MA-DE: 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-DE
Largest movements
- Current investments -€25,000
no longer reported in 2025 (was €25,000)
- Cash +€17,071
up €17,071 (+1252.9%), from €1,363 to €18,434
mainly Current investments (+€25,000) and Depreciation (+€10,546)
- Tangible fixed assets -€6,916
down €6,916 (-8.3%), from €83,128 to €76,212
of which Land and buildings: -€5,456
- Debts after one year -€10,563
down €10,563 (-9.9%), from €106,695 to €96,132
- Profit (loss) carried forward -€5,049
down €5,049 (-23.6%), from -€21,352 to -€26,401
- Tax, wage and social debts -€2,100
no longer reported in 2025 (was €2,100)
- Accrued charges and deferred income +€1,458
new in 2025: €1,458
- Gross operating margin -€21,346
down €21,346 (-69.4%), from €30,765 to €9,419
- Financial income +€544
up €544 (+1088900.0%), from €0 to €545
- Other operating charges -€500
down €500 (-27.8%), from €1,800 to €1,300
- Financial charges -€398
down €398 (-11.4%), from €3,475 to €3,077
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 | €116,202 | €101,353 | -€14,849 | -12.8% |
| Fixed assets | 21/28 | €83,128 | €76,212 | -€6,916 | -8.3% |
| Tangible fixed assets | 22/27 | €83,128 | €76,212 | -€6,916 | -8.3% |
| Land and buildings | 22 | €79,565 | €74,109 | -€5,456 | -6.9% |
| Plant, machinery and equipment | 23 | €468 | €244 | -€223 | -47.8% |
| Furniture and vehicles | 24 | €3,096 | €1,859 | -€1,237 | -39.9% |
| Current assets | 29/58 | €33,074 | €25,141 | -€7,933 | -24.0% |
| Amounts receivable after more than one year | 29 | - | €700 | +€700 | |
| Other amounts receivable | 291 | - | €700 | +€700 | |
| Amounts receivable within one year | 40/41 | €6,711 | €6,007 | -€704 | -10.5% |
| Trade receivables | 40 | €6,344 | €5,633 | -€711 | -11.2% |
| Other amounts receivable | 41 | €367 | €375 | +€7 | +2.0% |
| Current investments | 50/53 | €25,000 | - | -€25,000 | |
| Cash at bank and in hand | 54/58 | €1,363 | €18,434 | +€17,071 | +1252.9% |
| Total equity and liabilities | 10/49 | €116,202 | €101,353 | -€14,849 | -12.8% |
| Equity | 10/15 | -€7,508 | -€12,557 | -€5,049 | -67.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,444 | €1,444 | = | 0.0% |
| Distributable reserves | 133 | €1,444 | €1,444 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,352 | -€26,401 | -€5,049 | -23.6% |
| Amounts payable | 17/49 | €123,710 | €113,910 | -€9,800 | -7.9% |
| Amounts payable after more than one year | 17 | €106,695 | €96,132 | -€10,563 | -9.9% |
| Financial debts | 170/4 | €106,695 | €96,132 | -€10,563 | -9.9% |
| Amounts payable within one year | 42/48 | €17,015 | €16,320 | -€695 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €13,613 | €13,971 | +€358 | +2.6% |
| Trade debts | 44 | - | €972 | +€972 | |
| Suppliers | 440/4 | - | €972 | +€972 | |
| Taxes, remuneration and social security | 45 | €2,100 | - | -€2,100 | |
| Remuneration and social security | 454/9 | €2,100 | - | -€2,100 | |
| Other amounts payable | 47/48 | €1,302 | €1,377 | +€75 | +5.8% |
| Accrued charges and deferred income | 492/3 | - | €1,458 | +€1,458 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,321 | €10,546 | +€225 | +2.2% |
| Other operating charges | 640/8 | €1,800 | €1,300 | -€500 | -27.8% |
| Gross operating margin | 9900 | €30,765 | €9,419 | -€21,346 | -69.4% |
| Operating profit (loss) | 9901 | €18,644 | -€2,427 | -€21,071 | |
| Financial income | 75/76B | €0 | €545 | +€544 | +1088900.0% |
| Recurring financial income | 75 | €0 | €545 | +€544 | +1088900.0% |
| Financial charges | 65/66B | €3,475 | €3,077 | -€398 | -11.4% |
| Recurring financial charges | 65 | €3,475 | €3,077 | -€398 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €15,169 | -€4,960 | -€20,129 | |
| Income taxes | 67/77 | - | €89 | +€89 | |
| Profit (loss) for the period | 9904 | €15,169 | -€5,049 | -€20,218 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,169 | -€5,049 | -€20,218 |
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 4 October 2026 via checked.be.