MA Holding: 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 Holding
Largest movements
- Receivables within one year +€294,837
up €294,837 (+1,055%), from €27,954 to €322,791
of which Trade receivables: +€288,471
- Current investments -€275,000
down €275,000 (-73.3%), from €375,000 to €100,000
- Debts after one year -€774,433
down €774,433 (-32.8%), from €2.4m to €1.6m
- Reserves +€443,573
up €443,573 (+27.0%), from €1.6m to €2.1m
of which Distributable reserves: +€530,773
- Trade debts +€327,809
up €327,809 (+250%), from €131,362 to €459,170
- Other debts +€308,112
up €308,112, from €0 to €308,112
- Profit (loss) carried forward -€212,832
down €212,832 (-100%), from €212,832 to €0
- Gross operating margin +€466,629
up €466,629 (+273%), from €171,067 to €637,696
- Taxes +€41,254
up €41,254 (+111%), from €37,076 to €78,330
- Financial charges +€12,892
up €12,892 (+53.9%), from €23,929 to €36,821
- Financial income +€6,442
up €6,442 (+181%), from €3,559 to €10,001
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,840,743 | €4,880,174 | +€39,431 | +0.8% |
| Fixed assets | 21/28 | €4,424,000 | €4,424,000 | = | 0.0% |
| Financial fixed assets | 28 | €4,424,000 | €4,424,000 | = | 0.0% |
| Current assets | 29/58 | €416,743 | €456,174 | +€39,431 | +9.5% |
| Amounts receivable within one year | 40/41 | €27,954 | €322,791 | +€294,837 | +1,055% |
| Trade receivables | 40 | €16,435 | €304,906 | +€288,471 | +1,755% |
| Other amounts receivable | 41 | €11,519 | €17,885 | +€6,366 | +55.3% |
| Current investments | 50/53 | €375,000 | €100,000 | -€275,000 | -73.3% |
| Cash at bank and in hand | 54/58 | €13,169 | €33,196 | +€20,028 | +152% |
| Deferred charges and accrued income | 490/1 | €620 | €187 | -€433 | -69.9% |
| Total equity and liabilities | 10/49 | €4,840,743 | €4,880,174 | +€39,431 | +0.8% |
| Equity | 10/15 | €1,884,762 | €2,115,503 | +€230,741 | +12.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,641,930 | €2,085,503 | +€443,573 | +27.0% |
| Non-distributable reserves | 130/1 | €3,000 | €0 | -€3,000 | -100% |
| Reserves not available under the articles | 1311 | €3,000 | €0 | -€3,000 | -100% |
| Tax-exempt reserves | 132 | €138,930 | €54,730 | -€84,200 | -60.6% |
| Distributable reserves | 133 | €1,500,000 | €2,030,773 | +€530,773 | +35.4% |
| Profit (loss) carried forward | 14 | €212,832 | €0 | -€212,832 | -100% |
| Amounts payable | 17/49 | €2,955,980 | €2,764,670 | -€191,310 | -6.5% |
| Amounts payable after more than one year | 17 | €2,361,875 | €1,587,442 | -€774,433 | -32.8% |
| Financial debts | 170/4 | €2,361,875 | €1,587,442 | -€774,433 | -32.8% |
| Amounts payable within one year | 42/48 | €564,181 | €1,169,104 | +€604,923 | +107% |
| Current portion of amounts payable after more than one year | 42 | €407,486 | €401,821 | -€5,665 | -1.4% |
| Trade debts | 44 | €131,362 | €459,170 | +€327,809 | +250% |
| Suppliers | 440/4 | €131,362 | €459,170 | +€327,809 | +250% |
| Taxes, remuneration and social security | 45 | €25,333 | €0 | -€25,333 | -100% |
| Taxes | 450/3 | €25,333 | €0 | -€25,333 | -100% |
| Other amounts payable | 47/48 | €0 | €308,112 | +€308,112 | |
| Accrued charges and deferred income | 492/3 | €29,924 | €8,125 | -€21,799 | -72.8% |
| Other operating charges | 640/8 | €1,076 | €1,805 | +€729 | +67.8% |
| Gross operating margin | 9900 | €171,067 | €637,696 | +€466,629 | +273% |
| Operating profit (loss) | 9901 | €169,992 | €635,891 | +€465,899 | +274% |
| Financial income | 75/76B | €3,559 | €10,001 | +€6,442 | +181% |
| Recurring financial income | 75 | €3,559 | €10,001 | +€6,442 | +181% |
| Financial charges | 65/66B | €23,929 | €36,821 | +€12,892 | +53.9% |
| Recurring financial charges | 65 | €23,929 | €36,821 | +€12,892 | +53.9% |
| Profit (loss) for the period before taxes | 9903 | €149,622 | €609,071 | +€459,450 | +307% |
| Income taxes | 67/77 | €37,076 | €78,330 | +€41,254 | +111% |
| Profit (loss) for the period | 9904 | €112,545 | €530,741 | +€418,196 | +372% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Transfer to tax-exempt reserves | 689 | €54,730 | €0 | -€54,730 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €57,815 | €614,941 | +€557,126 | +964% |
Source: filed annual accounts (NBB), financial years ended 30 September 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.