MAGEST: 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.
MAGEST
Largest movements
- Receivables within one year -€25,270
down €25,270 (-15.7%), from €160,688 to €135,418
of which Trade receivables: -€25,270
- Tangible fixed assets -€21,797
down €21,797 (-10.9%), from €200,608 to €178,811
of which Land and buildings: -€18,780
- Profit (loss) carried forward -€64,819
down €64,819 (-12.3%), from -€527,066 to -€591,885
- Other debts +€38,000
up €38,000 (+12.4%), from €306,064 to €344,064
- Debts after one year -€17,935
no longer reported in 2026 (was €17,935)
- Gross operating margin -€23,045
down €23,045, from €11,885 to -€11,160
- Financial charges -€1,851
down €1,851 (-57.3%), from €3,228 to €1,377
- Depreciation +€672
up €672 (+3.2%), from €21,125 to €21,797
- Other operating charges +€488
up €488 (+10.6%), from €4,617 to €5,105
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €363,917 | €315,366 | -€48,551 | -13.3% |
| Fixed assets | 21/28 | €200,608 | €178,811 | -€21,797 | -10.9% |
| Tangible fixed assets | 22/27 | €200,608 | €178,811 | -€21,797 | -10.9% |
| Land and buildings | 22 | €180,624 | €161,844 | -€18,780 | -10.4% |
| Plant, machinery and equipment | 23 | €19,984 | €16,967 | -€3,017 | -15.1% |
| Current assets | 29/58 | €163,309 | €136,555 | -€26,754 | -16.4% |
| Amounts receivable within one year | 40/41 | €160,688 | €135,418 | -€25,270 | -15.7% |
| Trade receivables | 40 | €31,380 | €6,110 | -€25,270 | -80.5% |
| Other amounts receivable | 41 | €129,308 | €129,308 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,047 | €661 | -€1,386 | -67.7% |
| Deferred charges and accrued income | 490/1 | €574 | €476 | -€98 | -17.1% |
| Total equity and liabilities | 10/49 | €363,917 | €315,366 | -€48,551 | -13.3% |
| Equity | 10/15 | €18,094 | -€46,725 | -€64,819 | |
| Contributions | 10/11 | €495,600 | €495,600 | = | 0.0% |
| Capital | 10 | €495,600 | €495,600 | = | 0.0% |
| Issued capital | 100 | €495,600 | €495,600 | = | 0.0% |
| Reserves | 13 | €49,560 | €49,560 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49,560 | €49,560 | = | 0.0% |
| Legal reserve | 130 | €49,560 | €49,560 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€527,066 | -€591,885 | -€64,819 | -12.3% |
| Amounts payable | 17/49 | €345,823 | €362,091 | +€16,268 | +4.7% |
| Amounts payable after more than one year | 17 | €17,935 | - | -€17,935 | |
| Financial debts | 170/4 | €17,935 | - | -€17,935 | |
| Amounts payable within one year | 42/48 | €327,888 | €362,091 | +€34,203 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €21,138 | €17,935 | -€3,203 | -15.2% |
| Trade debts | 44 | €686 | €92 | -€594 | -86.6% |
| Suppliers | 440/4 | €686 | €92 | -€594 | -86.6% |
| Other amounts payable | 47/48 | €306,064 | €344,064 | +€38,000 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,125 | €21,797 | +€672 | +3.2% |
| Other operating charges | 640/8 | €4,617 | €5,105 | +€488 | +10.6% |
| Non-recurring operating charges | 66A | €10,320 | €25,380 | +€15,060 | +146% |
| Gross operating margin | 9900 | €11,885 | -€11,160 | -€23,045 | |
| Operating profit (loss) | 9901 | -€24,177 | -€63,442 | -€39,265 | -162% |
| Financial charges | 65/66B | €3,228 | €1,377 | -€1,851 | -57.3% |
| Recurring financial charges | 65 | €3,228 | €1,377 | -€1,851 | -57.3% |
| Profit (loss) for the period before taxes | 9903 | -€27,405 | -€64,819 | -€37,414 | -137% |
| Profit (loss) for the period | 9904 | -€27,405 | -€64,819 | -€37,414 | -137% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,405 | -€64,819 | -€37,414 | -137% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.