M-A-F MANAGEMENT: 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.
M-A-F MANAGEMENT
Largest movements
- Receivables within one year +€14,460
up €14,460 (+98.8%), from €14,634 to €29,094
of which Other amounts receivable: +€7,897
- Receivables after one year -€4,500
down €4,500 (-9.1%), from €49,500 to €45,000
- Cash -€3,170
down €3,170 (-97.4%), from €3,255 to €84
mainly Receivables within one year (-€14,460) and Other debts (-€10,561)
- Tangible fixed assets +€3,112
new in 2025: €3,112
- Reserves +€15,672
up €15,672 (+142%), from €11,050 to €26,722
- Other debts -€10,561
down €10,561 (-100%), from €10,561 to €0
- Tax, wage and social debts +€10,103
up €10,103 (+151%), from €6,705 to €16,809
of which Taxes: +€8,503
- Debts after one year -€4,464
down €4,464 (-24.6%), from €18,142 to €13,678
- Gross operating margin +€6,674
up €6,674 (+34.6%), from €19,275 to €25,949
- Taxes +€1,449
up €1,449 (+41.6%), from €3,486 to €4,935
- Financial charges +€743
up €743 (+20.8%), from €3,568 to €4,311
- Staff costs -€625
down €625 (-100%), from €625 to €0
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 | €67,389 | €77,714 | +€10,325 | +15.3% |
| Fixed assets | 21/28 | - | €3,112 | +€3,112 | |
| Tangible fixed assets | 22/27 | - | €3,112 | +€3,112 | |
| Plant, machinery and equipment | 23 | - | €3,112 | +€3,112 | |
| Current assets | 29/58 | €67,389 | €74,602 | +€7,213 | +10.7% |
| Amounts receivable after more than one year | 29 | €49,500 | €45,000 | -€4,500 | -9.1% |
| Trade receivables | 290 | €49,500 | €45,000 | -€4,500 | -9.1% |
| Amounts receivable within one year | 40/41 | €14,634 | €29,094 | +€14,460 | +98.8% |
| Trade receivables | 40 | €14,583 | €21,147 | +€6,564 | +45.0% |
| Other amounts receivable | 41 | €51 | €7,947 | +€7,897 | +15,545% |
| Cash at bank and in hand | 54/58 | €3,255 | €84 | -€3,170 | -97.4% |
| Deferred charges and accrued income | 490/1 | - | €423 | +€423 | |
| Total equity and liabilities | 10/49 | €67,389 | €77,714 | +€10,325 | +15.3% |
| Equity | 10/15 | €16,050 | €31,722 | +€15,672 | +97.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €11,050 | €26,722 | +€15,672 | +142% |
| Distributable reserves | 133 | €11,050 | €26,722 | +€15,672 | +142% |
| Amounts payable | 17/49 | €51,339 | €45,992 | -€5,347 | -10.4% |
| Amounts payable after more than one year | 17 | €18,142 | €13,678 | -€4,464 | -24.6% |
| Financial debts | 170/4 | €18,142 | €13,678 | -€4,464 | -24.6% |
| Amounts payable within one year | 42/48 | €33,197 | €32,313 | -€883 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €4,629 | €4,464 | -€165 | -3.6% |
| Financial debts | 43 | - | €245 | +€245 | |
| Credit institutions | 430/8 | - | €245 | +€245 | |
| Trade debts | 44 | €11,302 | €10,797 | -€505 | -4.5% |
| Suppliers | 440/4 | €11,302 | €10,797 | -€505 | -4.5% |
| Taxes, remuneration and social security | 45 | €6,705 | €16,809 | +€10,103 | +151% |
| Taxes | 450/3 | €6,705 | €15,209 | +€8,503 | +127% |
| Remuneration and social security | 454/9 | - | €1,600 | +€1,600 | |
| Other amounts payable | 47/48 | €10,561 | €0 | -€10,561 | -100% |
| Remuneration, social security and pensions | 62 | €625 | €0 | -€625 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €238 | +€238 | |
| Other operating charges | 640/8 | €546 | €794 | +€248 | +45.4% |
| Gross operating margin | 9900 | €19,275 | €25,949 | +€6,674 | +34.6% |
| Operating profit (loss) | 9901 | €18,104 | €24,917 | +€6,813 | +37.6% |
| Financial income | 75/76B | €0 | €1 | +€1 | +216% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +216% |
| Financial charges | 65/66B | €3,568 | €4,311 | +€743 | +20.8% |
| Recurring financial charges | 65 | €3,568 | €4,311 | +€743 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €14,536 | €20,607 | +€6,071 | +41.8% |
| Income taxes | 67/77 | €3,486 | €4,935 | +€1,449 | +41.6% |
| Profit (loss) for the period | 9904 | €11,050 | €15,672 | +€4,622 | +41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,050 | €15,672 | +€4,622 | +41.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.