MA-NOAH: 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-NOAH
Largest movements
- Tangible fixed assets -€21,654
down €21,654 (-30.8%), from €70,300 to €48,646
- Receivables within one year -€10,080
down €10,080 (-11.1%), from €90,900 to €80,820
of which Other amounts receivable: -€6,044
- Cash +€1,653
up €1,653 (+264.1%), from €626 to €2,279
mainly Depreciation (+€21,911) and Tax, wage and social debts (+€13,639)
- Other debts -€40,531
down €40,531 (-94.6%), from €42,845 to €2,314
- Debts after one year -€17,756
down €17,756 (-34.0%), from €52,225 to €34,469
- Tax, wage and social debts +€13,639
up €13,639 (+139.2%), from €9,800 to €23,439
- Profit (loss) carried forward +€6,984
up €6,984 (+19.5%), from €35,856 to €42,840
- Trade debts +€6,668
up €6,668 (+278.5%), from €2,394 to €9,062
- Gross operating margin -€22,995
down €22,995 (-37.1%), from €62,002 to €39,007
- Other operating charges -€20,239
down €20,239 (-87.7%), from €23,069 to €2,830
- Turnover -€10,729
down €10,729 (-8.0%), from €133,395 to €122,666
- Purchases and services +€10,466
up €10,466 (+14.3%), from €73,193 to €83,659
- Financial income -€3,900
down €3,900 (-97.5%), from €4,000 to €100
of which Non-recurring financial income: -€4,000
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 | €162,267 | €131,945 | -€30,322 | -18.7% |
| Formation expenses | 20 | €258 | - | -€258 | |
| Fixed assets | 21/28 | €70,300 | €48,646 | -€21,654 | -30.8% |
| Tangible fixed assets | 22/27 | €70,300 | €48,646 | -€21,654 | -30.8% |
| Leasing and similar rights | 25 | €70,300 | €48,646 | -€21,654 | -30.8% |
| Current assets | 29/58 | €91,709 | €83,299 | -€8,410 | -9.2% |
| Amounts receivable within one year | 40/41 | €90,900 | €80,820 | -€10,080 | -11.1% |
| Trade receivables | 40 | €79,941 | €75,905 | -€4,036 | -5.0% |
| Other amounts receivable | 41 | €10,959 | €4,915 | -€6,044 | -55.2% |
| Current investments | 50/53 | €100 | €200 | +€100 | +100.0% |
| Cash at bank and in hand | 54/58 | €626 | €2,279 | +€1,653 | +264.1% |
| Deferred charges and accrued income | 490/1 | €83 | - | -€83 | |
| Total equity and liabilities | 10/49 | €162,267 | €131,945 | -€30,322 | -18.7% |
| Equity | 10/15 | €38,356 | €45,340 | +€6,984 | +18.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,856 | €42,840 | +€6,984 | +19.5% |
| Amounts payable | 17/49 | €123,911 | €86,605 | -€37,306 | -30.1% |
| Amounts payable after more than one year | 17 | €52,225 | €34,469 | -€17,756 | -34.0% |
| Financial debts | 170/4 | €52,225 | €34,469 | -€17,756 | -34.0% |
| Amounts payable within one year | 42/48 | €71,686 | €52,136 | -€19,550 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €16,647 | €17,321 | +€674 | +4.0% |
| Trade debts | 44 | €2,394 | €9,062 | +€6,668 | +278.5% |
| Suppliers | 440/4 | €2,394 | €9,062 | +€6,668 | +278.5% |
| Taxes, remuneration and social security | 45 | €9,800 | €23,439 | +€13,639 | +139.2% |
| Taxes | 450/3 | €9,800 | €23,439 | +€13,639 | +139.2% |
| Other amounts payable | 47/48 | €42,845 | €2,314 | -€40,531 | -94.6% |
| Turnover | 70 | €133,395 | €122,666 | -€10,729 | -8.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €73,193 | €83,659 | +€10,466 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,943 | €21,911 | -€32 | -0.1% |
| Other operating charges | 640/8 | €23,069 | €2,830 | -€20,239 | -87.7% |
| Gross operating margin | 9900 | €62,002 | €39,007 | -€22,995 | -37.1% |
| Operating profit (loss) | 9901 | €16,990 | €14,266 | -€2,724 | -16.0% |
| Financial income | 75/76B | €4,000 | €100 | -€3,900 | -97.5% |
| Recurring financial income | 75 | €4,000 | €100 | -€3,900 | -97.5% |
| Non-recurring financial income | 76B | €4,000 | - | -€4,000 | |
| Financial charges | 65/66B | €4,593 | €3,382 | -€1,211 | -26.4% |
| Recurring financial charges | 65 | €4,593 | €3,382 | -€1,211 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €16,397 | €10,984 | -€5,413 | -33.0% |
| Income taxes | 67/77 | €4,241 | €4,000 | -€241 | -5.7% |
| Profit (loss) for the period | 9904 | €12,156 | €6,984 | -€5,172 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,156 | €6,984 | -€5,172 | -42.5% |
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 8 October 2026 via checked.be.