MAGWAT: 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.
MAGWAT
Largest movements
- Cash -€308,953
down €308,953 (-37.5%), from €823,733 to €514,779
mainly Short-term financial debts (-€320,000) and Advances received (-€250,000)
- Receivables within one year +€146,989
up €146,989 (+156.8%), from €93,766 to €240,755
of which Trade receivables: +€159,079
- Intangible fixed assets -€122,151
down €122,151 (-15.4%), from €794,146 to €671,996
- Short-term financial debts -€320,000
no longer reported in 2024 (was €320,000)
- Trade debts +€296,850
up €296,850 (+72.7%), from €408,550 to €705,399
- Advances received -€250,000
no longer reported in 2024 (was €250,000)
- Debts after one year -€107,079
down €107,079 (-20.6%), from €520,116 to €413,037
of which Financial debts: -€110,879
- Other debts +€49,518
up €49,518 (+24.7%), from €200,482 to €250,000
- Financial income +€530,074
up €530,074 (+366554.4%), from €145 to €530,219
of which Non-recurring financial income: +€529,999
- Staff costs +€374,376
up €374,376 (+119.3%), from €313,901 to €688,277
- Financial charges +€101,152
up €101,152 (+782.3%), from €12,930 to €114,082
of which Financial charges: +€58,337
- Depreciation +€64,394
up €64,394 (+105.6%), from €61,005 to €125,399
- Gross operating margin +€38,836
up €38,836 (+9.3%), from €418,958 to €457,793
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,122,151 | €1,857,208 | -€264,942 | -12.5% |
| Formation expenses | 20 | - | €18,148 | +€18,148 | |
| Fixed assets | 21/28 | €804,537 | €694,521 | -€110,016 | -13.7% |
| Intangible fixed assets | 21 | €794,146 | €671,996 | -€122,151 | -15.4% |
| Tangible fixed assets | 22/27 | €2,208 | €22,525 | +€20,318 | +920.4% |
| Plant, machinery and equipment | 23 | - | €19,455 | +€19,455 | |
| Furniture and vehicles | 24 | €2,208 | €3,070 | +€863 | +39.1% |
| Financial fixed assets | 28 | €8,183 | - | -€8,183 | |
| Current assets | 29/58 | €1,317,614 | €1,144,539 | -€173,075 | -13.1% |
| Stocks and contracts in progress | 3 | €397,341 | €385,500 | -€11,841 | -3.0% |
| Stocks | 30/36 | €397,341 | €385,500 | -€11,841 | -3.0% |
| Amounts receivable within one year | 40/41 | €93,766 | €240,755 | +€146,989 | +156.8% |
| Trade receivables | 40 | €69,617 | €228,697 | +€159,079 | +228.5% |
| Other amounts receivable | 41 | €24,149 | €12,059 | -€12,090 | -50.1% |
| Cash at bank and in hand | 54/58 | €823,733 | €514,779 | -€308,953 | -37.5% |
| Deferred charges and accrued income | 490/1 | €2,774 | €3,504 | +€730 | +26.3% |
| Total equity and liabilities | 10/49 | €2,122,151 | €1,857,208 | -€264,942 | -12.5% |
| Equity | 10/15 | €291,762 | €309,877 | +€18,116 | +6.2% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Capital | 10 | €275,000 | €275,000 | = | 0.0% |
| Issued capital | 100 | €275,000 | €275,000 | = | 0.0% |
| Reserves | 13 | €838 | €1,744 | +€906 | +108.1% |
| Non-distributable reserves | 130/1 | €838 | €1,744 | +€906 | +108.1% |
| Legal reserve | 130 | €838 | €1,744 | +€906 | +108.1% |
| Profit (loss) carried forward | 14 | €15,924 | €33,133 | +€17,210 | +108.1% |
| Amounts payable | 17/49 | €1,830,389 | €1,547,331 | -€283,058 | -15.5% |
| Amounts payable after more than one year | 17 | €520,116 | €413,037 | -€107,079 | -20.6% |
| Financial debts | 170/4 | €520,116 | €409,237 | -€110,879 | -21.3% |
| Other amounts payable | 178/9 | - | €3,800 | +€3,800 | |
| Amounts payable within one year | 42/48 | €1,307,949 | €1,100,025 | -€207,924 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €46,429 | €37,143 | -€9,286 | -20.0% |
| Financial debts | 43 | €320,000 | - | -€320,000 | |
| Credit institutions | 430/8 | €320,000 | - | -€320,000 | |
| Trade debts | 44 | €408,550 | €705,399 | +€296,850 | +72.7% |
| Suppliers | 440/4 | €408,550 | €705,399 | +€296,850 | +72.7% |
| Advances received on contracts in progress | 46 | €250,000 | - | -€250,000 | |
| Taxes, remuneration and social security | 45 | €82,488 | €107,482 | +€24,995 | +30.3% |
| Taxes | 450/3 | €18,303 | €14,100 | -€4,203 | -23.0% |
| Remuneration and social security | 454/9 | €64,185 | €93,383 | +€29,198 | +45.5% |
| Other amounts payable | 47/48 | €200,482 | €250,000 | +€49,518 | +24.7% |
| Accrued charges and deferred income | 492/3 | €2,325 | €34,270 | +€31,945 | +1374.1% |
| Non-recurring operating income | 76A | - | €28,979 | +€28,979 | |
| Remuneration, social security and pensions | 62 | €313,901 | €688,277 | +€374,376 | +119.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,005 | €125,399 | +€64,394 | +105.6% |
| Other operating charges | 640/8 | €8,818 | €33,453 | +€24,634 | +279.4% |
| Non-recurring operating charges | 66A | - | €271 | +€271 | |
| Gross operating margin | 9900 | €418,958 | €457,793 | +€38,836 | +9.3% |
| Operating profit (loss) | 9901 | €35,233 | -€389,607 | -€424,840 | |
| Financial income | 75/76B | €145 | €530,219 | +€530,074 | +366554.4% |
| Recurring financial income | 75 | €145 | €220 | +€75 | +52.1% |
| Non-recurring financial income | 76B | - | €529,999 | +€529,999 | |
| Financial charges | 65/66B | €12,930 | €114,082 | +€101,152 | +782.3% |
| Recurring financial charges | 65 | €12,930 | €71,267 | +€58,337 | +451.2% |
| Non-recurring financial charges | 66B | - | €42,815 | +€42,815 | |
| Profit (loss) for the period before taxes | 9903 | €22,447 | €26,530 | +€4,083 | +18.2% |
| Income taxes | 67/77 | €5,686 | €8,414 | +€2,729 | +48.0% |
| Profit (loss) for the period | 9904 | €16,762 | €18,116 | +€1,354 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,762 | €18,116 | +€1,354 | +8.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.