MABEL: 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.
MABEL
Largest movements
- Tangible fixed assets +€595,927
up €595,927 (+110.4%), from €539,966 to €1.1m
of which Land and buildings: +€591,351
- Stocks and contracts -€167,918
no longer reported in 2025 (was €167,918)
- Cash +€33,553
up €33,553 (+629.5%), from €5,330 to €38,883
mainly Short-term financial debts (+€395,747) and Stocks and contracts (+€167,918)
- Short-term financial debts +€395,747
up €395,747 (+252.9%), from €156,496 to €552,243
- Tax, wage and social debts +€25,256
up €25,256 (+137.0%), from €18,434 to €43,690
of which Taxes: +€26,056
- Debts after one year +€18,508
up €18,508 (+4.7%), from €396,857 to €415,365
of which Financial debts: +€14,808
- Other debts +€16,760
up €16,760 (+10.5%), from €158,858 to €175,618
- Gross operating margin +€24,251
up €24,251 (+22.4%), from €108,339 to €132,589
- Depreciation +€12,603
up €12,603 (+24.4%), from €51,553 to €64,156
- Financial charges +€8,587
up €8,587 (+48.7%), from €17,647 to €26,233
- Staff costs -€3,239
no longer reported in 2025 (was €3,239)
- Taxes -€2,437
down €2,437 (-23.2%), from €10,523 to €8,085
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 | €776,097 | €1,230,395 | +€454,298 | +58.5% |
| Fixed assets | 21/28 | €590,749 | €1,186,676 | +€595,927 | +100.9% |
| Tangible fixed assets | 22/27 | €539,966 | €1,135,893 | +€595,927 | +110.4% |
| Land and buildings | 22 | €536,017 | €1,127,368 | +€591,351 | +110.3% |
| Furniture and vehicles | 24 | - | €5,125 | +€5,125 | |
| Other tangible fixed assets | 26 | €3,949 | €3,399 | -€550 | -13.9% |
| Financial fixed assets | 28 | €50,783 | €50,783 | = | 0.0% |
| Current assets | 29/58 | €185,348 | €43,719 | -€141,629 | -76.4% |
| Stocks and contracts in progress | 3 | €167,918 | - | -€167,918 | |
| Stocks | 30/36 | €167,918 | - | -€167,918 | |
| Amounts receivable within one year | 40/41 | €12,100 | €4,651 | -€7,449 | -61.6% |
| Trade receivables | 40 | €12,100 | €3,651 | -€8,449 | -69.8% |
| Other amounts receivable | 41 | - | €1,000 | +€1,000 | |
| Cash at bank and in hand | 54/58 | €5,330 | €38,883 | +€33,553 | +629.5% |
| Deferred charges and accrued income | 490/1 | - | €186 | +€186 | |
| Total equity and liabilities | 10/49 | €776,097 | €1,230,395 | +€454,298 | +58.5% |
| Equity | 10/15 | €45,410 | €38,787 | -€6,622 | -14.6% |
| Contributions | 10/11 | €5,500 | €5,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,910 | €33,287 | -€6,622 | -16.6% |
| Amounts payable | 17/49 | €730,687 | €1,191,608 | +€460,920 | +63.1% |
| Amounts payable after more than one year | 17 | €396,857 | €415,365 | +€18,508 | +4.7% |
| Financial debts | 170/4 | €396,857 | €411,665 | +€14,808 | +3.7% |
| Other amounts payable | 178/9 | - | €3,700 | +€3,700 | |
| Amounts payable within one year | 42/48 | €333,830 | €775,135 | +€441,305 | +132.2% |
| Financial debts | 43 | €156,496 | €552,243 | +€395,747 | +252.9% |
| Credit institutions | 430/8 | €156,496 | €552,243 | +€395,747 | +252.9% |
| Trade debts | 44 | €42 | €3,583 | +€3,542 | +8523.9% |
| Suppliers | 440/4 | €42 | €3,583 | +€3,542 | +8523.9% |
| Taxes, remuneration and social security | 45 | €18,434 | €43,690 | +€25,256 | +137.0% |
| Taxes | 450/3 | €17,634 | €43,690 | +€26,056 | +147.8% |
| Remuneration and social security | 454/9 | €800 | - | -€800 | |
| Other amounts payable | 47/48 | €158,858 | €175,618 | +€16,760 | +10.5% |
| Accrued charges and deferred income | 492/3 | - | €1,108 | +€1,108 | |
| Remuneration, social security and pensions | 62 | €3,239 | - | -€3,239 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,553 | €64,156 | +€12,603 | +24.4% |
| Other operating charges | 640/8 | €3,227 | €5,443 | +€2,216 | +68.7% |
| Gross operating margin | 9900 | €108,339 | €132,589 | +€24,251 | +22.4% |
| Operating profit (loss) | 9901 | €50,320 | €62,991 | +€12,671 | +25.2% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €17,647 | €26,233 | +€8,587 | +48.7% |
| Recurring financial charges | 65 | €17,647 | €26,233 | +€8,587 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | €32,674 | €36,757 | +€4,083 | +12.5% |
| Income taxes | 67/77 | €10,523 | €8,085 | -€2,437 | -23.2% |
| Profit (loss) for the period | 9904 | €22,151 | €28,672 | +€6,521 | +29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,151 | €28,672 | +€6,521 | +29.4% |
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.