MA.AN: 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.
MA.AN
Largest movements
- Receivables within one year +€115,332
up €115,332 (+28310.8%), from €407 to €115,740
of which Trade receivables: +€115,740
- Cash +€19,587
up €19,587 (+13141.0%), from €149 to €19,736
mainly Tax, wage and social debts (+€43,375) and Net result for the year (+€35,261)
- Tax, wage and social debts +€43,375
new in 2025: €43,375
of which Taxes: +€35,689
- Reserves +€35,261
up €35,261 (+297.6%), from €11,846 to €47,107
- Trade debts +€32,916
up €32,916, from €0 to €32,916
- Other debts +€23,542
up €23,542, from €0 to €23,542
- Gross operating margin +€44,317
up €44,317 (+180.0%), from €24,624 to €68,940
- Taxes +€17,107
new in 2025: €17,107
- Staff costs +€14,845
new in 2025: €14,845
- Financial charges -€1,181
down €1,181 (-47.1%), from €2,509 to €1,328
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 | €557 | €136,343 | +€135,786 | +24359.3% |
| Fixed assets | 21/28 | €1 | €0 | -€1 | -100.0% |
| Financial fixed assets | 28 | €1 | €0 | -€1 | -100.0% |
| Current assets | 29/58 | €556 | €136,343 | +€135,787 | +24403.2% |
| Amounts receivable within one year | 40/41 | €407 | €115,740 | +€115,332 | +28310.8% |
| Trade receivables | 40 | - | €115,740 | +€115,740 | |
| Other amounts receivable | 41 | €407 | €0 | -€407 | -100.0% |
| Cash at bank and in hand | 54/58 | €149 | €19,736 | +€19,587 | +13141.0% |
| Deferred charges and accrued income | 490/1 | - | €868 | +€868 | |
| Total equity and liabilities | 10/49 | €557 | €136,343 | +€135,786 | +24359.3% |
| Equity | 10/15 | €557 | €35,818 | +€35,261 | +6325.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,846 | €47,107 | +€35,261 | +297.6% |
| Distributable reserves | 133 | €11,846 | €47,107 | +€35,261 | +297.6% |
| Profit (loss) carried forward | 14 | -€17,489 | -€17,489 | = | 0.0% |
| Amounts payable | 17/49 | €0 | €100,525 | +€100,525 | |
| Amounts payable within one year | 42/48 | €0 | €99,832 | +€99,832 | |
| Trade debts | 44 | €0 | €32,916 | +€32,916 | |
| Suppliers | 440/4 | €0 | €32,916 | +€32,916 | |
| Taxes, remuneration and social security | 45 | - | €43,375 | +€43,375 | |
| Taxes | 450/3 | - | €35,689 | +€35,689 | |
| Remuneration and social security | 454/9 | - | €7,686 | +€7,686 | |
| Other amounts payable | 47/48 | €0 | €23,542 | +€23,542 | |
| Accrued charges and deferred income | 492/3 | - | €693 | +€693 | |
| Non-recurring operating income | 76A | €27,600 | €0 | -€27,600 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €14,845 | +€14,845 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €14,523 | €0 | -€14,523 | -100.0% |
| Gross operating margin | 9900 | €24,624 | €68,940 | +€44,317 | +180.0% |
| Operating profit (loss) | 9901 | €9,713 | €53,696 | +€43,983 | +452.8% |
| Financial charges | 65/66B | €2,509 | €1,328 | -€1,181 | -47.1% |
| Recurring financial charges | 65 | €2,509 | €1,328 | -€1,181 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | €7,205 | €52,368 | +€45,164 | +626.9% |
| Income taxes | 67/77 | - | €17,107 | +€17,107 | |
| Profit (loss) for the period | 9904 | €7,205 | €35,261 | +€28,056 | +389.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,205 | €35,261 | +€28,056 | +389.4% |
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 10 October 2026 via checked.be.