MA2X: 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.
MA2X
Largest movements
- Financial fixed assets +€81,150
new in 2025: €81,150
- Tangible fixed assets +€17,228
up €17,228 (+8.6%), from €199,832 to €217,060
of which Plant, machinery and equipment: +€28,843
- Other debts +€151,537
up €151,537 (+169%), from €89,880 to €241,417
- Profit (loss) carried forward -€22,879
down €22,879 (-45.3%), from -€50,561 to -€73,440
- Debts after one year -€15,227
down €15,227 (-14.5%), from €105,261 to €90,034
- Trade debts -€11,180
no longer reported in 2025 (was €11,180)
- Accrued charges and deferred income -€3,457
down €3,457 (-87.3%), from €3,961 to €504
- Gross operating margin -€11,886
down €11,886 (-71.9%), from €16,533 to €4,647
- Depreciation +€4,717
up €4,717 (+34.9%), from €13,512 to €18,229
- Other operating charges +€995
up €995 (+54.3%), from €1,832 to €2,827
- Financial charges -€829
down €829 (-11.4%), from €7,299 to €6,470
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 | €200,301 | €299,974 | +€99,673 | +49.8% |
| Fixed assets | 21/28 | €199,832 | €298,210 | +€98,378 | +49.2% |
| Tangible fixed assets | 22/27 | €199,832 | €217,060 | +€17,228 | +8.6% |
| Land and buildings | 22 | €187,456 | €175,841 | -€11,615 | -6.2% |
| Plant, machinery and equipment | 23 | €12,376 | €41,219 | +€28,843 | +233% |
| Financial fixed assets | 28 | - | €81,150 | +€81,150 | |
| Current assets | 29/58 | €469 | €1,764 | +€1,295 | +276% |
| Current investments | 50/53 | €8 | €8 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €461 | €1,756 | +€1,295 | +281% |
| Total equity and liabilities | 10/49 | €200,301 | €299,974 | +€99,673 | +49.8% |
| Equity | 10/15 | -€25,561 | -€48,440 | -€22,879 | -89.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,561 | -€73,440 | -€22,879 | -45.3% |
| Amounts payable | 17/49 | €225,862 | €348,414 | +€122,552 | +54.3% |
| Amounts payable after more than one year | 17 | €105,261 | €90,034 | -€15,227 | -14.5% |
| Financial debts | 170/4 | €105,261 | €90,034 | -€15,227 | -14.5% |
| Amounts payable within one year | 42/48 | €116,640 | €257,876 | +€141,236 | +121% |
| Current portion of amounts payable after more than one year | 42 | €15,580 | €16,459 | +€879 | +5.6% |
| Trade debts | 44 | €11,180 | - | -€11,180 | |
| Suppliers | 440/4 | €11,180 | - | -€11,180 | |
| Other amounts payable | 47/48 | €89,880 | €241,417 | +€151,537 | +169% |
| Accrued charges and deferred income | 492/3 | €3,961 | €504 | -€3,457 | -87.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,512 | €18,229 | +€4,717 | +34.9% |
| Other operating charges | 640/8 | €1,832 | €2,827 | +€995 | +54.3% |
| Gross operating margin | 9900 | €16,533 | €4,647 | -€11,886 | -71.9% |
| Operating profit (loss) | 9901 | €1,189 | -€16,409 | -€17,598 | |
| Financial charges | 65/66B | €7,299 | €6,470 | -€829 | -11.4% |
| Recurring financial charges | 65 | €7,299 | €6,470 | -€829 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,110 | -€22,879 | -€16,769 | -274% |
| Profit (loss) for the period | 9904 | -€6,110 | -€22,879 | -€16,769 | -274% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,110 | -€22,879 | -€16,769 | -274% |
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 23 October 2026 via checked.be.