M.A.B.: 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.
M.A.B.
Largest movements
- Receivables within one year +€5.0m
up €5.0m (+241566.0%), from €2,077 to €5.0m
of which Other amounts receivable: +€5.0m
- Current investments +€1.2m
new in 2025: €1.2m
- Cash +€93,118
up €93,118 (+57.7%), from €161,305 to €254,423
mainly Contributions, distributions and other (+€6.3m) and Smaller working-capital items (+€2,760)
- Reserves +€6.3m
up €6.3m (+1586.0%), from €396,437 to €6.7m
of which Distributable reserves: +€6.3m
- Financial income +€59,051
up €59,051 (+10819.9%), from €546 to €59,596
- Provisions +€22,005
no longer reported in 2025 (was -€22,005)
- Gross operating margin +€15,185
up €15,185 (+33.0%), from -€45,980 to -€30,795
- Depreciation -€14,408
down €14,408 (-87.4%), from €16,479 to €2,072
- Financial charges +€11,683
up €11,683 (+48678.6%), from €24 to €11,707
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 | €465,871 | €6,743,964 | +€6.3m | +1347.6% |
| Fixed assets | 21/28 | €297,145 | €294,874 | -€2,272 | -0.8% |
| Tangible fixed assets | 22/27 | €295,783 | €293,712 | -€2,072 | -0.7% |
| Land and buildings | 22 | €295,783 | €293,712 | -€2,072 | -0.7% |
| Financial fixed assets | 28 | €1,362 | €1,162 | -€200 | -14.7% |
| Current assets | 29/58 | €168,726 | €6,449,091 | +€6.3m | +3722.2% |
| Amounts receivable within one year | 40/41 | €2,077 | €5,018,654 | +€5.0m | +241566.0% |
| Trade receivables | 40 | - | €3,799 | +€3,799 | |
| Other amounts receivable | 41 | €2,077 | €5,014,855 | +€5.0m | +241383.1% |
| Current investments | 50/53 | - | €1,175,134 | +€1.2m | |
| Cash at bank and in hand | 54/58 | €161,305 | €254,423 | +€93,118 | +57.7% |
| Deferred charges and accrued income | 490/1 | €5,344 | €879 | -€4,465 | -83.5% |
| Total equity and liabilities | 10/49 | €465,871 | €6,743,964 | +€6.3m | +1347.6% |
| Equity | 10/15 | €416,437 | €6,743,964 | +€6.3m | +1519.4% |
| Contributions | 10/11 | €20,000 | €60,000 | +€40,000 | +200.0% |
| Reserves | 13 | €396,437 | €6,683,964 | +€6.3m | +1586.0% |
| Non-distributable reserves | 130/1 | - | €200 | +€200 | |
| Own shares acquired | 1312 | - | €200 | +€200 | |
| Distributable reserves | 133 | €396,437 | €6,683,764 | +€6.3m | +1586.0% |
| Amounts payable | 17/49 | €49,434 | - | -€49,434 | |
| Amounts payable within one year | 42/48 | €47,729 | - | -€47,729 | |
| Trade debts | 44 | €47,729 | - | -€47,729 | |
| Suppliers | 440/4 | €47,729 | - | -€47,729 | |
| Accrued charges and deferred income | 492/3 | €1,704 | - | -€1,704 | |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,479 | €2,072 | -€14,408 | -87.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€22,005 | - | +€22,005 | |
| Other operating charges | 640/8 | €10,477 | €14,766 | +€4,288 | +40.9% |
| Gross operating margin | 9900 | -€45,980 | -€30,795 | +€15,185 | +33.0% |
| Operating profit (loss) | 9901 | -€50,932 | -€47,632 | +€3,299 | +6.5% |
| Financial income | 75/76B | €546 | €59,596 | +€59,051 | +10819.9% |
| Recurring financial income | 75 | €546 | €59,596 | +€59,051 | +10819.9% |
| Financial charges | 65/66B | €24 | €11,707 | +€11,683 | +48678.6% |
| Recurring financial charges | 65 | €24 | €11,707 | +€11,683 | +48678.6% |
| Profit (loss) for the period before taxes | 9903 | -€50,410 | €257 | +€50,667 | |
| Income taxes | 67/77 | - | €218 | +€218 | |
| Profit (loss) for the period | 9904 | -€50,410 | €39 | +€50,450 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,410 | €39 | +€50,450 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.