M.A.: 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.
M.A.
Largest movements
- Tangible fixed assets +€485,037
up €485,037 (+39.9%), from €1.2m to €1.7m
of which Land and buildings: +€475,609
- Cash -€290,843
down €290,843 (-78.6%), from €370,117 to €79,274
mainly Investment in fixed assets (net) (-€601,214) and Other debts (-€183,178)
- Stocks and contracts +€139,050
up €139,050 (+4.3%), from €3.3m to €3.4m
- Debts after one year +€263,723
up €263,723 (+31.4%), from €838,808 to €1.1m
- Reserves +€197,386
up €197,386 (+11.1%), from €1.8m to €2.0m
of which Distributable reserves: +€197,386
- Other debts -€183,178
down €183,178 (-8.3%), from €2.2m to €2.0m
- Current portion of long-term debt +€82,110
up €82,110 (+284%), from €28,912 to €111,023
- Gross operating margin -€36,850
down €36,850 (-7.6%), from €483,006 to €446,156
- Depreciation +€26,595
up €26,595 (+29.7%), from €89,583 to €116,177
- Financial charges -€17,073
down €17,073 (-36.7%), from €46,500 to €29,427
- Taxes -€16,462
down €16,462 (-15.9%), from €103,751 to €87,289
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 | €4,881,467 | €5,230,987 | +€349,520 | +7.2% |
| Fixed assets | 21/28 | €1,216,848 | €1,701,885 | +€485,037 | +39.9% |
| Tangible fixed assets | 22/27 | €1,215,598 | €1,700,635 | +€485,037 | +39.9% |
| Land and buildings | 22 | €1,211,766 | €1,687,375 | +€475,609 | +39.2% |
| Plant, machinery and equipment | 23 | - | €13,260 | +€13,260 | |
| Other tangible fixed assets | 26 | €3,833 | - | -€3,833 | |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €3,664,619 | €3,529,102 | -€135,517 | -3.7% |
| Amounts receivable after more than one year | 29 | €42,210 | €42,210 | = | 0.0% |
| Other amounts receivable | 291 | €42,210 | €42,210 | = | 0.0% |
| Stocks and contracts in progress | 3 | €3,252,292 | €3,391,342 | +€139,050 | +4.3% |
| Stocks | 30/36 | €3,252,292 | €3,391,342 | +€139,050 | +4.3% |
| Amounts receivable within one year | 40/41 | - | €14,616 | +€14,616 | |
| Other amounts receivable | 41 | - | €14,616 | +€14,616 | |
| Cash at bank and in hand | 54/58 | €370,117 | €79,274 | -€290,843 | -78.6% |
| Deferred charges and accrued income | 490/1 | - | €1,660 | +€1,660 | |
| Total equity and liabilities | 10/49 | €4,881,467 | €5,230,987 | +€349,520 | +7.2% |
| Equity | 10/15 | €1,789,660 | €1,987,045 | +€197,386 | +11.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,783,460 | €1,980,845 | +€197,386 | +11.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,781,600 | €1,978,985 | +€197,386 | +11.1% |
| Amounts payable | 17/49 | €3,091,807 | €3,243,942 | +€152,135 | +4.9% |
| Amounts payable after more than one year | 17 | €838,808 | €1,102,531 | +€263,723 | +31.4% |
| Financial debts | 170/4 | €838,808 | €1,102,531 | +€263,723 | +31.4% |
| Amounts payable within one year | 42/48 | €2,252,999 | €2,141,411 | -€111,588 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €28,912 | €111,023 | +€82,110 | +284% |
| Trade debts | 44 | €3,801 | €5,486 | +€1,685 | +44.3% |
| Suppliers | 440/4 | €3,801 | €5,486 | +€1,685 | +44.3% |
| Taxes, remuneration and social security | 45 | €12,206 | - | -€12,206 | |
| Taxes | 450/3 | €12,206 | - | -€12,206 | |
| Other amounts payable | 47/48 | €2,208,081 | €2,024,902 | -€183,178 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,583 | €116,177 | +€26,595 | +29.7% |
| Other operating charges | 640/8 | €2,307 | €3,376 | +€1,070 | +46.4% |
| Non-recurring operating charges | 66A | - | €12,500 | +€12,500 | |
| Gross operating margin | 9900 | €483,006 | €446,156 | -€36,850 | -7.6% |
| Operating profit (loss) | 9901 | €391,117 | €314,102 | -€77,015 | -19.7% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €46,500 | €29,427 | -€17,073 | -36.7% |
| Recurring financial charges | 65 | €46,500 | €29,427 | -€17,073 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €344,621 | €284,675 | -€59,946 | -17.4% |
| Income taxes | 67/77 | €103,751 | €87,289 | -€16,462 | -15.9% |
| Profit (loss) for the period | 9904 | €240,870 | €197,386 | -€43,485 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €240,870 | €197,386 | -€43,485 | -18.1% |
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 14 October 2026 via checked.be.