MAGIFER: 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
MAGIFER
NACE 43.990, Other specialised construction activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€72,743
2024 · €165,540-€238,283
Equity
€1.2m
2024 · €916,178+€252,256
Cash
€261,955
2024 · €245,849+€16,106
Balance sheet total
€2.6m
2024 · €2.1m+€431,727
Largest movements
Assets
- Receivables within one year +€396,528
up €396,528 (+1,457%), from €27,224 to €423,752
of which Other amounts receivable: +€308,093
- Stocks and contracts -€113,981
down €113,981 (-8.3%), from €1.4m to €1.3m
- Tangible fixed assets +€87,413
up €87,413 (+19.1%), from €457,253 to €544,666
of which Leasing and similar rights: +€49,002
Equity and liabilities
- Profit (loss) carried forward +€197,719
up €197,719 (+25.7%), from €769,988 to €967,707
- Debts after one year +€146,993
up €146,993 (+34.2%), from €429,739 to €576,733
- Short-term financial debts +€70,977
up €70,977 (+279%), from €25,474 to €96,452
of which Credit institutions: +€50,000
- Trade debts -€59,894
down €59,894 (-24.1%), from €248,100 to €188,206
- Current portion of long-term debt +€51,800
up €51,800 (+39.4%), from €131,629 to €183,429
Income statement
- Gross operating margin -€258,080
down €258,080 (-12.1%), from €2.1m to €1.9m
- Taxes -€60,214
down €60,214 (-98.9%), from €60,892 to €679
- Staff costs +€33,874
up €33,874 (+2.0%), from €1.7m to €1.7m
- Other operating charges -€29,355
down €29,355 (-40.8%), from €71,960 to €42,605
- Depreciation +€22,114
up €22,114 (+17.1%), from €129,543 to €151,657
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
€165,540
Gross operating margin
-€258,080
Staff costs
-€33,874
Depreciation
-€22,114
Write-downs
-€443
Provisions
+€2,298
Other operating charges
+€29,355
Other operating items
-€500
Financial income
+€814
Financial charges
-€15,953
Taxes
+€60,214
Result 2025
-€72,743
raises the resultlowers the resultnot broken down further in the accounts
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
-€317,375
Investment
-€261,289
Financing
+€594,770
Cash 2024
€245,849
From operations (derived)
-€317,375
Net result for the year
-€72,743
Depreciation
+€151,657
Stocks and contracts
+€113,981
Receivables within one year
-€396,528
Deferred charges and accrued income
-€23,443
Trade debts
-€59,894
Tax, wage and social debts
-€17,614
Advances received
-€11,363
Smaller working-capital items
-€1,429
Investment (derived)
-€261,289
Investment in fixed assets (net)
-€261,289
Financing
+€594,770
Debts after one year
+€146,993
Current portion of long-term debt
+€51,800
Short-term financial debts
+€70,977
Contributions, distributions and other
+€324,999
Cash 2025
€261,955
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,145,517 | €2,577,244 | +€431,727 | +20.1% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €467,741 | €577,372 | +€109,631 | +23.4% |
| Intangible fixed assets | 21 | €9,936 | €32,155 | +€22,218 | +224% |
| Tangible fixed assets | 22/27 | €457,253 | €544,666 | +€87,413 | +19.1% |
| Land and buildings | 22 | €905 | €27,328 | +€26,423 | +2,919% |
| Plant, machinery and equipment | 23 | €102,451 | €102,862 | +€411 | +0.4% |
| Furniture and vehicles | 24 | €68,625 | €111,328 | +€42,703 | +62.2% |
| Leasing and similar rights | 25 | €111,765 | €160,766 | +€49,002 | +43.8% |
| Other tangible fixed assets | 26 | €173,507 | €142,382 | -€31,125 | -17.9% |
| Financial fixed assets | 28 | €551 | €551 | = | 0.0% |
| Current assets | 29/58 | €1,677,777 | €1,999,872 | +€322,096 | +19.2% |
| Stocks and contracts in progress | 3 | €1,371,007 | €1,257,027 | -€113,981 | -8.3% |
| Stocks | 30/36 | €1,371,007 | €1,257,027 | -€113,981 | -8.3% |
| Amounts receivable within one year | 40/41 | €27,224 | €423,752 | +€396,528 | +1,457% |
| Trade receivables | 40 | €26,248 | €114,683 | +€88,435 | +337% |
| Other amounts receivable | 41 | €976 | €309,069 | +€308,093 | +31,568% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €245,849 | €261,955 | +€16,106 | +6.6% |
| Deferred charges and accrued income | 490/1 | €33,696 | €57,139 | +€23,443 | +69.6% |
| Total equity and liabilities | 10/49 | €2,145,517 | €2,577,244 | +€431,727 | +20.1% |
| Equity | 10/15 | €916,178 | €1,168,434 | +€252,256 | +27.5% |
| Contributions | 10/11 | €141,390 | €190,969 | +€49,579 | +35.1% |
| Reserves | 13 | €4,800 | €9,758 | +€4,958 | +103% |
| Non-distributable reserves | 130/1 | - | €4,958 | +€4,958 | |
| Reserves not available under the articles | 1311 | - | €4,958 | +€4,958 | |
| Tax-exempt reserves | 132 | €4,800 | €4,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €769,988 | €967,707 | +€197,719 | +25.7% |
| Provisions and deferred taxes | 16 | - | €0 | = | |
| Deferred taxes | 168 | - | €0 | = | |
| Amounts payable | 17/49 | €1,229,340 | €1,408,810 | +€179,471 | +14.6% |
| Amounts payable after more than one year | 17 | €429,739 | €576,733 | +€146,993 | +34.2% |
| Financial debts | 170/4 | €429,739 | €576,733 | +€146,993 | +34.2% |
| Amounts payable within one year | 42/48 | €799,101 | €832,078 | +€32,977 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €131,629 | €183,429 | +€51,800 | +39.4% |
| Financial debts | 43 | €25,474 | €96,452 | +€70,977 | +279% |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Other loans | 439 | €25,474 | €46,452 | +€20,977 | +82.3% |
| Trade debts | 44 | €248,100 | €188,206 | -€59,894 | -24.1% |
| Suppliers | 440/4 | €248,100 | €188,206 | -€59,894 | -24.1% |
| Advances received on contracts in progress | 46 | €150,528 | €139,166 | -€11,363 | -7.5% |
| Taxes, remuneration and social security | 45 | €242,440 | €224,826 | -€17,614 | -7.3% |
| Taxes | 450/3 | €31,117 | €55,340 | +€24,222 | +77.8% |
| Remuneration and social security | 454/9 | €211,323 | €169,486 | -€41,837 | -19.8% |
| Other amounts payable | 47/48 | €930 | €0 | -€930 | -100% |
| Accrued charges and deferred income | 492/3 | €499 | €0 | -€499 | -100% |
| Remuneration, social security and pensions | 62 | €1,679,668 | €1,713,542 | +€33,874 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,543 | €151,657 | +€22,114 | +17.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€443 | - | +€443 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€2,298 | -€2,298 | |
| Other operating charges | 640/8 | €71,960 | €42,605 | -€29,355 | -40.8% |
| Non-recurring operating charges | 66A | - | €500 | +€500 | |
| Gross operating margin | 9900 | €2,128,814 | €1,870,734 | -€258,080 | -12.1% |
| Operating profit (loss) | 9901 | €248,085 | -€35,272 | -€283,357 | |
| Financial income | 75/76B | €716 | €1,530 | +€814 | +114% |
| Recurring financial income | 75 | €666 | €1,530 | +€864 | +130% |
| Non-recurring financial income | 76B | €50 | - | -€50 | |
| Financial charges | 65/66B | €22,369 | €38,322 | +€15,953 | +71.3% |
| Recurring financial charges | 65 | €22,369 | €38,322 | +€15,953 | +71.3% |
| Profit (loss) for the period before taxes | 9903 | €226,432 | -€72,064 | -€298,497 | |
| Income taxes | 67/77 | €60,892 | €679 | -€60,214 | -98.9% |
| Profit (loss) for the period | 9904 | €165,540 | -€72,743 | -€238,283 | |
| Profit (loss) for the period to be appropriated | 9905 | €165,540 | -€72,743 | -€238,283 |
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 13 October 2026 via checked.be.