MA-MG: 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-MG
Largest movements
- Tangible fixed assets +€45,026
up €45,026 (+209.6%), from €21,482 to €66,508
of which Furniture and vehicles: +€44,435
- Receivables within one year -€6,321
down €6,321 (-39.2%), from €16,108 to €9,787
of which Trade receivables: -€7,213
- Cash +€2,820
up €2,820 (+4.2%), from €66,575 to €69,396
mainly Net result for the year (+€38,835) and Receivables within one year (+€6,321)
- Deferred charges and accrued income -€2,460
down €2,460 (-91.5%), from €2,689 to €229
- Profit (loss) carried forward +€38,002
up €38,002 (+62.6%), from €60,660 to €98,662
- Other debts +€5,908
up €5,908 (+17.1%), from €34,592 to €40,500
- Tax, wage and social debts -€2,923
down €2,923 (-92.1%), from €3,173 to €250
- Trade debts -€1,920
down €1,920 (-35.4%), from €5,429 to €3,509
- Gross operating margin -€1,674
down €1,674 (-3.0%), from €55,337 to €53,663
- Other operating charges +€1,014
up €1,014 (+224.8%), from €451 to €1,465
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 | €106,854 | €145,920 | +€39,066 | +36.6% |
| Fixed assets | 21/28 | €21,482 | €66,508 | +€45,026 | +209.6% |
| Tangible fixed assets | 22/27 | €21,482 | €66,508 | +€45,026 | +209.6% |
| Plant, machinery and equipment | 23 | - | €1,779 | +€1,779 | |
| Furniture and vehicles | 24 | €117 | €44,551 | +€44,435 | +38138.3% |
| Other tangible fixed assets | 26 | €21,366 | €20,178 | -€1,188 | -5.6% |
| Current assets | 29/58 | €85,372 | €79,412 | -€5,960 | -7.0% |
| Amounts receivable within one year | 40/41 | €16,108 | €9,787 | -€6,321 | -39.2% |
| Trade receivables | 40 | €16,108 | €8,895 | -€7,213 | -44.8% |
| Other amounts receivable | 41 | - | €893 | +€893 | |
| Cash at bank and in hand | 54/58 | €66,575 | €69,396 | +€2,820 | +4.2% |
| Deferred charges and accrued income | 490/1 | €2,689 | €229 | -€2,460 | -91.5% |
| Total equity and liabilities | 10/49 | €106,854 | €145,920 | +€39,066 | +36.6% |
| Equity | 10/15 | €63,660 | €101,662 | +€38,002 | +59.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,660 | €98,662 | +€38,002 | +62.6% |
| Amounts payable | 17/49 | €43,194 | €44,258 | +€1,064 | +2.5% |
| Amounts payable within one year | 42/48 | €43,194 | €44,258 | +€1,064 | +2.5% |
| Trade debts | 44 | €5,429 | €3,509 | -€1,920 | -35.4% |
| Suppliers | 440/4 | €5,429 | €3,509 | -€1,920 | -35.4% |
| Taxes, remuneration and social security | 45 | €3,173 | €250 | -€2,923 | -92.1% |
| Taxes | 450/3 | €3,173 | €250 | -€2,923 | -92.1% |
| Other amounts payable | 47/48 | €34,592 | €40,500 | +€5,908 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,961 | €3,102 | +€141 | +4.8% |
| Other operating charges | 640/8 | €451 | €1,465 | +€1,014 | +224.8% |
| Gross operating margin | 9900 | €55,337 | €53,663 | -€1,674 | -3.0% |
| Operating profit (loss) | 9901 | €51,925 | €49,096 | -€2,829 | -5.4% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €38 | €154 | +€116 | +301.4% |
| Recurring financial charges | 65 | €38 | €154 | +€116 | +301.4% |
| Profit (loss) for the period before taxes | 9903 | €51,886 | €48,942 | -€2,944 | -5.7% |
| Income taxes | 67/77 | €10,416 | €10,107 | -€308 | -3.0% |
| Profit (loss) for the period | 9904 | €41,471 | €38,835 | -€2,636 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,471 | €38,835 | -€2,636 | -6.4% |
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 11 October 2026 via checked.be.