MA-pneumo: 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-pneumo
Largest movements
- Cash +€38,872
up €38,872 (+218%), from €17,801 to €56,674
mainly Other debts (+€190,170) and Net result for the year (+€104,594)
- Deferred charges and accrued income +€6,153
up €6,153 (+9.2%), from €66,706 to €72,858
- Other debts +€190,170
up €190,170 (+71,132%), from €267 to €190,438
- Reserves -€126,059
no longer reported in 2025 (was €126,059)
- Tax, wage and social debts -€19,065
down €19,065 (-88.6%), from €21,529 to €2,464
of which Taxes: -€19,228
- Gross operating margin -€22,475
down €22,475 (-14.2%), from €157,836 to €135,361
- Taxes -€5,785
down €5,785 (-16.4%), from €35,228 to €29,443
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 | €153,674 | €198,007 | +€44,333 | +28.8% |
| Fixed assets | 21/28 | €4,167 | €2,918 | -€1,249 | -30.0% |
| Tangible fixed assets | 22/27 | €4,167 | €2,918 | -€1,249 | -30.0% |
| Plant, machinery and equipment | 23 | €763 | €525 | -€238 | -31.2% |
| Furniture and vehicles | 24 | €3,404 | €2,393 | -€1,010 | -29.7% |
| Current assets | 29/58 | €149,507 | €195,089 | +€45,582 | +30.5% |
| Amounts receivable within one year | 40/41 | - | €557 | +€557 | |
| Other amounts receivable | 41 | - | €557 | +€557 | |
| Current investments | 50/53 | €65,000 | €65,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,801 | €56,674 | +€38,872 | +218% |
| Deferred charges and accrued income | 490/1 | €66,706 | €72,858 | +€6,153 | +9.2% |
| Total equity and liabilities | 10/49 | €153,674 | €198,007 | +€44,333 | +28.8% |
| Equity | 10/15 | €129,059 | €3,000 | -€126,059 | -97.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €126,059 | - | -€126,059 | |
| Distributable reserves | 133 | €126,059 | - | -€126,059 | |
| Amounts payable | 17/49 | €24,615 | €195,007 | +€170,392 | +692% |
| Amounts payable within one year | 42/48 | €22,609 | €193,285 | +€170,676 | +755% |
| Trade debts | 44 | €812 | €383 | -€429 | -52.8% |
| Suppliers | 440/4 | €812 | €383 | -€429 | -52.8% |
| Taxes, remuneration and social security | 45 | €21,529 | €2,464 | -€19,065 | -88.6% |
| Taxes | 450/3 | €19,228 | - | -€19,228 | |
| Remuneration and social security | 454/9 | €2,301 | €2,464 | +€163 | +7.1% |
| Other amounts payable | 47/48 | €267 | €190,438 | +€190,170 | +71,132% |
| Accrued charges and deferred income | 492/3 | €2,007 | €1,722 | -€284 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €973 | €1,249 | +€276 | +28.3% |
| Gross operating margin | 9900 | €157,836 | €135,361 | -€22,475 | -14.2% |
| Operating profit (loss) | 9901 | €156,863 | €134,112 | -€22,751 | -14.5% |
| Financial charges | 65/66B | €45 | €75 | +€30 | +67.3% |
| Recurring financial charges | 65 | €45 | €75 | +€30 | +67.3% |
| Profit (loss) for the period before taxes | 9903 | €156,818 | €134,037 | -€22,781 | -14.5% |
| Income taxes | 67/77 | €35,228 | €29,443 | -€5,785 | -16.4% |
| Profit (loss) for the period | 9904 | €121,590 | €104,594 | -€16,996 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €121,590 | €104,594 | -€16,996 | -14.0% |
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 25 October 2026 via checked.be.