MA.SA: 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.SA
Largest movements
- Current investments +€50,463
up €50,463 (+22.8%), from €221,785 to €272,248
- Tangible fixed assets -€41,021
down €41,021 (-22.0%), from €186,713 to €145,692
- Receivables within one year +€25,647
up €25,647 (+50.9%), from €50,351 to €75,999
of which Trade receivables: +€14,270
- Cash -€11,027
down €11,027 (-16.4%), from €67,335 to €56,309
mainly Contributions, distributions and other (-€96,648) and Current investments (-€50,463)
- Debts after one year +€71,927
up €71,927 (+38.3%), from €187,947 to €259,874
of which Other amounts payable: +€97,951
- Reserves -€43,362
down €43,362 (-14.5%), from €299,762 to €256,401
of which Distributable reserves: -€43,362
- Gross operating margin -€37,498
down €37,498 (-22.4%), from €167,558 to €130,060
- Taxes -€15,164
down €15,164 (-41.6%), from €36,411 to €21,246
- Financial income +€2,968
up €2,968 (+124%), from €2,398 to €5,366
- Financial charges +€2,680
up €2,680 (+21.8%), from €12,270 to €14,950
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 | €530,455 | €557,761 | +€27,306 | +5.1% |
| Fixed assets | 21/28 | €186,740 | €145,881 | -€40,859 | -21.9% |
| Tangible fixed assets | 22/27 | €186,713 | €145,692 | -€41,021 | -22.0% |
| Land and buildings | 22 | €114,563 | €96,031 | -€18,531 | -16.2% |
| Plant, machinery and equipment | 23 | €13,147 | €8,823 | -€4,323 | -32.9% |
| Furniture and vehicles | 24 | €59,004 | €40,838 | -€18,167 | -30.8% |
| Financial fixed assets | 28 | €27 | €189 | +€162 | +603% |
| Current assets | 29/58 | €343,715 | €411,880 | +€68,165 | +19.8% |
| Amounts receivable within one year | 40/41 | €50,351 | €75,999 | +€25,647 | +50.9% |
| Trade receivables | 40 | €47,083 | €61,354 | +€14,270 | +30.3% |
| Other amounts receivable | 41 | €3,268 | €14,645 | +€11,377 | +348% |
| Current investments | 50/53 | €221,785 | €272,248 | +€50,463 | +22.8% |
| Cash at bank and in hand | 54/58 | €67,335 | €56,309 | -€11,027 | -16.4% |
| Deferred charges and accrued income | 490/1 | €4,243 | €7,325 | +€3,082 | +72.6% |
| Total equity and liabilities | 10/49 | €530,455 | €557,761 | +€27,306 | +5.1% |
| Equity | 10/15 | €300,762 | €257,401 | -€43,362 | -14.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €299,762 | €256,401 | -€43,362 | -14.5% |
| Tax-exempt reserves | 132 | €10,599 | €10,599 | = | 0.0% |
| Distributable reserves | 133 | €289,164 | €245,802 | -€43,362 | -15.0% |
| Amounts payable | 17/49 | €229,693 | €300,361 | +€70,668 | +30.8% |
| Amounts payable after more than one year | 17 | €187,947 | €259,874 | +€71,927 | +38.3% |
| Financial debts | 170/4 | €99,727 | €73,703 | -€26,024 | -26.1% |
| Other amounts payable | 178/9 | €88,220 | €186,171 | +€97,951 | +111% |
| Amounts payable within one year | 42/48 | €33,666 | €27,884 | -€5,782 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €28,139 | €26,024 | -€2,115 | -7.5% |
| Trade debts | 44 | €3,267 | €456 | -€2,810 | -86.0% |
| Suppliers | 440/4 | €3,267 | €456 | -€2,810 | -86.0% |
| Taxes, remuneration and social security | 45 | €2,260 | €1,403 | -€857 | -37.9% |
| Taxes | 450/3 | €2,260 | €1,403 | -€857 | -37.9% |
| Accrued charges and deferred income | 492/3 | €8,080 | €12,603 | +€4,523 | +56.0% |
| Non-recurring operating income | 76A | - | €50 | +€50 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,682 | €42,002 | +€320 | +0.8% |
| Other operating charges | 640/8 | €4,068 | €3,906 | -€161 | -4.0% |
| Non-recurring operating charges | 66A | €40 | €35 | -€5 | -11.6% |
| Gross operating margin | 9900 | €167,558 | €130,060 | -€37,498 | -22.4% |
| Operating profit (loss) | 9901 | €121,768 | €84,116 | -€37,652 | -30.9% |
| Financial income | 75/76B | €2,398 | €5,366 | +€2,968 | +124% |
| Recurring financial income | 75 | €2,398 | €5,366 | +€2,968 | +124% |
| Financial charges | 65/66B | €12,270 | €14,950 | +€2,680 | +21.8% |
| Recurring financial charges | 65 | €12,270 | €14,950 | +€2,680 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €111,896 | €74,532 | -€37,364 | -33.4% |
| Income taxes | 67/77 | €36,411 | €21,246 | -€15,164 | -41.6% |
| Profit (loss) for the period | 9904 | €75,486 | €53,286 | -€22,199 | -29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €75,486 | €53,286 | -€22,199 | -29.4% |
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 19 October 2026 via checked.be.