MA-FRABEL Distributions: 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.
MA-FRABEL Distributions
Largest movements
- Receivables within one year -€53,072
down €53,072 (-37.9%), from €140,190 to €87,118
of which Other amounts receivable: -€65,865
- Cash +€46,024
up €46,024 (+105%), from €44,014 to €90,038
mainly Receivables within one year (+€53,072) and Net result for the year (+€46,665)
- Tangible fixed assets -€28,673
down €28,673 (-5.3%), from €543,379 to €514,706
- Debts after one year -€48,809
down €48,809 (-12.7%), from €383,628 to €334,819
- Trade debts +€24,998
up €24,998 (+328%), from €7,613 to €32,611
- Short-term financial debts -€13,780
down €13,780 (-11.6%), from €118,835 to €105,055
of which Other loans: -€13,780
- Tax, wage and social debts -€9,438
down €9,438 (-20.9%), from €45,142 to €35,703
of which Taxes: -€12,763
- Staff costs +€9,756
up €9,756 (+112%), from €8,715 to €18,471
- Gross operating margin -€4,075
down €4,075 (-2.7%), from €153,631 to €149,556
- Other operating charges -€3,326
down €3,326 (-40.9%), from €8,127 to €4,800
- Taxes -€2,188
down €2,188 (-8.2%), from €26,738 to €24,551
- Depreciation -€1,826
down €1,826 (-4.0%), from €45,831 to €44,005
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 | €849,321 | €803,872 | -€45,449 | -5.4% |
| Fixed assets | 21/28 | €552,011 | €521,154 | -€30,857 | -5.6% |
| Intangible fixed assets | 21 | €8,632 | €6,448 | -€2,184 | -25.3% |
| Tangible fixed assets | 22/27 | €543,379 | €514,706 | -€28,673 | -5.3% |
| Land and buildings | 22 | €452,101 | €442,891 | -€9,210 | -2.0% |
| Plant, machinery and equipment | 23 | €17,908 | €17,292 | -€616 | -3.4% |
| Furniture and vehicles | 24 | €3,388 | €1,381 | -€2,007 | -59.3% |
| Leasing and similar rights | 25 | €63,064 | €50,536 | -€12,528 | -19.9% |
| Other tangible fixed assets | 26 | €6,919 | €2,607 | -€4,312 | -62.3% |
| Current assets | 29/58 | €297,310 | €282,718 | -€14,592 | -4.9% |
| Stocks and contracts in progress | 3 | €105,374 | €101,009 | -€4,364 | -4.1% |
| Stocks | 30/36 | €105,374 | €101,009 | -€4,364 | -4.1% |
| Amounts receivable within one year | 40/41 | €140,190 | €87,118 | -€53,072 | -37.9% |
| Trade receivables | 40 | €47,039 | €59,831 | +€12,793 | +27.2% |
| Other amounts receivable | 41 | €93,151 | €27,287 | -€65,865 | -70.7% |
| Cash at bank and in hand | 54/58 | €44,014 | €90,038 | +€46,024 | +105% |
| Deferred charges and accrued income | 490/1 | €7,732 | €4,552 | -€3,180 | -41.1% |
| Total equity and liabilities | 10/49 | €849,321 | €803,872 | -€45,449 | -5.4% |
| Equity | 10/15 | €243,748 | €244,325 | +€577 | +0.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €165,898 | €166,475 | +€577 | +0.3% |
| Distributable reserves | 133 | €165,898 | €166,475 | +€577 | +0.3% |
| Profit (loss) carried forward | 14 | €57,390 | €57,390 | = | 0.0% |
| Amounts payable | 17/49 | €605,573 | €559,547 | -€46,026 | -7.6% |
| Amounts payable after more than one year | 17 | €383,628 | €334,819 | -€48,809 | -12.7% |
| Financial debts | 170/4 | €383,628 | €334,819 | -€48,809 | -12.7% |
| Amounts payable within one year | 42/48 | €220,637 | €222,178 | +€1,541 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €49,048 | €48,809 | -€239 | -0.5% |
| Financial debts | 43 | €118,835 | €105,055 | -€13,780 | -11.6% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Other loans | 439 | €18,835 | €5,055 | -€13,780 | -73.2% |
| Trade debts | 44 | €7,613 | €32,611 | +€24,998 | +328% |
| Suppliers | 440/4 | €7,613 | €32,611 | +€24,998 | +328% |
| Taxes, remuneration and social security | 45 | €45,142 | €35,703 | -€9,438 | -20.9% |
| Taxes | 450/3 | €44,644 | €31,881 | -€12,763 | -28.6% |
| Remuneration and social security | 454/9 | €497 | €3,823 | +€3,325 | +668% |
| Accrued charges and deferred income | 492/3 | €1,308 | €2,550 | +€1,242 | +94.9% |
| Remuneration, social security and pensions | 62 | €8,715 | €18,471 | +€9,756 | +112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,831 | €44,005 | -€1,826 | -4.0% |
| Other operating charges | 640/8 | €8,127 | €4,800 | -€3,326 | -40.9% |
| Gross operating margin | 9900 | €153,631 | €149,556 | -€4,075 | -2.7% |
| Operating profit (loss) | 9901 | €90,958 | €82,279 | -€8,679 | -9.5% |
| Financial income | 75/76B | €3,355 | €4,172 | +€817 | +24.3% |
| Recurring financial income | 75 | €3,355 | €4,172 | +€817 | +24.3% |
| Financial charges | 65/66B | €16,976 | €15,235 | -€1,741 | -10.3% |
| Recurring financial charges | 65 | €16,976 | €15,235 | -€1,741 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €77,337 | €71,216 | -€6,121 | -7.9% |
| Income taxes | 67/77 | €26,738 | €24,551 | -€2,188 | -8.2% |
| Profit (loss) for the period | 9904 | €50,599 | €46,665 | -€3,933 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €50,599 | €46,665 | -€3,933 | -7.8% |
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 27 October 2026 via checked.be.