MAY FLY: 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.
MAY FLY
Largest movements
- Tangible fixed assets -€29,064
down €29,064 (-29.8%), from €97,461 to €68,396
of which Leasing and similar rights: -€18,949
- Cash -€17,008
down €17,008 (-45.9%), from €37,015 to €20,007
mainly Debts after one year (-€25,792) and Receivables within one year (-€10,781)
- Receivables within one year +€10,781
up €10,781 (+138.8%), from €7,765 to €18,545
of which Trade receivables: +€6,048
- Financial fixed assets +€2,100
new in 2025: €2,100
- Stocks and contracts -€1,510
down €1,510 (-18.6%), from €8,109 to €6,599
- Debts after one year -€25,792
down €25,792 (-38.2%), from €67,565 to €41,773
- Profit (loss) carried forward -€6,807
down €6,807 (-3.8%), from -€177,993 to -€184,800
- Other debts -€6,051
no longer reported in 2025 (was €6,051)
- Trade debts +€5,414
up €5,414 (+70.8%), from €7,641 to €13,055
- Depreciation +€2,561
up €2,561 (+9.7%), from €26,503 to €29,064
- Financial charges -€555
down €555 (-13.9%), from €3,983 to €3,428
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 | €150,912 | €116,169 | -€34,743 | -23.0% |
| Fixed assets | 21/28 | €97,461 | €70,496 | -€26,964 | -27.7% |
| Tangible fixed assets | 22/27 | €97,461 | €68,396 | -€29,064 | -29.8% |
| Plant, machinery and equipment | 23 | €475 | €275 | -€200 | -42.1% |
| Furniture and vehicles | 24 | €18,552 | €8,636 | -€9,916 | -53.4% |
| Leasing and similar rights | 25 | €78,434 | €59,486 | -€18,949 | -24.2% |
| Financial fixed assets | 28 | - | €2,100 | +€2,100 | |
| Current assets | 29/58 | €53,451 | €45,673 | -€7,778 | -14.6% |
| Stocks and contracts in progress | 3 | €8,109 | €6,599 | -€1,510 | -18.6% |
| Stocks | 30/36 | €8,109 | €6,599 | -€1,510 | -18.6% |
| Amounts receivable within one year | 40/41 | €7,765 | €18,545 | +€10,781 | +138.8% |
| Trade receivables | 40 | €5,766 | €11,814 | +€6,048 | +104.9% |
| Other amounts receivable | 41 | €1,999 | €6,731 | +€4,732 | +236.8% |
| Cash at bank and in hand | 54/58 | €37,015 | €20,007 | -€17,008 | -45.9% |
| Deferred charges and accrued income | 490/1 | €563 | €521 | -€42 | -7.5% |
| Total equity and liabilities | 10/49 | €150,912 | €116,169 | -€34,743 | -23.0% |
| Equity | 10/15 | €42,007 | €35,200 | -€6,807 | -16.2% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€177,993 | -€184,800 | -€6,807 | -3.8% |
| Amounts payable | 17/49 | €108,905 | €80,970 | -€27,936 | -25.7% |
| Amounts payable after more than one year | 17 | €67,565 | €41,773 | -€25,792 | -38.2% |
| Financial debts | 170/4 | €67,565 | €41,773 | -€25,792 | -38.2% |
| Amounts payable within one year | 42/48 | €41,326 | €39,197 | -€2,130 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €27,250 | €25,792 | -€1,458 | -5.3% |
| Trade debts | 44 | €7,641 | €13,055 | +€5,414 | +70.8% |
| Suppliers | 440/4 | €7,641 | €13,055 | +€5,414 | +70.8% |
| Taxes, remuneration and social security | 45 | €384 | €349 | -€35 | -9.1% |
| Taxes | 450/3 | €384 | €349 | -€35 | -9.1% |
| Other amounts payable | 47/48 | €6,051 | - | -€6,051 | |
| Accrued charges and deferred income | 492/3 | €14 | - | -€14 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,503 | €29,064 | +€2,561 | +9.7% |
| Other operating charges | 640/8 | €3,118 | €2,865 | -€253 | -8.1% |
| Gross operating margin | 9900 | €28,974 | €28,899 | -€75 | -0.3% |
| Operating profit (loss) | 9901 | -€647 | -€3,030 | -€2,383 | -368.2% |
| Financial charges | 65/66B | €3,983 | €3,428 | -€555 | -13.9% |
| Recurring financial charges | 65 | €3,983 | €3,428 | -€555 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,630 | -€6,458 | -€1,828 | -39.5% |
| Income taxes | 67/77 | €333 | €349 | +€16 | +4.9% |
| Profit (loss) for the period | 9904 | -€4,963 | -€6,807 | -€1,844 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,963 | -€6,807 | -€1,844 | -37.2% |
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 5 October 2026 via checked.be.