Thin metallic films with magnetic properties like magnetite are an interesting material in current technological applications. In the presented work the iron oxide films are grown by molecular beam epitaxy on MgO(001) substrates at temperatures between room temperature and 600K. The film and surface structure are investigated by x-ray reflectometry (XRR), x-ray diffraction (XRD) and low energy electron diffraction (LEED). The chemical properties are investigated by x-ray photoelectron spectroscopy (XPS). Furthermore, charge transfer multiplet (CTM) calculations are performed as a means to gain additional information from photoemission spectra. It is shown that only for temperatures higher than 500K the oxide film forms a spinel structure. A previously unobserved (2x1) surface reconstruction in two orthogonal domains is found for various preparation conditions. The application of CTMs results in good quantitative and qualitative agreement to other methods for the determination of the film stoichiometry. In addition CTMs can well describe the segregation of Mg atoms into the oxide film either during film growth or during film annealing. It is found that initially Mg substitutes Fe on all possible lattice sites, only for prolonged treatment at high temperature do Mg atoms favour the octahedral lattice sites of divalent Fe.