MAGIC: 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.
MAGIC
Largest movements
- Cash -€238,145
down €238,145 (-50.4%), from €472,410 to €234,265
mainly Investment in fixed assets (net) (-€243,293) and Trade debts (-€172,519)
- Tangible fixed assets +€149,766
up €149,766 (+18.3%), from €818,280 to €968,045
of which Leasing and similar rights: +€256,116
- Stocks and contracts +€72,441
up €72,441 (+6.7%), from €1.1m to €1.2m
- Trade debts -€172,519
down €172,519 (-33.8%), from €510,499 to €337,980
- Debts after one year +€164,937
up €164,937 (+1278.8%), from €12,898 to €177,834
of which Financial debts: +€164,937
- Tax, wage and social debts -€68,667
down €68,667 (-51.0%), from €134,532 to €65,865
of which Taxes: -€59,649
- Current portion of long-term debt +€38,843
up €38,843 (+95.4%), from €40,697 to €79,541
- Gross operating margin -€397,759
down €397,759 (-31.2%), from €1.3m to €875,458
- Taxes -€92,590
down €92,590 (-89.0%), from €104,048 to €11,458
- Other operating charges -€60,792
down €60,792 (-19.2%), from €315,907 to €255,114
- Staff costs -€23,717
down €23,717 (-5.0%), from €474,248 to €450,531
- Financial charges -€16,237
down €16,237 (-25.9%), from €62,716 to €46,479
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 | €3,159,762 | €3,151,737 | -€8,026 | -0.3% |
| Fixed assets | 21/28 | €901,280 | €1,051,045 | +€149,766 | +16.6% |
| Tangible fixed assets | 22/27 | €818,280 | €968,045 | +€149,766 | +18.3% |
| Land and buildings | 22 | €614,482 | €596,441 | -€18,041 | -2.9% |
| Plant, machinery and equipment | 23 | €123,233 | €58,727 | -€64,505 | -52.3% |
| Furniture and vehicles | 24 | €32,602 | €14,581 | -€18,021 | -55.3% |
| Leasing and similar rights | 25 | - | €256,116 | +€256,116 | |
| Other tangible fixed assets | 26 | €47,963 | €42,181 | -€5,782 | -12.1% |
| Financial fixed assets | 28 | €83,000 | €83,000 | = | 0.0% |
| Current assets | 29/58 | €2,258,483 | €2,100,691 | -€157,791 | -7.0% |
| Stocks and contracts in progress | 3 | €1,082,499 | €1,154,940 | +€72,441 | +6.7% |
| Stocks | 30/36 | €1,082,499 | €1,154,940 | +€72,441 | +6.7% |
| Amounts receivable within one year | 40/41 | €681,870 | €697,112 | +€15,242 | +2.2% |
| Trade receivables | 40 | €496,616 | €371,389 | -€125,227 | -25.2% |
| Other amounts receivable | 41 | €185,253 | €325,723 | +€140,470 | +75.8% |
| Cash at bank and in hand | 54/58 | €472,410 | €234,265 | -€238,145 | -50.4% |
| Deferred charges and accrued income | 490/1 | €21,704 | €14,374 | -€7,330 | -33.8% |
| Total equity and liabilities | 10/49 | €3,159,762 | €3,151,737 | -€8,026 | -0.3% |
| Equity | 10/15 | €2,461,136 | €2,490,516 | +€29,380 | +1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,053,319 | €2,082,699 | +€29,380 | +1.4% |
| Distributable reserves | 133 | €2,053,319 | €2,082,699 | +€29,380 | +1.4% |
| Profit (loss) carried forward | 14 | €401,617 | €401,617 | = | 0.0% |
| Amounts payable | 17/49 | €698,626 | €661,221 | -€37,406 | -5.4% |
| Amounts payable after more than one year | 17 | €12,898 | €177,834 | +€164,937 | +1278.8% |
| Financial debts | 170/4 | €11,578 | €176,514 | +€164,937 | +1424.6% |
| Other amounts payable | 178/9 | €1,320 | €1,320 | = | 0.0% |
| Amounts payable within one year | 42/48 | €685,728 | €483,386 | -€202,342 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €40,697 | €79,541 | +€38,843 | +95.4% |
| Trade debts | 44 | €510,499 | €337,980 | -€172,519 | -33.8% |
| Suppliers | 440/4 | €510,499 | €337,980 | -€172,519 | -33.8% |
| Taxes, remuneration and social security | 45 | €134,532 | €65,865 | -€68,667 | -51.0% |
| Taxes | 450/3 | €67,074 | €7,426 | -€59,649 | -88.9% |
| Remuneration and social security | 454/9 | €67,458 | €58,440 | -€9,018 | -13.4% |
| Non-recurring operating income | 76A | - | €39,775 | +€39,775 | |
| Remuneration, social security and pensions | 62 | €474,248 | €450,531 | -€23,717 | -5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,992 | €93,527 | +€1,535 | +1.7% |
| Other operating charges | 640/8 | €315,907 | €255,114 | -€60,792 | -19.2% |
| Non-recurring operating charges | 66A | €1,737 | €336 | -€1,401 | -80.7% |
| Gross operating margin | 9900 | €1,273,217 | €875,458 | -€397,759 | -31.2% |
| Operating profit (loss) | 9901 | €389,333 | €75,950 | -€313,383 | -80.5% |
| Financial income | 75/76B | €9,799 | €11,367 | +€1,568 | +16.0% |
| Recurring financial income | 75 | €9,799 | €11,367 | +€1,568 | +16.0% |
| Financial charges | 65/66B | €62,716 | €46,479 | -€16,237 | -25.9% |
| Recurring financial charges | 65 | €62,716 | €46,479 | -€16,237 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €336,415 | €40,838 | -€295,578 | -87.9% |
| Income taxes | 67/77 | €104,048 | €11,458 | -€92,590 | -89.0% |
| Profit (loss) for the period | 9904 | €232,367 | €29,380 | -€202,987 | -87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €232,367 | €29,380 | -€202,987 | -87.4% |
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 12 October 2026 via checked.be.