MAGENA: 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.
What changed
MAGENA
NACE 68.202, Real estate activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€244,908
2024 · -€1.3m+€1.6m
Equity
€11.0m
2024 · €10.7m+€244,908
Cash
€434,106
2024 · €834,383-€400,277
Balance sheet total
€30.3m
2024 · €30.1m+€213,721
Largest movements
Assets
- Current investments +€800,000
up €800,000 (+41.0%), from €2.0m to €2.8m
- Cash -€400,277
down €400,277 (-48.0%), from €834,383 to €434,106
mainly Current investments (-€800,000) and Advances received (-€43,287)
Equity and liabilities
- Reserves +€894,119
up €894,119 (+23.8%), from €3.8m to €4.6m
of which Distributable reserves: +€932,977
- Profit (loss) carried forward -€649,211
no longer reported in 2025 (was €649,211)
Income statement
- Financial charges -€1.2m
down €1.2m (-99.6%), from €1.2m to €5,182
- Gross operating margin +€307,136
up €307,136 (+158%), from €194,808 to €501,944
- Taxes -€18,898
down €18,898 (-90.5%), from €20,881 to €1,982
- Depreciation -€10,703
down €10,703 (-5.3%), from €202,745 to €192,043
- Financial income +€8,052
up €8,052 (+14.2%), from €56,581 to €64,634
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.
Result 2024
-€1.3m
Gross operating margin
+€307,136
Depreciation
+€10,703
Other operating charges
+€1,291
Financial income
+€8,052
Financial charges
+€1.2m
Taxes
+€18,898
Result 2025
€244,908
raises the result
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.
From operations
+€399,723
Investment
-€800,000
Financing
€0
Cash 2024
€834,383
From operations (derived)
+€399,723
Net result for the year
+€244,908
Depreciation
+€192,043
Receivables within one year
-€21,021
Deferred charges and accrued income
+€14,981
Provisions
-€20,008
Trade debts
+€30,964
Tax, wage and social debts
+€21,577
Advances received
-€43,287
Other debts
-€19,764
Accrued charges and deferred income
-€669
Investment (derived)
-€800,000
Current investments
-€800,000
Cash 2025
€434,106
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,133,248 | €30,346,969 | +€213,721 | +0.7% |
| Fixed assets | 21/28 | €7,020,655 | €6,828,612 | -€192,043 | -2.7% |
| Tangible fixed assets | 22/27 | €4,570,655 | €4,378,612 | -€192,043 | -4.2% |
| Land and buildings | 22 | €4,143,265 | €4,024,980 | -€118,285 | -2.9% |
| Plant, machinery and equipment | 23 | €4,792 | €3,340 | -€1,452 | -30.3% |
| Furniture and vehicles | 24 | €13,924 | - | -€13,924 | |
| Other tangible fixed assets | 26 | €408,674 | €350,292 | -€58,382 | -14.3% |
| Financial fixed assets | 28 | €2,450,000 | €2,450,000 | = | 0.0% |
| Current assets | 29/58 | €23,112,593 | €23,518,356 | +€405,763 | +1.8% |
| Amounts receivable within one year | 40/41 | €20,292,509 | €20,313,530 | +€21,021 | +0.1% |
| Trade receivables | 40 | - | €106,115 | +€106,115 | |
| Other amounts receivable | 41 | €20,292,509 | €20,207,415 | -€85,094 | -0.4% |
| Current investments | 50/53 | €1,950,000 | €2,750,000 | +€800,000 | +41.0% |
| Cash at bank and in hand | 54/58 | €834,383 | €434,106 | -€400,277 | -48.0% |
| Deferred charges and accrued income | 490/1 | €35,700 | €20,720 | -€14,981 | -42.0% |
| Total equity and liabilities | 10/49 | €30,133,248 | €30,346,969 | +€213,721 | +0.7% |
| Equity | 10/15 | €10,743,738 | €10,988,647 | +€244,908 | +2.3% |
| Contributions | 10/11 | €6,340,000 | €6,340,000 | = | 0.0% |
| Capital | 10 | €6,340,000 | €6,340,000 | = | 0.0% |
| Issued capital | 100 | €6,340,000 | €6,340,000 | = | 0.0% |
| Reserves | 13 | €3,754,528 | €4,648,647 | +€894,119 | +23.8% |
| Non-distributable reserves | 130/1 | €931,642 | €931,642 | = | 0.0% |
| Legal reserve | 130 | €634,000 | €634,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €297,642 | €297,642 | = | 0.0% |
| Tax-exempt reserves | 132 | €286,620 | €247,763 | -€38,857 | -13.6% |
| Distributable reserves | 133 | €2,536,265 | €3,469,242 | +€932,977 | +36.8% |
| Profit (loss) carried forward | 14 | €649,211 | - | -€649,211 | |
| Provisions and deferred taxes | 16 | €148,209 | €128,200 | -€20,008 | -13.5% |
| Deferred taxes | 168 | €148,209 | €128,200 | -€20,008 | -13.5% |
| Amounts payable | 17/49 | €19,241,301 | €19,230,121 | -€11,179 | -0.1% |
| Amounts payable after more than one year | 17 | €9,550,071 | €9,550,071 | = | 0.0% |
| Other amounts payable | 178/9 | €9,550,071 | €9,550,071 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,671,024 | €9,660,514 | -€10,510 | -0.1% |
| Trade debts | 44 | €1,722,611 | €1,753,575 | +€30,964 | +1.8% |
| Suppliers | 440/4 | €480,963 | €511,928 | +€30,964 | +6.4% |
| Bills of exchange payable | 441 | €1,241,647 | €1,241,647 | = | 0.0% |
| Advances received on contracts in progress | 46 | €43,287 | - | -€43,287 | |
| Taxes, remuneration and social security | 45 | €29 | €21,606 | +€21,577 | +74,097% |
| Taxes | 450/3 | €29 | €21,606 | +€21,577 | +74,097% |
| Other amounts payable | 47/48 | €7,905,097 | €7,885,333 | -€19,764 | -0.3% |
| Accrued charges and deferred income | 492/3 | €20,206 | €19,536 | -€669 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202,745 | €192,043 | -€10,703 | -5.3% |
| Other operating charges | 640/8 | €143,762 | €142,470 | -€1,291 | -0.9% |
| Gross operating margin | 9900 | €194,808 | €501,944 | +€307,136 | +158% |
| Operating profit (loss) | 9901 | -€151,699 | €167,431 | +€319,130 | |
| Financial income | 75/76B | €56,581 | €64,634 | +€8,052 | +14.2% |
| Recurring financial income | 75 | €56,581 | €64,634 | +€8,052 | +14.2% |
| Financial charges | 65/66B | €1,248,706 | €5,182 | -€1.2m | -99.6% |
| Recurring financial charges | 65 | €1,248,706 | €5,182 | -€1.2m | -99.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,343,824 | €226,883 | +€1.6m | |
| Transfer from deferred taxes | 780 | €20,008 | €20,008 | = | 0.0% |
| Income taxes | 67/77 | €20,881 | €1,982 | -€18,898 | -90.5% |
| Profit (loss) for the period | 9904 | -€1,344,696 | €244,908 | +€1.6m | |
| Transfer from tax-exempt reserves | 789 | €38,857 | €38,857 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,305,839 | €283,766 | +€1.6m |
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 14 October 2026 via checked.be.