MA-AU: 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-AU
Largest movements
- Stocks and contracts -€74,748
down €74,748 (-66.6%), from €112,313 to €37,565
- Cash +€26,925
up €26,925 (+36.2%), from €74,417 to €101,342
mainly Stocks and contracts (+€74,748) and Receivables within one year (+€20,981)
- Receivables within one year -€20,981
down €20,981 (-64.7%), from €32,424 to €11,443
of which Trade receivables: -€13,726
- Trade debts -€44,378
down €44,378 (-65.6%), from €67,649 to €23,271
- Profit (loss) carried forward -€20,041
down €20,041 (-38.5%), from €52,043 to €32,003
- Debts after one year -€8,187
down €8,187 (-37.0%), from €22,101 to €13,914
of which Financial debts: -€8,187
- Other debts +€3,888
up €3,888 (+18.0%), from €21,618 to €25,507
- Accrued charges and deferred income +€3,000
new in 2025: €3,000
- Staff costs +€14,643
up €14,643 (+24.4%), from €59,891 to €74,534
- Gross operating margin -€11,831
down €11,831 (-16.8%), from €70,420 to €58,589
- Financial income +€3,616
up €3,616 (+28054.2%), from €13 to €3,629
- Taxes +€2,982
up €2,982, from -€2,808 to €174
- Financial charges -€1,376
down €1,376 (-21.7%), from €6,338 to €4,962
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 | €231,711 | €163,615 | -€68,096 | -29.4% |
| Fixed assets | 21/28 | €10,877 | €11,813 | +€937 | +8.6% |
| Tangible fixed assets | 22/27 | €873 | €1,809 | +€937 | +107.3% |
| Land and buildings | 22 | €457 | €102 | -€355 | -77.7% |
| Plant, machinery and equipment | 23 | €416 | - | -€416 | |
| Assets under construction and advance payments | 27 | - | €1,707 | +€1,707 | |
| Financial fixed assets | 28 | €10,004 | €10,004 | = | 0.0% |
| Current assets | 29/58 | €220,834 | €151,802 | -€69,033 | -31.3% |
| Stocks and contracts in progress | 3 | €112,313 | €37,565 | -€74,748 | -66.6% |
| Stocks | 30/36 | €112,313 | €37,565 | -€74,748 | -66.6% |
| Amounts receivable within one year | 40/41 | €32,424 | €11,443 | -€20,981 | -64.7% |
| Trade receivables | 40 | €19,239 | €5,513 | -€13,726 | -71.3% |
| Other amounts receivable | 41 | €13,185 | €5,930 | -€7,255 | -55.0% |
| Cash at bank and in hand | 54/58 | €74,417 | €101,342 | +€26,925 | +36.2% |
| Deferred charges and accrued income | 490/1 | €1,681 | €1,451 | -€229 | -13.6% |
| Total equity and liabilities | 10/49 | €231,711 | €163,615 | -€68,096 | -29.4% |
| Equity | 10/15 | €72,503 | €52,463 | -€20,041 | -27.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,043 | €32,003 | -€20,041 | -38.5% |
| Amounts payable | 17/49 | €159,208 | €111,152 | -€48,055 | -30.2% |
| Amounts payable after more than one year | 17 | €22,101 | €13,914 | -€8,187 | -37.0% |
| Financial debts | 170/4 | €11,601 | €3,414 | -€8,187 | -70.6% |
| Other amounts payable | 178/9 | €10,500 | €10,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €137,107 | €94,238 | -€42,869 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €7,844 | €8,187 | +€342 | +4.4% |
| Trade debts | 44 | €67,649 | €23,271 | -€44,378 | -65.6% |
| Suppliers | 440/4 | €67,649 | €23,271 | -€44,378 | -65.6% |
| Taxes, remuneration and social security | 45 | €39,995 | €37,273 | -€2,721 | -6.8% |
| Taxes | 450/3 | €30,390 | €23,582 | -€6,808 | -22.4% |
| Remuneration and social security | 454/9 | €9,604 | €13,691 | +€4,087 | +42.5% |
| Other amounts payable | 47/48 | €21,618 | €25,507 | +€3,888 | +18.0% |
| Accrued charges and deferred income | 492/3 | - | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €59,891 | €74,534 | +€14,643 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €956 | €770 | -€185 | -19.4% |
| Other operating charges | 640/8 | €2,141 | €1,817 | -€324 | -15.1% |
| Gross operating margin | 9900 | €70,420 | €58,589 | -€11,831 | -16.8% |
| Operating profit (loss) | 9901 | €7,431 | -€18,533 | -€25,965 | |
| Financial income | 75/76B | €13 | €3,629 | +€3,616 | +28054.2% |
| Recurring financial income | 75 | €13 | €3,629 | +€3,616 | +28054.2% |
| Financial charges | 65/66B | €6,338 | €4,962 | -€1,376 | -21.7% |
| Recurring financial charges | 65 | €6,338 | €4,962 | -€1,376 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €1,107 | -€19,866 | -€20,973 | |
| Income taxes | 67/77 | -€2,808 | €174 | +€2,982 | |
| Profit (loss) for the period | 9904 | €3,914 | -€20,041 | -€23,955 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,914 | -€20,041 | -€23,955 |
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.