MABAJA: 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.
MABAJA
Largest movements
- Receivables within one year -€50,671
down €50,671 (-56.1%), from €90,271 to €39,600
of which Trade receivables: -€50,751
- Stocks and contracts +€45,703
up €45,703 (+16.4%), from €279,405 to €325,109
- Trade debts -€81,881
down €81,881 (-87.6%), from €93,515 to €11,634
- Debts after one year +€42,081
up €42,081 (+13.5%), from €310,815 to €352,895
- Profit (loss) carried forward +€15,191
up €15,191 (+172.2%), from €8,822 to €24,013
- Current portion of long-term debt +€12,910
up €12,910 (+46.8%), from €27,608 to €40,517
- Depreciation +€12,041
up €12,041 (+25.7%), from €46,804 to €58,845
- Gross operating margin +€8,991
up €8,991 (+8.7%), from €103,311 to €112,302
- Financial charges +€6,697
up €6,697 (+215.8%), from €3,103 to €9,800
- Staff costs -€4,176
down €4,176 (-13.1%), from €31,904 to €27,728
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 | €647,725 | €640,674 | -€7,051 | -1.1% |
| Fixed assets | 21/28 | €263,966 | €265,973 | +€2,007 | +0.8% |
| Intangible fixed assets | 21 | €5,833 | €3,833 | -€2,000 | -34.3% |
| Tangible fixed assets | 22/27 | €258,133 | €262,140 | +€4,007 | +1.6% |
| Plant, machinery and equipment | 23 | €206,845 | €214,528 | +€7,683 | +3.7% |
| Furniture and vehicles | 24 | €1,874 | €3,980 | +€2,106 | +112.4% |
| Other tangible fixed assets | 26 | €49,414 | €43,632 | -€5,782 | -11.7% |
| Current assets | 29/58 | €383,759 | €374,701 | -€9,058 | -2.4% |
| Stocks and contracts in progress | 3 | €279,405 | €325,109 | +€45,703 | +16.4% |
| Stocks | 30/36 | €279,405 | €325,109 | +€45,703 | +16.4% |
| Amounts receivable within one year | 40/41 | €90,271 | €39,600 | -€50,671 | -56.1% |
| Trade receivables | 40 | €88,723 | €37,973 | -€50,751 | -57.2% |
| Other amounts receivable | 41 | €1,547 | €1,627 | +€80 | +5.2% |
| Cash at bank and in hand | 54/58 | €12,009 | €9,551 | -€2,458 | -20.5% |
| Deferred charges and accrued income | 490/1 | €2,074 | €441 | -€1,633 | -78.7% |
| Total equity and liabilities | 10/49 | €647,725 | €640,674 | -€7,051 | -1.1% |
| Equity | 10/15 | €198,822 | €214,013 | +€15,191 | +7.6% |
| Contributions | 10/11 | €190,000 | €190,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,822 | €24,013 | +€15,191 | +172.2% |
| Amounts payable | 17/49 | €448,903 | €426,661 | -€22,242 | -5.0% |
| Amounts payable after more than one year | 17 | €310,815 | €352,895 | +€42,081 | +13.5% |
| Financial debts | 170/4 | €310,815 | €352,895 | +€42,081 | +13.5% |
| Amounts payable within one year | 42/48 | €138,089 | €73,766 | -€64,322 | -46.6% |
| Current portion of amounts payable after more than one year | 42 | €27,608 | €40,517 | +€12,910 | +46.8% |
| Trade debts | 44 | €93,515 | €11,634 | -€81,881 | -87.6% |
| Suppliers | 440/4 | €93,515 | €11,634 | -€81,881 | -87.6% |
| Advances received on contracts in progress | 46 | - | €527 | +€527 | |
| Taxes, remuneration and social security | 45 | €13,939 | €11,952 | -€1,987 | -14.3% |
| Taxes | 450/3 | €13,939 | €11,952 | -€1,987 | -14.3% |
| Other amounts payable | 47/48 | €3,027 | €9,135 | +€6,108 | +201.8% |
| Remuneration, social security and pensions | 62 | €31,904 | €27,728 | -€4,176 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,804 | €58,845 | +€12,041 | +25.7% |
| Other operating charges | 640/8 | €120 | €944 | +€824 | +687.8% |
| Gross operating margin | 9900 | €103,311 | €112,302 | +€8,991 | +8.7% |
| Operating profit (loss) | 9901 | €24,483 | €24,784 | +€302 | +1.2% |
| Financial income | 75/76B | €10 | €207 | +€197 | +2027.0% |
| Recurring financial income | 75 | €10 | €207 | +€197 | +2027.0% |
| Financial charges | 65/66B | €3,103 | €9,800 | +€6,697 | +215.8% |
| Recurring financial charges | 65 | €3,103 | €9,800 | +€6,697 | +215.8% |
| Profit (loss) for the period before taxes | 9903 | €21,389 | €15,191 | -€6,199 | -29.0% |
| Profit (loss) for the period | 9904 | €21,389 | €15,191 | -€6,199 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,389 | €15,191 | -€6,199 | -29.0% |
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 10 October 2026 via checked.be.