Mago Holding: 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
Mago Holding
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6,997
2024 · -€416,685+€423,682
Equity
€14.1m
2024 · €14.0m+€6,997
Cash
€531,479
2024 · €33,401+€498,078
Balance sheet total
€21.2m
2024 · €24.4m-€3.2m
Largest movements
Assets
- Financial fixed assets -€1.5m
down €1.5m (-14.4%), from €10.7m to €9.1m
- Receivables within one year -€1.3m
down €1.3m (-52.4%), from €2.4m to €1.1m
of which Other amounts receivable: -€773,957
- Tangible fixed assets -€1.0m
down €1.0m (-9.1%), from €11.1m to €10.1m
of which Leasing and similar rights: -€542,464
- Cash +€498,078
up €498,078 (+1,491%), from €33,401 to €531,479
mainly Depreciation (+€1.3m) and Receivables within one year (+€1.3m)
Equity and liabilities
- Short-term financial debts -€1.4m
no longer reported in 2025 (was €1.4m)
- Current portion of long-term debt -€1.0m
down €1.0m (-57.8%), from €1.8m to €766,185
- Debts after one year -€740,785
down €740,785 (-14.7%), from €5.0m to €4.3m
Income statement
- Turnover +€713,113
up €713,113 (+12.0%), from €6.0m to €6.7m
- Services and other goods +€584,042
up €584,042 (+12.5%), from €4.7m to €5.3m
- Financial income +€458,596
up €458,596 (+84.3%), from €544,155 to €1.0m
of which Non-recurring financial income: +€480,502
- Depreciation +€198,367
up €198,367 (+18.1%), from €1.1m to €1.3m
- Staff costs +€179,876
up €179,876 (+26.0%), from €691,017 to €870,893
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
-€416,685
Turnover
+€713,113
Other operating income
-€1,520
Services and other goods
-€584,042
Staff costs
-€179,876
Depreciation
-€198,367
Other operating charges
-€18,436
Other operating items
+€114,959
Financial income
+€458,596
Financial charges
+€151,448
Taxes
-€32,192
Result 2025
€6,997
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
+€2.5m
Investment
+€1.2m
Financing
-€3.2m
Cash 2024
€33,401
From operations (derived)
+€2.5m
Net result for the year
+€6,997
Depreciation
+€1.3m
Receivables within one year
+€1.3m
Deferred charges and accrued income
-€106,140
Trade debts
-€96,448
Tax, wage and social debts
+€166,193
Other debts
+€12,000
Accrued charges and deferred income
-€64,144
Investment (derived)
+€1.2m
Investment in fixed assets (net)
+€1.2m
Financing
-€3.2m
Debts after one year
-€740,785
Current portion of long-term debt
-€1.0m
Short-term financial debts
-€1.4m
Cash 2025
€531,479
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,363,187 | €21,198,644 | -€3.2m | -13.0% |
| Fixed assets | 21/28 | €21,883,560 | €19,380,148 | -€2.5m | -11.4% |
| Intangible fixed assets | 21 | €105,813 | €150,853 | +€45,041 | +42.6% |
| Tangible fixed assets | 22/27 | €11,086,029 | €10,082,172 | -€1.0m | -9.1% |
| Land and buildings | 22 | €1,223,518 | €1,165,141 | -€58,377 | -4.8% |
| Plant, machinery and equipment | 23 | €6,068,282 | €5,690,516 | -€377,766 | -6.2% |
| Furniture and vehicles | 24 | €22,190 | €21,149 | -€1,041 | -4.7% |
| Leasing and similar rights | 25 | €2,734,532 | €2,192,068 | -€542,464 | -19.8% |
| Other tangible fixed assets | 26 | €1,037,508 | €1,013,298 | -€24,210 | -2.3% |
| Financial fixed assets | 28 | €10,691,718 | €9,147,123 | -€1.5m | -14.4% |
| Affiliated companies | 280/1 | €10,691,718 | €9,147,123 | -€1.5m | -14.4% |
| Participating interests | 280 | €8,681,933 | €8,681,933 | = | 0.0% |
| Amounts receivable | 281 | €2,009,786 | €465,190 | -€1.5m | -76.9% |
| Current assets | 29/58 | €2,479,627 | €1,818,496 | -€661,131 | -26.7% |
| Amounts receivable within one year | 40/41 | €2,415,192 | €1,149,843 | -€1.3m | -52.4% |
| Trade receivables | 40 | €1,596,134 | €1,104,742 | -€491,392 | -30.8% |
| Other amounts receivable | 41 | €819,058 | €45,102 | -€773,957 | -94.5% |
| Cash at bank and in hand | 54/58 | €33,401 | €531,479 | +€498,078 | +1,491% |
| Deferred charges and accrued income | 490/1 | €31,034 | €137,174 | +€106,140 | +342% |
| Total equity and liabilities | 10/49 | €24,363,187 | €21,198,644 | -€3.2m | -13.0% |
| Equity | 10/15 | €14,045,166 | €14,052,163 | +€6,997 | 0.0% |
| Contributions | 10/11 | €7,578,984 | €7,578,984 | = | 0.0% |
| Capital | 10 | €7,578,984 | €7,578,984 | = | 0.0% |
| Issued capital | 100 | €7,578,984 | €7,578,984 | = | 0.0% |
| Reserves | 13 | €6,466,183 | €6,466,533 | +€350 | 0.0% |
| Non-distributable reserves | 130/1 | €3,076,280 | €3,076,630 | +€350 | 0.0% |
| Legal reserve | 130 | €242,999 | €243,349 | +€350 | +0.1% |
| Own shares acquired | 1312 | €2,833,281 | €2,833,281 | = | 0.0% |
| Tax-exempt reserves | 132 | €164,463 | €164,463 | = | 0.0% |
| Distributable reserves | 133 | €3,225,440 | €3,225,440 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €6,647 | +€6,647 | |
| Provisions and deferred taxes | 16 | €65,613 | €65,613 | = | 0.0% |
| Deferred taxes | 168 | €65,613 | €65,613 | = | 0.0% |
| Amounts payable | 17/49 | €10,252,408 | €7,080,868 | -€3.2m | -30.9% |
| Amounts payable after more than one year | 17 | €5,022,753 | €4,281,967 | -€740,785 | -14.7% |
| Financial debts | 170/4 | €5,022,753 | €4,281,967 | -€740,785 | -14.7% |
| Subordinated loans | 170 | €1,418,024 | €1,437,939 | +€19,915 | +1.4% |
| Leasing and similar obligations | 172 | €301,219 | €213,563 | -€87,655 | -29.1% |
| Credit institutions | 173 | €3,303,510 | €2,630,465 | -€673,045 | -20.4% |
| Amounts payable within one year | 42/48 | €4,847,539 | €2,480,928 | -€2.4m | -48.8% |
| Current portion of amounts payable after more than one year | 42 | €1,814,541 | €766,185 | -€1.0m | -57.8% |
| Financial debts | 43 | €1,400,000 | - | -€1.4m | |
| Other loans | 439 | €1,400,000 | - | -€1.4m | |
| Trade debts | 44 | €1,428,636 | €1,332,187 | -€96,448 | -6.8% |
| Suppliers | 440/4 | €1,428,636 | €1,332,187 | -€96,448 | -6.8% |
| Taxes, remuneration and social security | 45 | €204,362 | €370,556 | +€166,193 | +81.3% |
| Taxes | 450/3 | €79,378 | €312,439 | +€233,062 | +294% |
| Remuneration and social security | 454/9 | €124,985 | €58,116 | -€66,868 | -53.5% |
| Other amounts payable | 47/48 | - | €12,000 | +€12,000 | |
| Accrued charges and deferred income | 492/3 | €382,116 | €317,972 | -€64,144 | -16.8% |
| Operating income | 70/76A | €6,144,208 | €6,855,801 | +€711,593 | +11.6% |
| Turnover | 70 | €5,956,793 | €6,669,906 | +€713,113 | +12.0% |
| Other operating income | 74 | €187,415 | €185,895 | -€1,520 | -0.8% |
| Operating charges | 60/66A | €6,701,291 | €7,567,054 | +€865,763 | +12.9% |
| Services and other goods | 61 | €4,679,094 | €5,263,136 | +€584,042 | +12.5% |
| Remuneration, social security and pensions | 62 | €691,017 | €870,893 | +€179,876 | +26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,093,880 | €1,292,247 | +€198,367 | +18.1% |
| Other operating charges | 640/8 | €122,341 | €140,778 | +€18,436 | +15.1% |
| Non-recurring operating charges | 66A | €114,959 | - | -€114,959 | |
| Operating profit (loss) | 9901 | -€557,083 | -€711,253 | -€154,170 | -27.7% |
| Financial income | 75/76B | €544,155 | €1,002,752 | +€458,596 | +84.3% |
| Recurring financial income | 75 | €46,251 | €24,345 | -€21,906 | -47.4% |
| Income from current assets | 751 | €27,888 | €20,655 | -€7,233 | -25.9% |
| Other financial income | 752/9 | €18,363 | €3,690 | -€14,672 | -79.9% |
| Non-recurring financial income | 76B | €497,904 | €978,407 | +€480,502 | +96.5% |
| Financial charges | 65/66B | €403,758 | €252,310 | -€151,448 | -37.5% |
| Recurring financial charges | 65 | €403,758 | €252,310 | -€151,448 | -37.5% |
| Debt charges | 650 | €372,714 | €242,977 | -€129,737 | -34.8% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €59 | - | -€59 | |
| Other financial charges | 652/9 | €30,985 | €9,332 | -€21,653 | -69.9% |
| Profit (loss) for the period before taxes | 9903 | -€416,685 | €39,189 | +€455,875 | |
| Income taxes | 67/77 | - | €32,192 | +€32,192 | |
| Taxes | 670/3 | - | €32,192 | +€32,192 | |
| Profit (loss) for the period | 9904 | -€416,685 | €6,997 | +€423,682 | |
| Profit (loss) for the period to be appropriated | 9905 | -€416,685 | €6,997 | +€423,682 |
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 24 October 2026 via checked.be.