MABEL2: what changed
Two fiscal 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.
MABEL2
Largest movements
- Cash -€146,617
down €146,617 (-62.6%), from €234,165 to €87,548
mainly Receivables after one year (-€116,000) and Current investments (-€67,400)
- Receivables after one year +€116,000
new in 2025: €116,000
- Current investments +€67,400
up €67,400 (+28.8%), from €233,928 to €301,328
- Receivables within one year -€43,173
down €43,173 (-58.5%), from €73,777 to €30,604
of which Other amounts receivable: -€43,463
- Debts after one year -€42,910
down €42,910 (-14.7%), from €292,144 to €249,234
- Reserves +€25,600
up €25,600 (+49.9%), from €51,350 to €76,950
- Tax, wage and social debts +€11,030
up €11,030 (+179.6%), from €6,141 to €17,170
- Provisions -€26,514
new in 2025: -€26,514
- Taxes +€10,088
up €10,088 (+371.7%), from €2,714 to €12,801
- Other operating charges +€6,641
up €6,641 (+138.4%), from €4,800 to €11,441
- Gross operating margin +€3,991
up €3,991 (+8.0%), from €49,718 to €53,709
- Financial income -€3,034
down €3,034 (-6.8%), from €44,878 to €41,844
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €900,713 | €893,661 | -€7,053 | -0.8% |
| Fixed assets | 21/28 | €354,708 | €350,980 | -€3,728 | -1.1% |
| Tangible fixed assets | 22/27 | €278,871 | €275,142 | -€3,728 | -1.3% |
| Land and buildings | 22 | €269,315 | €221,502 | -€47,814 | -17.8% |
| Furniture and vehicles | 24 | €9,555 | €53,641 | +€44,085 | +461.4% |
| Financial fixed assets | 28 | €75,838 | €75,838 | = | 0.0% |
| Current assets | 29/58 | €546,005 | €542,681 | -€3,324 | -0.6% |
| Amounts receivable after more than one year | 29 | - | €116,000 | +€116,000 | |
| Other amounts receivable | 291 | - | €116,000 | +€116,000 | |
| Amounts receivable within one year | 40/41 | €73,777 | €30,604 | -€43,173 | -58.5% |
| Trade receivables | 40 | €4,840 | €5,130 | +€290 | +6.0% |
| Other amounts receivable | 41 | €68,937 | €25,474 | -€43,463 | -63.0% |
| Current investments | 50/53 | €233,928 | €301,328 | +€67,400 | +28.8% |
| Cash at bank and in hand | 54/58 | €234,165 | €87,548 | -€146,617 | -62.6% |
| Deferred charges and accrued income | 490/1 | €4,135 | €7,201 | +€3,065 | +74.1% |
| Total equity and liabilities | 10/49 | €900,713 | €893,661 | -€7,053 | -0.8% |
| Equity | 10/15 | €552,890 | €578,591 | +€25,701 | +4.6% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Revaluation surpluses | 12 | €342,527 | €342,527 | = | 0.0% |
| Reserves | 13 | €51,350 | €76,950 | +€25,600 | +49.9% |
| Distributable reserves | 133 | €51,350 | €76,950 | +€25,600 | +49.9% |
| Profit (loss) carried forward | 14 | €138,562 | €138,662 | +€101 | +0.1% |
| Amounts payable | 17/49 | €347,823 | €315,070 | -€32,753 | -9.4% |
| Amounts payable after more than one year | 17 | €292,144 | €249,234 | -€42,910 | -14.7% |
| Financial debts | 170/4 | €292,144 | €249,234 | -€42,910 | -14.7% |
| Amounts payable within one year | 42/48 | €55,679 | €62,138 | +€6,458 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €40,911 | €44,193 | +€3,282 | +8.0% |
| Trade debts | 44 | €7,379 | €775 | -€6,604 | -89.5% |
| Suppliers | 440/4 | €7,379 | €775 | -€6,604 | -89.5% |
| Taxes, remuneration and social security | 45 | €6,141 | €17,170 | +€11,030 | +179.6% |
| Taxes | 450/3 | €6,141 | €17,170 | +€11,030 | +179.6% |
| Other amounts payable | 47/48 | €1,249 | - | -€1,249 | |
| Accrued charges and deferred income | 492/3 | - | €3,698 | +€3,698 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,319 | €53,176 | +€857 | +1.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€26,514 | -€26,514 | |
| Other operating charges | 640/8 | €4,800 | €11,441 | +€6,641 | +138.4% |
| Gross operating margin | 9900 | €49,718 | €53,709 | +€3,991 | +8.0% |
| Operating profit (loss) | 9901 | -€7,401 | €15,606 | +€23,006 | |
| Financial income | 75/76B | €44,878 | €41,844 | -€3,034 | -6.8% |
| Recurring financial income | 75 | €44,878 | €41,844 | -€3,034 | -6.8% |
| Financial charges | 65/66B | €18,159 | €18,947 | +€788 | +4.3% |
| Recurring financial charges | 65 | €18,159 | €18,947 | +€788 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €19,318 | €38,502 | +€19,185 | +99.3% |
| Income taxes | 67/77 | €2,714 | €12,801 | +€10,088 | +371.7% |
| Profit (loss) for the period | 9904 | €16,604 | €25,701 | +€9,097 | +54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,604 | €25,701 | +€9,097 | +54.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.