MAGPARO: 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.
MAGPARO
Largest movements
- Receivables within one year +€942,978
up €942,978 (+168%), from €561,436 to €1.5m
of which Trade receivables: +€890,176
- Cash +€20,840
up €20,840 (+6.5%), from €322,869 to €343,710
mainly Advances received (+€724,437) and Net result for the year (+€156,710)
- Advances received +€724,437
up €724,437 (+402%), from €180,342 to €904,779
- Reserves +€100,000
up €100,000 (+90.9%), from €110,000 to €210,000
- Trade debts +€92,347
up €92,347 (+51.3%), from €180,001 to €272,348
- Profit (loss) carried forward +€41,710
up €41,710 (+13.6%), from €306,084 to €347,794
- Gross operating margin +€49,240
up €49,240 (+17.8%), from €276,759 to €325,999
- Staff costs +€14,641
up €14,641 (+24.8%), from €59,126 to €73,767
- Taxes +€10,168
up €10,168 (+18.7%), from €54,367 to €64,535
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €950,735 | €1,898,682 | +€947,947 | +99.7% |
| Fixed assets | 21/28 | €51,721 | €40,484 | -€11,237 | -21.7% |
| Tangible fixed assets | 22/27 | €51,671 | €40,234 | -€11,437 | -22.1% |
| Furniture and vehicles | 24 | €47,883 | €35,275 | -€12,608 | -26.3% |
| Other tangible fixed assets | 26 | €3,787 | €4,959 | +€1,171 | +30.9% |
| Financial fixed assets | 28 | €50 | €250 | +€200 | +400% |
| Current assets | 29/58 | €899,014 | €1,858,198 | +€959,184 | +107% |
| Amounts receivable within one year | 40/41 | €561,436 | €1,504,414 | +€942,978 | +168% |
| Trade receivables | 40 | €542,072 | €1,432,247 | +€890,176 | +164% |
| Other amounts receivable | 41 | €19,365 | €72,167 | +€52,802 | +273% |
| Cash at bank and in hand | 54/58 | €322,869 | €343,710 | +€20,840 | +6.5% |
| Deferred charges and accrued income | 490/1 | €14,708 | €10,074 | -€4,634 | -31.5% |
| Total equity and liabilities | 10/49 | €950,735 | €1,898,682 | +€947,947 | +99.7% |
| Equity | 10/15 | €443,584 | €585,294 | +€141,710 | +31.9% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €110,000 | €210,000 | +€100,000 | +90.9% |
| Distributable reserves | 133 | €110,000 | €210,000 | +€100,000 | +90.9% |
| Profit (loss) carried forward | 14 | €306,084 | €347,794 | +€41,710 | +13.6% |
| Amounts payable | 17/49 | €507,151 | €1,313,388 | +€806,237 | +159% |
| Amounts payable after more than one year | 17 | €28,994 | €18,727 | -€10,267 | -35.4% |
| Financial debts | 170/4 | €28,994 | €18,727 | -€10,267 | -35.4% |
| Amounts payable within one year | 42/48 | €478,157 | €1,294,662 | +€816,504 | +171% |
| Current portion of amounts payable after more than one year | 42 | €9,774 | €10,255 | +€481 | +4.9% |
| Trade debts | 44 | €180,001 | €272,348 | +€92,347 | +51.3% |
| Suppliers | 440/4 | €180,001 | €272,348 | +€92,347 | +51.3% |
| Advances received on contracts in progress | 46 | €180,342 | €904,779 | +€724,437 | +402% |
| Taxes, remuneration and social security | 45 | €93,041 | €91,780 | -€1,261 | -1.4% |
| Taxes | 450/3 | €82,826 | €84,712 | +€1,886 | +2.3% |
| Remuneration and social security | 454/9 | €10,215 | €7,068 | -€3,147 | -30.8% |
| Other amounts payable | 47/48 | €15,000 | €15,500 | +€500 | +3.3% |
| Remuneration, social security and pensions | 62 | €59,126 | €73,767 | +€14,641 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,613 | €13,827 | -€786 | -5.4% |
| Other operating charges | 640/8 | €6,981 | €7,425 | +€444 | +6.4% |
| Gross operating margin | 9900 | €276,759 | €325,999 | +€49,240 | +17.8% |
| Operating profit (loss) | 9901 | €196,039 | €230,980 | +€34,941 | +17.8% |
| Financial income | 75/76B | €1,914 | €326 | -€1,589 | -83.0% |
| Recurring financial income | 75 | €1,914 | €326 | -€1,589 | -83.0% |
| Financial charges | 65/66B | €9,096 | €10,060 | +€965 | +10.6% |
| Recurring financial charges | 65 | €9,096 | €10,060 | +€965 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €188,858 | €221,245 | +€32,387 | +17.1% |
| Income taxes | 67/77 | €54,367 | €64,535 | +€10,168 | +18.7% |
| Profit (loss) for the period | 9904 | €134,491 | €156,710 | +€22,219 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €134,491 | €156,710 | +€22,219 | +16.5% |
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 18 October 2026 via checked.be.