MAGREZ LAW: 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.
MAGREZ LAW
Largest movements
- Receivables within one year -€15,335
down €15,335 (-49.0%), from €31,304 to €15,969
of which Trade receivables: -€13,781
- Cash -€14,306
down €14,306 (-57.7%), from €24,778 to €10,471
mainly Contributions, distributions and other (-€21,500) and Other debts (-€19,013)
- Tangible fixed assets -€3,812
down €3,812 (-18.2%), from €21,001 to €17,189
of which Furniture and vehicles: -€3,308
- Intangible fixed assets -€3,000
down €3,000 (-50.3%), from €5,959 to €2,959
- Other debts -€19,013
down €19,013 (-50.4%), from €37,759 to €18,746
- Profit (loss) carried forward -€8,838
down €8,838 (-69.7%), from €12,686 to €3,848
- Trade debts -€8,503
down €8,503 (-58.1%), from €14,641 to €6,138
- Gross operating margin -€23,407
down €23,407 (-49.8%), from €47,029 to €23,621
- Taxes -€6,460
down €6,460 (-65.8%), from €9,821 to €3,361
- Financial charges +€1,288
new in 2025: €1,288
- Depreciation -€1,051
down €1,051 (-13.4%), from €7,863 to €6,812
- Write-downs -€782
no longer reported in 2025 (was €782)
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 | €85,577 | €49,197 | -€36,380 | -42.5% |
| Fixed assets | 21/28 | €26,960 | €20,148 | -€6,812 | -25.3% |
| Intangible fixed assets | 21 | €5,959 | €2,959 | -€3,000 | -50.3% |
| Tangible fixed assets | 22/27 | €21,001 | €17,189 | -€3,812 | -18.2% |
| Plant, machinery and equipment | 23 | €3,239 | €2,735 | -€504 | -15.6% |
| Furniture and vehicles | 24 | €17,762 | €14,454 | -€3,308 | -18.6% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €58,617 | €29,049 | -€29,568 | -50.4% |
| Amounts receivable within one year | 40/41 | €31,304 | €15,969 | -€15,335 | -49.0% |
| Trade receivables | 40 | €23,222 | €9,441 | -€13,781 | -59.3% |
| Other amounts receivable | 41 | €8,082 | €6,528 | -€1,553 | -19.2% |
| Cash at bank and in hand | 54/58 | €24,778 | €10,471 | -€14,306 | -57.7% |
| Deferred charges and accrued income | 490/1 | €2,536 | €2,609 | +€73 | +2.9% |
| Total equity and liabilities | 10/49 | €85,577 | €49,197 | -€36,380 | -42.5% |
| Equity | 10/15 | €33,146 | €24,308 | -€8,838 | -26.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,686 | €3,848 | -€8,838 | -69.7% |
| Amounts payable | 17/49 | €52,431 | €24,889 | -€27,542 | -52.5% |
| Amounts payable within one year | 42/48 | €52,400 | €24,884 | -€27,516 | -52.5% |
| Trade debts | 44 | €14,641 | €6,138 | -€8,503 | -58.1% |
| Suppliers | 440/4 | €14,641 | €6,138 | -€8,503 | -58.1% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €37,759 | €18,746 | -€19,013 | -50.4% |
| Accrued charges and deferred income | 492/3 | €32 | €6 | -€26 | -82.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,863 | €6,812 | -€1,051 | -13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €782 | - | -€782 | |
| Other operating charges | 640/8 | €180 | €184 | +€5 | +2.7% |
| Gross operating margin | 9900 | €47,029 | €23,621 | -€23,407 | -49.8% |
| Operating profit (loss) | 9901 | €38,204 | €16,625 | -€21,579 | -56.5% |
| Financial income | 75/76B | - | €686 | +€686 | |
| Recurring financial income | 75 | - | €686 | +€686 | |
| Financial charges | 65/66B | - | €1,288 | +€1,288 | |
| Recurring financial charges | 65 | - | €1,288 | +€1,288 | |
| Profit (loss) for the period before taxes | 9903 | €38,204 | €16,023 | -€22,181 | -58.1% |
| Income taxes | 67/77 | €9,821 | €3,361 | -€6,460 | -65.8% |
| Profit (loss) for the period | 9904 | €28,384 | €12,662 | -€15,722 | -55.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,384 | €12,662 | -€15,722 | -55.4% |
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 29 October 2026 via checked.be.