MAGUI: 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
MAGUI
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€53,578
2024 · -€62,396+€8,818
Equity
€1.8m
2024 · €1.9m-€53,578
Cash
€56,104
2024 · €6,795+€49,309
Balance sheet total
€8.4m
2024 · €7.6m+€786,251
Largest movements
Assets
- Receivables after one year +€685,478
up €685,478 (+18.1%), from €3.8m to €4.5m
- Receivables within one year +€107,981
up €107,981 (+24.7%), from €436,395 to €544,376
of which Other amounts receivable: +€124,605
Equity and liabilities
- Debts after one year +€632,290
up €632,290 (+78.5%), from €805,281 to €1.4m
of which Other amounts payable: +€685,000
- Provisions +€135,618
up €135,618 (+5.0%), from €2.7m to €2.8m
Income statement
- Financial income +€16,055
up €16,055 (+14.8%), from €108,577 to €124,632
- Financial charges +€5,668
up €5,668 (+2.8%), from €200,960 to €206,628
- Depreciation +€1,641
up €1,641 (+2.3%), from €70,469 to €72,111
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.
Result 2024
-€62,396
Gross operating margin
+€785
Depreciation
-€1,641
Other operating charges
-€493
Other operating items
-€254
Financial income
+€16,055
Financial charges
-€5,668
Taxes
+€34
Result 2025
-€53,578
raises the resultlowers the resultnot broken down further in the accounts
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
-€568,381
Investment
-€15,586
Financing
+€633,276
Cash 2024
€6,795
From operations (derived)
-€568,381
Net result for the year
-€53,578
Depreciation
+€72,111
Receivables after one year
-€685,478
Receivables within one year
-€107,981
Deferred charges and accrued income
-€8
Provisions
+€135,618
Trade debts
+€15,269
Tax, wage and social debts
-€3,608
Other debts
+€59,274
Investment (derived)
-€15,586
Investment in fixed assets (net)
-€15,586
Financing
+€633,276
Debts after one year
+€632,290
Current portion of long-term debt
+€985
Cash 2025
€56,104
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,621,009 | €8,407,260 | +€786,251 | +10.3% |
| Fixed assets | 21/28 | €3,377,533 | €3,321,009 | -€56,524 | -1.7% |
| Tangible fixed assets | 22/27 | €868,233 | €811,709 | -€56,524 | -6.5% |
| Land and buildings | 22 | €756,552 | €731,024 | -€25,528 | -3.4% |
| Furniture and vehicles | 24 | €111,681 | €80,685 | -€30,996 | -27.8% |
| Financial fixed assets | 28 | €2,509,300 | €2,509,300 | = | 0.0% |
| Current assets | 29/58 | €4,243,476 | €5,086,251 | +€842,775 | +19.9% |
| Amounts receivable after more than one year | 29 | €3,794,680 | €4,480,157 | +€685,478 | +18.1% |
| Other amounts receivable | 291 | €3,794,680 | €4,480,157 | +€685,478 | +18.1% |
| Amounts receivable within one year | 40/41 | €436,395 | €544,376 | +€107,981 | +24.7% |
| Trade receivables | 40 | €56,959 | €40,334 | -€16,625 | -29.2% |
| Other amounts receivable | 41 | €379,437 | €504,042 | +€124,605 | +32.8% |
| Cash at bank and in hand | 54/58 | €6,795 | €56,104 | +€49,309 | +726% |
| Deferred charges and accrued income | 490/1 | €5,606 | €5,614 | +€8 | +0.1% |
| Total equity and liabilities | 10/49 | €7,621,009 | €8,407,260 | +€786,251 | +10.3% |
| Equity | 10/15 | €1,863,055 | €1,809,478 | -€53,578 | -2.9% |
| Contributions | 10/11 | €2,251,515 | €2,251,515 | = | 0.0% |
| Reserves | 13 | €54,595 | €54,595 | = | 0.0% |
| Tax-exempt reserves | 132 | €54,595 | €54,595 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€443,055 | -€496,632 | -€53,578 | -12.1% |
| Provisions and deferred taxes | 16 | €2,686,144 | €2,821,762 | +€135,618 | +5.0% |
| Provisions for liabilities and charges | 160/5 | €2,686,144 | €2,821,762 | +€135,618 | +5.0% |
| Other liabilities and charges | 164/5 | €2,686,144 | €2,821,762 | +€135,618 | +5.0% |
| Amounts payable | 17/49 | €3,071,810 | €3,776,021 | +€704,211 | +22.9% |
| Amounts payable after more than one year | 17 | €805,281 | €1,437,571 | +€632,290 | +78.5% |
| Financial debts | 170/4 | €245,281 | €192,571 | -€52,710 | -21.5% |
| Other amounts payable | 178/9 | €560,000 | €1,245,000 | +€685,000 | +122% |
| Amounts payable within one year | 42/48 | €2,266,529 | €2,338,449 | +€71,921 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €51,724 | €52,710 | +€985 | +1.9% |
| Trade debts | 44 | €422 | €15,692 | +€15,269 | +3,614% |
| Suppliers | 440/4 | €422 | €15,692 | +€15,269 | +3,614% |
| Taxes, remuneration and social security | 45 | €18,181 | €14,573 | -€3,608 | -19.8% |
| Taxes | 450/3 | €14,447 | €10,823 | -€3,624 | -25.1% |
| Remuneration and social security | 454/9 | €3,734 | €3,750 | +€16 | +0.4% |
| Other amounts payable | 47/48 | €2,196,201 | €2,255,475 | +€59,274 | +2.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,469 | €72,111 | +€1,641 | +2.3% |
| Other operating charges | 640/8 | €6,004 | €6,497 | +€493 | +8.2% |
| Non-recurring operating charges | 66A | - | €254 | +€254 | |
| Gross operating margin | 9900 | €107,209 | €107,994 | +€785 | +0.7% |
| Operating profit (loss) | 9901 | €30,736 | €29,133 | -€1,603 | -5.2% |
| Financial income | 75/76B | €108,577 | €124,632 | +€16,055 | +14.8% |
| Recurring financial income | 75 | €108,577 | €124,632 | +€16,055 | +14.8% |
| Financial charges | 65/66B | €200,960 | €206,628 | +€5,668 | +2.8% |
| Recurring financial charges | 65 | €200,960 | €206,628 | +€5,668 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | -€61,646 | -€52,862 | +€8,784 | +14.2% |
| Income taxes | 67/77 | €750 | €716 | -€34 | -4.6% |
| Profit (loss) for the period | 9904 | -€62,396 | -€53,578 | +€8,818 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,396 | -€53,578 | +€8,818 | +14.1% |
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 27 October 2026 via checked.be.