MA.be: what changed
Two fiscal 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.be
Largest movements
- Stocks and contracts -€36,868
no longer reported in 2025 (was €36,868)
- Cash -€35,962
no longer reported in 2025 (was €35,962)
mainly Net result for the year (-€26,109) and Tax, wage and social debts (-€22,091)
- Receivables within one year +€11,196
up €11,196 (+48.7%), from €23,000 to €34,196
- Tangible fixed assets -€4,642
down €4,642 (-15.9%), from €29,203 to €24,561
of which Other tangible fixed assets: -€4,342
- Reserves -€66,376
down €66,376 (-93.1%), from €71,279 to €4,903
of which Distributable reserves: -€66,376
- Profit (loss) carried forward +€40,267
up €40,267 (+60.7%), from -€66,376 to -€26,109
- Tax, wage and social debts -€22,091
no longer reported in 2025 (was €22,091)
- Current portion of long-term debt -€21,557
down €21,557 (-89.3%), from €24,131 to €2,575
- Short-term financial debts +€14,595
new in 2025: €14,595
- Depreciation -€20,027
down €20,027 (-81.2%), from €24,669 to €4,642
- Gross operating margin +€11,857
up €11,857 (+38.8%), from -€30,589 to -€18,732
- Staff costs -€5,108
down €5,108 (-86.2%), from €5,928 to €819
- Financial charges -€3,559
down €3,559 (-66.5%), from €5,354 to €1,795
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 | €125,033 | €58,757 | -€66,276 | -53.0% |
| Fixed assets | 21/28 | €29,203 | €24,561 | -€4,642 | -15.9% |
| Tangible fixed assets | 22/27 | €29,203 | €24,561 | -€4,642 | -15.9% |
| Furniture and vehicles | 24 | €300 | - | -€300 | |
| Other tangible fixed assets | 26 | €28,903 | €24,561 | -€4,342 | -15.0% |
| Current assets | 29/58 | €95,830 | €34,196 | -€61,634 | -64.3% |
| Stocks and contracts in progress | 3 | €36,868 | - | -€36,868 | |
| Stocks | 30/36 | €36,868 | - | -€36,868 | |
| Amounts receivable within one year | 40/41 | €23,000 | €34,196 | +€11,196 | +48.7% |
| Trade receivables | 40 | €23,000 | €34,196 | +€11,196 | +48.7% |
| Cash at bank and in hand | 54/58 | €35,962 | - | -€35,962 | |
| Total equity and liabilities | 10/49 | €125,033 | €58,757 | -€66,276 | -53.0% |
| Equity | 10/15 | €66,877 | €40,768 | -€26,109 | -39.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €71,279 | €4,903 | -€66,376 | -93.1% |
| Non-distributable reserves | 130/1 | €4,510 | €4,510 | = | 0.0% |
| Legal reserve | 130 | €4,510 | €4,510 | = | 0.0% |
| Distributable reserves | 133 | €66,769 | €393 | -€66,376 | -99.4% |
| Profit (loss) carried forward | 14 | -€66,376 | -€26,109 | +€40,267 | +60.7% |
| Amounts payable | 17/49 | €58,156 | €17,989 | -€40,167 | -69.1% |
| Amounts payable after more than one year | 17 | €9,252 | - | -€9,252 | |
| Financial debts | 170/4 | €9,252 | - | -€9,252 | |
| Amounts payable within one year | 42/48 | €48,905 | €17,989 | -€30,916 | -63.2% |
| Current portion of amounts payable after more than one year | 42 | €24,131 | €2,575 | -€21,557 | -89.3% |
| Financial debts | 43 | - | €14,595 | +€14,595 | |
| Credit institutions | 430/8 | - | €14,595 | +€14,595 | |
| Trade debts | 44 | €2,683 | €819 | -€1,863 | -69.5% |
| Suppliers | 440/4 | €2,683 | €819 | -€1,863 | -69.5% |
| Taxes, remuneration and social security | 45 | €22,091 | - | -€22,091 | |
| Taxes | 450/3 | €22,091 | - | -€22,091 | |
| Remuneration, social security and pensions | 62 | €5,928 | €819 | -€5,108 | -86.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,669 | €4,642 | -€20,027 | -81.2% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | -€30,589 | -€18,732 | +€11,857 | +38.8% |
| Operating profit (loss) | 9901 | -€61,304 | -€24,314 | +€36,990 | +60.3% |
| Financial income | 75/76B | €282 | - | -€282 | |
| Recurring financial income | 75 | €282 | - | -€282 | |
| Financial charges | 65/66B | €5,354 | €1,795 | -€3,559 | -66.5% |
| Recurring financial charges | 65 | €5,354 | €1,795 | -€3,559 | -66.5% |
| Profit (loss) for the period before taxes | 9903 | -€66,376 | -€26,109 | +€40,267 | +60.7% |
| Profit (loss) for the period | 9904 | -€66,376 | -€26,109 | +€40,267 | +60.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€66,376 | -€26,109 | +€40,267 | +60.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.