LA MAFRANGE: 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.
LA MAFRANGE
Largest movements
- Tangible fixed assets -€15,755
down €15,755 (-55.7%), from €28,292 to €12,538
of which Leasing and similar rights: -€15,526
- Cash +€2,205
up €2,205 (+28.2%), from €7,808 to €10,013
mainly Depreciation (+€15,755) and Other debts (+€8,050)
- Debts after one year -€9,444
no longer reported in 2025 (was €9,444)
- Other debts +€8,050
up €8,050 (+21.9%), from €36,775 to €44,825
- Reserves -€7,453
down €7,453 (-9.5%), from €78,766 to €71,312
of which Distributable reserves: -€4,000
- Current portion of long-term debt -€3,062
down €3,062 (-24.5%), from €12,506 to €9,444
- Gross operating margin +€6,947
up €6,947 (+286.8%), from €2,422 to €9,369
- Financial charges -€205
down €205 (-38.8%), from €529 to €324
- Other operating charges +€122
up €122 (+7.7%), from €1,584 to €1,706
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 | €167,308 | €153,386 | -€13,922 | -8.3% |
| Fixed assets | 21/28 | €28,292 | €12,538 | -€15,755 | -55.7% |
| Tangible fixed assets | 22/27 | €28,292 | €12,538 | -€15,755 | -55.7% |
| Plant, machinery and equipment | 23 | €433 | €205 | -€228 | -52.8% |
| Leasing and similar rights | 25 | €27,859 | €12,333 | -€15,526 | -55.7% |
| Current assets | 29/58 | €139,015 | €140,848 | +€1,833 | +1.3% |
| Stocks and contracts in progress | 3 | €124,597 | €124,597 | = | 0.0% |
| Stocks | 30/36 | €124,597 | €124,597 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,259 | €5,719 | +€460 | +8.8% |
| Trade receivables | 40 | €3,462 | €3,876 | +€414 | +12.0% |
| Other amounts receivable | 41 | €1,797 | €1,843 | +€46 | +2.6% |
| Current investments | 50/53 | €388 | €389 | +€1 | +0.2% |
| Cash at bank and in hand | 54/58 | €7,808 | €10,013 | +€2,205 | +28.2% |
| Deferred charges and accrued income | 490/1 | €964 | €131 | -€833 | -86.4% |
| Total equity and liabilities | 10/49 | €167,308 | €153,386 | -€13,922 | -8.3% |
| Equity | 10/15 | €99,584 | €91,885 | -€7,699 | -7.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €78,766 | €71,312 | -€7,453 | -9.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,906 | €3,453 | -€3,453 | -50.0% |
| Distributable reserves | 133 | €70,000 | €66,000 | -€4,000 | -5.7% |
| Profit (loss) carried forward | 14 | €2,226 | €1,981 | -€246 | -11.0% |
| Provisions and deferred taxes | 16 | €1,727 | €863 | -€863 | -50.0% |
| Deferred taxes | 168 | €1,727 | €863 | -€863 | -50.0% |
| Amounts payable | 17/49 | €65,997 | €60,638 | -€5,360 | -8.1% |
| Amounts payable after more than one year | 17 | €9,444 | - | -€9,444 | |
| Financial debts | 170/4 | €9,444 | - | -€9,444 | |
| Amounts payable within one year | 42/48 | €56,553 | €60,638 | +€4,085 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €12,506 | €9,444 | -€3,062 | -24.5% |
| Trade debts | 44 | €3,674 | €2,692 | -€982 | -26.7% |
| Suppliers | 440/4 | €3,674 | €2,692 | -€982 | -26.7% |
| Taxes, remuneration and social security | 45 | €3,598 | €3,676 | +€78 | +2.2% |
| Taxes | 450/3 | €1,560 | €1,638 | +€78 | +5.0% |
| Remuneration and social security | 454/9 | €2,038 | €2,038 | = | 0.0% |
| Other amounts payable | 47/48 | €36,775 | €44,825 | +€8,050 | +21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,703 | €15,755 | +€52 | +0.3% |
| Other operating charges | 640/8 | €1,584 | €1,706 | +€122 | +7.7% |
| Gross operating margin | 9900 | €2,422 | €9,369 | +€6,947 | +286.8% |
| Operating profit (loss) | 9901 | -€14,865 | -€8,092 | +€6,773 | +45.6% |
| Financial income | 75/76B | €3 | €2 | -€0 | -14.7% |
| Recurring financial income | 75 | €3 | €2 | -€0 | -14.7% |
| Financial charges | 65/66B | €529 | €324 | -€205 | -38.8% |
| Recurring financial charges | 65 | €529 | €324 | -€205 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | -€15,391 | -€8,414 | +€6,977 | +45.3% |
| Transfer from deferred taxes | 780 | €863 | €863 | = | 0.0% |
| Income taxes | 67/77 | €161 | €148 | -€13 | -8.1% |
| Profit (loss) for the period | 9904 | -€14,689 | -€7,699 | +€6,990 | +47.6% |
| Transfer from tax-exempt reserves | 789 | €3,453 | €3,453 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,236 | -€4,246 | +€6,990 | +62.2% |
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 30 September 2026 via checked.be.