MAMSA: 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.
MAMSA
Largest movements
- Tangible fixed assets +€12,371
up €12,371 (+656.4%), from €1,885 to €14,255
- Cash -€7,666
down €7,666 (-18.1%), from €42,416 to €34,750
mainly Investment in fixed assets (net) (-€15,500) and Net result for the year (-€11,407)
- Receivables within one year +€6,839
up €6,839 (+34.5%), from €19,804 to €26,643
- Profit (loss) carried forward -€11,407
new in 2025: -€11,407
- Trade debts +€10,310
up €10,310 (+14200.7%), from €73 to €10,382
- Other debts +€9,585
up €9,585 (+31.2%), from €30,721 to €40,306
- Tax, wage and social debts -€9,564
down €9,564 (-97.4%), from €9,819 to €255
- Debts after one year +€7,537
new in 2025: €7,537
- Gross operating margin -€61,716
down €61,716, from €57,128 to -€4,588
- Taxes -€8,843
down €8,843 (-96.8%), from €9,136 to €293
- Depreciation +€2,512
up €2,512 (+406.9%), from €617 to €3,129
- Other operating charges +€1,626
up €1,626 (+316.5%), from €514 to €2,139
- Financial charges +€1,162
up €1,162 (+1219.1%), from €95 to €1,258
of which Financial charges: +€763
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,105 | €75,649 | +€11,544 | +18.0% |
| Fixed assets | 21/28 | €1,885 | €14,255 | +€12,371 | +656.4% |
| Tangible fixed assets | 22/27 | €1,885 | €14,255 | +€12,371 | +656.4% |
| Furniture and vehicles | 24 | €1,885 | €14,255 | +€12,371 | +656.4% |
| Current assets | 29/58 | €62,220 | €61,394 | -€827 | -1.3% |
| Amounts receivable within one year | 40/41 | €19,804 | €26,643 | +€6,839 | +34.5% |
| Trade receivables | 40 | €19,804 | €26,643 | +€6,839 | +34.5% |
| Cash at bank and in hand | 54/58 | €42,416 | €34,750 | -€7,666 | -18.1% |
| Total equity and liabilities | 10/49 | €64,105 | €75,649 | +€11,544 | +18.0% |
| Equity | 10/15 | €23,492 | €12,085 | -€11,407 | -48.6% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €9,232 | €9,232 | = | 0.0% |
| Distributable reserves | 133 | €9,232 | €9,232 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€11,407 | -€11,407 | |
| Amounts payable | 17/49 | €40,613 | €63,564 | +€22,951 | +56.5% |
| Amounts payable after more than one year | 17 | - | €7,537 | +€7,537 | |
| Financial debts | 170/4 | - | €7,537 | +€7,537 | |
| Amounts payable within one year | 42/48 | €40,613 | €56,028 | +€15,414 | +38.0% |
| Current portion of amounts payable after more than one year | 42 | - | €5,084 | +€5,084 | |
| Trade debts | 44 | €73 | €10,382 | +€10,310 | +14200.7% |
| Suppliers | 440/4 | €73 | €10,382 | +€10,310 | +14200.7% |
| Taxes, remuneration and social security | 45 | €9,819 | €255 | -€9,564 | -97.4% |
| Taxes | 450/3 | €9,819 | €255 | -€9,564 | -97.4% |
| Other amounts payable | 47/48 | €30,721 | €40,306 | +€9,585 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €617 | €3,129 | +€2,512 | +406.9% |
| Other operating charges | 640/8 | €514 | €2,139 | +€1,626 | +316.5% |
| Gross operating margin | 9900 | €57,128 | -€4,588 | -€61,716 | |
| Operating profit (loss) | 9901 | €55,997 | -€9,856 | -€65,853 | |
| Financial charges | 65/66B | €95 | €1,258 | +€1,162 | +1219.1% |
| Recurring financial charges | 65 | €95 | €858 | +€763 | +799.9% |
| Non-recurring financial charges | 66B | - | €400 | +€400 | |
| Profit (loss) for the period before taxes | 9903 | €55,902 | -€11,114 | -€67,016 | |
| Income taxes | 67/77 | €9,136 | €293 | -€8,843 | -96.8% |
| Profit (loss) for the period | 9904 | €46,766 | -€11,407 | -€58,173 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,766 | -€11,407 | -€58,173 |
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 7 October 2026 via checked.be.