Magritte CMBS: 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
Magritte CMBS
NACE 64.310, Financial service activities, except insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€0
2024 · -
Equity
€62,000
2024 · €62,000
Cash
€13.6m
2024 · €15.2m-€1.5m
Balance sheet total
€201.2m
2024 · €223.5m-€22.4m
Largest movements
Assets
- Receivables within one year -€20.8m
down €20.8m (-10.0%), from €208.4m to €187.5m
Equity and liabilities
- Debts after one year -€222.6m
no longer reported in 2025 (was €222.6m)
- Current portion of long-term debt +€200.4m
new in 2025: €200.4m
Income statement
- Financial charges -€5.0m
down €5.0m (-27.8%), from €17.9m to €12.9m
- Financial income -€4.7m
down €4.7m (-26.0%), from €18.3m to €13.5m
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
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
+€20.6m
Investment
€0
Financing
-€22.2m
Cash 2024
€15.2m
From operations (derived)
+€20.6m
Receivables within one year
+€20.8m
Smaller working-capital items
-€235,934
Financing
-€22.2m
Debts after one year
-€222.6m
Current portion of long-term debt
+€200.4m
Cash 2025
€13.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €223,549,010 | €201,152,917 | -€22.4m | -10.0% |
| Current assets | 29/58 | €223,549,010 | €201,152,917 | -€22.4m | -10.0% |
| Amounts receivable within one year | 40/41 | €208,395,000 | €187,547,025 | -€20.8m | -10.0% |
| Other amounts receivable | 41 | €208,395,000 | €187,547,025 | -€20.8m | -10.0% |
| Cash at bank and in hand | 54/58 | €15,154,010 | €13,605,893 | -€1.5m | -10.2% |
| Total equity and liabilities | 10/49 | €223,549,010 | €201,152,917 | -€22.4m | -10.0% |
| Equity | 10/15 | €62,000 | €62,000 | = | 0.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €368,325 | +€368,325 | |
| Provisions for liabilities and charges | 160/5 | - | €368,325 | +€368,325 | |
| Other liabilities and charges | 164/5 | - | €368,325 | +€368,325 | |
| Amounts payable | 17/49 | €223,487,010 | €200,722,593 | -€22.8m | -10.2% |
| Amounts payable after more than one year | 17 | €222,568,636 | - | -€222.6m | |
| Financial debts | 170/4 | €222,568,636 | - | -€222.6m | |
| Other loans | 174 | €222,568,636 | - | -€222.6m | |
| Amounts payable within one year | 42/48 | €362,667 | €200,722,593 | +€200.4m | +55,246% |
| Current portion of amounts payable after more than one year | 42 | - | €200,408,477 | +€200.4m | |
| Trade debts | 44 | €177,221 | €134,330 | -€42,891 | -24.2% |
| Suppliers | 440/4 | €177,221 | €134,330 | -€42,891 | -24.2% |
| Other amounts payable | 47/48 | €185,446 | €179,786 | -€5,660 | -3.1% |
| Accrued charges and deferred income | 492/3 | €555,708 | - | -€555,708 | |
| Operating charges | 60/66A | €347,247 | €584,775 | +€237,528 | +68.4% |
| Services and other goods | 61 | €346,475 | €214,942 | -€131,534 | -38.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €368,325 | +€368,325 | |
| Other operating charges | 640/8 | €772 | €1,509 | +€737 | +95.5% |
| Operating profit (loss) | 9901 | -€347,247 | -€584,775 | -€237,528 | -68.4% |
| Financial income | 75/76B | €18,258,674 | €13,515,612 | -€4.7m | -26.0% |
| Recurring financial income | 75 | €18,258,674 | €13,515,612 | -€4.7m | -26.0% |
| Income from current assets | 751 | €17,651,201 | €12,959,904 | -€4.7m | -26.6% |
| Other financial income | 752/9 | €607,472 | €555,708 | -€51,765 | -8.5% |
| Financial charges | 65/66B | €17,911,427 | €12,930,837 | -€5.0m | -27.8% |
| Recurring financial charges | 65 | €17,911,427 | €12,930,837 | -€5.0m | -27.8% |
| Debt charges | 650 | €17,303,954 | €12,375,129 | -€4.9m | -28.5% |
| Other financial charges | 652/9 | €607,472 | €555,708 | -€51,765 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | - | €0 | = | |
| Profit (loss) for the period | 9904 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | - | €0 | = |
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 25 October 2026 via checked.be.