MAGRATHEA: 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.
MAGRATHEA
Largest movements
- Current investments +€3.5m
new in 2025: €3.5m
- Receivables within one year -€1.4m
down €1.4m (-92.1%), from €1.5m to €119,400
of which Other amounts receivable: -€1.4m
- Cash -€719,172
down €719,172 (-66.9%), from €1.1m to €356,553
mainly Current investments (-€3.5m) and Investment in fixed assets (net) (-€87,374)
- Financial fixed assets +€151,500
up €151,500 (+2.9%), from €5.2m to €5.4m
- Profit (loss) carried forward +€1.5m
up €1.5m (+26.6%), from €5.6m to €7.1m
- Financial income -€2.2m
down €2.2m (-98.8%), from €2.2m to €25,785
- Gross operating margin +€1.2m
up €1.2m (+321.3%), from €360,485 to €1.5m
- Taxes -€67,286
down €67,286 (-74.5%), from €90,376 to €23,090
- Depreciation -€22,912
no longer reported in 2025 (was €22,912)
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 | €7,890,863 | €9,355,800 | +€1.5m | +18.6% |
| Fixed assets | 21/28 | €5,290,960 | €5,378,334 | +€87,374 | +1.7% |
| Tangible fixed assets | 22/27 | €64,126 | - | -€64,126 | |
| Furniture and vehicles | 24 | €64,126 | - | -€64,126 | |
| Financial fixed assets | 28 | €5,226,834 | €5,378,334 | +€151,500 | +2.9% |
| Current assets | 29/58 | €2,599,903 | €3,977,467 | +€1.4m | +53.0% |
| Amounts receivable within one year | 40/41 | €1,520,528 | €119,400 | -€1.4m | -92.1% |
| Trade receivables | 40 | €15,068 | - | -€15,068 | |
| Other amounts receivable | 41 | €1,505,460 | €119,400 | -€1.4m | -92.1% |
| Current investments | 50/53 | - | €3,500,000 | +€3.5m | |
| Cash at bank and in hand | 54/58 | €1,075,725 | €356,553 | -€719,172 | -66.9% |
| Deferred charges and accrued income | 490/1 | €3,650 | €1,514 | -€2,136 | -58.5% |
| Total equity and liabilities | 10/49 | €7,890,863 | €9,355,800 | +€1.5m | +18.6% |
| Equity | 10/15 | €7,543,051 | €9,035,392 | +€1.5m | +19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,906,220 | €1,906,220 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €825,160 | €757,800 | -€67,360 | -8.2% |
| Distributable reserves | 133 | €1,079,200 | €1,146,560 | +€67,360 | +6.2% |
| Profit (loss) carried forward | 14 | €5,618,231 | €7,110,572 | +€1.5m | +26.6% |
| Amounts payable | 17/49 | €347,811 | €320,408 | -€27,403 | -7.9% |
| Amounts payable within one year | 42/48 | €347,811 | €320,408 | -€27,403 | -7.9% |
| Financial debts | 43 | €7,594 | - | -€7,594 | |
| Credit institutions | 430/8 | €7,594 | - | -€7,594 | |
| Trade debts | 44 | €160 | €265 | +€105 | +66.0% |
| Suppliers | 440/4 | €160 | €265 | +€105 | +66.0% |
| Taxes, remuneration and social security | 45 | €25,039 | €84 | -€24,955 | -99.7% |
| Taxes | 450/3 | €25,039 | €84 | -€24,955 | -99.7% |
| Other amounts payable | 47/48 | €315,018 | €320,059 | +€5,041 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,912 | - | -€22,912 | |
| Other operating charges | 640/8 | €1,069 | €1,046 | -€22 | -2.1% |
| Non-recurring operating charges | 66A | - | €28,126 | +€28,126 | |
| Gross operating margin | 9900 | €360,485 | €1,518,818 | +€1.2m | +321.3% |
| Operating profit (loss) | 9901 | €336,504 | €1,489,645 | +€1.2m | +342.7% |
| Financial income | 75/76B | €2,221,613 | €25,785 | -€2.2m | -98.8% |
| Recurring financial income | 75 | €2,221,613 | €25,785 | -€2.2m | -98.8% |
| Financial charges | 65/66B | €1,585 | €0 | -€1,585 | -100.0% |
| Recurring financial charges | 65 | €1,585 | €0 | -€1,585 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €2,556,532 | €1,515,430 | -€1.0m | -40.7% |
| Transfer to deferred taxes | 680 | €378,900 | - | -€378,900 | |
| Income taxes | 67/77 | €90,376 | €23,090 | -€67,286 | -74.5% |
| Profit (loss) for the period | 9904 | €2,087,257 | €1,492,340 | -€594,916 | -28.5% |
| Transfer from tax-exempt reserves | 789 | €210,500 | €67,360 | -€143,140 | -68.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,297,757 | €1,559,700 | -€738,056 | -32.1% |
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 11 October 2026 via checked.be.