Ma Location: what changed
Two fiscal 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 Location
Largest movements
- Tangible fixed assets -€134,794
down €134,794 (-20.5%), from €658,044 to €523,250
of which Furniture and vehicles: -€138,675
- Receivables within one year +€105,381
up €105,381 (+66.5%), from €158,568 to €263,949
of which Trade receivables: +€81,486
- Cash +€24,592
up €24,592 (+33.4%), from €73,567 to €98,159
mainly Depreciation (+€130,441) and Trade debts (+€97,014)
- Deferred charges and accrued income -€24,276
down €24,276 (-28.9%), from €84,039 to €59,764
- Short-term financial debts -€100,000
down €100,000 (-33.3%), from €300,000 to €200,000
- Trade debts +€97,014
up €97,014 (+64.3%), from €150,808 to €247,822
- Debts after one year -€43,300
down €43,300 (-25.4%), from €170,743 to €127,443
- Tax, wage and social debts +€25,405
up €25,405 (+60.4%), from €42,093 to €67,498
of which Remuneration and social security: +€14,455
- Current portion of long-term debt -€20,263
down €20,263 (-16.9%), from €120,005 to €99,742
- Gross operating margin +€67,934
up €67,934 (+17.0%), from €399,161 to €467,095
- Staff costs +€63,840
up €63,840 (+265.4%), from €24,055 to €87,895
- Other operating charges +€63,592
up €63,592 (+169.3%), from €37,559 to €101,151
- Financial charges +€39,559
up €39,559 (+49.1%), from €80,594 to €120,152
- Taxes -€24,883
down €24,883 (-80.8%), from €30,779 to €5,896
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 | €979,180 | €954,606 | -€24,574 | -2.5% |
| Fixed assets | 21/28 | €663,006 | €532,735 | -€130,271 | -19.6% |
| Intangible fixed assets | 21 | €4,963 | €9,485 | +€4,523 | +91.1% |
| Tangible fixed assets | 22/27 | €658,044 | €523,250 | -€134,794 | -20.5% |
| Furniture and vehicles | 24 | €652,627 | €513,952 | -€138,675 | -21.2% |
| Other tangible fixed assets | 26 | €5,417 | €9,298 | +€3,881 | +71.6% |
| Current assets | 29/58 | €316,174 | €421,871 | +€105,697 | +33.4% |
| Amounts receivable within one year | 40/41 | €158,568 | €263,949 | +€105,381 | +66.5% |
| Trade receivables | 40 | €106,858 | €188,344 | +€81,486 | +76.3% |
| Other amounts receivable | 41 | €51,710 | €75,605 | +€23,895 | +46.2% |
| Cash at bank and in hand | 54/58 | €73,567 | €98,159 | +€24,592 | +33.4% |
| Deferred charges and accrued income | 490/1 | €84,039 | €59,764 | -€24,276 | -28.9% |
| Total equity and liabilities | 10/49 | €979,180 | €954,606 | -€24,574 | -2.5% |
| Equity | 10/15 | €189,147 | €199,199 | +€10,052 | +5.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,147 | €99,199 | +€10,052 | +11.3% |
| Amounts payable | 17/49 | €790,033 | €755,407 | -€34,626 | -4.4% |
| Amounts payable after more than one year | 17 | €170,743 | €127,443 | -€43,300 | -25.4% |
| Financial debts | 170/4 | €170,743 | €127,443 | -€43,300 | -25.4% |
| Amounts payable within one year | 42/48 | €617,404 | €619,375 | +€1,970 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €120,005 | €99,742 | -€20,263 | -16.9% |
| Financial debts | 43 | €300,000 | €200,000 | -€100,000 | -33.3% |
| Credit institutions | 430/8 | €300,000 | €200,000 | -€100,000 | -33.3% |
| Trade debts | 44 | €150,808 | €247,822 | +€97,014 | +64.3% |
| Suppliers | 440/4 | €150,808 | €247,822 | +€97,014 | +64.3% |
| Taxes, remuneration and social security | 45 | €42,093 | €67,498 | +€25,405 | +60.4% |
| Taxes | 450/3 | €36,039 | €46,988 | +€10,950 | +30.4% |
| Remuneration and social security | 454/9 | €6,054 | €20,510 | +€14,455 | +238.8% |
| Other amounts payable | 47/48 | €4,498 | €4,312 | -€186 | -4.1% |
| Accrued charges and deferred income | 492/3 | €1,886 | €8,589 | +€6,704 | +355.6% |
| Remuneration, social security and pensions | 62 | €24,055 | €87,895 | +€63,840 | +265.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,973 | €130,441 | -€10,533 | -7.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,836 | €11,513 | +€14,349 | |
| Other operating charges | 640/8 | €37,559 | €101,151 | +€63,592 | +169.3% |
| Gross operating margin | 9900 | €399,161 | €467,095 | +€67,934 | +17.0% |
| Operating profit (loss) | 9901 | €199,410 | €136,095 | -€63,314 | -31.8% |
| Financial income | 75/76B | €116 | €4 | -€112 | -96.2% |
| Recurring financial income | 75 | €116 | €4 | -€112 | -96.2% |
| Financial charges | 65/66B | €80,594 | €120,152 | +€39,559 | +49.1% |
| Recurring financial charges | 65 | €80,594 | €120,152 | +€39,559 | +49.1% |
| Profit (loss) for the period before taxes | 9903 | €118,932 | €15,948 | -€102,985 | -86.6% |
| Income taxes | 67/77 | €30,779 | €5,896 | -€24,883 | -80.8% |
| Profit (loss) for the period | 9904 | €88,153 | €10,052 | -€78,101 | -88.6% |
| Profit (loss) for the period to be appropriated | 9905 | €88,153 | €10,052 | -€78,101 | -88.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.