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A simple hardware concept for a programmable logic element based on a single magnetic random access memory (MRAM) cell is presented. It combines the inherent advantage of a non-volatile output with flexible functionality which has to be selected at run-time. A single MRAM cell can represent one out of up to ten logic functions, among them the four elementary functions AND, OR, NAND and NOR and the two more complex functions XOR and XNOR if bipolar currents are used. Based on recent developments of the MRAM technology, which uses the toggled switching mode, alternative concepts for real MRAM devices will be discussed. As a first application example, which takes advantage of the reprogrammability and non-volatility of the logic elements, a compact design of a magnetologic full adder is presented.