MA-DE: 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-DE
Largest movements
- Cash +€11,498
up €11,498 (+31.9%), from €36,037 to €47,535
mainly Net result for the year (+€56,262) and Other debts (+€20,789)
- Deferred charges and accrued income +€6,321
up €6,321 (+825%), from €766 to €7,086
- Receivables within one year +€5,227
up €5,227 (+40.1%), from €13,044 to €18,271
of which Trade receivables: +€7,260
- Tangible fixed assets -€4,605
down €4,605 (-43.9%), from €10,492 to €5,887
of which Furniture and vehicles: -€2,607
- Other debts +€20,789
up €20,789 (+70.7%), from €29,412 to €50,201
- Short-term financial debts -€2,487
down €2,487 (-99.7%), from €2,493 to €6
- Profit (loss) carried forward -€1,740
down €1,740 (-15.1%), from €11,502 to €9,762
- Tax, wage and social debts +€1,278
up €1,278 (+11.9%), from €10,717 to €11,995
- Gross operating margin +€15,374
up €15,374 (+24.8%), from €62,069 to €77,442
- Depreciation -€6,739
down €6,739 (-59.4%), from €11,344 to €4,605
- Taxes +€1,342
up €1,342 (+9.5%), from €14,189 to €15,531
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 | €60,489 | €78,929 | +€18,440 | +30.5% |
| Fixed assets | 21/28 | €10,642 | €6,037 | -€4,605 | -43.3% |
| Tangible fixed assets | 22/27 | €10,492 | €5,887 | -€4,605 | -43.9% |
| Plant, machinery and equipment | 23 | €7,508 | €5,670 | -€1,838 | -24.5% |
| Furniture and vehicles | 24 | €2,663 | €56 | -€2,607 | -97.9% |
| Other tangible fixed assets | 26 | €322 | €161 | -€161 | -50.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €49,846 | €72,892 | +€23,046 | +46.2% |
| Amounts receivable within one year | 40/41 | €13,044 | €18,271 | +€5,227 | +40.1% |
| Trade receivables | 40 | €11,011 | €18,271 | +€7,260 | +65.9% |
| Other amounts receivable | 41 | €2,033 | €0 | -€2,033 | -100% |
| Cash at bank and in hand | 54/58 | €36,037 | €47,535 | +€11,498 | +31.9% |
| Deferred charges and accrued income | 490/1 | €766 | €7,086 | +€6,321 | +825% |
| Total equity and liabilities | 10/49 | €60,489 | €78,929 | +€18,440 | +30.5% |
| Equity | 10/15 | €16,502 | €14,762 | -€1,740 | -10.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,502 | €9,762 | -€1,740 | -15.1% |
| Amounts payable | 17/49 | €43,987 | €64,167 | +€20,181 | +45.9% |
| Amounts payable within one year | 42/48 | €43,987 | €64,167 | +€20,181 | +45.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €2,493 | €6 | -€2,487 | -99.7% |
| Credit institutions | 430/8 | €2,493 | €6 | -€2,487 | -99.7% |
| Trade debts | 44 | €1,364 | €1,965 | +€601 | +44.0% |
| Suppliers | 440/4 | €1,364 | €1,965 | +€601 | +44.0% |
| Taxes, remuneration and social security | 45 | €10,717 | €11,995 | +€1,278 | +11.9% |
| Taxes | 450/3 | €10,717 | €11,995 | +€1,278 | +11.9% |
| Other amounts payable | 47/48 | €29,412 | €50,201 | +€20,789 | +70.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,344 | €4,605 | -€6,739 | -59.4% |
| Other operating charges | 640/8 | €905 | €979 | +€74 | +8.2% |
| Gross operating margin | 9900 | €62,069 | €77,442 | +€15,374 | +24.8% |
| Operating profit (loss) | 9901 | €49,820 | €71,858 | +€22,038 | +44.2% |
| Financial income | 75/76B | €81 | €7 | -€74 | -91.3% |
| Recurring financial income | 75 | €81 | €7 | -€74 | -91.3% |
| Financial charges | 65/66B | €84 | €72 | -€12 | -14.3% |
| Recurring financial charges | 65 | €84 | €72 | -€12 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €49,817 | €71,793 | +€21,976 | +44.1% |
| Income taxes | 67/77 | €14,189 | €15,531 | +€1,342 | +9.5% |
| Profit (loss) for the period | 9904 | €35,628 | €56,262 | +€20,634 | +57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €35,628 | €56,262 | +€20,634 | +57.9% |
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 14 October 2026 via checked.be.