MAGROFOR: 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.
MAGROFOR
Largest movements
- Cash +€92,520
up €92,520 (+37.7%), from €245,683 to €338,203
mainly Net result for the year (+€73,878) and Depreciation (+€7,920)
- Tangible fixed assets -€5,103
down €5,103 (-31.3%), from €16,323 to €11,220
- Reserves +€73,875
up €73,875 (+35.8%), from €206,406 to €280,281
of which Distributable reserves: +€73,875
- Tax, wage and social debts +€6,105
new in 2025: €6,105
- Trade debts +€5,620
up €5,620 (+428.0%), from €1,313 to €6,933
- Gross operating margin +€86,219
up €86,219 (+298.3%), from €28,906 to €115,125
- Taxes +€30,781
up €30,781 (+733.3%), from €4,198 to €34,978
- Depreciation -€5,386
down €5,386 (-40.5%), from €13,306 to €7,920
- Financial income -€2,117
down €2,117 (-37.8%), from €5,599 to €3,482
of which Financial income: -€2,118
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 | €294,689 | €380,644 | +€85,955 | +29.2% |
| Fixed assets | 21/28 | €16,323 | €11,220 | -€5,103 | -31.3% |
| Tangible fixed assets | 22/27 | €16,323 | €11,220 | -€5,103 | -31.3% |
| Furniture and vehicles | 24 | €16,323 | €11,220 | -€5,103 | -31.3% |
| Current assets | 29/58 | €278,366 | €369,424 | +€91,058 | +32.7% |
| Stocks and contracts in progress | 3 | - | €2,482 | +€2,482 | |
| Stocks | 30/36 | - | €2,482 | +€2,482 | |
| Amounts receivable within one year | 40/41 | €32,166 | €28,739 | -€3,427 | -10.7% |
| Trade receivables | 40 | €19,016 | €26,272 | +€7,256 | +38.2% |
| Other amounts receivable | 41 | €13,150 | €2,467 | -€10,683 | -81.2% |
| Cash at bank and in hand | 54/58 | €245,683 | €338,203 | +€92,520 | +37.7% |
| Deferred charges and accrued income | 490/1 | €517 | - | -€517 | |
| Total equity and liabilities | 10/49 | €294,689 | €380,644 | +€85,955 | +29.2% |
| Equity | 10/15 | €292,331 | €366,209 | +€73,878 | +25.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €206,406 | €280,281 | +€73,875 | +35.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €204,546 | €278,421 | +€73,875 | +36.1% |
| Profit (loss) carried forward | 14 | €67,334 | €67,336 | +€3 | 0.0% |
| Amounts payable | 17/49 | €2,358 | €14,435 | +€12,077 | +512.2% |
| Amounts payable within one year | 42/48 | €2,358 | €14,435 | +€12,077 | +512.2% |
| Trade debts | 44 | €1,313 | €6,933 | +€5,620 | +428.0% |
| Suppliers | 440/4 | €1,313 | €6,933 | +€5,620 | +428.0% |
| Taxes, remuneration and social security | 45 | - | €6,105 | +€6,105 | |
| Taxes | 450/3 | - | €6,105 | +€6,105 | |
| Other amounts payable | 47/48 | €1,045 | €1,398 | +€353 | +33.8% |
| Non-recurring operating income | 76A | €17,016 | €2,950 | -€14,066 | -82.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,306 | €7,920 | -€5,386 | -40.5% |
| Other operating charges | 640/8 | €1,123 | €1,707 | +€585 | +52.1% |
| Non-recurring operating charges | 66A | €9,750 | - | -€9,750 | |
| Gross operating margin | 9900 | €28,906 | €115,125 | +€86,219 | +298.3% |
| Operating profit (loss) | 9901 | €4,728 | €105,498 | +€100,771 | +2131.5% |
| Financial income | 75/76B | €5,599 | €3,482 | -€2,117 | -37.8% |
| Recurring financial income | 75 | €5,599 | €3,481 | -€2,118 | -37.8% |
| Non-recurring financial income | 76B | - | €0 | +€0 | |
| Financial charges | 65/66B | €117 | €124 | +€7 | +6.3% |
| Recurring financial charges | 65 | €117 | €124 | +€7 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €10,210 | €108,856 | +€98,646 | +966.2% |
| Income taxes | 67/77 | €4,198 | €34,978 | +€30,781 | +733.3% |
| Profit (loss) for the period | 9904 | €6,013 | €73,878 | +€67,865 | +1128.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,013 | €73,878 | +€67,865 | +1128.7% |
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.