MABECO: 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.
MABECO
Largest movements
- Tangible fixed assets +€235,706
up €235,706 (+69.2%), from €340,606 to €576,312
of which Other tangible fixed assets: +€230,117
- Receivables within one year +€35,957
up €35,957 (+4,899%), from €734 to €36,691
- Receivables after one year +€25,000
new in 2025: €25,000
- Cash -€13,233
down €13,233 (-39.1%), from €33,804 to €20,571
mainly Investment in fixed assets (net) (-€261,104) and Receivables within one year (-€35,957)
- Stocks and contracts +€7,180
up €7,180 (+42.2%), from €17,000 to €24,180
- Debts after one year +€225,828
up €225,828 (+64.5%), from €350,000 to €575,828
- Reserves +€44,676
up €44,676 (+1,443%), from €3,096 to €47,772
- Current portion of long-term debt +€21,543
new in 2025: €21,543
- Tax, wage and social debts +€19,585
up €19,585 (+199%), from €9,840 to €29,425
- Other debts -€17,365
down €17,365 (-94.0%), from €18,473 to €1,108
- Gross operating margin +€49,344
up €49,344 (+93.3%), from €52,904 to €102,248
- Depreciation -€21,252
down €21,252 (-49.4%), from €43,045 to €21,793
- Financial charges +€15,705
up €15,705 (+351%), from €4,477 to €20,182
- Taxes +€10,315
up €10,315 (+721%), from €1,430 to €11,745
- Other operating charges +€2,106
up €2,106 (+119%), from €1,770 to €3,876
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 | €395,749 | €689,965 | +€294,216 | +74.3% |
| Fixed assets | 21/28 | €344,211 | €583,522 | +€239,311 | +69.5% |
| Tangible fixed assets | 22/27 | €340,606 | €576,312 | +€235,706 | +69.2% |
| Plant, machinery and equipment | 23 | €10,061 | €7,644 | -€2,417 | -24.0% |
| Furniture and vehicles | 24 | €1,900 | €9,906 | +€8,006 | +421% |
| Other tangible fixed assets | 26 | €328,645 | €558,762 | +€230,117 | +70.0% |
| Financial fixed assets | 28 | €3,605 | €7,210 | +€3,605 | +100% |
| Current assets | 29/58 | €51,538 | €106,442 | +€54,904 | +107% |
| Amounts receivable after more than one year | 29 | - | €25,000 | +€25,000 | |
| Trade receivables | 290 | - | €25,000 | +€25,000 | |
| Stocks and contracts in progress | 3 | €17,000 | €24,180 | +€7,180 | +42.2% |
| Stocks | 30/36 | €17,000 | €24,180 | +€7,180 | +42.2% |
| Amounts receivable within one year | 40/41 | €734 | €36,691 | +€35,957 | +4,899% |
| Trade receivables | 40 | €734 | €36,691 | +€35,957 | +4,899% |
| Cash at bank and in hand | 54/58 | €33,804 | €20,571 | -€13,233 | -39.1% |
| Total equity and liabilities | 10/49 | €395,749 | €689,965 | +€294,216 | +74.3% |
| Equity | 10/15 | €13,096 | €57,772 | +€44,676 | +341% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €3,096 | €47,772 | +€44,676 | +1,443% |
| Distributable reserves | 133 | €3,096 | €47,772 | +€44,676 | +1,443% |
| Amounts payable | 17/49 | €382,653 | €632,192 | +€249,539 | +65.2% |
| Amounts payable after more than one year | 17 | €350,000 | €575,828 | +€225,828 | +64.5% |
| Financial debts | 170/4 | €350,000 | €575,828 | +€225,828 | +64.5% |
| Amounts payable within one year | 42/48 | €32,653 | €56,364 | +€23,711 | +72.6% |
| Current portion of amounts payable after more than one year | 42 | - | €21,543 | +€21,543 | |
| Trade debts | 44 | €4,340 | €4,288 | -€52 | -1.2% |
| Suppliers | 440/4 | €4,340 | €4,288 | -€52 | -1.2% |
| Taxes, remuneration and social security | 45 | €9,840 | €29,425 | +€19,585 | +199% |
| Taxes | 450/3 | €9,840 | €29,425 | +€19,585 | +199% |
| Other amounts payable | 47/48 | €18,473 | €1,108 | -€17,365 | -94.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,045 | €21,793 | -€21,252 | -49.4% |
| Other operating charges | 640/8 | €1,770 | €3,876 | +€2,106 | +119% |
| Gross operating margin | 9900 | €52,904 | €102,248 | +€49,344 | +93.3% |
| Operating profit (loss) | 9901 | €8,089 | €76,579 | +€68,490 | +847% |
| Financial income | 75/76B | €914 | €24 | -€891 | -97.4% |
| Recurring financial income | 75 | €914 | €24 | -€891 | -97.4% |
| Financial charges | 65/66B | €4,477 | €20,182 | +€15,705 | +351% |
| Recurring financial charges | 65 | €4,477 | €20,182 | +€15,705 | +351% |
| Profit (loss) for the period before taxes | 9903 | €4,526 | €56,421 | +€51,895 | +1,147% |
| Income taxes | 67/77 | €1,430 | €11,745 | +€10,315 | +721% |
| Profit (loss) for the period | 9904 | €3,096 | €44,676 | +€41,580 | +1,343% |
| Profit (loss) for the period to be appropriated | 9905 | €3,096 | €44,676 | +€41,580 | +1,343% |
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 17 October 2026 via checked.be.