MAGRO: what changed
Two fiscal 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.
MAGRO
Largest movements
- Tangible fixed assets +€57,422
up €57,422 (+214.3%), from €26,798 to €84,221
of which Furniture and vehicles: +€36,253
- Receivables within one year -€43,968
down €43,968 (-23.3%), from €188,448 to €144,479
of which Trade receivables: -€38,376
- Stocks and contracts -€25,109
down €25,109 (-41.0%), from €61,309 to €36,200
- Cash +€24,719
up €24,719 (+26.9%), from €91,807 to €116,526
mainly Receivables within one year (+€43,968) and Stocks and contracts (+€25,109)
- Trade debts +€23,408
up €23,408 (+27.0%), from €86,640 to €110,048
- Current portion of long-term debt -€6,667
down €6,667 (-83.3%), from €8,000 to €1,333
- Profit (loss) carried forward -€4,443
down €4,443 (-23.2%), from €19,146 to €14,702
- Write-downs +€38,389
new in 2025: €38,389
- Gross operating margin +€35,223
up €35,223 (+170.5%), from €20,655 to €55,878
- Depreciation -€14,745
down €14,745 (-65.9%), from €22,367 to €7,622
- Financial charges +€10,768
up €10,768 (+1482.3%), from €726 to €11,494
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 | €371,223 | €386,042 | +€14,819 | +4.0% |
| Fixed assets | 21/28 | €26,983 | €84,406 | +€57,422 | +212.8% |
| Tangible fixed assets | 22/27 | €26,798 | €84,221 | +€57,422 | +214.3% |
| Land and buildings | 22 | €2,327 | €26,217 | +€23,890 | +1026.7% |
| Plant, machinery and equipment | 23 | €7,614 | €4,894 | -€2,720 | -35.7% |
| Furniture and vehicles | 24 | €16,857 | €53,110 | +€36,253 | +215.1% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €344,240 | €301,636 | -€42,604 | -12.4% |
| Stocks and contracts in progress | 3 | €61,309 | €36,200 | -€25,109 | -41.0% |
| Stocks | 30/36 | €61,309 | €36,200 | -€25,109 | -41.0% |
| Amounts receivable within one year | 40/41 | €188,448 | €144,479 | -€43,968 | -23.3% |
| Trade receivables | 40 | €176,566 | €138,190 | -€38,376 | -21.7% |
| Other amounts receivable | 41 | €11,882 | €6,289 | -€5,593 | -47.1% |
| Cash at bank and in hand | 54/58 | €91,807 | €116,526 | +€24,719 | +26.9% |
| Deferred charges and accrued income | 490/1 | €2,676 | €4,430 | +€1,754 | +65.6% |
| Total equity and liabilities | 10/49 | €371,223 | €386,042 | +€14,819 | +4.0% |
| Equity | 10/15 | €108,706 | €104,263 | -€4,443 | -4.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €70,969 | €70,969 | = | 0.0% |
| Distributable reserves | 133 | €70,969 | €70,969 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,146 | €14,702 | -€4,443 | -23.2% |
| Amounts payable | 17/49 | €262,517 | €281,779 | +€19,262 | +7.3% |
| Amounts payable after more than one year | 17 | €1,333 | €0 | -€1,333 | -100.0% |
| Financial debts | 170/4 | €1,333 | €0 | -€1,333 | -100.0% |
| Amounts payable within one year | 42/48 | €261,184 | €281,779 | +€20,595 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €8,000 | €1,333 | -€6,667 | -83.3% |
| Trade debts | 44 | €86,640 | €110,048 | +€23,408 | +27.0% |
| Suppliers | 440/4 | €86,640 | €110,048 | +€23,408 | +27.0% |
| Taxes, remuneration and social security | 45 | €1,572 | €4,631 | +€3,058 | +194.5% |
| Taxes | 450/3 | €1,572 | €4,631 | +€3,058 | +194.5% |
| Other amounts payable | 47/48 | €164,971 | €165,767 | +€796 | +0.5% |
| Non-recurring operating income | 76A | - | €14,159 | +€14,159 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,367 | €7,622 | -€14,745 | -65.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €38,389 | +€38,389 | |
| Other operating charges | 640/8 | €2,188 | €2,633 | +€445 | +20.3% |
| Gross operating margin | 9900 | €20,655 | €55,878 | +€35,223 | +170.5% |
| Operating profit (loss) | 9901 | -€3,900 | €7,235 | +€11,135 | |
| Financial income | 75/76B | €35 | €141 | +€106 | +303.0% |
| Recurring financial income | 75 | €35 | €141 | +€106 | +303.0% |
| Financial charges | 65/66B | €726 | €11,494 | +€10,768 | +1482.3% |
| Recurring financial charges | 65 | €726 | €11,494 | +€10,768 | +1482.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,592 | -€4,119 | +€473 | +10.3% |
| Income taxes | 67/77 | €306 | €324 | +€18 | +6.0% |
| Profit (loss) for the period | 9904 | -€4,898 | -€4,443 | +€454 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,898 | -€4,443 | +€454 | +9.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.