BMA Advisory: 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.
BMA Advisory
Largest movements
- Cash +€292,853
up €292,853 (+513%), from €57,095 to €349,948
mainly Current investments (+€175,000) and Net result for the year (+€145,329)
- Current investments -€175,000
down €175,000 (-53.6%), from €326,266 to €151,266
- Receivables within one year +€22,007
up €22,007 (+35.8%), from €61,526 to €83,534
of which Trade receivables: +€21,363
- Reserves +€145,329
up €145,329 (+46.2%), from €314,804 to €460,133
- Gross operating margin -€60,477
down €60,477 (-25.8%), from €234,662 to €174,185
- Taxes -€15,585
down €15,585 (-28.5%), from €54,604 to €39,019
- Financial income +€11,825
up €11,825 (+345%), from €3,431 to €15,256
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 | €449,216 | €588,629 | +€139,413 | +31.0% |
| Fixed assets | 21/28 | €4,297 | €3,852 | -€445 | -10.4% |
| Tangible fixed assets | 22/27 | €4,297 | €3,852 | -€445 | -10.4% |
| Plant, machinery and equipment | 23 | €2,847 | €2,732 | -€115 | -4.0% |
| Furniture and vehicles | 24 | €1,450 | €1,120 | -€330 | -22.8% |
| Current assets | 29/58 | €444,919 | €584,777 | +€139,858 | +31.4% |
| Amounts receivable within one year | 40/41 | €61,526 | €83,534 | +€22,007 | +35.8% |
| Trade receivables | 40 | €61,526 | €82,889 | +€21,363 | +34.7% |
| Other amounts receivable | 41 | - | €645 | +€645 | |
| Current investments | 50/53 | €326,266 | €151,266 | -€175,000 | -53.6% |
| Cash at bank and in hand | 54/58 | €57,095 | €349,948 | +€292,853 | +513% |
| Deferred charges and accrued income | 490/1 | €32 | €30 | -€2 | -7.0% |
| Total equity and liabilities | 10/49 | €449,216 | €588,629 | +€139,413 | +31.0% |
| Equity | 10/15 | €317,304 | €462,633 | +€145,329 | +45.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €314,804 | €460,133 | +€145,329 | +46.2% |
| Distributable reserves | 133 | €314,804 | €460,133 | +€145,329 | +46.2% |
| Amounts payable | 17/49 | €131,912 | €125,996 | -€5,916 | -4.5% |
| Amounts payable within one year | 42/48 | €131,912 | €125,996 | -€5,916 | -4.5% |
| Financial debts | 43 | - | €530 | +€530 | |
| Credit institutions | 430/8 | - | €530 | +€530 | |
| Trade debts | 44 | €305 | €1,001 | +€697 | +229% |
| Suppliers | 440/4 | €305 | €1,001 | +€697 | +229% |
| Taxes, remuneration and social security | 45 | €116,922 | €111,185 | -€5,737 | -4.9% |
| Taxes | 450/3 | €115,544 | €109,807 | -€5,737 | -5.0% |
| Remuneration and social security | 454/9 | €1,378 | €1,378 | = | 0.0% |
| Other amounts payable | 47/48 | €14,685 | €13,279 | -€1,406 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,038 | €1,626 | +€588 | +56.7% |
| Other operating charges | 640/8 | €0 | €770 | +€770 | |
| Gross operating margin | 9900 | €234,662 | €174,185 | -€60,477 | -25.8% |
| Operating profit (loss) | 9901 | €233,624 | €171,789 | -€61,835 | -26.5% |
| Financial income | 75/76B | €3,431 | €15,256 | +€11,825 | +345% |
| Recurring financial income | 75 | €3,431 | €15,256 | +€11,825 | +345% |
| Financial charges | 65/66B | €1,721 | €2,698 | +€977 | +56.8% |
| Recurring financial charges | 65 | €1,721 | €2,698 | +€977 | +56.8% |
| Profit (loss) for the period before taxes | 9903 | €235,335 | €184,347 | -€50,987 | -21.7% |
| Income taxes | 67/77 | €54,604 | €39,019 | -€15,585 | -28.5% |
| Profit (loss) for the period | 9904 | €180,731 | €145,329 | -€35,402 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €180,731 | €145,329 | -€35,402 | -19.6% |
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 13 October 2026 via checked.be.