Li & Ma: 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.
Li & Ma
Largest movements
- Tangible fixed assets +€73,132
up €73,132 (+166.0%), from €44,056 to €117,188
of which Furniture and vehicles: +€79,165
- Cash -€54,454
down €54,454 (-21.7%), from €250,842 to €196,388
mainly Contributions, distributions and other (-€176,471) and Investment in fixed assets (net) (-€79,607)
- Intangible fixed assets -€25,715
down €25,715 (-63.7%), from €40,346 to €14,631
- Receivables within one year +€3,888
up €3,888 (+251.1%), from €1,548 to €5,437
- Deferred charges and accrued income +€3,539
up €3,539 (+116.2%), from €3,045 to €6,584
- Trade debts +€62,713
up €62,713 (+1478.3%), from €4,242 to €66,955
- Reserves -€41,571
down €41,571 (-14.2%), from €291,736 to €250,166
- Current portion of long-term debt -€14,112
no longer reported in 2025 (was €14,112)
- Other debts -€5,712
down €5,712 (-69.5%), from €8,224 to €2,512
- Gross operating margin +€30,537
up €30,537 (+15.2%), from €200,966 to €231,504
- Taxes +€7,166
up €7,166 (+22.4%), from €31,929 to €39,094
- Staff costs +€5,633
up €5,633 (+28.2%), from €20,003 to €25,637
- Financial income +€5,069
up €5,069 (+2742.1%), from €185 to €5,254
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 | €345,176 | €345,629 | +€453 | +0.1% |
| Fixed assets | 21/28 | €88,902 | €136,319 | +€47,417 | +53.3% |
| Intangible fixed assets | 21 | €40,346 | €14,631 | -€25,715 | -63.7% |
| Tangible fixed assets | 22/27 | €44,056 | €117,188 | +€73,132 | +166.0% |
| Plant, machinery and equipment | 23 | €43,259 | €37,226 | -€6,033 | -13.9% |
| Furniture and vehicles | 24 | €797 | €79,962 | +€79,165 | +9929.5% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €256,274 | €209,309 | -€46,964 | -18.3% |
| Stocks and contracts in progress | 3 | €838 | €901 | +€62 | +7.4% |
| Stocks | 30/36 | €838 | €901 | +€62 | +7.4% |
| Amounts receivable within one year | 40/41 | €1,548 | €5,437 | +€3,888 | +251.1% |
| Other amounts receivable | 41 | €1,548 | €5,437 | +€3,888 | +251.1% |
| Cash at bank and in hand | 54/58 | €250,842 | €196,388 | -€54,454 | -21.7% |
| Deferred charges and accrued income | 490/1 | €3,045 | €6,584 | +€3,539 | +116.2% |
| Total equity and liabilities | 10/49 | €345,176 | €345,629 | +€453 | +0.1% |
| Equity | 10/15 | €310,336 | €268,766 | -€41,571 | -13.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €291,736 | €250,166 | -€41,571 | -14.2% |
| Distributable reserves | 133 | €291,736 | €250,166 | -€41,571 | -14.2% |
| Amounts payable | 17/49 | €34,839 | €76,863 | +€42,024 | +120.6% |
| Amounts payable within one year | 42/48 | €33,928 | €76,863 | +€42,935 | +126.5% |
| Current portion of amounts payable after more than one year | 42 | €14,112 | - | -€14,112 | |
| Trade debts | 44 | €4,242 | €66,955 | +€62,713 | +1478.3% |
| Suppliers | 440/4 | €4,242 | €66,955 | +€62,713 | +1478.3% |
| Taxes, remuneration and social security | 45 | €7,350 | €7,396 | +€46 | +0.6% |
| Taxes | 450/3 | €5,358 | €4,652 | -€705 | -13.2% |
| Remuneration and social security | 454/9 | €1,992 | €2,744 | +€751 | +37.7% |
| Other amounts payable | 47/48 | €8,224 | €2,512 | -€5,712 | -69.5% |
| Accrued charges and deferred income | 492/3 | €911 | - | -€911 | |
| Remuneration, social security and pensions | 62 | €20,003 | €25,637 | +€5,633 | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,490 | €32,190 | -€301 | -0.9% |
| Other operating charges | 640/8 | €1,612 | €1,750 | +€138 | +8.6% |
| Gross operating margin | 9900 | €200,966 | €231,504 | +€30,537 | +15.2% |
| Operating profit (loss) | 9901 | €146,861 | €171,927 | +€25,067 | +17.1% |
| Financial income | 75/76B | €185 | €5,254 | +€5,069 | +2742.1% |
| Recurring financial income | 75 | €185 | €5,254 | +€5,069 | +2742.1% |
| Financial charges | 65/66B | €3,906 | €3,187 | -€720 | -18.4% |
| Recurring financial charges | 65 | €3,906 | €3,187 | -€720 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €143,139 | €173,994 | +€30,855 | +21.6% |
| Income taxes | 67/77 | €31,929 | €39,094 | +€7,166 | +22.4% |
| Profit (loss) for the period | 9904 | €111,210 | €134,900 | +€23,690 | +21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €111,210 | €134,900 | +€23,690 | +21.3% |
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.