Proxy Ma Campagne: 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.
Proxy Ma Campagne
Largest movements
- Tangible fixed assets +€477,367
up €477,367 (+47.1%), from €1.0m to €1.5m
of which Other tangible fixed assets: +€320,236
- Cash +€248,301
up €248,301 (+164.1%), from €151,290 to €399,591
mainly Debts after one year (+€420,810) and Trade debts (+€280,375)
- Stocks and contracts +€177,977
up €177,977 (+98.2%), from €181,297 to €359,274
- Debts after one year +€420,810
up €420,810 (+118.4%), from €355,371 to €776,181
- Trade debts +€280,375
up €280,375 (+175.0%), from €160,230 to €440,606
- Profit (loss) carried forward +€219,320
up €219,320 (+2812.2%), from €7,799 to €227,119
- Other debts -€145,447
down €145,447 (-32.9%), from €441,913 to €296,466
- Tax, wage and social debts +€83,454
up €83,454 (+115.1%), from €72,508 to €155,962
of which Taxes: +€50,586
- Gross operating margin +€327,215
up €327,215 (+38.1%), from €859,491 to €1.2m
- Staff costs +€139,563
up €139,563 (+24.4%), from €572,371 to €711,934
- Taxes +€46,915
new in 2025: €46,915
- Depreciation +€27,765
up €27,765 (+20.2%), from €137,780 to €165,546
- Financial charges +€21,397
up €21,397 (+59.8%), from €35,803 to €57,201
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 | €1,385,797 | €2,290,027 | +€904,230 | +65.2% |
| Fixed assets | 21/28 | €1,014,519 | €1,491,886 | +€477,367 | +47.1% |
| Tangible fixed assets | 22/27 | €1,014,519 | €1,491,886 | +€477,367 | +47.1% |
| Plant, machinery and equipment | 23 | €79,010 | €137,001 | +€57,991 | +73.4% |
| Furniture and vehicles | 24 | €305,887 | €405,027 | +€99,139 | +32.4% |
| Other tangible fixed assets | 26 | €629,622 | €949,858 | +€320,236 | +50.9% |
| Current assets | 29/58 | €371,277 | €798,141 | +€426,864 | +115.0% |
| Stocks and contracts in progress | 3 | €181,297 | €359,274 | +€177,977 | +98.2% |
| Stocks | 30/36 | €181,297 | €359,274 | +€177,977 | +98.2% |
| Amounts receivable within one year | 40/41 | €38,691 | €39,276 | +€585 | +1.5% |
| Trade receivables | 40 | €38,135 | €38,930 | +€795 | +2.1% |
| Other amounts receivable | 41 | €556 | €346 | -€211 | -37.9% |
| Cash at bank and in hand | 54/58 | €151,290 | €399,591 | +€248,301 | +164.1% |
| Total equity and liabilities | 10/49 | €1,385,797 | €2,290,027 | +€904,230 | +65.2% |
| Equity | 10/15 | €287,818 | €486,864 | +€199,046 | +69.2% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,799 | €227,119 | +€219,320 | +2812.2% |
| Investment grants | 15 | €160,019 | €139,745 | -€20,274 | -12.7% |
| Amounts payable | 17/49 | €1,097,979 | €1,803,163 | +€705,184 | +64.2% |
| Amounts payable after more than one year | 17 | €355,371 | €776,181 | +€420,810 | +118.4% |
| Financial debts | 170/4 | €355,371 | €776,181 | +€420,810 | +118.4% |
| Amounts payable within one year | 42/48 | €742,422 | €1,026,379 | +€283,956 | +38.2% |
| Current portion of amounts payable after more than one year | 42 | €67,771 | €133,345 | +€65,574 | +96.8% |
| Trade debts | 44 | €160,230 | €440,606 | +€280,375 | +175.0% |
| Suppliers | 440/4 | €160,230 | €440,606 | +€280,375 | +175.0% |
| Taxes, remuneration and social security | 45 | €72,508 | €155,962 | +€83,454 | +115.1% |
| Taxes | 450/3 | €6,282 | €56,868 | +€50,586 | +805.3% |
| Remuneration and social security | 454/9 | €66,226 | €99,094 | +€32,868 | +49.6% |
| Other amounts payable | 47/48 | €441,913 | €296,466 | -€145,447 | -32.9% |
| Accrued charges and deferred income | 492/3 | €186 | €603 | +€417 | +224.9% |
| Remuneration, social security and pensions | 62 | €572,371 | €711,934 | +€139,563 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,780 | €165,546 | +€27,765 | +20.2% |
| Other operating charges | 640/8 | €6,359 | €6,063 | -€296 | -4.7% |
| Gross operating margin | 9900 | €859,491 | €1,186,705 | +€327,215 | +38.1% |
| Operating profit (loss) | 9901 | €142,980 | €303,162 | +€160,182 | +112.0% |
| Financial income | 75/76B | €22,220 | €20,274 | -€1,946 | -8.8% |
| Recurring financial income | 75 | €22,220 | €20,274 | -€1,946 | -8.8% |
| Financial charges | 65/66B | €35,803 | €57,201 | +€21,397 | +59.8% |
| Recurring financial charges | 65 | €35,803 | €57,201 | +€21,397 | +59.8% |
| Profit (loss) for the period before taxes | 9903 | €129,397 | €266,236 | +€136,838 | +105.8% |
| Income taxes | 67/77 | - | €46,915 | +€46,915 | |
| Profit (loss) for the period | 9904 | €129,397 | €219,320 | +€89,923 | +69.5% |
| Profit (loss) for the period to be appropriated | 9905 | €129,397 | €219,320 | +€89,923 | +69.5% |
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 6 October 2026 via checked.be.