MA2 Project: 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.
MA2 Project
Largest movements
- Receivables within one year -€145,315
down €145,315 (-47.5%), from €305,950 to €160,636
of which Trade receivables: -€123,182
- Cash -€144,431
down €144,431 (-72.9%), from €198,149 to €53,718
mainly Trade debts (-€226,378) and Other debts (-€62,648)
- Trade debts -€226,378
down €226,378 (-54.7%), from €413,614 to €187,236
- Other debts -€62,648
down €62,648 (-97.7%), from €64,148 to €1,500
- Gross operating margin +€13,244
up €13,244 (+12.1%), from €109,465 to €122,709
- Staff costs +€12,923
up €12,923 (+14.1%), from €91,662 to €104,585
- Financial charges +€2,011
up €2,011 (+67.6%), from €2,976 to €4,988
- Depreciation +€1,385
up €1,385 (+9.9%), from €13,970 to €15,355
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €545,672 | €250,178 | -€295,494 | -54.2% |
| Fixed assets | 21/28 | €38,743 | €33,394 | -€5,349 | -13.8% |
| Tangible fixed assets | 22/27 | €38,743 | €33,394 | -€5,349 | -13.8% |
| Furniture and vehicles | 24 | €9,457 | €5,824 | -€3,633 | -38.4% |
| Other tangible fixed assets | 26 | €29,287 | €27,570 | -€1,716 | -5.9% |
| Current assets | 29/58 | €506,929 | €216,785 | -€290,144 | -57.2% |
| Amounts receivable within one year | 40/41 | €305,950 | €160,636 | -€145,315 | -47.5% |
| Trade receivables | 40 | €215,909 | €92,727 | -€123,182 | -57.1% |
| Other amounts receivable | 41 | €90,041 | €67,909 | -€22,132 | -24.6% |
| Current investments | 50/53 | €2,185 | €2,137 | -€48 | -2.2% |
| Cash at bank and in hand | 54/58 | €198,149 | €53,718 | -€144,431 | -72.9% |
| Deferred charges and accrued income | 490/1 | €645 | €294 | -€351 | -54.5% |
| Total equity and liabilities | 10/49 | €545,672 | €250,178 | -€295,494 | -54.2% |
| Equity | 10/15 | €40,458 | €37,249 | -€3,209 | -7.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,398 | €29,189 | -€3,209 | -9.9% |
| Amounts payable | 17/49 | €505,214 | €212,929 | -€292,285 | -57.9% |
| Amounts payable within one year | 42/48 | €505,214 | €212,929 | -€292,285 | -57.9% |
| Trade debts | 44 | €413,614 | €187,236 | -€226,378 | -54.7% |
| Suppliers | 440/4 | €413,614 | €187,236 | -€226,378 | -54.7% |
| Taxes, remuneration and social security | 45 | €27,452 | €24,193 | -€3,259 | -11.9% |
| Taxes | 450/3 | €6,406 | €3,927 | -€2,479 | -38.7% |
| Remuneration and social security | 454/9 | €21,046 | €20,267 | -€779 | -3.7% |
| Other amounts payable | 47/48 | €64,148 | €1,500 | -€62,648 | -97.7% |
| Remuneration, social security and pensions | 62 | €91,662 | €104,585 | +€12,923 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,970 | €15,355 | +€1,385 | +9.9% |
| Other operating charges | 640/8 | €1,530 | €1,245 | -€285 | -18.6% |
| Gross operating margin | 9900 | €109,465 | €122,709 | +€13,244 | +12.1% |
| Operating profit (loss) | 9901 | €2,303 | €1,525 | -€778 | -33.8% |
| Financial income | 75/76B | €249 | €662 | +€414 | +166.4% |
| Recurring financial income | 75 | €249 | €662 | +€414 | +166.4% |
| Financial charges | 65/66B | €2,976 | €4,988 | +€2,011 | +67.6% |
| Recurring financial charges | 65 | €2,976 | €4,988 | +€2,011 | +67.6% |
| Profit (loss) for the period before taxes | 9903 | -€425 | -€2,800 | -€2,376 | -559.6% |
| Income taxes | 67/77 | €1,261 | €409 | -€852 | -67.6% |
| Profit (loss) for the period | 9904 | -€1,685 | -€3,209 | -€1,524 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,685 | -€3,209 | -€1,524 | -90.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.