MA-JA: 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-JA
Largest movements
- Receivables within one year -€153,961
down €153,961 (-71.3%), from €215,834 to €61,873
of which Other amounts receivable: -€184,297
- Cash -€37,532
down €37,532 (-31.1%), from €120,581 to €83,049
mainly Other debts (-€222,281) and Investment in fixed assets (net) (-€76,550)
- Tangible fixed assets -€13,634
down €13,634 (-6.4%), from €213,659 to €200,025
of which Furniture and vehicles: -€64,129
- Other debts -€222,281
down €222,281 (-62.8%), from €353,819 to €131,538
- Current portion of long-term debt +€14,779
up €14,779 (+31.4%), from €47,133 to €61,912
- Trade debts -€8,282
down €8,282 (-43.3%), from €19,118 to €10,836
- Debts after one year +€6,174
up €6,174 (+6.2%), from €99,819 to €105,993
- Gross operating margin +€25,603
up €25,603 (+18.0%), from €141,997 to €167,600
- Taxes +€8,581
up €8,581 (+63.0%), from €13,620 to €22,201
- Depreciation +€4,808
up €4,808 (+5.6%), from €85,376 to €90,184
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 | €550,074 | €344,948 | -€205,127 | -37.3% |
| Fixed assets | 21/28 | €213,659 | €200,025 | -€13,634 | -6.4% |
| Tangible fixed assets | 22/27 | €213,659 | €200,025 | -€13,634 | -6.4% |
| Plant, machinery and equipment | 23 | €62,587 | €44,282 | -€18,305 | -29.2% |
| Furniture and vehicles | 24 | €151,072 | €86,944 | -€64,129 | -42.4% |
| Leasing and similar rights | 25 | - | €68,799 | +€68,799 | |
| Current assets | 29/58 | €336,415 | €144,923 | -€191,493 | -56.9% |
| Amounts receivable within one year | 40/41 | €215,834 | €61,873 | -€153,961 | -71.3% |
| Trade receivables | 40 | €25,203 | €55,539 | +€30,336 | +120% |
| Other amounts receivable | 41 | €190,631 | €6,334 | -€184,297 | -96.7% |
| Cash at bank and in hand | 54/58 | €120,581 | €83,049 | -€37,532 | -31.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €550,074 | €344,948 | -€205,127 | -37.3% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €531,474 | €326,348 | -€205,127 | -38.6% |
| Amounts payable after more than one year | 17 | €99,819 | €105,993 | +€6,174 | +6.2% |
| Financial debts | 170/4 | €99,819 | €105,993 | +€6,174 | +6.2% |
| Amounts payable within one year | 42/48 | €431,553 | €220,270 | -€211,283 | -49.0% |
| Current portion of amounts payable after more than one year | 42 | €47,133 | €61,912 | +€14,779 | +31.4% |
| Trade debts | 44 | €19,118 | €10,836 | -€8,282 | -43.3% |
| Suppliers | 440/4 | €19,118 | €10,836 | -€8,282 | -43.3% |
| Taxes, remuneration and social security | 45 | €11,483 | €15,984 | +€4,501 | +39.2% |
| Taxes | 450/3 | €11,061 | €15,547 | +€4,485 | +40.6% |
| Remuneration and social security | 454/9 | €422 | €437 | +€15 | +3.6% |
| Other amounts payable | 47/48 | €353,819 | €131,538 | -€222,281 | -62.8% |
| Accrued charges and deferred income | 492/3 | €102 | €84 | -€17 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,376 | €90,184 | +€4,808 | +5.6% |
| Other operating charges | 640/8 | €1,180 | €2,584 | +€1,403 | +119% |
| Gross operating margin | 9900 | €141,997 | €167,600 | +€25,603 | +18.0% |
| Operating profit (loss) | 9901 | €55,440 | €74,832 | +€19,392 | +35.0% |
| Financial income | 75/76B | €5,976 | €7,057 | +€1,081 | +18.1% |
| Recurring financial income | 75 | €5,976 | €7,057 | +€1,081 | +18.1% |
| Financial charges | 65/66B | €2,741 | €3,694 | +€953 | +34.8% |
| Recurring financial charges | 65 | €2,741 | €3,694 | +€953 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | €58,676 | €78,195 | +€19,519 | +33.3% |
| Income taxes | 67/77 | €13,620 | €22,201 | +€8,581 | +63.0% |
| Profit (loss) for the period | 9904 | €45,055 | €55,994 | +€10,939 | +24.3% |
| Transfer from tax-exempt reserves | 789 | €58,940 | €0 | -€58,940 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €103,995 | €55,994 | -€48,001 | -46.2% |
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 26 October 2026 via checked.be.