Ma Solution Management: 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 Solution Management
Largest movements
- Tangible fixed assets +€369,004
up €369,004 (+128.8%), from €286,444 to €655,448
of which Land and buildings: +€327,656
- Cash -€161,579
down €161,579 (-72.6%), from €222,505 to €60,925
mainly Investment in fixed assets (net) (-€388,994) and Contributions, distributions and other (-€110,000)
- Receivables after one year -€50,000
no longer reported in 2025 (was €50,000)
- Receivables within one year +€30,941
up €30,941 (+96.9%), from €31,941 to €62,881
of which Other amounts receivable: +€48,521
- Debts after one year +€138,478
up €138,478 (+63.6%), from €217,869 to €356,347
of which Financial debts: +€138,478
- Current portion of long-term debt +€34,381
new in 2025: €34,381
- Reserves +€32,700
up €32,700 (+11.9%), from €275,300 to €308,000
- Other debts -€20,165
no longer reported in 2025 (was €20,165)
- Gross operating margin +€109,742
up €109,742 (+62.9%), from €174,354 to €284,096
- Provisions -€46,046
down €46,046, from €45,910 to -€136
- Financial charges +€23,803
up €23,803 (+53.2%), from €44,717 to €68,520
- Taxes +€20,333
up €20,333 (+69.1%), from €29,414 to €49,747
- Depreciation +€8,093
up €8,093 (+68.0%), from €11,897 to €19,990
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 | €593,467 | €780,368 | +€186,901 | +31.5% |
| Fixed assets | 21/28 | €286,494 | €655,498 | +€369,004 | +128.8% |
| Tangible fixed assets | 22/27 | €286,444 | €655,448 | +€369,004 | +128.8% |
| Land and buildings | 22 | €256,560 | €584,217 | +€327,656 | +127.7% |
| Plant, machinery and equipment | 23 | €29,145 | €62,989 | +€33,844 | +116.1% |
| Furniture and vehicles | 24 | €739 | €8,242 | +€7,503 | +1015.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €306,972 | €124,870 | -€182,103 | -59.3% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 291 | €50,000 | - | -€50,000 | |
| Amounts receivable within one year | 40/41 | €31,941 | €62,881 | +€30,941 | +96.9% |
| Trade receivables | 40 | €27,872 | €10,292 | -€17,580 | -63.1% |
| Other amounts receivable | 41 | €4,068 | €52,589 | +€48,521 | +1192.7% |
| Cash at bank and in hand | 54/58 | €222,505 | €60,925 | -€161,579 | -72.6% |
| Deferred charges and accrued income | 490/1 | €2,527 | €1,063 | -€1,464 | -57.9% |
| Total equity and liabilities | 10/49 | €593,467 | €780,368 | +€186,901 | +31.5% |
| Equity | 10/15 | €299,789 | €332,620 | +€32,831 | +11.0% |
| Contributions | 10/11 | €14,400 | €14,400 | = | 0.0% |
| Reserves | 13 | €275,300 | €308,000 | +€32,700 | +11.9% |
| Distributable reserves | 133 | €275,300 | €308,000 | +€32,700 | +11.9% |
| Profit (loss) carried forward | 14 | €10,089 | €10,220 | +€131 | +1.3% |
| Provisions and deferred taxes | 16 | €45,910 | €45,774 | -€136 | -0.3% |
| Provisions for liabilities and charges | 160/5 | €45,910 | €45,774 | -€136 | -0.3% |
| Environmental obligations | 163 | €45,910 | €45,774 | -€136 | -0.3% |
| Amounts payable | 17/49 | €247,767 | €401,974 | +€154,206 | +62.2% |
| Amounts payable after more than one year | 17 | €217,869 | €356,347 | +€138,478 | +63.6% |
| Financial debts | 170/4 | €212,019 | €350,497 | +€138,478 | +65.3% |
| Other amounts payable | 178/9 | €5,850 | €5,850 | = | 0.0% |
| Amounts payable within one year | 42/48 | €29,703 | €45,593 | +€15,891 | +53.5% |
| Current portion of amounts payable after more than one year | 42 | - | €34,381 | +€34,381 | |
| Trade debts | 44 | €2,029 | €1,713 | -€317 | -15.6% |
| Suppliers | 440/4 | €2,029 | €1,713 | -€317 | -15.6% |
| Taxes, remuneration and social security | 45 | €7,509 | €9,500 | +€1,991 | +26.5% |
| Taxes | 450/3 | €7,509 | €9,500 | +€1,991 | +26.5% |
| Other amounts payable | 47/48 | €20,165 | - | -€20,165 | |
| Accrued charges and deferred income | 492/3 | €195 | €33 | -€162 | -83.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,897 | €19,990 | +€8,093 | +68.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €45,910 | -€136 | -€46,046 | |
| Other operating charges | 640/8 | €2,072 | €4,324 | +€2,252 | +108.7% |
| Gross operating margin | 9900 | €174,354 | €284,096 | +€109,742 | +62.9% |
| Operating profit (loss) | 9901 | €114,475 | €259,918 | +€145,443 | +127.1% |
| Financial income | 75/76B | €2,274 | €1,181 | -€1,093 | -48.1% |
| Recurring financial income | 75 | €2,274 | €1,181 | -€1,093 | -48.1% |
| Financial charges | 65/66B | €44,717 | €68,520 | +€23,803 | +53.2% |
| Recurring financial charges | 65 | €44,717 | €68,520 | +€23,803 | +53.2% |
| Profit (loss) for the period before taxes | 9903 | €72,031 | €192,578 | +€120,546 | +167.4% |
| Income taxes | 67/77 | €29,414 | €49,747 | +€20,333 | +69.1% |
| Profit (loss) for the period | 9904 | €42,618 | €142,831 | +€100,213 | +235.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,618 | €142,831 | +€100,213 | +235.1% |
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 6 October 2026 via checked.be.