MAGWAT: 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.
MAGWAT
Largest movements
- Tangible fixed assets +€1.7m
up €1.7m (+7,666%), from €22,525 to €1.7m
of which Plant, machinery and equipment: +€1.4m
- Cash -€281,598
down €281,598 (-54.7%), from €514,779 to €233,182
mainly Investment in fixed assets (net) (-€1.8m) and Net result for the year (-€794,250)
- Receivables within one year +€261,741
up €261,741 (+109%), from €240,755 to €502,497
of which Trade receivables: +€169,995
- Intangible fixed assets -€122,190
down €122,190 (-18.2%), from €671,996 to €549,806
- Trade debts +€1.6m
up €1.6m (+220%), from €705,399 to €2.3m
- Profit (loss) carried forward -€794,250
down €794,250, from €33,133 to -€761,116
- Other debts +€648,092
up €648,092 (+259%), from €250,000 to €898,092
- Contributions +€350,000
up €350,000 (+127%), from €275,000 to €625,000
- Debts after one year -€123,470
down €123,470 (-29.9%), from €413,037 to €289,566
of which Financial debts: -€123,470
- Financial income -€520,751
down €520,751 (-98.2%), from €530,219 to €9,468
of which Non-recurring financial income: -€529,999
- Gross operating margin -€415,064
down €415,064 (-90.7%), from €457,793 to €42,729
- Staff costs -€118,925
down €118,925 (-17.3%), from €688,277 to €569,352
- Financial charges -€42,249
down €42,249 (-37.0%), from €114,082 to €71,833
of which Non-recurring financial charges: -€42,815
- Depreciation +€39,210
up €39,210 (+31.3%), from €125,399 to €164,609
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 | €1,857,208 | €3,466,774 | +€1.6m | +86.7% |
| Formation expenses | 20 | €18,148 | €23,728 | +€5,579 | +30.7% |
| Fixed assets | 21/28 | €694,521 | €2,300,496 | +€1.6m | +231% |
| Intangible fixed assets | 21 | €671,996 | €549,806 | -€122,190 | -18.2% |
| Tangible fixed assets | 22/27 | €22,525 | €1,749,390 | +€1.7m | +7,666% |
| Land and buildings | 22 | - | €161,418 | +€161,418 | |
| Plant, machinery and equipment | 23 | €19,455 | €1,459,926 | +€1.4m | +7,404% |
| Furniture and vehicles | 24 | €3,070 | €128,045 | +€124,975 | +4,070% |
| Financial fixed assets | 28 | - | €1,300 | +€1,300 | |
| Current assets | 29/58 | €1,144,539 | €1,142,551 | -€1,988 | -0.2% |
| Stocks and contracts in progress | 3 | €385,500 | €402,368 | +€16,868 | +4.4% |
| Stocks | 30/36 | €385,500 | €402,368 | +€16,868 | +4.4% |
| Amounts receivable within one year | 40/41 | €240,755 | €502,497 | +€261,741 | +109% |
| Trade receivables | 40 | €228,697 | €398,691 | +€169,995 | +74.3% |
| Other amounts receivable | 41 | €12,059 | €103,806 | +€91,747 | +761% |
| Cash at bank and in hand | 54/58 | €514,779 | €233,182 | -€281,598 | -54.7% |
| Deferred charges and accrued income | 490/1 | €3,504 | €4,504 | +€1,000 | +28.5% |
| Total equity and liabilities | 10/49 | €1,857,208 | €3,466,774 | +€1.6m | +86.7% |
| Equity | 10/15 | €309,877 | -€134,373 | -€444,250 | |
| Contributions | 10/11 | €275,000 | €625,000 | +€350,000 | +127% |
| Capital | 10 | €275,000 | €625,000 | +€350,000 | +127% |
| Issued capital | 100 | €275,000 | €625,000 | +€350,000 | +127% |
| Reserves | 13 | €1,744 | €1,744 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,744 | €1,744 | = | 0.0% |
| Legal reserve | 130 | €1,744 | €1,744 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,133 | -€761,116 | -€794,250 | |
| Amounts payable | 17/49 | €1,547,331 | €3,601,147 | +€2.1m | +133% |
| Amounts payable after more than one year | 17 | €413,037 | €289,566 | -€123,470 | -29.9% |
| Financial debts | 170/4 | €409,237 | €285,766 | -€123,470 | -30.2% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,100,025 | €3,304,403 | +€2.2m | +200% |
| Current portion of amounts payable after more than one year | 42 | €37,143 | €37,143 | = | 0.0% |
| Trade debts | 44 | €705,399 | €2,260,419 | +€1.6m | +220% |
| Suppliers | 440/4 | €705,399 | €2,260,419 | +€1.6m | +220% |
| Taxes, remuneration and social security | 45 | €107,482 | €108,749 | +€1,267 | +1.2% |
| Taxes | 450/3 | €14,100 | - | -€14,100 | |
| Remuneration and social security | 454/9 | €93,383 | €108,749 | +€15,367 | +16.5% |
| Other amounts payable | 47/48 | €250,000 | €898,092 | +€648,092 | +259% |
| Accrued charges and deferred income | 492/3 | €34,270 | €7,177 | -€27,093 | -79.1% |
| Non-recurring operating income | 76A | €28,979 | €142,404 | +€113,425 | +391% |
| Remuneration, social security and pensions | 62 | €688,277 | €569,352 | -€118,925 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,399 | €164,609 | +€39,210 | +31.3% |
| Other operating charges | 640/8 | €33,453 | €20,458 | -€12,995 | -38.8% |
| Non-recurring operating charges | 66A | €271 | €20,195 | +€19,924 | +7,344% |
| Gross operating margin | 9900 | €457,793 | €42,729 | -€415,064 | -90.7% |
| Operating profit (loss) | 9901 | -€389,607 | -€731,885 | -€342,278 | -87.9% |
| Financial income | 75/76B | €530,219 | €9,468 | -€520,751 | -98.2% |
| Recurring financial income | 75 | €220 | €9,468 | +€9,248 | +4,204% |
| Non-recurring financial income | 76B | €529,999 | - | -€529,999 | |
| Financial charges | 65/66B | €114,082 | €71,833 | -€42,249 | -37.0% |
| Recurring financial charges | 65 | €71,267 | €71,833 | +€566 | +0.8% |
| Non-recurring financial charges | 66B | €42,815 | - | -€42,815 | |
| Profit (loss) for the period before taxes | 9903 | €26,530 | -€794,250 | -€820,780 | |
| Income taxes | 67/77 | €8,414 | - | -€8,414 | |
| Profit (loss) for the period | 9904 | €18,116 | -€794,250 | -€812,365 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,116 | -€794,250 | -€812,365 |
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 16 October 2026 via checked.be.