M.A. CONSTRUCTION: 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. CONSTRUCTION
Largest movements
- Cash +€59,209
up €59,209 (+151.5%), from €39,088 to €98,296
mainly Depreciation (+€34,069) and Receivables within one year (+€31,698)
- Tangible fixed assets -€35,400
down €35,400 (-17.4%), from €203,314 to €167,914
of which Furniture and vehicles: -€27,151
- Receivables within one year -€31,698
down €31,698 (-8.6%), from €369,082 to €337,384
of which Trade receivables: -€38,723
- Stocks and contracts -€27,000
no longer reported in 2025 (was €27,000)
- Current investments +€8,500
new in 2025: €8,500
- Trade debts -€37,693
down €37,693 (-24.5%), from €153,858 to €116,165
- Other debts +€30,000
new in 2025: €30,000
- Debts after one year -€14,231
down €14,231 (-17.8%), from €79,741 to €65,510
- Tax, wage and social debts -€11,625
down €11,625 (-27.1%), from €42,916 to €31,291
of which Remuneration and social security: -€9,123
- Current portion of long-term debt +€7,455
up €7,455 (+30.1%), from €24,775 to €32,231
- Gross operating margin -€66,348
down €66,348 (-9.7%), from €686,891 to €620,542
- Staff costs -€54,721
down €54,721 (-9.6%), from €571,936 to €517,215
- Write-downs +€33,820
no longer reported in 2025 (was -€33,820)
- Other operating charges -€30,167
down €30,167 (-76.2%), from €39,615 to €9,448
- Depreciation -€16,204
down €16,204 (-32.2%), from €50,273 to €34,069
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 | €645,201 | €619,244 | -€25,956 | -4.0% |
| Fixed assets | 21/28 | €204,525 | €169,125 | -€35,400 | -17.3% |
| Tangible fixed assets | 22/27 | €203,314 | €167,914 | -€35,400 | -17.4% |
| Land and buildings | 22 | €65,000 | €65,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €33,148 | €24,898 | -€8,249 | -24.9% |
| Furniture and vehicles | 24 | €105,166 | €78,015 | -€27,151 | -25.8% |
| Financial fixed assets | 28 | €1,212 | €1,212 | = | 0.0% |
| Current assets | 29/58 | €440,675 | €450,119 | +€9,444 | +2.1% |
| Stocks and contracts in progress | 3 | €27,000 | - | -€27,000 | |
| Contracts in progress | 37 | €27,000 | - | -€27,000 | |
| Amounts receivable within one year | 40/41 | €369,082 | €337,384 | -€31,698 | -8.6% |
| Trade receivables | 40 | €158,788 | €120,065 | -€38,723 | -24.4% |
| Other amounts receivable | 41 | €210,294 | €217,319 | +€7,025 | +3.3% |
| Current investments | 50/53 | - | €8,500 | +€8,500 | |
| Cash at bank and in hand | 54/58 | €39,088 | €98,296 | +€59,209 | +151.5% |
| Deferred charges and accrued income | 490/1 | €5,506 | €5,939 | +€433 | +7.9% |
| Total equity and liabilities | 10/49 | €645,201 | €619,244 | -€25,956 | -4.0% |
| Equity | 10/15 | €313,911 | €314,048 | +€137 | 0.0% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €152,860 | €152,860 | = | 0.0% |
| Distributable reserves | 133 | €152,860 | €152,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €154,845 | €154,982 | +€137 | +0.1% |
| Amounts payable | 17/49 | €331,290 | €305,197 | -€26,093 | -7.9% |
| Amounts payable after more than one year | 17 | €79,741 | €65,510 | -€14,231 | -17.8% |
| Financial debts | 170/4 | €79,741 | €65,510 | -€14,231 | -17.8% |
| Amounts payable within one year | 42/48 | €251,549 | €239,687 | -€11,862 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €24,775 | €32,231 | +€7,455 | +30.1% |
| Financial debts | 43 | €30,000 | €30,000 | = | 0.0% |
| Credit institutions | 430/8 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €153,858 | €116,165 | -€37,693 | -24.5% |
| Suppliers | 440/4 | €153,858 | €116,165 | -€37,693 | -24.5% |
| Taxes, remuneration and social security | 45 | €42,916 | €31,291 | -€11,625 | -27.1% |
| Taxes | 450/3 | €23,293 | €20,791 | -€2,502 | -10.7% |
| Remuneration and social security | 454/9 | €19,622 | €10,500 | -€9,123 | -46.5% |
| Other amounts payable | 47/48 | - | €30,000 | +€30,000 | |
| Non-recurring operating income | 76A | - | €9,268 | +€9,268 | |
| Remuneration, social security and pensions | 62 | €571,936 | €517,215 | -€54,721 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,273 | €34,069 | -€16,204 | -32.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€33,820 | - | +€33,820 | |
| Other operating charges | 640/8 | €39,615 | €9,448 | -€30,167 | -76.2% |
| Non-recurring operating charges | 66A | €5,547 | €12,350 | +€6,803 | +122.7% |
| Gross operating margin | 9900 | €686,891 | €620,542 | -€66,348 | -9.7% |
| Operating profit (loss) | 9901 | €53,340 | €47,460 | -€5,880 | -11.0% |
| Financial income | 75/76B | €895 | €1,461 | +€566 | +63.2% |
| Recurring financial income | 75 | €895 | €1,461 | +€566 | +63.2% |
| Financial charges | 65/66B | €7,494 | €6,737 | -€757 | -10.1% |
| Recurring financial charges | 65 | €7,494 | €6,737 | -€757 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €46,741 | €42,183 | -€4,558 | -9.8% |
| Income taxes | 67/77 | €12,121 | €12,047 | -€75 | -0.6% |
| Profit (loss) for the period | 9904 | €34,620 | €30,137 | -€4,483 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,620 | €30,137 | -€4,483 | -12.9% |
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 9 October 2026 via checked.be.