MAAFE: 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.
MAAFE
Largest movements
- Cash +€58,366
up €58,366 (+48.6%), from €120,011 to €178,377
mainly Stocks and contracts (+€46,818) and Receivables within one year (+€32,493)
- Stocks and contracts -€46,818
down €46,818 (-28.2%), from €165,815 to €118,997
- Receivables within one year -€32,493
down €32,493 (-9.5%), from €340,671 to €308,178
of which Trade receivables: -€41,993
- Deferred charges and accrued income +€11,189
up €11,189 (+159.7%), from €7,006 to €18,195
- Tax, wage and social debts -€12,889
down €12,889 (-19.3%), from €66,869 to €53,980
of which Taxes: -€18,009
- Staff costs +€32,170
up €32,170 (+33.6%), from €95,862 to €128,032
- Gross operating margin -€25,529
down €25,529 (-15.6%), from €163,772 to €138,244
- Turnover -€18,583
down €18,583 (-2.5%), from €735,436 to €716,853
- Taxes -€11,727
down €11,727 (-91.2%), from €12,855 to €1,128
- Purchases and services +€9,096
up €9,096 (+1.6%), from €571,663 to €580,760
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 | €655,091 | €644,349 | -€10,742 | -1.6% |
| Fixed assets | 21/28 | €21,587 | €20,601 | -€986 | -4.6% |
| Tangible fixed assets | 22/27 | €8,087 | €7,101 | -€986 | -12.2% |
| Land and buildings | 22 | €1,125 | €675 | -€450 | -40.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €6,962 | €6,426 | -€536 | -7.7% |
| Financial fixed assets | 28 | €13,500 | €13,500 | = | 0.0% |
| Current assets | 29/58 | €633,504 | €623,748 | -€9,756 | -1.5% |
| Stocks and contracts in progress | 3 | €165,815 | €118,997 | -€46,818 | -28.2% |
| Stocks | 30/36 | €165,815 | €118,997 | -€46,818 | -28.2% |
| Amounts receivable within one year | 40/41 | €340,671 | €308,178 | -€32,493 | -9.5% |
| Trade receivables | 40 | €295,421 | €253,428 | -€41,993 | -14.2% |
| Other amounts receivable | 41 | €45,250 | €54,750 | +€9,500 | +21.0% |
| Cash at bank and in hand | 54/58 | €120,011 | €178,377 | +€58,366 | +48.6% |
| Deferred charges and accrued income | 490/1 | €7,006 | €18,195 | +€11,189 | +159.7% |
| Total equity and liabilities | 10/49 | €655,091 | €644,349 | -€10,742 | -1.6% |
| Equity | 10/15 | €565,141 | €565,039 | -€103 | 0.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €519,971 | €519,971 | = | 0.0% |
| Non-distributable reserves | 130/1 | €519,971 | €519,971 | = | 0.0% |
| Other | 1319 | €519,971 | €519,971 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,170 | €25,068 | -€103 | -0.4% |
| Amounts payable | 17/49 | €89,950 | €79,310 | -€10,639 | -11.8% |
| Amounts payable within one year | 42/48 | €88,350 | €77,710 | -€10,639 | -12.0% |
| Trade debts | 44 | €20,886 | €21,225 | +€339 | +1.6% |
| Suppliers | 440/4 | €20,886 | €21,225 | +€339 | +1.6% |
| Taxes, remuneration and social security | 45 | €66,869 | €53,980 | -€12,889 | -19.3% |
| Taxes | 450/3 | €49,255 | €31,245 | -€18,009 | -36.6% |
| Remuneration and social security | 454/9 | €17,614 | €22,734 | +€5,120 | +29.1% |
| Other amounts payable | 47/48 | €594 | €2,505 | +€1,911 | +321.4% |
| Accrued charges and deferred income | 492/3 | €1,600 | €1,600 | = | 0.0% |
| Turnover | 70 | €735,436 | €716,853 | -€18,583 | -2.5% |
| Non-recurring operating income | 76A | - | €2,150 | +€2,150 | |
| Goods, raw materials, services and sundry goods | 60/61 | €571,663 | €580,760 | +€9,096 | +1.6% |
| Remuneration, social security and pensions | 62 | €95,862 | €128,032 | +€32,170 | +33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,448 | €9,056 | +€608 | +7.2% |
| Other operating charges | 640/8 | €574 | €387 | -€187 | -32.6% |
| Non-recurring operating charges | 66A | €5,672 | €1,146 | -€4,526 | -79.8% |
| Gross operating margin | 9900 | €163,772 | €138,244 | -€25,529 | -15.6% |
| Operating profit (loss) | 9901 | €53,217 | -€378 | -€53,594 | |
| Financial income | 75/76B | €2,992 | €1,413 | -€1,579 | -52.8% |
| Recurring financial income | 75 | €2,992 | €1,413 | -€1,579 | -52.8% |
| Financial charges | 65/66B | €142 | €11 | -€131 | -92.5% |
| Recurring financial charges | 65 | €142 | €11 | -€131 | -92.5% |
| Profit (loss) for the period before taxes | 9903 | €56,067 | €1,025 | -€55,042 | -98.2% |
| Income taxes | 67/77 | €12,855 | €1,128 | -€11,727 | -91.2% |
| Profit (loss) for the period | 9904 | €43,212 | -€103 | -€43,314 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,212 | -€103 | -€43,314 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.