BMA MANAGEMENT: what changed
Two fiscal 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€488,210
up €488,210 (+8113.9%), from €6,017 to €494,227
of which Land and buildings: +€490,973
- Receivables within one year -€21,576
down €21,576 (-80.7%), from €26,750 to €5,174
of which Other amounts receivable: -€20,582
- Cash -€9,279
down €9,279 (-39.8%), from €23,318 to €14,040
mainly Investment in fixed assets (net) (-€492,500) and Tax, wage and social debts (-€14,821)
- Debts after one year +€416,230
up €416,230 (+429.7%), from €96,876 to €513,106
- Reserves +€35,992
up €35,992 (+55.8%), from €64,465 to €100,457
- Tax, wage and social debts -€14,821
down €14,821 (-49.7%), from €29,793 to €14,972
of which Taxes: -€16,621
- Other debts +€11,828
up €11,828 (+28.8%), from €41,017 to €52,846
- Gross operating margin +€5,905
up €5,905 (+10.7%), from €55,145 to €61,050
- Financial charges -€5,048
down €5,048 (-41.3%), from €12,217 to €7,169
- Taxes +€2,229
up €2,229 (+21.4%), from €10,436 to €12,666
- Depreciation +€1,527
up €1,527 (+55.3%), from €2,763 to €4,290
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.
Cash bridge derived
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 | €256,873 | €713,532 | +€456,658 | +177.8% |
| Fixed assets | 21/28 | €206,108 | €694,318 | +€488,210 | +236.9% |
| Tangible fixed assets | 22/27 | €6,017 | €494,227 | +€488,210 | +8113.9% |
| Land and buildings | 22 | - | €490,973 | +€490,973 | |
| Furniture and vehicles | 24 | €6,017 | €3,254 | -€2,763 | -45.9% |
| Financial fixed assets | 28 | €200,091 | €200,091 | = | 0.0% |
| Current assets | 29/58 | €50,765 | €19,214 | -€31,552 | -62.2% |
| Amounts receivable within one year | 40/41 | €26,750 | €5,174 | -€21,576 | -80.7% |
| Trade receivables | 40 | €1,750 | €756 | -€994 | -56.8% |
| Other amounts receivable | 41 | €25,000 | €4,418 | -€20,582 | -82.3% |
| Cash at bank and in hand | 54/58 | €23,318 | €14,040 | -€9,279 | -39.8% |
| Deferred charges and accrued income | 490/1 | €697 | - | -€697 | |
| Total equity and liabilities | 10/49 | €256,873 | €713,532 | +€456,658 | +177.8% |
| Equity | 10/15 | €68,465 | €104,457 | +€35,992 | +52.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €64,465 | €100,457 | +€35,992 | +55.8% |
| Distributable reserves | 133 | €64,465 | €100,457 | +€35,992 | +55.8% |
| Amounts payable | 17/49 | €188,408 | €609,075 | +€420,667 | +223.3% |
| Amounts payable after more than one year | 17 | €96,876 | €513,106 | +€416,230 | +429.7% |
| Financial debts | 170/4 | €96,876 | €513,106 | +€416,230 | +429.7% |
| Amounts payable within one year | 42/48 | €91,532 | €95,969 | +€4,437 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €20,117 | €25,456 | +€5,340 | +26.5% |
| Trade debts | 44 | €605 | €2,695 | +€2,090 | +345.5% |
| Suppliers | 440/4 | €605 | €2,695 | +€2,090 | +345.5% |
| Taxes, remuneration and social security | 45 | €29,793 | €14,972 | -€14,821 | -49.7% |
| Taxes | 450/3 | €29,793 | €13,172 | -€16,621 | -55.8% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €41,017 | €52,846 | +€11,828 | +28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,763 | €4,290 | +€1,527 | +55.3% |
| Other operating charges | 640/8 | €1,120 | €934 | -€186 | -16.6% |
| Gross operating margin | 9900 | €55,145 | €61,050 | +€5,905 | +10.7% |
| Operating profit (loss) | 9901 | €51,262 | €55,826 | +€4,564 | +8.9% |
| Financial charges | 65/66B | €12,217 | €7,169 | -€5,048 | -41.3% |
| Recurring financial charges | 65 | €12,217 | €7,169 | -€5,048 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | €39,045 | €48,657 | +€9,612 | +24.6% |
| Income taxes | 67/77 | €10,436 | €12,666 | +€2,229 | +21.4% |
| Profit (loss) for the period | 9904 | €28,609 | €35,992 | +€7,383 | +25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €28,609 | €35,992 | +€7,383 | +25.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.