Ma.Dam: 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.Dam
Largest movements
- Receivables within one year +€9,792
up €9,792 (+298%), from €3,286 to €13,078
of which Trade receivables: +€5,140
- Deferred charges and accrued income -€4,420
no longer reported in 2025 (was €4,420)
- Cash -€3,506
down €3,506 (-34.5%), from €10,163 to €6,657
mainly Trade debts (-€22,760) and Contributions, distributions and other (-€20,000)
- Stocks and contracts -€2,050
down €2,050 (-1.5%), from €140,101 to €138,050
- Other debts +€26,301
up €26,301 (+101%), from €26,124 to €52,426
- Trade debts -€22,760
down €22,760 (-32.5%), from €69,929 to €47,169
- Tax, wage and social debts -€9,702
down €9,702 (-51.8%), from €18,720 to €9,018
of which Taxes: -€9,374
- Short-term financial debts +€4,992
up €4,992 (+18.7%), from €26,702 to €31,694
- Current portion of long-term debt -€3,935
no longer reported in 2025 (was €3,935)
- Gross operating margin +€54,734
up €54,734 (+134%), from €40,755 to €95,489
- Taxes +€7,338
up €7,338 (+2,289%), from €321 to €7,659
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 | €175,590 | €173,709 | -€1,881 | -1.1% |
| Fixed assets | 21/28 | €15,020 | €13,323 | -€1,697 | -11.3% |
| Tangible fixed assets | 22/27 | €15,020 | €13,323 | -€1,697 | -11.3% |
| Plant, machinery and equipment | 23 | €1,302 | €910 | -€392 | -30.1% |
| Furniture and vehicles | 24 | €8,687 | €7,614 | -€1,074 | -12.4% |
| Other tangible fixed assets | 26 | €5,030 | €4,799 | -€231 | -4.6% |
| Current assets | 29/58 | €160,570 | €160,386 | -€184 | -0.1% |
| Amounts receivable after more than one year | 29 | €2,600 | €2,600 | = | 0.0% |
| Other amounts receivable | 291 | €2,600 | €2,600 | = | 0.0% |
| Stocks and contracts in progress | 3 | €140,101 | €138,050 | -€2,050 | -1.5% |
| Stocks | 30/36 | €140,101 | €138,050 | -€2,050 | -1.5% |
| Amounts receivable within one year | 40/41 | €3,286 | €13,078 | +€9,792 | +298% |
| Trade receivables | 40 | €2,539 | €7,679 | +€5,140 | +202% |
| Other amounts receivable | 41 | €748 | €5,400 | +€4,652 | +622% |
| Cash at bank and in hand | 54/58 | €10,163 | €6,657 | -€3,506 | -34.5% |
| Deferred charges and accrued income | 490/1 | €4,420 | - | -€4,420 | |
| Total equity and liabilities | 10/49 | €175,590 | €173,709 | -€1,881 | -1.1% |
| Equity | 10/15 | €30,180 | €33,403 | +€3,223 | +10.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €406 | €406 | = | 0.0% |
| Distributable reserves | 133 | €406 | €406 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,774 | €12,997 | +€3,223 | +33.0% |
| Amounts payable | 17/49 | €145,410 | €140,306 | -€5,104 | -3.5% |
| Amounts payable within one year | 42/48 | €145,410 | €140,306 | -€5,104 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €3,935 | - | -€3,935 | |
| Financial debts | 43 | €26,702 | €31,694 | +€4,992 | +18.7% |
| Credit institutions | 430/8 | €26,702 | €31,694 | +€4,992 | +18.7% |
| Trade debts | 44 | €69,929 | €47,169 | -€22,760 | -32.5% |
| Suppliers | 440/4 | €69,929 | €47,169 | -€22,760 | -32.5% |
| Taxes, remuneration and social security | 45 | €18,720 | €9,018 | -€9,702 | -51.8% |
| Taxes | 450/3 | €10,209 | €835 | -€9,374 | -91.8% |
| Remuneration and social security | 454/9 | €8,511 | €8,183 | -€328 | -3.9% |
| Other amounts payable | 47/48 | €26,124 | €52,426 | +€26,301 | +101% |
| Remuneration, social security and pensions | 62 | €56,716 | €56,592 | -€124 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,220 | €2,925 | -€295 | -9.2% |
| Other operating charges | 640/8 | €1,612 | €1,697 | +€85 | +5.2% |
| Gross operating margin | 9900 | €40,755 | €95,489 | +€54,734 | +134% |
| Operating profit (loss) | 9901 | -€20,794 | €34,274 | +€55,068 | |
| Financial income | 75/76B | €937 | €687 | -€249 | -26.6% |
| Recurring financial income | 75 | €937 | €687 | -€249 | -26.6% |
| Financial charges | 65/66B | €3,648 | €4,080 | +€431 | +11.8% |
| Recurring financial charges | 65 | €3,648 | €4,080 | +€431 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | -€23,505 | €30,882 | +€54,387 | |
| Income taxes | 67/77 | €321 | €7,659 | +€7,338 | +2,289% |
| Profit (loss) for the period | 9904 | -€23,826 | €23,223 | +€47,049 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,826 | €23,223 | +€47,049 |
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 18 October 2026 via checked.be.