MABAR: 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.
MABAR
Largest movements
- Cash +€85,735
up €85,735 (+22.8%), from €376,070 to €461,805
mainly Net result for the year (+€89,924) and Depreciation (+€23,589)
- Current investments +€50,000
up €50,000 (+25.0%), from €199,700 to €249,700
- Tangible fixed assets -€23,589
down €23,589 (-76.4%), from €30,864 to €7,275
- Receivables within one year -€17,046
down €17,046 (-98.7%), from €17,279 to €233
of which Trade receivables: -€16,830
- Profit (loss) carried forward +€89,924
up €89,924 (+16.0%), from €561,415 to €651,339
- Tax, wage and social debts +€10,000
new in 2025: €10,000
- Gross operating margin +€32,434
up €32,434 (+30.5%), from €106,383 to €138,817
- Taxes +€9,310
up €9,310 (+48.1%), from €19,357 to €28,667
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 | €632,865 | €727,053 | +€94,188 | +14.9% |
| Fixed assets | 21/28 | €34,664 | €11,075 | -€23,589 | -68.0% |
| Tangible fixed assets | 22/27 | €30,864 | €7,275 | -€23,589 | -76.4% |
| Furniture and vehicles | 24 | €30,864 | €7,275 | -€23,589 | -76.4% |
| Financial fixed assets | 28 | €3,800 | €3,800 | = | 0.0% |
| Current assets | 29/58 | €598,200 | €715,978 | +€117,777 | +19.7% |
| Stocks and contracts in progress | 3 | €5,151 | €4,240 | -€911 | -17.7% |
| Stocks | 30/36 | €5,151 | €4,240 | -€911 | -17.7% |
| Amounts receivable within one year | 40/41 | €17,279 | €233 | -€17,046 | -98.7% |
| Trade receivables | 40 | €16,830 | - | -€16,830 | |
| Other amounts receivable | 41 | €449 | €233 | -€216 | -48.2% |
| Current investments | 50/53 | €199,700 | €249,700 | +€50,000 | +25.0% |
| Cash at bank and in hand | 54/58 | €376,070 | €461,805 | +€85,735 | +22.8% |
| Total equity and liabilities | 10/49 | €632,865 | €727,053 | +€94,188 | +14.9% |
| Equity | 10/15 | €569,470 | €659,394 | +€89,924 | +15.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €561,415 | €651,339 | +€89,924 | +16.0% |
| Amounts payable | 17/49 | €63,394 | €67,659 | +€4,265 | +6.7% |
| Amounts payable within one year | 42/48 | €63,394 | €67,659 | +€4,265 | +6.7% |
| Trade debts | 44 | €9,594 | €3,859 | -€5,735 | -59.8% |
| Suppliers | 440/4 | €9,594 | €3,859 | -€5,735 | -59.8% |
| Taxes, remuneration and social security | 45 | - | €10,000 | +€10,000 | |
| Taxes | 450/3 | - | €10,000 | +€10,000 | |
| Other amounts payable | 47/48 | €53,800 | €53,800 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,910 | €23,589 | +€679 | +3.0% |
| Other operating charges | 640/8 | €2,050 | €2,101 | +€51 | +2.5% |
| Gross operating margin | 9900 | €106,383 | €138,817 | +€32,434 | +30.5% |
| Operating profit (loss) | 9901 | €81,423 | €113,128 | +€31,704 | +38.9% |
| Financial income | 75/76B | €6,929 | €5,627 | -€1,302 | -18.8% |
| Recurring financial income | 75 | €6,929 | €5,627 | -€1,302 | -18.8% |
| Financial charges | 65/66B | €400 | €164 | -€236 | -59.0% |
| Recurring financial charges | 65 | €400 | €164 | -€236 | -59.0% |
| Profit (loss) for the period before taxes | 9903 | €87,953 | €118,591 | +€30,638 | +34.8% |
| Income taxes | 67/77 | €19,357 | €28,667 | +€9,310 | +48.1% |
| Profit (loss) for the period | 9904 | €68,596 | €89,924 | +€21,328 | +31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,596 | €89,924 | +€21,328 | +31.1% |
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 11 October 2026 via checked.be.