MA.DE Management: 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 Management
Largest movements
- Tangible fixed assets +€206,902
up €206,902 (+149,755%), from €138 to €207,040
of which Land and buildings: +€203,186
- Cash -€142,587
down €142,587 (-36.6%), from €389,143 to €246,556
mainly Investment in fixed assets (net) (-€213,410) and Tax, wage and social debts (-€36,747)
- Reserves +€75,000
up €75,000 (+33.3%), from €225,000 to €300,000
- Tax, wage and social debts -€36,747
down €36,747 (-47.8%), from €76,941 to €40,194
- Profit (loss) carried forward +€23,525
up €23,525 (+28.8%), from €81,691 to €105,216
- Gross operating margin +€10,569
up €10,569 (+7.7%), from €136,692 to €147,261
- Depreciation +€6,302
up €6,302 (+3,053%), from €206 to €6,508
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 | €389,281 | €454,032 | +€64,751 | +16.6% |
| Fixed assets | 21/28 | €138 | €207,040 | +€206,902 | +149,755% |
| Tangible fixed assets | 22/27 | €138 | €207,040 | +€206,902 | +149,755% |
| Land and buildings | 22 | - | €203,186 | +€203,186 | |
| Furniture and vehicles | 24 | €138 | €3,854 | +€3,716 | +2,690% |
| Current assets | 29/58 | €389,143 | €246,991 | -€142,152 | -36.5% |
| Amounts receivable within one year | 40/41 | - | €93 | +€93 | |
| Other amounts receivable | 41 | - | €93 | +€93 | |
| Cash at bank and in hand | 54/58 | €389,143 | €246,556 | -€142,587 | -36.6% |
| Deferred charges and accrued income | 490/1 | - | €343 | +€343 | |
| Total equity and liabilities | 10/49 | €389,281 | €454,032 | +€64,751 | +16.6% |
| Equity | 10/15 | €310,691 | €409,216 | +€98,525 | +31.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €225,000 | €300,000 | +€75,000 | +33.3% |
| Distributable reserves | 133 | €225,000 | €300,000 | +€75,000 | +33.3% |
| Profit (loss) carried forward | 14 | €81,691 | €105,216 | +€23,525 | +28.8% |
| Amounts payable | 17/49 | €78,590 | €44,816 | -€33,774 | -43.0% |
| Amounts payable within one year | 42/48 | €78,590 | €44,816 | -€33,774 | -43.0% |
| Trade debts | 44 | €1,409 | €3,172 | +€1,763 | +125% |
| Suppliers | 440/4 | €1,409 | €3,172 | +€1,763 | +125% |
| Taxes, remuneration and social security | 45 | €76,941 | €40,194 | -€36,747 | -47.8% |
| Taxes | 450/3 | €76,941 | €40,194 | -€36,747 | -47.8% |
| Other amounts payable | 47/48 | €240 | €1,450 | +€1,210 | +504% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206 | €6,508 | +€6,302 | +3,053% |
| Other operating charges | 640/8 | €737 | €798 | +€62 | +8.4% |
| Gross operating margin | 9900 | €136,692 | €147,261 | +€10,569 | +7.7% |
| Operating profit (loss) | 9901 | €135,749 | €139,955 | +€4,206 | +3.1% |
| Financial income | 75/76B | €1,718 | €999 | -€719 | -41.8% |
| Recurring financial income | 75 | €1,718 | €999 | -€719 | -41.8% |
| Financial charges | 65/66B | €4,064 | €4,769 | +€706 | +17.4% |
| Recurring financial charges | 65 | €4,064 | €4,769 | +€706 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | €133,404 | €136,185 | +€2,782 | +2.1% |
| Income taxes | 67/77 | €37,349 | €37,660 | +€312 | +0.8% |
| Profit (loss) for the period | 9904 | €96,055 | €98,525 | +€2,470 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €96,055 | €98,525 | +€2,470 | +2.6% |
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 20 October 2026 via checked.be.