MABED: 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.
MABED
Largest movements
- Current investments +€561,518
up €561,518 (+37.4%), from €1.5m to €2.1m
- Receivables within one year -€32,338
down €32,338 (-36.5%), from €88,542 to €56,204
of which Trade receivables: -€34,231
- Reserves +€425,371
up €425,371 (+30.0%), from €1.4m to €1.8m
of which Distributable reserves: +€416,205
- Other debts +€218,722
up €218,722 (+796.4%), from €27,465 to €246,187
- Revaluation surpluses -€159,245
down €159,245 (-93.5%), from €170,312 to €11,067
- Trade debts +€79,739
up €79,739 (+14577.5%), from €547 to €80,286
- Financial income +€207,358
up €207,358 (+1538.9%), from €13,474 to €220,832
- Gross operating margin -€62,261
down €62,261 (-14.6%), from €425,216 to €362,955
- Financial charges +€10,298
up €10,298 (+863.9%), from €1,192 to €11,490
- Depreciation -€6,885
down €6,885 (-50.8%), from €13,561 to €6,676
- Taxes +€4,676
up €4,676 (+3.6%), from €131,339 to €136,015
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 | €1,702,022 | €2,247,285 | +€545,263 | +32.0% |
| Fixed assets | 21/28 | €101,316 | €88,761 | -€12,555 | -12.4% |
| Tangible fixed assets | 22/27 | €28,115 | €15,560 | -€12,555 | -44.7% |
| Furniture and vehicles | 24 | €28,115 | €15,560 | -€12,555 | -44.7% |
| Financial fixed assets | 28 | €73,201 | €73,201 | = | 0.0% |
| Current assets | 29/58 | €1,600,706 | €2,158,524 | +€557,818 | +34.8% |
| Amounts receivable within one year | 40/41 | €88,542 | €56,204 | -€32,338 | -36.5% |
| Trade receivables | 40 | €88,492 | €54,261 | -€34,231 | -38.7% |
| Other amounts receivable | 41 | €50 | €1,943 | +€1,893 | +3786.0% |
| Current investments | 50/53 | €1,502,304 | €2,063,822 | +€561,518 | +37.4% |
| Cash at bank and in hand | 54/58 | €8,852 | €26,419 | +€17,567 | +198.5% |
| Deferred charges and accrued income | 490/1 | €1,008 | €12,079 | +€11,071 | +1098.3% |
| Total equity and liabilities | 10/49 | €1,702,022 | €2,247,285 | +€545,263 | +32.0% |
| Equity | 10/15 | €1,619,279 | €1,885,405 | +€266,126 | +16.4% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Capital | 10 | €30,987 | €30,987 | = | 0.0% |
| Issued capital | 100 | €30,987 | €30,987 | = | 0.0% |
| Revaluation surpluses | 12 | €170,312 | €11,067 | -€159,245 | -93.5% |
| Reserves | 13 | €1,416,549 | €1,841,920 | +€425,371 | +30.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €9,166 | +€9,166 | |
| Distributable reserves | 133 | €1,413,450 | €1,829,655 | +€416,205 | +29.4% |
| Profit (loss) carried forward | 14 | €1,431 | €1,431 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €3,055 | +€3,055 | |
| Deferred taxes | 168 | - | €3,055 | +€3,055 | |
| Amounts payable | 17/49 | €82,743 | €358,825 | +€276,082 | +333.7% |
| Amounts payable within one year | 42/48 | €82,743 | €358,825 | +€276,082 | +333.7% |
| Trade debts | 44 | €547 | €80,286 | +€79,739 | +14577.5% |
| Suppliers | 440/4 | €547 | €80,286 | +€79,739 | +14577.5% |
| Taxes, remuneration and social security | 45 | €54,731 | €32,352 | -€22,379 | -40.9% |
| Taxes | 450/3 | €54,731 | €32,352 | -€22,379 | -40.9% |
| Other amounts payable | 47/48 | €27,465 | €246,187 | +€218,722 | +796.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,561 | €6,676 | -€6,885 | -50.8% |
| Other operating charges | 640/8 | €1,108 | €1,180 | +€72 | +6.5% |
| Gross operating margin | 9900 | €425,216 | €362,955 | -€62,261 | -14.6% |
| Operating profit (loss) | 9901 | €410,547 | €355,099 | -€55,448 | -13.5% |
| Financial income | 75/76B | €13,474 | €220,832 | +€207,358 | +1538.9% |
| Recurring financial income | 75 | €13,474 | €220,832 | +€207,358 | +1538.9% |
| Financial charges | 65/66B | €1,192 | €11,490 | +€10,298 | +863.9% |
| Recurring financial charges | 65 | €1,192 | €11,490 | +€10,298 | +863.9% |
| Profit (loss) for the period before taxes | 9903 | €422,829 | €564,441 | +€141,612 | +33.5% |
| Transfer to deferred taxes | 680 | - | €3,055 | +€3,055 | |
| Income taxes | 67/77 | €131,339 | €136,015 | +€4,676 | +3.6% |
| Profit (loss) for the period | 9904 | €291,490 | €425,371 | +€133,881 | +45.9% |
| Transfer to tax-exempt reserves | 689 | - | €9,166 | +€9,166 | |
| Profit (loss) for the period to be appropriated | 9905 | €291,490 | €416,205 | +€124,715 | +42.8% |
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 12 October 2026 via checked.be.