MA-RE: 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-RE
Largest movements
- Cash +€61,068
up €61,068 (+296.4%), from €20,606 to €81,674
mainly Net result for the year (+€42,057) and Receivables within one year (+€25,800)
- Receivables within one year -€25,800
down €25,800 (-68.8%), from €37,497 to €11,696
of which Trade receivables: -€22,959
- Tangible fixed assets -€1,816
down €1,816 (-24.9%), from €7,298 to €5,482
- Profit (loss) carried forward +€32,057
up €32,057 (+138.8%), from €23,100 to €55,156
- Tax, wage and social debts +€2,043
up €2,043 (+34.9%), from €5,846 to €7,889
- Gross operating margin +€17,128
up €17,128 (+42.1%), from €40,639 to €57,767
- Taxes +€3,329
up €3,329 (+39.4%), from €8,457 to €11,786
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 | €65,826 | €99,251 | +€33,425 | +50.8% |
| Fixed assets | 21/28 | €7,298 | €5,482 | -€1,816 | -24.9% |
| Tangible fixed assets | 22/27 | €7,298 | €5,482 | -€1,816 | -24.9% |
| Furniture and vehicles | 24 | €7,298 | €5,482 | -€1,816 | -24.9% |
| Current assets | 29/58 | €58,528 | €93,769 | +€35,241 | +60.2% |
| Amounts receivable within one year | 40/41 | €37,497 | €11,696 | -€25,800 | -68.8% |
| Trade receivables | 40 | €28,887 | €5,929 | -€22,959 | -79.5% |
| Other amounts receivable | 41 | €8,609 | €5,768 | -€2,842 | -33.0% |
| Cash at bank and in hand | 54/58 | €20,606 | €81,674 | +€61,068 | +296.4% |
| Deferred charges and accrued income | 490/1 | €426 | €399 | -€26 | -6.2% |
| Total equity and liabilities | 10/49 | €65,826 | €99,251 | +€33,425 | +50.8% |
| Equity | 10/15 | €49,100 | €81,156 | +€32,057 | +65.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,100 | €55,156 | +€32,057 | +138.8% |
| Amounts payable | 17/49 | €16,726 | €18,095 | +€1,369 | +8.2% |
| Amounts payable within one year | 42/48 | €16,640 | €18,007 | +€1,367 | +8.2% |
| Trade debts | 44 | €794 | €118 | -€676 | -85.1% |
| Suppliers | 440/4 | €794 | €118 | -€676 | -85.1% |
| Taxes, remuneration and social security | 45 | €5,846 | €7,889 | +€2,043 | +34.9% |
| Taxes | 450/3 | €5,846 | €7,889 | +€2,043 | +34.9% |
| Other amounts payable | 47/48 | €10,000 | €10,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €86 | €88 | +€2 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,238 | €3,186 | -€53 | -1.6% |
| Other operating charges | 640/8 | €852 | €792 | -€59 | -6.9% |
| Gross operating margin | 9900 | €40,639 | €57,767 | +€17,128 | +42.1% |
| Operating profit (loss) | 9901 | €36,549 | €53,790 | +€17,240 | +47.2% |
| Financial income | 75/76B | €0 | €125 | +€125 | +1252600.0% |
| Recurring financial income | 75 | €0 | €125 | +€125 | +1252600.0% |
| Financial charges | 65/66B | €91 | €72 | -€19 | -20.6% |
| Recurring financial charges | 65 | €91 | €72 | -€19 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €36,458 | €53,843 | +€17,384 | +47.7% |
| Income taxes | 67/77 | €8,457 | €11,786 | +€3,329 | +39.4% |
| Profit (loss) for the period | 9904 | €28,002 | €42,057 | +€14,055 | +50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,002 | €42,057 | +€14,055 | +50.2% |
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 9 October 2026 via checked.be.