Ma-Si: 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-Si
Largest movements
- Receivables within one year +€42,180
up €42,180 (+364.0%), from €11,589 to €53,769
- Tangible fixed assets +€20,390
up €20,390 (+254.4%), from €8,015 to €28,404
of which Land and buildings: +€19,933
- Cash -€7,521
down €7,521 (-25.0%), from €30,132 to €22,612
mainly Receivables within one year (-€42,180) and Investment in fixed assets (net) (-€22,895)
- Reserves +€41,374
up €41,374 (+192.7%), from €21,474 to €62,847
- Tax, wage and social debts +€10,410
up €10,410 (+52.5%), from €19,832 to €30,242
of which Taxes: +€10,358
- Trade debts +€2,940
up €2,940 (+5354.7%), from €55 to €2,995
- Gross operating margin +€29,068
up €29,068 (+89.7%), from €32,389 to €61,457
- Taxes +€5,014
up €5,014 (+68.0%), from €7,378 to €12,392
- Financial charges +€2,180
up €2,180 (+87.1%), from €2,501 to €4,681
- Depreciation +€1,815
up €1,815 (+262.8%), from €691 to €2,505
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 | €53,301 | €108,346 | +€55,046 | +103.3% |
| Fixed assets | 21/28 | €8,015 | €28,404 | +€20,390 | +254.4% |
| Tangible fixed assets | 22/27 | €8,015 | €28,404 | +€20,390 | +254.4% |
| Land and buildings | 22 | €6,246 | €26,179 | +€19,933 | +319.1% |
| Plant, machinery and equipment | 23 | €1,769 | €1,314 | -€455 | -25.7% |
| Furniture and vehicles | 24 | - | €911 | +€911 | |
| Current assets | 29/58 | €45,286 | €79,942 | +€34,656 | +76.5% |
| Amounts receivable within one year | 40/41 | €11,589 | €53,769 | +€42,180 | +364.0% |
| Trade receivables | 40 | €11,589 | €53,769 | +€42,180 | +364.0% |
| Cash at bank and in hand | 54/58 | €30,132 | €22,612 | -€7,521 | -25.0% |
| Deferred charges and accrued income | 490/1 | €3,565 | €3,562 | -€3 | -0.1% |
| Total equity and liabilities | 10/49 | €53,301 | €108,346 | +€55,046 | +103.3% |
| Equity | 10/15 | €31,474 | €72,847 | +€41,374 | +131.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €21,474 | €62,847 | +€41,374 | +192.7% |
| Distributable reserves | 133 | €21,474 | €62,847 | +€41,374 | +192.7% |
| Amounts payable | 17/49 | €21,827 | €35,499 | +€13,672 | +62.6% |
| Amounts payable within one year | 42/48 | €21,827 | €35,499 | +€13,672 | +62.6% |
| Trade debts | 44 | €55 | €2,995 | +€2,940 | +5354.7% |
| Suppliers | 440/4 | €55 | €2,995 | +€2,940 | +5354.7% |
| Taxes, remuneration and social security | 45 | €19,832 | €30,242 | +€10,410 | +52.5% |
| Taxes | 450/3 | €14,527 | €24,884 | +€10,358 | +71.3% |
| Remuneration and social security | 454/9 | €5,306 | €5,358 | +€52 | +1.0% |
| Other amounts payable | 47/48 | €1,940 | €2,262 | +€322 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €691 | €2,505 | +€1,815 | +262.8% |
| Other operating charges | 640/8 | €345 | €530 | +€185 | +53.5% |
| Gross operating margin | 9900 | €32,389 | €61,457 | +€29,068 | +89.7% |
| Operating profit (loss) | 9901 | €31,353 | €58,421 | +€27,068 | +86.3% |
| Financial income | 75/76B | - | €25 | +€25 | |
| Recurring financial income | 75 | - | €25 | +€25 | |
| Financial charges | 65/66B | €2,501 | €4,681 | +€2,180 | +87.1% |
| Recurring financial charges | 65 | €2,501 | €4,681 | +€2,180 | +87.1% |
| Profit (loss) for the period before taxes | 9903 | €28,852 | €53,765 | +€24,914 | +86.3% |
| Income taxes | 67/77 | €7,378 | €12,392 | +€5,014 | +68.0% |
| Profit (loss) for the period | 9904 | €21,474 | €41,374 | +€19,900 | +92.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,474 | €41,374 | +€19,900 | +92.7% |
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 3 October 2026 via checked.be.