M.A.M.: 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.M.
Largest movements
- Tangible fixed assets -€9,549
down €9,549 (-6.7%), from €143,550 to €134,001
of which Land and buildings: -€12,115
- Other debts -€4,507
down €4,507 (-7.4%), from €61,001 to €56,493
- Short-term financial debts -€2,658
down €2,658 (-17.9%), from €14,845 to €12,188
- Debts after one year -€2,526
down €2,526 (-26.9%), from €9,397 to €6,871
- Gross operating margin +€6,938
up €6,938 (+46.0%), from €15,091 to €22,029
- Other operating charges -€1,761
down €1,761 (-35.3%), from €4,985 to €3,224
- Depreciation +€320
up €320 (+2.2%), from €14,738 to €15,059
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 | €145,640 | €136,304 | -€9,336 | -6.4% |
| Fixed assets | 21/28 | €143,550 | €134,001 | -€9,549 | -6.7% |
| Tangible fixed assets | 22/27 | €143,550 | €134,001 | -€9,549 | -6.7% |
| Land and buildings | 22 | €128,267 | €116,151 | -€12,115 | -9.4% |
| Plant, machinery and equipment | 23 | €15,284 | €13,407 | -€1,877 | -12.3% |
| Furniture and vehicles | 24 | - | €4,443 | +€4,443 | |
| Current assets | 29/58 | €2,090 | €2,303 | +€214 | +10.2% |
| Cash at bank and in hand | 54/58 | €90 | €50 | -€40 | -44.2% |
| Deferred charges and accrued income | 490/1 | €2,000 | €2,253 | +€253 | +12.7% |
| Total equity and liabilities | 10/49 | €145,640 | €136,304 | -€9,336 | -6.4% |
| Equity | 10/15 | €56,176 | €56,233 | +€57 | +0.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €36,193 | €36,193 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,490 | €25,490 | = | 0.0% |
| Distributable reserves | 133 | €4,503 | €4,503 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€342,017 | -€341,961 | +€57 | 0.0% |
| Amounts payable | 17/49 | €89,464 | €80,072 | -€9,393 | -10.5% |
| Amounts payable after more than one year | 17 | €9,397 | €6,871 | -€2,526 | -26.9% |
| Financial debts | 170/4 | €9,397 | €6,871 | -€2,526 | -26.9% |
| Amounts payable within one year | 42/48 | €80,067 | €73,201 | -€6,866 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €2,359 | €2,526 | +€167 | +7.1% |
| Financial debts | 43 | €14,845 | €12,188 | -€2,658 | -17.9% |
| Credit institutions | 430/8 | €14,845 | €12,188 | -€2,658 | -17.9% |
| Trade debts | 44 | €1,017 | €1,264 | +€247 | +24.3% |
| Suppliers | 440/4 | €1,017 | €1,264 | +€247 | +24.3% |
| Taxes, remuneration and social security | 45 | €845 | €729 | -€116 | -13.7% |
| Taxes | 450/3 | €845 | €729 | -€116 | -13.7% |
| Other amounts payable | 47/48 | €61,001 | €56,493 | -€4,507 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,738 | €15,059 | +€320 | +2.2% |
| Other operating charges | 640/8 | €4,985 | €3,224 | -€1,761 | -35.3% |
| Gross operating margin | 9900 | €15,091 | €22,029 | +€6,938 | +46.0% |
| Operating profit (loss) | 9901 | -€4,632 | €3,746 | +€8,378 | |
| Financial income | 75/76B | - | €37 | +€37 | |
| Recurring financial income | 75 | - | €37 | +€37 | |
| Financial charges | 65/66B | €3,615 | €3,398 | -€218 | -6.0% |
| Recurring financial charges | 65 | €3,615 | €3,398 | -€218 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,248 | €384 | +€8,632 | |
| Income taxes | 67/77 | €402 | €328 | -€74 | -18.4% |
| Profit (loss) for the period | 9904 | -€8,649 | €57 | +€8,706 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,649 | €57 | +€8,706 |
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 11 October 2026 via checked.be.