MAGWEL: 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.
MAGWEL
Largest movements
- Current investments +€324,020
up €324,020 (+154,295%), from €210 to €324,230
- Cash -€135,917
down €135,917 (-42.7%), from €318,366 to €182,450
mainly Net result for the year (-€436,274) and Current investments (-€324,020)
- Intangible fixed assets -€21,455
down €21,455 (-2.8%), from €764,118 to €742,663
- Receivables within one year +€19,663
up €19,663 (+77.5%), from €25,362 to €45,025
of which Other amounts receivable: +€28,994
- Profit (loss) carried forward -€436,274
down €436,274 (-17.6%), from -€2.5m to -€2.9m
- Accrued charges and deferred income +€361,901
up €361,901 (+298%), from €121,273 to €483,174
- Debts after one year +€182,620
new in 2025: €182,620
- Trade debts +€76,770
up €76,770 (+94.0%), from €81,695 to €158,465
- Financial charges -€825,029
down €825,029 (-99.2%), from €831,422 to €6,393
- Gross operating margin -€45,548
down €45,548 (-19.9%), from €228,996 to €183,447
- Staff costs -€25,387
down €25,387 (-7.5%), from €338,055 to €312,668
- Financial income +€19,368
up €19,368 (+1,388%), from €1,396 to €20,764
- Depreciation +€10,672
up €10,672 (+3.6%), from €297,585 to €308,256
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,126,058 | €1,309,561 | +€183,503 | +16.3% |
| Fixed assets | 21/28 | €782,120 | €755,655 | -€26,465 | -3.4% |
| Intangible fixed assets | 21 | €764,118 | €742,663 | -€21,455 | -2.8% |
| Tangible fixed assets | 22/27 | €15,977 | €10,967 | -€5,010 | -31.4% |
| Furniture and vehicles | 24 | €644 | €0 | -€644 | -100% |
| Other tangible fixed assets | 26 | €15,332 | €10,967 | -€4,366 | -28.5% |
| Financial fixed assets | 28 | €2,025 | €2,025 | = | 0.0% |
| Current assets | 29/58 | €343,938 | €553,906 | +€209,968 | +61.0% |
| Amounts receivable within one year | 40/41 | €25,362 | €45,025 | +€19,663 | +77.5% |
| Trade receivables | 40 | €15,015 | €5,684 | -€9,331 | -62.1% |
| Other amounts receivable | 41 | €10,347 | €39,341 | +€28,994 | +280% |
| Current investments | 50/53 | €210 | €324,230 | +€324,020 | +154,295% |
| Cash at bank and in hand | 54/58 | €318,366 | €182,450 | -€135,917 | -42.7% |
| Deferred charges and accrued income | 490/1 | €0 | €2,201 | +€2,201 | |
| Total equity and liabilities | 10/49 | €1,126,058 | €1,309,561 | +€183,503 | +16.3% |
| Equity | 10/15 | €856,902 | €420,628 | -€436,274 | -50.9% |
| Contributions | 10/11 | €3,329,809 | €3,329,809 | = | 0.0% |
| Capital | 10 | €1,323,882 | €1,323,882 | = | 0.0% |
| Issued capital | 100 | €1,323,882 | €1,323,882 | = | 0.0% |
| Contributions outside capital | 11 | €2,005,927 | €2,005,927 | = | 0.0% |
| Share premium | 1100/10 | €2,005,927 | €2,005,927 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,472,908 | -€2,909,181 | -€436,274 | -17.6% |
| Amounts payable | 17/49 | €269,156 | €888,933 | +€619,776 | +230% |
| Amounts payable after more than one year | 17 | - | €182,620 | +€182,620 | |
| Financial debts | 170/4 | - | €182,620 | +€182,620 | |
| Amounts payable within one year | 42/48 | €147,883 | €223,138 | +€75,256 | +50.9% |
| Trade debts | 44 | €81,695 | €158,465 | +€76,770 | +94.0% |
| Suppliers | 440/4 | €81,695 | €158,465 | +€76,770 | +94.0% |
| Taxes, remuneration and social security | 45 | €64,109 | €64,056 | -€53 | -0.1% |
| Remuneration and social security | 454/9 | €64,109 | €64,056 | -€53 | -0.1% |
| Other amounts payable | 47/48 | €2,078 | €617 | -€1,461 | -70.3% |
| Accrued charges and deferred income | 492/3 | €121,273 | €483,174 | +€361,901 | +298% |
| Remuneration, social security and pensions | 62 | €338,055 | €312,668 | -€25,387 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297,585 | €308,256 | +€10,672 | +3.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,360 | €0 | -€4,360 | -100% |
| Other operating charges | 640/8 | €11,832 | €13,167 | +€1,335 | +11.3% |
| Gross operating margin | 9900 | €228,996 | €183,447 | -€45,548 | -19.9% |
| Operating profit (loss) | 9901 | -€422,836 | -€450,644 | -€27,808 | -6.6% |
| Financial income | 75/76B | €1,396 | €20,764 | +€19,368 | +1,388% |
| Recurring financial income | 75 | €1,396 | €20,764 | +€19,368 | +1,388% |
| Financial charges | 65/66B | €831,422 | €6,393 | -€825,029 | -99.2% |
| Recurring financial charges | 65 | €831,422 | €6,393 | -€825,029 | -99.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,252,863 | -€436,274 | +€816,589 | +65.2% |
| Profit (loss) for the period | 9904 | -€1,252,863 | -€436,274 | +€816,589 | +65.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,252,863 | -€436,274 | +€816,589 | +65.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.