MA DA: 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 DA
Largest movements
- Receivables within one year +€25,919
up €25,919 (+8.6%), from €301,863 to €327,782
- Cash -€23,630
down €23,630 (-29.6%), from €79,953 to €56,323
mainly Tax, wage and social debts (-€46,032) and Receivables within one year (-€25,919)
- Deferred charges and accrued income -€10,562
down €10,562 (-41.3%), from €25,602 to €15,040
- Tax, wage and social debts -€46,032
down €46,032 (-84.0%), from €54,804 to €8,772
- Reserves +€32,539
up €32,539 (+9.4%), from €347,197 to €379,736
of which Distributable reserves: +€32,539
- Taxes -€54,849
down €54,849, from €54,803 to -€46
- Gross operating margin +€7,812
up €7,812 (+37.2%), from €21,014 to €28,826
- Financial income -€2,282
down €2,282 (-11.1%), from €20,627 to €18,345
- Other operating charges +€338
up €338 (+3.1%), from €10,866 to €11,204
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 | €442,288 | €430,597 | -€11,691 | -2.6% |
| Fixed assets | 21/28 | €34,870 | €31,452 | -€3,418 | -9.8% |
| Tangible fixed assets | 22/27 | €34,870 | €31,452 | -€3,418 | -9.8% |
| Land and buildings | 22 | €31,087 | €28,615 | -€2,472 | -8.0% |
| Plant, machinery and equipment | 23 | €3,783 | €2,837 | -€946 | -25.0% |
| Current assets | 29/58 | €407,418 | €399,145 | -€8,273 | -2.0% |
| Amounts receivable within one year | 40/41 | €301,863 | €327,782 | +€25,919 | +8.6% |
| Other amounts receivable | 41 | €301,863 | €327,782 | +€25,919 | +8.6% |
| Cash at bank and in hand | 54/58 | €79,953 | €56,323 | -€23,630 | -29.6% |
| Deferred charges and accrued income | 490/1 | €25,602 | €15,040 | -€10,562 | -41.3% |
| Total equity and liabilities | 10/49 | €442,288 | €430,597 | -€11,691 | -2.6% |
| Equity | 10/15 | €378,197 | €410,736 | +€32,539 | +8.6% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €347,197 | €379,736 | +€32,539 | +9.4% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Distributable reserves | 133 | €344,097 | €376,636 | +€32,539 | +9.5% |
| Amounts payable | 17/49 | €64,091 | €19,861 | -€44,230 | -69.0% |
| Amounts payable within one year | 42/48 | €62,291 | €16,260 | -€46,031 | -73.9% |
| Trade debts | 44 | €194 | €194 | = | 0.0% |
| Suppliers | 440/4 | €194 | €194 | = | 0.0% |
| Advances received on contracts in progress | 46 | €7,293 | €7,294 | +€1 | 0.0% |
| Taxes, remuneration and social security | 45 | €54,804 | €8,772 | -€46,032 | -84.0% |
| Taxes | 450/3 | €54,804 | €8,772 | -€46,032 | -84.0% |
| Accrued charges and deferred income | 492/3 | €1,800 | €3,601 | +€1,801 | +100.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,418 | €3,418 | = | 0.0% |
| Other operating charges | 640/8 | €10,866 | €11,204 | +€338 | +3.1% |
| Gross operating margin | 9900 | €21,014 | €28,826 | +€7,812 | +37.2% |
| Operating profit (loss) | 9901 | €6,730 | €14,204 | +€7,474 | +111.1% |
| Financial income | 75/76B | €20,627 | €18,345 | -€2,282 | -11.1% |
| Recurring financial income | 75 | €20,627 | €18,345 | -€2,282 | -11.1% |
| Financial charges | 65/66B | €58 | €55 | -€3 | -5.2% |
| Recurring financial charges | 65 | €58 | €55 | -€3 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €27,299 | €32,494 | +€5,195 | +19.0% |
| Income taxes | 67/77 | €54,803 | -€46 | -€54,849 | |
| Profit (loss) for the period | 9904 | -€27,504 | €32,540 | +€60,044 | |
| Transfer from tax-exempt reserves | 789 | €141,081 | - | -€141,081 | |
| Profit (loss) for the period to be appropriated | 9905 | €113,577 | €32,540 | -€81,037 | -71.3% |
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 9 October 2026 via checked.be.