M.A. VISION: 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. VISION
Largest movements
- Receivables within one year +€239,241
up €239,241 (+186%), from €128,524 to €367,764
of which Trade receivables: +€124,045
- Cash +€58,236
up €58,236 (+27.0%), from €216,007 to €274,243
mainly Net result for the year (+€293,372) and Trade debts (+€40,555)
- Current investments +€49,999
up €49,999 (+50.0%), from €100,000 to €149,999
- Tangible fixed assets -€34,583
down €34,583 (-35.5%), from €97,312 to €62,729
of which Furniture and vehicles: -€34,951
- Reserves +€293,372
up €293,372 (+73.2%), from €400,749 to €694,121
of which Distributable reserves: +€188,122
- Trade debts +€40,555
up €40,555 (+199%), from €20,423 to €60,978
- Debts after one year -€30,118
down €30,118 (-57.8%), from €52,099 to €21,981
- Tax, wage and social debts +€17,449
up €17,449 (+85.4%), from €20,444 to €37,893
of which Taxes: +€17,102
- Gross operating margin +€41,450
up €41,450 (+9.7%), from €427,355 to €468,805
- Taxes +€7,179
up €7,179 (+6.9%), from €104,157 to €111,336
- Financial income +€5,695
up €5,695 (+123%), from €4,614 to €10,309
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 | €544,027 | €858,741 | +€314,714 | +57.8% |
| Fixed assets | 21/28 | €97,312 | €62,729 | -€34,583 | -35.5% |
| Tangible fixed assets | 22/27 | €97,312 | €62,729 | -€34,583 | -35.5% |
| Land and buildings | 22 | €9,062 | €8,712 | -€350 | -3.9% |
| Plant, machinery and equipment | 23 | €514 | €1,346 | +€832 | +162% |
| Furniture and vehicles | 24 | €87,338 | €52,387 | -€34,951 | -40.0% |
| Other tangible fixed assets | 26 | €398 | €284 | -€114 | -28.6% |
| Current assets | 29/58 | €446,715 | €796,012 | +€349,297 | +78.2% |
| Amounts receivable within one year | 40/41 | €128,524 | €367,764 | +€239,241 | +186% |
| Trade receivables | 40 | €33,167 | €157,212 | +€124,045 | +374% |
| Other amounts receivable | 41 | €95,356 | €210,552 | +€115,196 | +121% |
| Current investments | 50/53 | €100,000 | €149,999 | +€49,999 | +50.0% |
| Cash at bank and in hand | 54/58 | €216,007 | €274,243 | +€58,236 | +27.0% |
| Deferred charges and accrued income | 490/1 | €2,185 | €4,006 | +€1,821 | +83.4% |
| Total equity and liabilities | 10/49 | €544,027 | €858,741 | +€314,714 | +57.8% |
| Equity | 10/15 | €406,949 | €700,321 | +€293,372 | +72.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €400,749 | €694,121 | +€293,372 | +73.2% |
| Non-distributable reserves | 130/1 | €904 | €904 | = | 0.0% |
| Reserves not available under the articles | 1311 | €904 | €904 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,250 | €210,500 | +€105,250 | +100% |
| Distributable reserves | 133 | €294,595 | €482,717 | +€188,122 | +63.9% |
| Amounts payable | 17/49 | €137,078 | €158,420 | +€21,342 | +15.6% |
| Amounts payable after more than one year | 17 | €52,099 | €21,981 | -€30,118 | -57.8% |
| Financial debts | 170/4 | €52,099 | €21,981 | -€30,118 | -57.8% |
| Amounts payable within one year | 42/48 | €84,978 | €136,439 | +€51,460 | +60.6% |
| Current portion of amounts payable after more than one year | 42 | €44,112 | €36,913 | -€7,199 | -16.3% |
| Financial debts | 43 | €0 | €655 | +€655 | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | - | €655 | +€655 | |
| Trade debts | 44 | €20,423 | €60,978 | +€40,555 | +199% |
| Suppliers | 440/4 | €20,423 | €60,978 | +€40,555 | +199% |
| Taxes, remuneration and social security | 45 | €20,444 | €37,893 | +€17,449 | +85.4% |
| Taxes | 450/3 | €12,013 | €29,115 | +€17,102 | +142% |
| Remuneration and social security | 454/9 | €8,432 | €8,779 | +€347 | +4.1% |
| Remuneration, social security and pensions | 62 | €26,637 | €29,403 | +€2,766 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,263 | €36,732 | +€4,470 | +13.9% |
| Other operating charges | 640/8 | €1,811 | €1,492 | -€320 | -17.6% |
| Gross operating margin | 9900 | €427,355 | €468,805 | +€41,450 | +9.7% |
| Operating profit (loss) | 9901 | €366,644 | €401,178 | +€34,534 | +9.4% |
| Financial income | 75/76B | €4,614 | €10,309 | +€5,695 | +123% |
| Recurring financial income | 75 | €4,614 | €10,309 | +€5,695 | +123% |
| Financial charges | 65/66B | €2,243 | €6,779 | +€4,535 | +202% |
| Recurring financial charges | 65 | €2,243 | €6,779 | +€4,535 | +202% |
| Profit (loss) for the period before taxes | 9903 | €369,014 | €404,708 | +€35,694 | +9.7% |
| Income taxes | 67/77 | €104,157 | €111,336 | +€7,179 | +6.9% |
| Profit (loss) for the period | 9904 | €264,857 | €293,372 | +€28,515 | +10.8% |
| Transfer to tax-exempt reserves | 689 | €105,250 | €105,250 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €159,607 | €188,122 | +€28,515 | +17.9% |
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 15 October 2026 via checked.be.