MA.AS: 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.AS
Largest movements
- Stocks and contracts -€24,530
down €24,530 (-10.8%), from €227,084 to €202,554
- Receivables within one year -€23,011
down €23,011 (-71.7%), from €32,109 to €9,098
of which Trade receivables: -€22,645
- Tangible fixed assets -€9,058
down €9,058 (-28.2%), from €32,085 to €23,026
of which Other tangible fixed assets: -€5,590
- Cash +€3,910
up €3,910 (+83.7%), from €4,671 to €8,581
mainly Net result for the year (+€57,530) and Stocks and contracts (+€24,530)
- Receivables after one year -€3,263
no longer reported in 2025 (was €3,263)
- Trade debts -€93,810
down €93,810 (-45.5%), from €206,394 to €112,583
- Profit (loss) carried forward +€57,530
up €57,530 (+86.4%), from -€66,607 to -€9,077
- Other debts -€15,274
no longer reported in 2025 (was €15,274)
- Debts after one year +€13,050
new in 2025: €13,050
- Tax, wage and social debts -€11,281
down €11,281 (-79.6%), from €14,173 to €2,891
of which Taxes: -€7,701
- Gross operating margin +€126,692
up €126,692, from -€51,248 to €75,444
- Staff costs -€33,995
down €33,995, from €30,462 to -€3,533
- Financial charges -€1,459
down €1,459 (-12.0%), from €12,131 to €10,672
- Financial income +€834
up €834 (+287%), from €291 to €1,125
- Other operating charges -€781
down €781 (-80.3%), from €973 to €191
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 | €306,327 | €251,158 | -€55,170 | -18.0% |
| Fixed assets | 21/28 | €37,488 | €27,186 | -€10,302 | -27.5% |
| Intangible fixed assets | 21 | €1,654 | €410 | -€1,244 | -75.2% |
| Tangible fixed assets | 22/27 | €32,085 | €23,026 | -€9,058 | -28.2% |
| Plant, machinery and equipment | 23 | - | €1,196 | +€1,196 | |
| Furniture and vehicles | 24 | €11,231 | €6,567 | -€4,664 | -41.5% |
| Other tangible fixed assets | 26 | €20,854 | €15,264 | -€5,590 | -26.8% |
| Financial fixed assets | 28 | €3,750 | €3,750 | = | 0.0% |
| Current assets | 29/58 | €268,839 | €223,972 | -€44,868 | -16.7% |
| Amounts receivable after more than one year | 29 | €3,263 | - | -€3,263 | |
| Other amounts receivable | 291 | €3,263 | - | -€3,263 | |
| Stocks and contracts in progress | 3 | €227,084 | €202,554 | -€24,530 | -10.8% |
| Stocks | 30/36 | €227,084 | €202,554 | -€24,530 | -10.8% |
| Amounts receivable within one year | 40/41 | €32,109 | €9,098 | -€23,011 | -71.7% |
| Trade receivables | 40 | €31,743 | €9,098 | -€22,645 | -71.3% |
| Other amounts receivable | 41 | €366 | - | -€366 | |
| Cash at bank and in hand | 54/58 | €4,671 | €8,581 | +€3,910 | +83.7% |
| Deferred charges and accrued income | 490/1 | €1,713 | €3,739 | +€2,026 | +118% |
| Total equity and liabilities | 10/49 | €306,327 | €251,158 | -€55,170 | -18.0% |
| Equity | 10/15 | -€1,807 | €55,723 | +€57,530 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €58,600 | €58,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,250 | €10,250 | = | 0.0% |
| Distributable reserves | 133 | €48,350 | €48,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,607 | -€9,077 | +€57,530 | +86.4% |
| Amounts payable | 17/49 | €308,135 | €195,435 | -€112,699 | -36.6% |
| Amounts payable after more than one year | 17 | - | €13,050 | +€13,050 | |
| Other amounts payable | 178/9 | - | €13,050 | +€13,050 | |
| Amounts payable within one year | 42/48 | €308,135 | €182,385 | -€125,749 | -40.8% |
| Financial debts | 43 | €72,295 | €66,911 | -€5,384 | -7.4% |
| Credit institutions | 430/8 | €72,295 | €66,911 | -€5,384 | -7.4% |
| Trade debts | 44 | €206,394 | €112,583 | -€93,810 | -45.5% |
| Suppliers | 440/4 | €206,394 | €112,583 | -€93,810 | -45.5% |
| Taxes, remuneration and social security | 45 | €14,173 | €2,891 | -€11,281 | -79.6% |
| Taxes | 450/3 | €10,592 | €2,891 | -€7,701 | -72.7% |
| Remuneration and social security | 454/9 | €3,581 | - | -€3,581 | |
| Other amounts payable | 47/48 | €15,274 | - | -€15,274 | |
| Non-recurring operating income | 76A | - | €935 | +€935 | |
| Remuneration, social security and pensions | 62 | €30,462 | -€3,533 | -€33,995 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,751 | €11,638 | -€113 | -1.0% |
| Other operating charges | 640/8 | €973 | €191 | -€781 | -80.3% |
| Gross operating margin | 9900 | -€51,248 | €75,444 | +€126,692 | |
| Operating profit (loss) | 9901 | -€94,434 | €67,147 | +€161,581 | |
| Financial income | 75/76B | €291 | €1,125 | +€834 | +287% |
| Recurring financial income | 75 | €291 | €1,125 | +€834 | +287% |
| Financial charges | 65/66B | €12,131 | €10,672 | -€1,459 | -12.0% |
| Recurring financial charges | 65 | €12,131 | €10,672 | -€1,459 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | -€106,274 | €57,601 | +€163,874 | |
| Income taxes | 67/77 | €670 | €71 | -€599 | -89.4% |
| Profit (loss) for the period | 9904 | -€106,943 | €57,530 | +€164,473 | |
| Profit (loss) for the period to be appropriated | 9905 | -€106,943 | €57,530 | +€164,473 |
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 18 October 2026 via checked.be.