MA KWIZIEN: 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 KWIZIEN
Largest movements
- Receivables within one year -€279,478
down €279,478 (-36.9%), from €756,761 to €477,283
of which Trade receivables: -€262,912
- Intangible fixed assets -€159,328
down €159,328 (-18.2%), from €874,177 to €714,849
- Cash -€108,443
down €108,443 (-25.3%), from €428,828 to €320,385
mainly Other debts (-€676,898) and Investment in fixed assets (net) (-€177,520)
- Other debts -€676,898
down €676,898 (-82.0%), from €825,364 to €148,466
- Debts after one year +€250,637
up €250,637 (+21.8%), from €1.2m to €1.4m
- Trade debts -€127,798
down €127,798 (-47.5%), from €269,212 to €141,413
- Reserves +€34,785
up €34,785 (+7.4%), from €468,056 to €502,841
- Gross operating margin -€1.5m
down €1.5m (-59.3%), from €2.5m to €999,566
- Staff costs -€163,860
down €163,860 (-29.2%), from €561,416 to €397,556
- Taxes -€138,425
down €138,425 (-92.2%), from €150,066 to €11,641
- Depreciation -€76,912
down €76,912 (-19.7%), from €390,577 to €313,666
- Write-downs +€53,530
new in 2025: €53,530
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 | €2,969,711 | €2,450,738 | -€518,973 | -17.5% |
| Fixed assets | 21/28 | €1,414,866 | €1,278,720 | -€136,145 | -9.6% |
| Intangible fixed assets | 21 | €874,177 | €714,849 | -€159,328 | -18.2% |
| Tangible fixed assets | 22/27 | €540,389 | €563,872 | +€23,483 | +4.3% |
| Plant, machinery and equipment | 23 | €299,285 | €340,773 | +€41,488 | +13.9% |
| Furniture and vehicles | 24 | €122,526 | €113,939 | -€8,588 | -7.0% |
| Leasing and similar rights | 25 | €37,352 | €27,494 | -€9,858 | -26.4% |
| Other tangible fixed assets | 26 | €81,225 | €81,666 | +€441 | +0.5% |
| Financial fixed assets | 28 | €300 | €0 | -€300 | -100% |
| Current assets | 29/58 | €1,554,845 | €1,172,017 | -€382,828 | -24.6% |
| Stocks and contracts in progress | 3 | €60,752 | €58,957 | -€1,795 | -3.0% |
| Stocks | 30/36 | €60,752 | €58,957 | -€1,795 | -3.0% |
| Amounts receivable within one year | 40/41 | €756,761 | €477,283 | -€279,478 | -36.9% |
| Trade receivables | 40 | €714,883 | €451,970 | -€262,912 | -36.8% |
| Other amounts receivable | 41 | €41,878 | €25,313 | -€16,565 | -39.6% |
| Current investments | 50/53 | €300,000 | €300,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €428,828 | €320,385 | -€108,443 | -25.3% |
| Deferred charges and accrued income | 490/1 | €8,504 | €15,392 | +€6,888 | +81.0% |
| Total equity and liabilities | 10/49 | €2,969,711 | €2,450,738 | -€518,973 | -17.5% |
| Equity | 10/15 | €493,056 | €527,841 | +€34,785 | +7.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €468,056 | €502,841 | +€34,785 | +7.4% |
| Distributable reserves | 133 | €468,056 | €502,841 | +€34,785 | +7.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,476,656 | €1,922,897 | -€553,759 | -22.4% |
| Amounts payable after more than one year | 17 | €1,150,276 | €1,400,914 | +€250,637 | +21.8% |
| Financial debts | 170/4 | €1,150,276 | €1,400,914 | +€250,637 | +21.8% |
| Amounts payable within one year | 42/48 | €1,295,316 | €482,329 | -€812,987 | -62.8% |
| Current portion of amounts payable after more than one year | 42 | €149,311 | €149,385 | +€73 | 0.0% |
| Financial debts | 43 | €61 | €301 | +€240 | +397% |
| Credit institutions | 430/8 | €61 | €301 | +€240 | +397% |
| Trade debts | 44 | €269,212 | €141,413 | -€127,798 | -47.5% |
| Suppliers | 440/4 | €269,212 | €141,413 | -€127,798 | -47.5% |
| Taxes, remuneration and social security | 45 | €51,369 | €42,764 | -€8,605 | -16.8% |
| Taxes | 450/3 | €14,377 | €1,822 | -€12,555 | -87.3% |
| Remuneration and social security | 454/9 | €36,991 | €40,941 | +€3,950 | +10.7% |
| Other amounts payable | 47/48 | €825,364 | €148,466 | -€676,898 | -82.0% |
| Accrued charges and deferred income | 492/3 | €31,063 | €39,655 | +€8,591 | +27.7% |
| Remuneration, social security and pensions | 62 | €561,416 | €397,556 | -€163,860 | -29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €390,577 | €313,666 | -€76,912 | -19.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €53,530 | +€53,530 | |
| Other operating charges | 640/8 | €7,549 | €18,639 | +€11,090 | +147% |
| Gross operating margin | 9900 | €2,456,842 | €999,566 | -€1.5m | -59.3% |
| Operating profit (loss) | 9901 | €1,497,300 | €216,175 | -€1.3m | -85.6% |
| Financial income | 75/76B | €7,050 | €10,215 | +€3,165 | +44.9% |
| Recurring financial income | 75 | €7,050 | €10,215 | +€3,165 | +44.9% |
| Financial charges | 65/66B | €111,229 | €59,965 | -€51,264 | -46.1% |
| Recurring financial charges | 65 | €111,229 | €59,965 | -€51,264 | -46.1% |
| Profit (loss) for the period before taxes | 9903 | €1,393,122 | €166,426 | -€1.2m | -88.1% |
| Income taxes | 67/77 | €150,066 | €11,641 | -€138,425 | -92.2% |
| Profit (loss) for the period | 9904 | €1,243,056 | €154,785 | -€1.1m | -87.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,243,056 | €154,785 | -€1.1m | -87.5% |
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 27 October 2026 via checked.be.