MA-SA: 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-SA
Largest movements
- Tangible fixed assets +€41,519
up €41,519 (+182.8%), from €22,713 to €64,232
of which Furniture and vehicles: +€46,341
- Receivables within one year -€33,708
down €33,708 (-54.5%), from €61,814 to €28,106
of which Other amounts receivable: -€29,105
- Cash -€9,546
down €9,546 (-72.4%), from €13,191 to €3,645
mainly Investment in fixed assets (net) (-€55,764) and Contributions, distributions and other (-€28,845)
- Financial fixed assets -€1,000
no longer reported in 2025 (was €1,000)
- Debts after one year +€31,865
new in 2025: €31,865
- Reserves -€28,845
down €28,845 (-20.2%), from €142,951 to €114,106
- Profit (loss) carried forward -€20,259
down €20,259 (-29.1%), from -€69,661 to -€89,919
- Current portion of long-term debt +€19,047
up €19,047 (+745.7%), from €2,554 to €21,602
- Tax, wage and social debts -€6,635
down €6,635 (-61.9%), from €10,718 to €4,082
- Gross operating margin +€2,763
up €2,763 (+77.9%), from -€3,546 to -€783
- Financial charges +€1,456
up €1,456 (+75.7%), from €1,923 to €3,379
of which Non-recurring financial charges: +€998
- Depreciation +€1,326
up €1,326 (+9.5%), from €13,919 to €15,245
- Other operating charges -€247
down €247 (-24.3%), from €1,017 to €770
- Taxes -€57
down €57 (-41.1%), from €140 to €82
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 | €98,719 | €95,983 | -€2,736 | -2.8% |
| Fixed assets | 21/28 | €23,713 | €64,232 | +€40,519 | +170.9% |
| Tangible fixed assets | 22/27 | €22,713 | €64,232 | +€41,519 | +182.8% |
| Plant, machinery and equipment | 23 | €10,965 | €6,143 | -€4,822 | -44.0% |
| Furniture and vehicles | 24 | €11,748 | €58,089 | +€46,341 | +394.4% |
| Financial fixed assets | 28 | €1,000 | - | -€1,000 | |
| Current assets | 29/58 | €75,005 | €31,751 | -€43,254 | -57.7% |
| Amounts receivable within one year | 40/41 | €61,814 | €28,106 | -€33,708 | -54.5% |
| Trade receivables | 40 | €10,234 | €5,631 | -€4,603 | -45.0% |
| Other amounts receivable | 41 | €51,580 | €22,475 | -€29,105 | -56.4% |
| Cash at bank and in hand | 54/58 | €13,191 | €3,645 | -€9,546 | -72.4% |
| Total equity and liabilities | 10/49 | €98,719 | €95,983 | -€2,736 | -2.8% |
| Equity | 10/15 | €79,490 | €30,386 | -€49,104 | -61.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €142,951 | €114,106 | -€28,845 | -20.2% |
| Distributable reserves | 133 | €142,951 | €114,106 | -€28,845 | -20.2% |
| Profit (loss) carried forward | 14 | -€69,661 | -€89,919 | -€20,259 | -29.1% |
| Amounts payable | 17/49 | €19,229 | €65,597 | +€46,368 | +241.1% |
| Amounts payable after more than one year | 17 | - | €31,865 | +€31,865 | |
| Financial debts | 170/4 | - | €31,865 | +€31,865 | |
| Amounts payable within one year | 42/48 | €19,229 | €33,732 | +€14,503 | +75.4% |
| Current portion of amounts payable after more than one year | 42 | €2,554 | €21,602 | +€19,047 | +745.7% |
| Trade debts | 44 | €3,174 | €265 | -€2,909 | -91.7% |
| Suppliers | 440/4 | €3,174 | €265 | -€2,909 | -91.7% |
| Taxes, remuneration and social security | 45 | €10,718 | €4,082 | -€6,635 | -61.9% |
| Taxes | 450/3 | €10,718 | €4,082 | -€6,635 | -61.9% |
| Other amounts payable | 47/48 | €2,783 | €7,783 | +€5,000 | +179.7% |
| Non-recurring operating income | 76A | - | €4,747 | +€4,747 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,919 | €15,245 | +€1,326 | +9.5% |
| Other operating charges | 640/8 | €1,017 | €770 | -€247 | -24.3% |
| Non-recurring operating charges | 66A | €3,000 | - | -€3,000 | |
| Gross operating margin | 9900 | -€3,546 | -€783 | +€2,763 | +77.9% |
| Operating profit (loss) | 9901 | -€21,482 | -€16,798 | +€4,684 | +21.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,923 | €3,379 | +€1,456 | +75.7% |
| Recurring financial charges | 65 | €885 | €1,343 | +€458 | +51.8% |
| Non-recurring financial charges | 66B | €1,038 | €2,036 | +€998 | +96.1% |
| Profit (loss) for the period before taxes | 9903 | -€23,405 | -€20,176 | +€3,229 | +13.8% |
| Income taxes | 67/77 | €140 | €82 | -€57 | -41.1% |
| Profit (loss) for the period | 9904 | -€23,545 | -€20,259 | +€3,286 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,545 | -€20,259 | +€3,286 | +14.0% |
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 4 October 2026 via checked.be.