M.A.BLUE: 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.BLUE
Largest movements
- Cash -€6,923
down €6,923 (-78.8%), from €8,790 to €1,867
mainly Debts after one year (-€43,706) and Investment in fixed assets (net) (-€8,772)
- Tangible fixed assets -€5,206
down €5,206 (-7.7%), from €67,790 to €62,584
of which Plant, machinery and equipment: -€5,731
- Receivables within one year -€2,128
down €2,128 (-9.8%), from €21,771 to €19,643
of which Other amounts receivable: -€12,791
- Stocks and contracts +€1,904
up €1,904 (+55.0%), from €3,462 to €5,366
- Debts after one year -€43,706
down €43,706 (-56.5%), from €77,353 to €33,647
- Trade debts +€16,168
up €16,168 (+55.1%), from €29,366 to €45,534
- Current portion of long-term debt +€13,647
new in 2025: €13,647
- Tax, wage and social debts +€6,448
up €6,448 (+107%), from €6,038 to €12,485
of which Remuneration and social security: +€4,011
- Profit (loss) carried forward -€3,207
down €3,207 (-5.4%), from -€59,296 to -€62,504
- Staff costs +€17,634
up €17,634 (+75,488%), from €23 to €17,657
- Gross operating margin +€10,946
up €10,946 (+53.7%), from €20,371 to €31,317
- Financial charges +€714
up €714 (+87.5%), from €816 to €1,530
- Financial income +€405
new in 2025: €405
of which Non-recurring financial income: +€338
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 | €102,109 | €90,470 | -€11,639 | -11.4% |
| Fixed assets | 21/28 | €67,790 | €62,794 | -€4,996 | -7.4% |
| Tangible fixed assets | 22/27 | €67,790 | €62,584 | -€5,206 | -7.7% |
| Plant, machinery and equipment | 23 | €58,426 | €52,695 | -€5,731 | -9.8% |
| Furniture and vehicles | 24 | €9,364 | €9,889 | +€525 | +5.6% |
| Financial fixed assets | 28 | - | €210 | +€210 | |
| Current assets | 29/58 | €34,319 | €27,676 | -€6,643 | -19.4% |
| Stocks and contracts in progress | 3 | €3,462 | €5,366 | +€1,904 | +55.0% |
| Stocks | 30/36 | €3,462 | €5,366 | +€1,904 | +55.0% |
| Amounts receivable within one year | 40/41 | €21,771 | €19,643 | -€2,128 | -9.8% |
| Trade receivables | 40 | - | €10,663 | +€10,663 | |
| Other amounts receivable | 41 | €21,771 | €8,980 | -€12,791 | -58.8% |
| Cash at bank and in hand | 54/58 | €8,790 | €1,867 | -€6,923 | -78.8% |
| Deferred charges and accrued income | 490/1 | €296 | €800 | +€504 | +170% |
| Total equity and liabilities | 10/49 | €102,109 | €90,470 | -€11,639 | -11.4% |
| Equity | 10/15 | -€46,455 | -€49,662 | -€3,207 | -6.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €441 | €441 | = | 0.0% |
| Non-distributable reserves | 130/1 | €441 | €441 | = | 0.0% |
| Reserves not available under the articles | 1311 | €441 | €441 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,296 | -€62,504 | -€3,207 | -5.4% |
| Amounts payable | 17/49 | €148,564 | €140,133 | -€8,432 | -5.7% |
| Amounts payable after more than one year | 17 | €77,353 | €33,647 | -€43,706 | -56.5% |
| Financial debts | 170/4 | €77,353 | €33,647 | -€43,706 | -56.5% |
| Amounts payable within one year | 42/48 | €71,211 | €106,485 | +€35,274 | +49.5% |
| Current portion of amounts payable after more than one year | 42 | - | €13,647 | +€13,647 | |
| Trade debts | 44 | €29,366 | €45,534 | +€16,168 | +55.1% |
| Suppliers | 440/4 | €29,366 | €45,534 | +€16,168 | +55.1% |
| Taxes, remuneration and social security | 45 | €6,038 | €12,485 | +€6,448 | +107% |
| Taxes | 450/3 | €6,038 | €8,474 | +€2,436 | +40.3% |
| Remuneration and social security | 454/9 | - | €4,011 | +€4,011 | |
| Other amounts payable | 47/48 | €35,807 | €34,819 | -€989 | -2.8% |
| Non-recurring operating income | 76A | €2,917 | €889 | -€2,028 | -69.5% |
| Remuneration, social security and pensions | 62 | €23 | €17,657 | +€17,634 | +75,488% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,738 | €13,768 | +€30 | +0.2% |
| Other operating charges | 640/8 | €1,372 | €1,369 | -€3 | -0.2% |
| Non-recurring operating charges | 66A | €125 | €445 | +€320 | +256% |
| Gross operating margin | 9900 | €20,371 | €31,317 | +€10,946 | +53.7% |
| Operating profit (loss) | 9901 | €5,113 | -€1,922 | -€7,035 | |
| Financial income | 75/76B | - | €405 | +€405 | |
| Recurring financial income | 75 | - | €67 | +€67 | |
| Non-recurring financial income | 76B | - | €338 | +€338 | |
| Financial charges | 65/66B | €816 | €1,530 | +€714 | +87.5% |
| Recurring financial charges | 65 | €816 | €1,530 | +€714 | +87.5% |
| Profit (loss) for the period before taxes | 9903 | €4,297 | -€3,047 | -€7,344 | |
| Income taxes | 67/77 | -€1 | €160 | +€161 | |
| Profit (loss) for the period | 9904 | €4,298 | -€3,207 | -€7,505 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,298 | -€3,207 | -€7,505 |
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 1 November 2026 via checked.be.