MA&CO: what changed
MA&CO
Largest movements
- Receivables within one year -€49,983
down €49,983 (-25.1%), from €198,985 to €149,002
of which Trade receivables: -€33,482
- Cash +€5,819
up €5,819 (+12.8%), from €45,633 to €51,452
mainly Receivables within one year (+€49,983) and Net result for the year (+€29,560)
- Profit (loss) carried forward -€15,734
down €15,734 (-14.9%), from €105,829 to €90,095
- Other debts -€13,235
down €13,235 (-22.6%), from €58,529 to €45,294
- Tax, wage and social debts -€9,515
down €9,515 (-21.8%), from €43,555 to €34,040
of which Taxes: -€9,901
- Current portion of long-term debt -€4,316
down €4,316 (-24.0%), from €18,000 to €13,684
- Gross operating margin -€34,625
down €34,625 (-17.0%), from €203,694 to €169,069
- Staff costs +€15,454
up €15,454 (+13.4%), from €115,431 to €130,886
- Taxes -€8,520
down €8,520 (-40.9%), from €20,852 to €12,332
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €244,828 | €202,135 | -€42,693 | -17.4% |
| Fixed assets | 21/28 | €210 | €1,457 | +€1,247 | +594% |
| Tangible fixed assets | 22/27 | - | €1,247 | +€1,247 | |
| Furniture and vehicles | 24 | - | €1,247 | +€1,247 | |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €244,618 | €200,678 | -€43,940 | -18.0% |
| Amounts receivable within one year | 40/41 | €198,985 | €149,002 | -€49,983 | -25.1% |
| Trade receivables | 40 | €72,452 | €38,970 | -€33,482 | -46.2% |
| Other amounts receivable | 41 | €126,532 | €110,032 | -€16,501 | -13.0% |
| Cash at bank and in hand | 54/58 | €45,633 | €51,452 | +€5,819 | +12.8% |
| Deferred charges and accrued income | 490/1 | - | €224 | +€224 | |
| Total equity and liabilities | 10/49 | €244,828 | €202,135 | -€42,693 | -17.4% |
| Equity | 10/15 | €124,429 | €108,695 | -€15,734 | -12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,829 | €90,095 | -€15,734 | -14.9% |
| Amounts payable | 17/49 | €120,399 | €93,441 | -€26,958 | -22.4% |
| Amounts payable within one year | 42/48 | €120,399 | €93,441 | -€26,958 | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €18,000 | €13,684 | -€4,316 | -24.0% |
| Trade debts | 44 | €315 | €423 | +€108 | +34.3% |
| Suppliers | 440/4 | €315 | €423 | +€108 | +34.3% |
| Taxes, remuneration and social security | 45 | €43,555 | €34,040 | -€9,515 | -21.8% |
| Taxes | 450/3 | €30,660 | €20,759 | -€9,901 | -32.3% |
| Remuneration and social security | 454/9 | €12,894 | €13,280 | +€386 | +3.0% |
| Other amounts payable | 47/48 | €58,529 | €45,294 | -€13,235 | -22.6% |
| Non-recurring operating income | 76A | €10,737 | - | -€10,737 | |
| Remuneration, social security and pensions | 62 | €115,431 | €130,886 | +€15,454 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €288 | €583 | +€296 | +103% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €203,694 | €169,069 | -€34,625 | -17.0% |
| Operating profit (loss) | 9901 | €87,588 | €37,200 | -€50,387 | -57.5% |
| Financial income | 75/76B | €7,109 | €6,365 | -€744 | -10.5% |
| Recurring financial income | 75 | €7,109 | €6,365 | -€744 | -10.5% |
| Financial charges | 65/66B | €2,290 | €1,674 | -€616 | -26.9% |
| Recurring financial charges | 65 | €2,290 | €1,674 | -€616 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €92,407 | €41,892 | -€50,515 | -54.7% |
| Income taxes | 67/77 | €20,852 | €12,332 | -€8,520 | -40.9% |
| Profit (loss) for the period | 9904 | €71,555 | €29,560 | -€41,995 | -58.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,555 | €29,560 | -€41,995 | -58.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.