MA2D: 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.
MA2D
Largest movements
- Financial fixed assets +€75,000
new in 2025: €75,000
- Cash +€69,538
up €69,538 (+60.5%), from €114,906 to €184,444
mainly Other debts (+€182,643) and Net result for the year (+€102,832)
- Tangible fixed assets -€15,798
down €15,798 (-36.9%), from €42,839 to €27,041
- Receivables within one year +€7,921
up €7,921 (+8.6%), from €92,559 to €100,480
- Other debts +€182,643
up €182,643 (+1,285%), from €14,211 to €196,855
- Profit (loss) carried forward -€17,168
down €17,168 (-10.3%), from €166,169 to €149,001
- Debts after one year -€13,360
down €13,360 (-57.3%), from €23,318 to €9,959
- Tax, wage and social debts -€10,945
down €10,945 (-37.9%), from €28,873 to €17,928
- Gross operating margin +€32,105
up €32,105 (+26.6%), from €120,769 to €152,875
- Taxes +€8,952
up €8,952 (+41.5%), from €21,584 to €30,536
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 | €250,304 | €388,342 | +€138,037 | +55.1% |
| Fixed assets | 21/28 | €42,839 | €102,041 | +€59,202 | +138% |
| Tangible fixed assets | 22/27 | €42,839 | €27,041 | -€15,798 | -36.9% |
| Furniture and vehicles | 24 | €42,839 | €27,041 | -€15,798 | -36.9% |
| Financial fixed assets | 28 | - | €75,000 | +€75,000 | |
| Current assets | 29/58 | €207,465 | €286,301 | +€78,836 | +38.0% |
| Amounts receivable within one year | 40/41 | €92,559 | €100,480 | +€7,921 | +8.6% |
| Trade receivables | 40 | €92,559 | €100,480 | +€7,921 | +8.6% |
| Cash at bank and in hand | 54/58 | €114,906 | €184,444 | +€69,538 | +60.5% |
| Deferred charges and accrued income | 490/1 | - | €1,377 | +€1,377 | |
| Total equity and liabilities | 10/49 | €250,304 | €388,342 | +€138,037 | +55.1% |
| Equity | 10/15 | €166,269 | €149,101 | -€17,168 | -10.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Contributions outside capital | 11 | €100 | €100 | = | 0.0% |
| Other | 1109/19 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,169 | €149,001 | -€17,168 | -10.3% |
| Amounts payable | 17/49 | €84,035 | €239,241 | +€155,206 | +185% |
| Amounts payable after more than one year | 17 | €23,318 | €9,959 | -€13,360 | -57.3% |
| Financial debts | 170/4 | €23,318 | €9,959 | -€13,360 | -57.3% |
| Amounts payable within one year | 42/48 | €60,717 | €229,282 | +€168,565 | +278% |
| Current portion of amounts payable after more than one year | 42 | €12,923 | €13,360 | +€437 | +3.4% |
| Trade debts | 44 | €4,711 | €1,141 | -€3,570 | -75.8% |
| Suppliers | 440/4 | €4,711 | €1,141 | -€3,570 | -75.8% |
| Taxes, remuneration and social security | 45 | €28,873 | €17,928 | -€10,945 | -37.9% |
| Taxes | 450/3 | €28,873 | €17,928 | -€10,945 | -37.9% |
| Other amounts payable | 47/48 | €14,211 | €196,855 | +€182,643 | +1,285% |
| Non-recurring operating income | 76A | €5 | - | -€5 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,326 | €17,137 | -€189 | -1.1% |
| Other operating charges | 640/8 | €1,008 | €1,010 | +€2 | +0.2% |
| Gross operating margin | 9900 | €120,769 | €152,875 | +€32,105 | +26.6% |
| Operating profit (loss) | 9901 | €102,435 | €134,727 | +€32,292 | +31.5% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €1,714 | €1,359 | -€354 | -20.7% |
| Recurring financial charges | 65 | €1,714 | €1,359 | -€354 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €100,725 | €133,368 | +€32,643 | +32.4% |
| Income taxes | 67/77 | €21,584 | €30,536 | +€8,952 | +41.5% |
| Profit (loss) for the period | 9904 | €79,140 | €102,832 | +€23,691 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €79,140 | €102,832 | +€23,691 | +29.9% |
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 13 October 2026 via checked.be.