MA EXPERTISE: 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 EXPERTISE
Largest movements
- Receivables within one year -€21,698
down €21,698 (-96.7%), from €22,443 to €744
of which Trade receivables: -€21,712
- Deferred charges and accrued income +€18,700
new in 2025: €18,700
- Cash -€15,305
down €15,305 (-21.4%), from €71,399 to €56,094
mainly Contributions, distributions and other (-€80,280) and Deferred charges and accrued income (-€18,700)
- Tax, wage and social debts -€12,405
down €12,405 (-46.1%), from €26,901 to €14,496
- Other debts -€5,715
down €5,715 (-8.0%), from €71,755 to €66,040
- Gross operating margin -€5,247
down €5,247 (-4.8%), from €109,447 to €104,201
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 | €101,011 | €82,866 | -€18,145 | -18.0% |
| Fixed assets | 21/28 | €3,669 | €3,828 | +€158 | +4.3% |
| Tangible fixed assets | 22/27 | €3,669 | €3,828 | +€158 | +4.3% |
| Plant, machinery and equipment | 23 | €640 | €1,958 | +€1,318 | +205.8% |
| Furniture and vehicles | 24 | €3,029 | €1,869 | -€1,160 | -38.3% |
| Current assets | 29/58 | €97,341 | €79,038 | -€18,303 | -18.8% |
| Amounts receivable within one year | 40/41 | €22,443 | €744 | -€21,698 | -96.7% |
| Trade receivables | 40 | €22,425 | €712 | -€21,712 | -96.8% |
| Other amounts receivable | 41 | €18 | €32 | +€14 | +79.1% |
| Current investments | 50/53 | €3,500 | €3,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €71,399 | €56,094 | -€15,305 | -21.4% |
| Deferred charges and accrued income | 490/1 | - | €18,700 | +€18,700 | |
| Total equity and liabilities | 10/49 | €101,011 | €82,866 | -€18,145 | -18.0% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable | 17/49 | €99,011 | €80,866 | -€18,145 | -18.3% |
| Amounts payable within one year | 42/48 | €99,011 | €80,866 | -€18,145 | -18.3% |
| Trade debts | 44 | €354 | €329 | -€25 | -7.0% |
| Suppliers | 440/4 | €354 | €329 | -€25 | -7.0% |
| Taxes, remuneration and social security | 45 | €26,901 | €14,496 | -€12,405 | -46.1% |
| Taxes | 450/3 | €26,901 | €14,496 | -€12,405 | -46.1% |
| Other amounts payable | 47/48 | €71,755 | €66,040 | -€5,715 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,327 | €1,682 | -€645 | -27.7% |
| Other operating charges | 640/8 | €1,340 | €699 | -€642 | -47.9% |
| Gross operating margin | 9900 | €109,447 | €104,201 | -€5,247 | -4.8% |
| Operating profit (loss) | 9901 | €105,780 | €101,820 | -€3,960 | -3.7% |
| Financial income | 75/76B | €110 | €147 | +€36 | +33.1% |
| Recurring financial income | 75 | €110 | €147 | +€36 | +33.1% |
| Financial charges | 65/66B | €183 | €140 | -€43 | -23.4% |
| Recurring financial charges | 65 | €183 | €140 | -€43 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €105,707 | €101,826 | -€3,881 | -3.7% |
| Income taxes | 67/77 | €22,510 | €21,546 | -€964 | -4.3% |
| Profit (loss) for the period | 9904 | €83,197 | €80,280 | -€2,917 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €83,197 | €80,280 | -€2,917 | -3.5% |
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 5 October 2026 via checked.be.