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
- Cash +€20,945
up €20,945 (+22.3%), from €93,810 to €114,755
mainly Other debts (+€21,763) and Receivables within one year (+€16,143)
- Receivables within one year -€16,143
down €16,143 (-42.1%), from €38,381 to €22,238
of which Trade receivables: -€17,311
- Deferred charges and accrued income +€3,183
up €3,183 (+363%), from €876 to €4,059
- Other debts +€21,763
up €21,763 (+410%), from €5,305 to €27,068
- Reserves -€14,695
down €14,695 (-21.4%), from €68,725 to €54,030
of which Distributable reserves: -€14,695
- Tax, wage and social debts +€5,673
up €5,673 (+57.8%), from €9,814 to €15,488
of which Remuneration and social security: +€2,961
- Trade debts -€4,471
down €4,471 (-66.1%), from €6,762 to €2,291
- Gross operating margin -€7,486
down €7,486 (-8.1%), from €92,705 to €85,219
- Staff costs +€4,709
up €4,709 (+7.1%), from €66,274 to €70,983
- Taxes -€3,641
down €3,641 (-46.7%), from €7,798 to €4,157
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 | €134,458 | €142,096 | +€7,638 | +5.7% |
| Fixed assets | 21/28 | €1,391 | €1,043 | -€348 | -25.0% |
| Tangible fixed assets | 22/27 | €1,391 | €1,043 | -€348 | -25.0% |
| Other tangible fixed assets | 26 | €1,391 | €1,043 | -€348 | -25.0% |
| Current assets | 29/58 | €133,067 | €141,052 | +€7,985 | +6.0% |
| Amounts receivable within one year | 40/41 | €38,381 | €22,238 | -€16,143 | -42.1% |
| Trade receivables | 40 | €33,003 | €15,692 | -€17,311 | -52.5% |
| Other amounts receivable | 41 | €5,378 | €6,546 | +€1,168 | +21.7% |
| Cash at bank and in hand | 54/58 | €93,810 | €114,755 | +€20,945 | +22.3% |
| Deferred charges and accrued income | 490/1 | €876 | €4,059 | +€3,183 | +363% |
| Total equity and liabilities | 10/49 | €134,458 | €142,096 | +€7,638 | +5.7% |
| Equity | 10/15 | €105,694 | €91,000 | -€14,694 | -13.9% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €68,725 | €54,030 | -€14,695 | -21.4% |
| 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 | €66,865 | €52,170 | -€14,695 | -22.0% |
| Profit (loss) carried forward | 14 | €29,969 | €29,969 | +€0 | 0.0% |
| Amounts payable | 17/49 | €28,764 | €51,096 | +€22,332 | +77.6% |
| Amounts payable within one year | 42/48 | €28,131 | €51,096 | +€22,966 | +81.6% |
| Trade debts | 44 | €6,762 | €2,291 | -€4,471 | -66.1% |
| Suppliers | 440/4 | €6,762 | €2,291 | -€4,471 | -66.1% |
| Advances received on contracts in progress | 46 | €6,250 | €6,250 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €9,814 | €15,488 | +€5,673 | +57.8% |
| Taxes | 450/3 | €820 | €3,532 | +€2,712 | +331% |
| Remuneration and social security | 454/9 | €8,994 | €11,955 | +€2,961 | +32.9% |
| Other amounts payable | 47/48 | €5,305 | €27,068 | +€21,763 | +410% |
| Accrued charges and deferred income | 492/3 | €634 | - | -€634 | |
| Remuneration, social security and pensions | 62 | €66,274 | €70,983 | +€4,709 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €348 | €348 | = | 0.0% |
| Other operating charges | 640/8 | €1,353 | €504 | -€850 | -62.8% |
| Gross operating margin | 9900 | €92,705 | €85,219 | -€7,486 | -8.1% |
| Operating profit (loss) | 9901 | €24,729 | €13,385 | -€11,345 | -45.9% |
| Financial charges | 65/66B | €956 | €1,423 | +€467 | +48.8% |
| Recurring financial charges | 65 | €956 | €1,423 | +€467 | +48.8% |
| Profit (loss) for the period before taxes | 9903 | €23,773 | €11,962 | -€11,811 | -49.7% |
| Income taxes | 67/77 | €7,798 | €4,157 | -€3,641 | -46.7% |
| Profit (loss) for the period | 9904 | €15,976 | €7,805 | -€8,170 | -51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,976 | €7,805 | -€8,170 | -51.1% |
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 16 October 2026 via checked.be.