Ma-Li: 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-Li
Largest movements
- Tangible fixed assets -€21,117
down €21,117 (-7.4%), from €283,542 to €262,425
of which Furniture and vehicles: -€11,469
- Receivables within one year -€12,557
down €12,557 (-23.9%), from €52,544 to €39,987
of which Trade receivables: -€16,343
- Cash +€6,161
up €6,161 (+49.8%), from €12,380 to €18,540
mainly Net result for the year (+€28,526) and Depreciation (+€21,117)
- Debts after one year -€21,450
down €21,450 (-12.6%), from €169,823 to €148,374
- Other debts -€3,768
down €3,768 (-10.3%), from €36,669 to €32,901
- Gross operating margin -€11,682
down €11,682 (-16.1%), from €72,406 to €60,724
- Taxes -€5,645
down €5,645 (-52.0%), from €10,859 to €5,214
- Other operating charges -€1,286
down €1,286 (-32.3%), from €3,982 to €2,696
- Depreciation -€893
down €893 (-4.1%), from €22,010 to €21,117
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 | €348,589 | €323,083 | -€25,505 | -7.3% |
| Fixed assets | 21/28 | €283,542 | €262,425 | -€21,117 | -7.4% |
| Tangible fixed assets | 22/27 | €283,542 | €262,425 | -€21,117 | -7.4% |
| Land and buildings | 22 | €207,989 | €202,453 | -€5,535 | -2.7% |
| Furniture and vehicles | 24 | €30,753 | €19,284 | -€11,469 | -37.3% |
| Other tangible fixed assets | 26 | €44,801 | €40,688 | -€4,113 | -9.2% |
| Current assets | 29/58 | €65,047 | €60,658 | -€4,388 | -6.7% |
| Amounts receivable within one year | 40/41 | €52,544 | €39,987 | -€12,557 | -23.9% |
| Trade receivables | 40 | €50,903 | €34,560 | -€16,343 | -32.1% |
| Other amounts receivable | 41 | €1,641 | €5,427 | +€3,786 | +231% |
| Cash at bank and in hand | 54/58 | €12,380 | €18,540 | +€6,161 | +49.8% |
| Deferred charges and accrued income | 490/1 | €123 | €2,131 | +€2,008 | +1,637% |
| Total equity and liabilities | 10/49 | €348,589 | €323,083 | -€25,505 | -7.3% |
| Equity | 10/15 | €109,774 | €109,774 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,174 | €91,174 | = | 0.0% |
| Distributable reserves | 133 | €91,174 | €91,174 | = | 0.0% |
| Amounts payable | 17/49 | €238,815 | €213,309 | -€25,505 | -10.7% |
| Amounts payable after more than one year | 17 | €169,823 | €148,374 | -€21,450 | -12.6% |
| Financial debts | 170/4 | €169,823 | €148,374 | -€21,450 | -12.6% |
| Amounts payable within one year | 42/48 | €68,991 | €64,936 | -€4,056 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €21,015 | €21,450 | +€435 | +2.1% |
| Trade debts | 44 | €1,699 | €1,532 | -€167 | -9.9% |
| Suppliers | 440/4 | €1,699 | €1,532 | -€167 | -9.9% |
| Taxes, remuneration and social security | 45 | €9,609 | €9,054 | -€555 | -5.8% |
| Taxes | 450/3 | €9,609 | €9,054 | -€555 | -5.8% |
| Other amounts payable | 47/48 | €36,669 | €32,901 | -€3,768 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,010 | €21,117 | -€893 | -4.1% |
| Other operating charges | 640/8 | €3,982 | €2,696 | -€1,286 | -32.3% |
| Gross operating margin | 9900 | €72,406 | €60,724 | -€11,682 | -16.1% |
| Operating profit (loss) | 9901 | €46,413 | €36,911 | -€9,503 | -20.5% |
| Financial income | 75/76B | €526 | €81 | -€444 | -84.5% |
| Recurring financial income | 75 | €526 | €81 | -€444 | -84.5% |
| Financial charges | 65/66B | €3,704 | €3,253 | -€451 | -12.2% |
| Recurring financial charges | 65 | €3,704 | €3,253 | -€451 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €43,235 | €33,740 | -€9,495 | -22.0% |
| Income taxes | 67/77 | €10,859 | €5,214 | -€5,645 | -52.0% |
| Profit (loss) for the period | 9904 | €32,376 | €28,526 | -€3,850 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,376 | €28,526 | -€3,850 | -11.9% |
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 18 October 2026 via checked.be.