MAGHERMAN: 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.
MAGHERMAN
Largest movements
- Tangible fixed assets -€14,545
down €14,545 (-28.2%), from €51,565 to €37,020
of which Furniture and vehicles: -€14,047
- Cash -€13,889
down €13,889 (-4.1%), from €338,684 to €324,795
mainly Contributions, distributions and other (-€235,709) and Debts after one year (-€10,418)
- Receivables within one year -€11,736
down €11,736 (-56.5%), from €20,771 to €9,036
of which Trade receivables: -€20,191
- Reserves -€218,118
down €218,118 (-68.5%), from €318,290 to €100,172
- Other debts +€184,947
up €184,947 (+563%), from €32,836 to €217,784
- Debts after one year -€10,418
down €10,418 (-38.6%), from €26,985 to €16,567
- Tax, wage and social debts +€9,981
up €9,981 (+106%), from €9,372 to €19,353
- Contributions -€7,500
down €7,500 (-60.0%), from €12,500 to €5,000
- Financial income -€94,151
no longer reported in 2025 (was €94,151)
- Taxes -€31,839
down €31,839 (-84.2%), from €37,803 to €5,964
- Gross operating margin -€18,453
down €18,453 (-33.5%), from €55,006 to €36,553
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 | €412,728 | €371,803 | -€40,924 | -9.9% |
| Fixed assets | 21/28 | €51,915 | €37,370 | -€14,545 | -28.0% |
| Tangible fixed assets | 22/27 | €51,565 | €37,020 | -€14,545 | -28.2% |
| Plant, machinery and equipment | 23 | €1,562 | €1,133 | -€429 | -27.5% |
| Furniture and vehicles | 24 | €49,599 | €35,552 | -€14,047 | -28.3% |
| Other tangible fixed assets | 26 | €404 | €335 | -€69 | -17.0% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €360,813 | €334,434 | -€26,379 | -7.3% |
| Amounts receivable within one year | 40/41 | €20,771 | €9,036 | -€11,736 | -56.5% |
| Trade receivables | 40 | €20,191 | - | -€20,191 | |
| Other amounts receivable | 41 | €581 | €9,036 | +€8,455 | +1,456% |
| Cash at bank and in hand | 54/58 | €338,684 | €324,795 | -€13,889 | -4.1% |
| Deferred charges and accrued income | 490/1 | €1,358 | €603 | -€755 | -55.6% |
| Total equity and liabilities | 10/49 | €412,728 | €371,803 | -€40,924 | -9.9% |
| Equity | 10/15 | €330,790 | €105,172 | -€225,618 | -68.2% |
| Contributions | 10/11 | €12,500 | €5,000 | -€7,500 | -60.0% |
| Reserves | 13 | €318,290 | €100,172 | -€218,118 | -68.5% |
| Distributable reserves | 133 | €318,290 | €100,172 | -€218,118 | -68.5% |
| Amounts payable | 17/49 | €81,938 | €266,631 | +€184,693 | +225% |
| Amounts payable after more than one year | 17 | €26,985 | €16,567 | -€10,418 | -38.6% |
| Financial debts | 170/4 | €26,985 | €16,567 | -€10,418 | -38.6% |
| Amounts payable within one year | 42/48 | €53,453 | €248,564 | +€195,111 | +365% |
| Current portion of amounts payable after more than one year | 42 | €9,943 | €10,418 | +€475 | +4.8% |
| Trade debts | 44 | €1,301 | €1,009 | -€292 | -22.4% |
| Suppliers | 440/4 | €1,301 | €1,009 | -€292 | -22.4% |
| Taxes, remuneration and social security | 45 | €9,372 | €19,353 | +€9,981 | +106% |
| Taxes | 450/3 | €9,372 | €19,353 | +€9,981 | +106% |
| Other amounts payable | 47/48 | €32,836 | €217,784 | +€184,947 | +563% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,132 | €15,238 | +€106 | +0.7% |
| Other operating charges | 640/8 | €3,666 | €3,257 | -€409 | -11.2% |
| Gross operating margin | 9900 | €55,006 | €36,553 | -€18,453 | -33.5% |
| Operating profit (loss) | 9901 | €36,207 | €18,058 | -€18,150 | -50.1% |
| Financial income | 75/76B | €94,151 | - | -€94,151 | |
| Recurring financial income | 75 | €94,151 | - | -€94,151 | |
| Financial charges | 65/66B | €2,474 | €2,002 | -€472 | -19.1% |
| Recurring financial charges | 65 | €2,474 | €2,002 | -€472 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €127,884 | €16,056 | -€111,828 | -87.4% |
| Income taxes | 67/77 | €37,803 | €5,964 | -€31,839 | -84.2% |
| Profit (loss) for the period | 9904 | €90,081 | €10,091 | -€79,990 | -88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,081 | €10,091 | -€79,990 | -88.8% |
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 23 October 2026 via checked.be.