MAGI: what changed
Two fiscal 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.
MAGI
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+38.0%), from €2.8m to €3.9m
of which Plant, machinery and equipment: +€1.0m
- Financial fixed assets -€222,137
down €222,137 (-6.5%), from €3.4m to €3.2m
- Receivables within one year +€199,477
up €199,477 (+66.0%), from €302,089 to €501,566
of which Other amounts receivable: +€144,289
- Cash -€168,171
down €168,171 (-42.5%), from €396,073 to €227,902
mainly Investment in fixed assets (net) (-€1.4m) and Receivables within one year (-€199,477)
- Other debts +€490,205
up €490,205 (+70.8%), from €692,116 to €1.2m
- Current portion of long-term debt +€234,935
up €234,935 (+66.4%), from €354,000 to €588,934
- Reserves +€173,785
up €173,785 (+5.8%), from €3.0m to €3.2m
of which Distributable reserves: +€231,959
- Tax, wage and social debts -€114,269
down €114,269 (-80.9%), from €141,200 to €26,930
- Gross operating margin -€1.3m
down €1.3m (-59.1%), from €2.2m to €892,663
- Depreciation +€289,863
up €289,863 (+113.2%), from €256,051 to €545,914
- Taxes -€225,253
down €225,253 (-90.3%), from €249,345 to €24,092
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 | €7,271,909 | €8,149,333 | +€877,424 | +12.1% |
| Fixed assets | 21/28 | €6,573,056 | €7,417,406 | +€844,350 | +12.8% |
| Intangible fixed assets | 21 | €345,046 | €345,046 | = | 0.0% |
| Tangible fixed assets | 22/27 | €2,806,773 | €3,873,260 | +€1.1m | +38.0% |
| Land and buildings | 22 | €2,262,503 | €2,487,041 | +€224,539 | +9.9% |
| Plant, machinery and equipment | 23 | €43,870 | €1,046,920 | +€1.0m | +2286.4% |
| Furniture and vehicles | 24 | €13,335 | €8,232 | -€5,102 | -38.3% |
| Leasing and similar rights | 25 | €487,066 | €331,066 | -€156,000 | -32.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €3,421,237 | €3,199,100 | -€222,137 | -6.5% |
| Current assets | 29/58 | €698,853 | €731,927 | +€33,074 | +4.7% |
| Amounts receivable within one year | 40/41 | €302,089 | €501,566 | +€199,477 | +66.0% |
| Trade receivables | 40 | €0 | €55,188 | +€55,188 | |
| Other amounts receivable | 41 | €302,089 | €446,378 | +€144,289 | +47.8% |
| Cash at bank and in hand | 54/58 | €396,073 | €227,902 | -€168,171 | -42.5% |
| Deferred charges and accrued income | 490/1 | €691 | €2,459 | +€1,769 | +256.1% |
| Total equity and liabilities | 10/49 | €7,271,909 | €8,149,333 | +€877,424 | +12.1% |
| Equity | 10/15 | €2,995,117 | €3,168,903 | +€173,785 | +5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,976,517 | €3,150,303 | +€173,785 | +5.8% |
| Tax-exempt reserves | 132 | €1,221,829 | €1,163,656 | -€58,173 | -4.8% |
| Distributable reserves | 133 | €1,754,688 | €1,986,647 | +€231,959 | +13.2% |
| Provisions and deferred taxes | 16 | €407,276 | €387,885 | -€19,391 | -4.8% |
| Deferred taxes | 168 | €407,276 | €387,885 | -€19,391 | -4.8% |
| Amounts payable | 17/49 | €3,869,515 | €4,592,545 | +€723,030 | +18.7% |
| Amounts payable after more than one year | 17 | €2,587,310 | €2,622,072 | +€34,763 | +1.3% |
| Financial debts | 170/4 | €2,587,310 | €2,622,072 | +€34,763 | +1.3% |
| Amounts payable within one year | 42/48 | €1,232,891 | €1,912,892 | +€680,001 | +55.2% |
| Current portion of amounts payable after more than one year | 42 | €354,000 | €588,934 | +€234,935 | +66.4% |
| Trade debts | 44 | €45,576 | €114,706 | +€69,130 | +151.7% |
| Suppliers | 440/4 | €45,576 | €114,706 | +€69,130 | +151.7% |
| Taxes, remuneration and social security | 45 | €141,200 | €26,930 | -€114,269 | -80.9% |
| Taxes | 450/3 | €141,200 | €26,930 | -€114,269 | -80.9% |
| Other amounts payable | 47/48 | €692,116 | €1,182,321 | +€490,205 | +70.8% |
| Accrued charges and deferred income | 492/3 | €49,314 | €57,581 | +€8,267 | +16.8% |
| Non-recurring operating income | 76A | - | €646,363 | +€646,363 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €256,051 | €545,914 | +€289,863 | +113.2% |
| Other operating charges | 640/8 | €6,271 | €14,562 | +€8,291 | +132.2% |
| Non-recurring operating charges | 66A | €20,047 | €0 | -€20,047 | -100.0% |
| Gross operating margin | 9900 | €2,181,672 | €892,663 | -€1.3m | -59.1% |
| Operating profit (loss) | 9901 | €1,899,303 | €332,188 | -€1.6m | -82.5% |
| Financial income | 75/76B | - | €41 | +€41 | |
| Recurring financial income | 75 | - | €41 | +€41 | |
| Financial charges | 65/66B | €173,633 | €153,743 | -€19,890 | -11.5% |
| Recurring financial charges | 65 | €173,633 | €153,743 | -€19,890 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €1,725,670 | €178,486 | -€1.5m | -89.7% |
| Transfer from deferred taxes | 780 | €16,502 | €19,391 | +€2,889 | +17.5% |
| Transfer to deferred taxes | 680 | €246,027 | €0 | -€246,027 | -100.0% |
| Income taxes | 67/77 | €249,345 | €24,092 | -€225,253 | -90.3% |
| Profit (loss) for the period | 9904 | €1,246,801 | €173,785 | -€1.1m | -86.1% |
| Transfer from tax-exempt reserves | 789 | €49,507 | €58,173 | +€8,666 | +17.5% |
| Transfer to tax-exempt reserves | 689 | €738,080 | €0 | -€738,080 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €558,229 | €231,959 | -€326,270 | -58.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.