M!A: 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.
M!A
Largest movements
- Receivables within one year -€33,794
no longer reported in 2025 (was €33,794)
- Stocks and contracts +€14,126
up €14,126 (+418.6%), from €3,374 to €17,500
- Financial fixed assets +€12,600
new in 2025: €12,600
- Tangible fixed assets +€10,901
new in 2025: €10,901
of which Other tangible fixed assets: +€6,571
- Intangible fixed assets -€8,636
no longer reported in 2025 (was €8,636)
- Profit (loss) carried forward -€84,386
down €84,386 (-867.7%), from -€9,725 to -€94,111
- Trade debts +€44,211
up €44,211 (+235.6%), from €18,762 to €62,973
- Tax, wage and social debts +€23,978
up €23,978 (+69.7%), from €34,406 to €58,384
of which Remuneration and social security: +€14,321
- Short-term financial debts +€15,372
new in 2025: €15,372
- Other debts +€1,084
new in 2025: €1,084
- Staff costs +€110,629
up €110,629 (+140.7%), from €78,602 to €189,231
- Gross operating margin +€39,925
up €39,925 (+55.4%), from €72,112 to €112,038
- Financial charges +€2,768
up €2,768 (+229.4%), from €1,206 to €3,974
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 | €53,443 | €53,702 | +€258 | +0.5% |
| Fixed assets | 21/28 | €8,636 | €23,501 | +€14,865 | +172.1% |
| Intangible fixed assets | 21 | €8,636 | - | -€8,636 | |
| Tangible fixed assets | 22/27 | - | €10,901 | +€10,901 | |
| Plant, machinery and equipment | 23 | - | €4,330 | +€4,330 | |
| Other tangible fixed assets | 26 | - | €6,571 | +€6,571 | |
| Financial fixed assets | 28 | - | €12,600 | +€12,600 | |
| Current assets | 29/58 | €44,808 | €30,201 | -€14,607 | -32.6% |
| Stocks and contracts in progress | 3 | €3,374 | €17,500 | +€14,126 | +418.6% |
| Stocks | 30/36 | €3,374 | €17,500 | +€14,126 | +418.6% |
| Amounts receivable within one year | 40/41 | €33,794 | - | -€33,794 | |
| Other amounts receivable | 41 | €33,794 | - | -€33,794 | |
| Cash at bank and in hand | 54/58 | €6,088 | €11,368 | +€5,280 | +86.7% |
| Deferred charges and accrued income | 490/1 | €1,552 | €1,333 | -€219 | -14.1% |
| Total equity and liabilities | 10/49 | €53,443 | €53,702 | +€258 | +0.5% |
| Equity | 10/15 | €275 | -€84,111 | -€84,386 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,725 | -€94,111 | -€84,386 | -867.7% |
| Amounts payable | 17/49 | €53,168 | €137,813 | +€84,644 | +159.2% |
| Amounts payable within one year | 42/48 | €53,168 | €137,813 | +€84,644 | +159.2% |
| Financial debts | 43 | - | €15,372 | +€15,372 | |
| Credit institutions | 430/8 | - | €15,372 | +€15,372 | |
| Trade debts | 44 | €18,762 | €62,973 | +€44,211 | +235.6% |
| Suppliers | 440/4 | €18,762 | €62,973 | +€44,211 | +235.6% |
| Taxes, remuneration and social security | 45 | €34,406 | €58,384 | +€23,978 | +69.7% |
| Taxes | 450/3 | €26,996 | €36,654 | +€9,657 | +35.8% |
| Remuneration and social security | 454/9 | €7,410 | €21,731 | +€14,321 | +193.3% |
| Other amounts payable | 47/48 | - | €1,084 | +€1,084 | |
| Remuneration, social security and pensions | 62 | €78,602 | €189,231 | +€110,629 | +140.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,364 | €1,162 | -€202 | -14.8% |
| Other operating charges | 640/8 | €2,478 | €2,780 | +€302 | +12.2% |
| Gross operating margin | 9900 | €72,112 | €112,038 | +€39,925 | +55.4% |
| Operating profit (loss) | 9901 | -€10,332 | -€81,136 | -€70,803 | -685.3% |
| Financial income | 75/76B | €1,914 | €889 | -€1,025 | -53.5% |
| Recurring financial income | 75 | €1,914 | €889 | -€1,025 | -53.5% |
| Financial charges | 65/66B | €1,206 | €3,974 | +€2,768 | +229.4% |
| Recurring financial charges | 65 | €1,206 | €3,974 | +€2,768 | +229.4% |
| Profit (loss) for the period before taxes | 9903 | -€9,625 | -€84,221 | -€74,596 | -775.0% |
| Income taxes | 67/77 | €100 | €166 | +€66 | +65.7% |
| Profit (loss) for the period | 9904 | -€9,725 | -€84,386 | -€74,661 | -767.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,725 | -€84,386 | -€74,661 | -767.7% |
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 30 September 2026 via checked.be.