MA-GRE: 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-GRE
Largest movements
- Tangible fixed assets +€6,744
up €6,744 (+525.1%), from €1,284 to €8,029
of which Plant, machinery and equipment: +€7,208
- Cash -€5,351
down €5,351 (-40.0%), from €13,371 to €8,020
mainly Investment in fixed assets (net) (-€7,583) and Receivables within one year (-€1,617)
- Receivables within one year +€1,617
up €1,617, from €0 to €1,617
of which Other amounts receivable: +€1,435
- Deferred charges and accrued income +€696
up €696 (+395.4%), from €176 to €872
- Profit (loss) carried forward +€3,484
up €3,484 (+9.5%), from -€36,645 to -€33,160
- Trade debts +€1,416
up €1,416 (+1343.8%), from €105 to €1,521
- Tax, wage and social debts -€715
down €715 (-96.3%), from €742 to €27
- Debts after one year -€504
down €504 (-3.9%), from €12,944 to €12,440
- Other operating charges -€6,794
down €6,794 (-92.5%), from €7,341 to €548
- Gross operating margin -€1,879
down €1,879 (-25.7%), from €7,316 to €5,437
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 | €18,109 | €21,665 | +€3,556 | +19.6% |
| Fixed assets | 21/28 | €1,284 | €8,029 | +€6,744 | +525.1% |
| Tangible fixed assets | 22/27 | €1,284 | €8,029 | +€6,744 | +525.1% |
| Plant, machinery and equipment | 23 | €333 | €7,541 | +€7,208 | +2163.8% |
| Furniture and vehicles | 24 | €951 | €488 | -€464 | -48.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €16,825 | €13,636 | -€3,189 | -19.0% |
| Stocks and contracts in progress | 3 | €3,278 | €3,128 | -€150 | -4.6% |
| Stocks | 30/36 | €3,278 | €3,128 | -€150 | -4.6% |
| Amounts receivable within one year | 40/41 | €0 | €1,617 | +€1,617 | |
| Trade receivables | 40 | €0 | €182 | +€182 | |
| Other amounts receivable | 41 | €0 | €1,435 | +€1,435 | |
| Cash at bank and in hand | 54/58 | €13,371 | €8,020 | -€5,351 | -40.0% |
| Deferred charges and accrued income | 490/1 | €176 | €872 | +€696 | +395.4% |
| Total equity and liabilities | 10/49 | €18,109 | €21,665 | +€3,556 | +19.6% |
| Equity | 10/15 | €4,192 | €7,677 | +€3,484 | +83.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €15,837 | €15,837 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,817 | €6,817 | = | 0.0% |
| Distributable reserves | 133 | €9,020 | €9,020 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,645 | -€33,160 | +€3,484 | +9.5% |
| Amounts payable | 17/49 | €13,917 | €13,988 | +€71 | +0.5% |
| Amounts payable after more than one year | 17 | €12,944 | €12,440 | -€504 | -3.9% |
| Other amounts payable | 178/9 | €12,944 | €12,440 | -€504 | -3.9% |
| Amounts payable within one year | 42/48 | €847 | €1,548 | +€701 | +82.7% |
| Trade debts | 44 | €105 | €1,521 | +€1,416 | +1343.8% |
| Suppliers | 440/4 | €105 | €1,521 | +€1,416 | +1343.8% |
| Taxes, remuneration and social security | 45 | €742 | €27 | -€715 | -96.3% |
| Taxes | 450/3 | €742 | €27 | -€715 | -96.3% |
| Accrued charges and deferred income | 492/3 | €126 | €0 | -€126 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €886 | €838 | -€48 | -5.4% |
| Other operating charges | 640/8 | €7,341 | €548 | -€6,794 | -92.5% |
| Gross operating margin | 9900 | €7,316 | €5,437 | -€1,879 | -25.7% |
| Operating profit (loss) | 9901 | -€911 | €4,051 | +€4,962 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €507 | €567 | +€60 | +11.8% |
| Recurring financial charges | 65 | €507 | €567 | +€60 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,418 | €3,484 | +€4,902 | |
| Income taxes | 67/77 | €71 | €0 | -€71 | -100.0% |
| Profit (loss) for the period | 9904 | -€1,489 | €3,484 | +€4,973 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,489 | €3,484 | +€4,973 |
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 11 October 2026 via checked.be.