MA & C: 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 & C
Largest movements
- Cash -€122,911
down €122,911 (-23.2%), from €529,334 to €406,423
mainly Contributions, distributions and other (-€70,000) and Tax, wage and social debts (-€63,634)
- Receivables within one year -€27,913
down €27,913 (-63.5%), from €43,948 to €16,035
of which Trade receivables: -€26,225
- Tangible fixed assets -€12,290
down €12,290 (-4.1%), from €296,185 to €283,895
of which Land and buildings: -€11,329
- Reserves -€70,000
down €70,000 (-10.1%), from €689,859 to €619,859
of which Distributable reserves: -€70,000
- Tax, wage and social debts -€63,634
down €63,634 (-84.4%), from €75,426 to €11,792
- Profit (loss) carried forward -€43,732
down €43,732, from €3,563 to -€40,169
- Trade debts +€10,198
up €10,198 (+115%), from €8,832 to €19,029
- Gross operating margin -€126,866
down €126,866, from €118,049 to -€8,817
- Taxes -€27,602
down €27,602 (-86.7%), from €31,830 to €4,228
- Staff costs +€4,874
new in 2025: €4,874
- Other operating charges +€1,266
up €1,266 (+35.9%), from €3,529 to €4,795
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.
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 | €904,537 | €735,824 | -€168,713 | -18.7% |
| Fixed assets | 21/28 | €322,058 | €309,768 | -€12,290 | -3.8% |
| Tangible fixed assets | 22/27 | €296,185 | €283,895 | -€12,290 | -4.1% |
| Land and buildings | 22 | €293,834 | €282,505 | -€11,329 | -3.9% |
| Furniture and vehicles | 24 | €2,351 | €1,390 | -€961 | -40.9% |
| Financial fixed assets | 28 | €25,873 | €25,873 | = | 0.0% |
| Current assets | 29/58 | €582,479 | €426,057 | -€156,422 | -26.9% |
| Amounts receivable within one year | 40/41 | €43,948 | €16,035 | -€27,913 | -63.5% |
| Trade receivables | 40 | €42,260 | €16,035 | -€26,225 | -62.1% |
| Other amounts receivable | 41 | €1,687 | - | -€1,687 | |
| Cash at bank and in hand | 54/58 | €529,334 | €406,423 | -€122,911 | -23.2% |
| Deferred charges and accrued income | 490/1 | €9,198 | €3,598 | -€5,599 | -60.9% |
| Total equity and liabilities | 10/49 | €904,537 | €735,824 | -€168,713 | -18.7% |
| Equity | 10/15 | €699,620 | €585,888 | -€113,732 | -16.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €689,859 | €619,859 | -€70,000 | -10.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €688,000 | €618,000 | -€70,000 | -10.2% |
| Profit (loss) carried forward | 14 | €3,563 | -€40,169 | -€43,732 | |
| Provisions and deferred taxes | 16 | €49,115 | €49,115 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €49,115 | €49,115 | = | 0.0% |
| Other liabilities and charges | 164/5 | €49,115 | €49,115 | = | 0.0% |
| Amounts payable | 17/49 | €155,802 | €100,822 | -€54,981 | -35.3% |
| Amounts payable within one year | 42/48 | €155,802 | €100,822 | -€54,981 | -35.3% |
| Trade debts | 44 | €8,832 | €19,029 | +€10,198 | +115% |
| Suppliers | 440/4 | €8,832 | €19,029 | +€10,198 | +115% |
| Taxes, remuneration and social security | 45 | €75,426 | €11,792 | -€63,634 | -84.4% |
| Taxes | 450/3 | €75,426 | €11,792 | -€63,634 | -84.4% |
| Other amounts payable | 47/48 | €71,544 | €70,000 | -€1,544 | -2.2% |
| Non-recurring operating income | 76A | €2,146 | - | -€2,146 | |
| Remuneration, social security and pensions | 62 | - | €4,874 | +€4,874 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,238 | €12,290 | -€947 | -7.2% |
| Other operating charges | 640/8 | €3,529 | €4,795 | +€1,266 | +35.9% |
| Non-recurring operating charges | 66A | - | €7,731 | +€7,731 | |
| Gross operating margin | 9900 | €118,049 | -€8,817 | -€126,866 | |
| Operating profit (loss) | 9901 | €101,282 | -€38,507 | -€139,790 | |
| Financial income | 75/76B | €212 | €1 | -€211 | -99.8% |
| Recurring financial income | 75 | €212 | €1 | -€211 | -99.8% |
| Financial charges | 65/66B | €520 | €997 | +€477 | +91.8% |
| Recurring financial charges | 65 | €520 | €997 | +€477 | +91.8% |
| Profit (loss) for the period before taxes | 9903 | €100,974 | -€39,504 | -€140,478 | |
| Income taxes | 67/77 | €31,830 | €4,228 | -€27,602 | -86.7% |
| Profit (loss) for the period | 9904 | €69,144 | -€43,732 | -€112,876 | |
| Profit (loss) for the period to be appropriated | 9905 | €69,144 | -€43,732 | -€112,876 |
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 13 October 2026 via checked.be.