Magnax: 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
Magnax
NACE 72.109, Other research and development on natural sciences
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
-€1.5m
31-12-2024 · €2.3m-€3.8m
Equity
€15.8m
31-12-2024 · €17.3m-€1.5m
Cash
€304,152
31-12-2024 · €287,844+€16,308
Balance sheet total
€18.7m
31-12-2024 · €18.9m-€172,210
Largest movements
Assets
- Receivables within one year +€1.5m
up €1.5m (+52.6%), from €2.9m to €4.4m
of which Other amounts receivable: +€1.8m
- Current investments -€1.3m
down €1.3m (-84.0%), from €1.6m to €250,000
- Tangible fixed assets -€285,940
down €285,940 (-18.9%), from €1.5m to €1.2m
Equity and liabilities
- Profit (loss) carried forward -€1.5m
down €1.5m (-12.5%), from -€11.9m to -€13.4m
- Short-term financial debts +€1.0m
new in 2025: €1.0m
- Other debts +€667,087
up €667,087 (+9,549%), from €6,986 to €674,073
- Debts after one year -€226,078
down €226,078 (-36.5%), from €619,254 to €393,176
Income statement
- Gross operating margin -€4.4m
down €4.4m (-97.1%), from €4.5m to €130,283
- Depreciation -€492,404
down €492,404 (-33.5%), from €1.5m to €975,679
- Staff costs -€163,864
down €163,864 (-21.8%), from €751,724 to €587,860
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
€2.3m
Gross operating margin
-€4.4m
Staff costs
+€163,864
Depreciation
+€492,404
Write-downs
+€24,649
Other operating charges
+€605
Other operating items
-€109,174
Financial income
+€20,174
Financial charges
+€9,768
Taxes
-€9,235
Result 31-12-2025
-€1.5m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€1.4m
Investment
+€635,909
Financing
+€768,904
Cash 31-12-2024
€287,844
From operations (derived)
-€1.4m
Net result for the year
-€1.5m
Depreciation
+€975,679
Stocks and contracts
+€20,029
Receivables within one year
-€1.5m
Deferred charges and accrued income
+€70,811
Trade debts
-€33,134
Tax, wage and social debts
+€7,157
Other debts
+€667,087
Accrued charges and deferred income
-€88,368
Investment (derived)
+€635,909
Investment in fixed assets (net)
-€675,075
Current investments
+€1.3m
Financing
+€768,904
Debts after one year
-€226,078
Current portion of long-term debt
-€5,018
Short-term financial debts
+€1.0m
Cash 31-12-2025
€304,152
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,898,415 | €18,726,205 | -€172,210 | -0.9% |
| Fixed assets | 21/28 | €13,934,454 | €13,633,849 | -€300,605 | -2.2% |
| Intangible fixed assets | 21 | €20,275 | €5,611 | -€14,665 | -72.3% |
| Tangible fixed assets | 22/27 | €1,513,179 | €1,227,239 | -€285,940 | -18.9% |
| Plant, machinery and equipment | 23 | €368,092 | €228,045 | -€140,047 | -38.0% |
| Furniture and vehicles | 24 | €36,589 | €23,576 | -€13,013 | -35.6% |
| Leasing and similar rights | 25 | €810,517 | €713,092 | -€97,424 | -12.0% |
| Other tangible fixed assets | 26 | €297,981 | €262,525 | -€35,456 | -11.9% |
| Financial fixed assets | 28 | €12,401,000 | €12,401,000 | = | 0.0% |
| Current assets | 29/58 | €4,963,961 | €5,092,356 | +€128,395 | +2.6% |
| Stocks and contracts in progress | 3 | €20,029 | - | -€20,029 | |
| Stocks | 30/36 | €20,029 | - | -€20,029 | |
| Amounts receivable within one year | 40/41 | €2,876,564 | €4,390,474 | +€1.5m | +52.6% |
| Trade receivables | 40 | €437,744 | €151,885 | -€285,860 | -65.3% |
| Other amounts receivable | 41 | €2,438,819 | €4,238,589 | +€1.8m | +73.8% |
| Current investments | 50/53 | €1,560,983 | €250,000 | -€1.3m | -84.0% |
| Cash at bank and in hand | 54/58 | €287,844 | €304,152 | +€16,308 | +5.7% |
| Deferred charges and accrued income | 490/1 | €218,541 | €147,730 | -€70,811 | -32.4% |
| Total equity and liabilities | 10/49 | €18,898,415 | €18,726,205 | -€172,210 | -0.9% |
| Equity | 10/15 | €17,292,258 | €15,798,403 | -€1.5m | -8.6% |
| Contributions | 10/11 | €29,210,615 | €29,210,615 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,918,356 | -€13,412,212 | -€1.5m | -12.5% |
| Amounts payable | 17/49 | €1,606,156 | €2,927,802 | +€1.3m | +82.3% |
| Amounts payable after more than one year | 17 | €619,254 | €393,176 | -€226,078 | -36.5% |
| Financial debts | 170/4 | €619,254 | €393,176 | -€226,078 | -36.5% |
| Amounts payable within one year | 42/48 | €688,169 | €2,324,261 | +€1.6m | +238% |
| Current portion of amounts payable after more than one year | 42 | €231,096 | €226,078 | -€5,018 | -2.2% |
| Financial debts | 43 | - | €1,000,000 | +€1.0m | |
| Other loans | 439 | - | €1,000,000 | +€1.0m | |
| Trade debts | 44 | €386,716 | €353,581 | -€33,134 | -8.6% |
| Suppliers | 440/4 | €386,716 | €353,581 | -€33,134 | -8.6% |
| Taxes, remuneration and social security | 45 | €63,372 | €70,529 | +€7,157 | +11.3% |
| Taxes | 450/3 | €698 | - | -€698 | |
| Remuneration and social security | 454/9 | €62,674 | €70,529 | +€7,855 | +12.5% |
| Other amounts payable | 47/48 | €6,986 | €674,073 | +€667,087 | +9,549% |
| Accrued charges and deferred income | 492/3 | €298,734 | €210,366 | -€88,368 | -29.6% |
| Non-recurring operating income | 76A | €3,949,454 | €558 | -€3.9m | -100.0% |
| Remuneration, social security and pensions | 62 | €751,724 | €587,860 | -€163,864 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,468,083 | €975,679 | -€492,404 | -33.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €44,678 | €20,029 | -€24,649 | -55.2% |
| Other operating charges | 640/8 | €2,606 | €2,001 | -€605 | -23.2% |
| Non-recurring operating charges | 66A | - | €109,174 | +€109,174 | |
| Gross operating margin | 9900 | €4,511,474 | €130,283 | -€4.4m | -97.1% |
| Operating profit (loss) | 9901 | €2,244,382 | -€1,564,460 | -€3.8m | |
| Financial income | 75/76B | €96,502 | €116,676 | +€20,174 | +20.9% |
| Recurring financial income | 75 | €96,502 | €116,676 | +€20,174 | +20.9% |
| Financial charges | 65/66B | €56,369 | €46,601 | -€9,768 | -17.3% |
| Recurring financial charges | 65 | €56,369 | €45,406 | -€10,962 | -19.4% |
| Non-recurring financial charges | 66B | - | €1,194 | +€1,194 | |
| Profit (loss) for the period before taxes | 9903 | €2,284,516 | -€1,494,385 | -€3.8m | |
| Income taxes | 67/77 | -€9,764 | -€529 | +€9,235 | +94.6% |
| Profit (loss) for the period | 9904 | €2,294,280 | -€1,493,855 | -€3.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,294,280 | -€1,493,855 | -€3.8m |
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 27 October 2026 via checked.be.