plant, machinery and equipment | 23 | €14,416 | €24,568 | +€10,152 | +70.4% |
| Furniture and vehicles | 24 | €23,166 | €42,540 | +€19,374 | +83.6% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €271,233 | €368,575 | +€97,342 | +35.9% |
| Amounts receivable within one year | 40/41 | €76,039 | €246,239 | +€170,200 | +224% |
| Trade receivables | 40 | €295 | €408 | +€113 | +38.3% |
| Other amounts receivable | 41 | €75,744 | €245,831 | +€170,087 | +225% |
| Cash at bank and in hand | 54/58 | €190,998 | €119,438 | -€71,560 | -37.5% |
| Deferred charges and accrued income | 490/1 | €4,196 | €2,897 | -€1,298 | -30.9% |
| Total equity and liabilities | 10/49 | €1,140,520 | €1,230,219 | +€89,699 | +7.9% |
| Equity | 10/15 | €62,261 | €107,854 | +€45,592 | +73.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,661 | €89,254 | +€45,592 | +104% |
| Amounts payable | 17/49 | €1,078,259 | €1,122,365 | +€44,106 | +4.1% |
| Amounts payable after more than one year | 17 | €853,980 | €805,975 | -€48,005 | -5.6% |
| Financial debts | 170/4 | €853,980 | €805,975 | -€48,005 | -5.6% |
| Amounts payable within one year | 42/48 | €160,817 | €183,213 | +€22,396 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €67,150 | €70,121 | +€2,972 | +4.4% |
| Financial debts | 43 | €79 | €436 | +€357 | +450% |
| Credit institutions | 430/8 | €79 | €436 | +€357 | +450% |
| Trade debts | 44 | €22,491 | €33,622 | +€11,132 | +49.5% |
| Suppliers | 440/4 | €22,491 | €33,622 | +€11,132 | +49.5% |
| Taxes, remuneration and social security | 45 | €66,527 | €73,611 | +€7,083 | +10.6% |
| Taxes | 450/3 | €33,515 | €19,942 | -€13,574 | -40.5% |
| Remuneration and social security | 454/9 | €33,012 | €53,669 | +€20,657 | +62.6% |
| Other amounts payable | 47/48 | €4,570 | €5,422 | +€853 | +18.7% |
| Accrued charges and deferred income | 492/3 | €63,462 | €133,177 | +€69,715 | +110% |
| Non-recurring operating income | 76A | - | €31,523 | +€31,523 | |
| Remuneration, social security and pensions | 62 | €338,895 | €379,239 | +€40,344 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,416 | €71,039 | +€9,623 | +15.7% |
| Other operating charges | 640/8 | €4,280 | €4,091 | -€189 | -4.4% |
| Non-recurring operating charges | 66A | €31,486 | - | -€31,486 | |
| Gross operating margin | 9900 | €513,892 | €543,836 | +€29,944 | +5.8% |
| Operating profit (loss) | 9901 | €77,815 | €89,467 | +€11,652 | +15.0% |
| Financial income | 75/76B | €1 | €0 | -€1 | -98.3% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -98.3% |
| Financial charges | 65/66B | €28,692 | €23,985 | -€4,707 | -16.4% |
| Recurring financial charges | 65 | €28,692 | €23,985 | -€4,707 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €49,124 | €65,481 | +€16,358 | +33.3% |
| Income taxes | 67/77 | €31,794 | €19,889 | -€11,905 | -37.4% |
| Profit (loss) for the period | 9904 | €17,330 | €45,592 | +€28,262 | +163% |
| Profit (loss) for the period to be appropriated | 9905 | €17,330 | €45,592 | +€28,262 | +163% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.