GIANFRANCO MAZURRI: 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.
GIANFRANCO MAZURRI
Largest movements
- Receivables within one year +€136,678
up €136,678 (+28.6%), from €478,184 to €614,862
of which Trade receivables: +€118,288
- Stocks and contracts +€8,488
up €8,488 (+56.0%), from €15,146 to €23,634
- Profit (loss) carried forward +€93,505
up €93,505 (+76.2%), from -€122,741 to -€29,237
- Trade debts +€26,475
up €26,475 (+466%), from €5,686 to €32,160
- Other debts +€25,273
up €25,273 (+109%), from €23,204 to €48,477
- Gross operating margin -€92,975
down €92,975 (-42.4%), from €219,197 to €126,222
- Taxes -€25,018
down €25,018 (-49.0%), from €51,078 to €26,060
- Financial charges +€4,921
up €4,921 (+220%), from €2,241 to €7,162
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 | €501,720 | €645,025 | +€143,306 | +28.6% |
| Fixed assets | 21/28 | €3,261 | €5,507 | +€2,245 | +68.8% |
| Tangible fixed assets | 22/27 | €3,261 | €5,507 | +€2,245 | +68.8% |
| Plant, machinery and equipment | 23 | €2,554 | €4,956 | +€2,402 | +94.1% |
| Furniture and vehicles | 24 | €707 | €550 | -€157 | -22.2% |
| Current assets | 29/58 | €498,459 | €639,519 | +€141,060 | +28.3% |
| Stocks and contracts in progress | 3 | €15,146 | €23,634 | +€8,488 | +56.0% |
| Stocks | 30/36 | €15,146 | €23,634 | +€8,488 | +56.0% |
| Amounts receivable within one year | 40/41 | €478,184 | €614,862 | +€136,678 | +28.6% |
| Trade receivables | 40 | €472,634 | €590,922 | +€118,288 | +25.0% |
| Other amounts receivable | 41 | €5,549 | €23,940 | +€18,391 | +331% |
| Cash at bank and in hand | 54/58 | €4,234 | €105 | -€4,129 | -97.5% |
| Deferred charges and accrued income | 490/1 | €895 | €918 | +€23 | +2.5% |
| Total equity and liabilities | 10/49 | €501,720 | €645,025 | +€143,306 | +28.6% |
| Equity | 10/15 | €455,329 | €548,834 | +€93,505 | +20.5% |
| Contributions | 10/11 | €575,000 | €575,000 | = | 0.0% |
| Capital | 10 | €575,000 | €575,000 | = | 0.0% |
| Issued capital | 100 | €575,000 | €575,000 | = | 0.0% |
| Reserves | 13 | €3,071 | €3,071 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,071 | €3,071 | = | 0.0% |
| Legal reserve | 130 | €3,071 | €3,071 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€122,741 | -€29,237 | +€93,505 | +76.2% |
| Amounts payable | 17/49 | €46,390 | €96,192 | +€49,801 | +107% |
| Amounts payable within one year | 42/48 | €46,390 | €96,192 | +€49,801 | +107% |
| Trade debts | 44 | €5,686 | €32,160 | +€26,475 | +466% |
| Suppliers | 440/4 | €5,686 | €32,160 | +€26,475 | +466% |
| Taxes, remuneration and social security | 45 | €17,501 | €15,554 | -€1,947 | -11.1% |
| Taxes | 450/3 | €17,501 | €15,554 | -€1,947 | -11.1% |
| Other amounts payable | 47/48 | €23,204 | €48,477 | +€25,273 | +109% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €744 | €1,303 | +€559 | +75.1% |
| Other operating charges | 640/8 | €731 | €754 | +€22 | +3.1% |
| Gross operating margin | 9900 | €219,197 | €126,222 | -€92,975 | -42.4% |
| Operating profit (loss) | 9901 | €217,722 | €124,166 | -€93,557 | -43.0% |
| Financial income | 75/76B | €501 | €2,561 | +€2,060 | +411% |
| Recurring financial income | 75 | €501 | €2,561 | +€2,060 | +411% |
| Financial charges | 65/66B | €2,241 | €7,162 | +€4,921 | +220% |
| Recurring financial charges | 65 | €2,241 | €7,162 | +€4,921 | +220% |
| Profit (loss) for the period before taxes | 9903 | €215,982 | €119,565 | -€96,417 | -44.6% |
| Income taxes | 67/77 | €51,078 | €26,060 | -€25,018 | -49.0% |
| Profit (loss) for the period | 9904 | €164,904 | €93,505 | -€71,400 | -43.3% |
| Profit (loss) for the period to be appropriated | 9905 | €164,904 | €93,505 | -€71,400 | -43.3% |
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 31 October 2026 via checked.be.