MA-EL RX: 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-EL RX
Largest movements
- Current investments +€88,772
new in 2025: €88,772
- Cash -€59,167
down €59,167 (-32.7%), from €180,979 to €121,812
mainly Current investments (-€88,772) and Deferred charges and accrued income (-€48,807)
- Deferred charges and accrued income +€48,807
up €48,807 (+101%), from €48,213 to €97,020
- Receivables within one year +€47,024
up €47,024 (+291%), from €16,145 to €63,169
of which Trade receivables: +€60,000
- Reserves +€82,756
up €82,756 (+20.5%), from €403,124 to €485,879
- Tax, wage and social debts +€27,712
up €27,712 (+265%), from €10,473 to €38,185
of which Taxes: +€28,296
- Trade debts +€15,988
up €15,988 (+562%), from €2,843 to €18,830
- Current portion of long-term debt -€8,210
down €8,210 (-85.4%), from €9,610 to €1,399
- Other debts +€6,678
new in 2025: €6,678
- Gross operating margin +€43,461
up €43,461 (+30.2%), from €143,732 to €187,193
- Taxes +€18,964
up €18,964 (+50.6%), from €37,467 to €56,431
- Depreciation -€12,989
down €12,989 (-69.2%), from €18,777 to €5,788
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 | €452,141 | €575,579 | +€123,438 | +27.3% |
| Fixed assets | 21/28 | €206,803 | €204,806 | -€1,998 | -1.0% |
| Tangible fixed assets | 22/27 | €26,803 | €24,806 | -€1,998 | -7.5% |
| Plant, machinery and equipment | 23 | €25,976 | €23,199 | -€2,778 | -10.7% |
| Furniture and vehicles | 24 | €827 | €1,607 | +€780 | +94.4% |
| Financial fixed assets | 28 | €180,000 | €180,000 | = | 0.0% |
| Current assets | 29/58 | €245,337 | €370,773 | +€125,436 | +51.1% |
| Amounts receivable within one year | 40/41 | €16,145 | €63,169 | +€47,024 | +291% |
| Trade receivables | 40 | - | €60,000 | +€60,000 | |
| Other amounts receivable | 41 | €16,145 | €3,169 | -€12,976 | -80.4% |
| Current investments | 50/53 | - | €88,772 | +€88,772 | |
| Cash at bank and in hand | 54/58 | €180,979 | €121,812 | -€59,167 | -32.7% |
| Deferred charges and accrued income | 490/1 | €48,213 | €97,020 | +€48,807 | +101% |
| Total equity and liabilities | 10/49 | €452,141 | €575,579 | +€123,438 | +27.3% |
| Equity | 10/15 | €422,764 | €505,519 | +€82,756 | +19.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €403,124 | €485,879 | +€82,756 | +20.5% |
| Distributable reserves | 133 | €403,124 | €485,879 | +€82,756 | +20.5% |
| Profit (loss) carried forward | 14 | €7,240 | €7,240 | = | 0.0% |
| Amounts payable | 17/49 | €29,377 | €70,059 | +€40,682 | +138% |
| Amounts payable after more than one year | 17 | €1,399 | - | -€1,399 | |
| Financial debts | 170/4 | €1,399 | - | -€1,399 | |
| Amounts payable within one year | 42/48 | €22,925 | €65,092 | +€42,167 | +184% |
| Current portion of amounts payable after more than one year | 42 | €9,610 | €1,399 | -€8,210 | -85.4% |
| Trade debts | 44 | €2,843 | €18,830 | +€15,988 | +562% |
| Suppliers | 440/4 | €2,843 | €18,830 | +€15,988 | +562% |
| Taxes, remuneration and social security | 45 | €10,473 | €38,185 | +€27,712 | +265% |
| Taxes | 450/3 | €8,918 | €37,214 | +€28,296 | +317% |
| Remuneration and social security | 454/9 | €1,555 | €971 | -€584 | -37.5% |
| Other amounts payable | 47/48 | - | €6,678 | +€6,678 | |
| Accrued charges and deferred income | 492/3 | €5,053 | €4,967 | -€86 | -1.7% |
| Non-recurring operating income | 76A | - | €60,000 | +€60,000 | |
| Remuneration, social security and pensions | 62 | €11,787 | €11,941 | +€154 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,777 | €5,788 | -€12,989 | -69.2% |
| Other operating charges | 640/8 | €930 | €1,209 | +€279 | +30.0% |
| Gross operating margin | 9900 | €143,732 | €187,193 | +€43,461 | +30.2% |
| Operating profit (loss) | 9901 | €112,238 | €168,255 | +€56,017 | +49.9% |
| Financial income | 75/76B | €1,457 | €1,383 | -€74 | -5.1% |
| Recurring financial income | 75 | €1,457 | €1,383 | -€74 | -5.1% |
| Financial charges | 65/66B | €2,047 | €3,003 | +€957 | +46.7% |
| Recurring financial charges | 65 | €2,047 | €3,003 | +€957 | +46.7% |
| Profit (loss) for the period before taxes | 9903 | €111,648 | €166,634 | +€54,986 | +49.2% |
| Income taxes | 67/77 | €37,467 | €56,431 | +€18,964 | +50.6% |
| Profit (loss) for the period | 9904 | €74,181 | €110,203 | +€36,022 | +48.6% |
| Profit (loss) for the period to be appropriated | 9905 | €74,181 | €110,203 | +€36,022 | +48.6% |
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 17 October 2026 via checked.be.