MABELFIN: 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.
MABELFIN
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+153.8%), from €685,118 to €1.7m
of which Land and buildings: +€1.1m
- Current investments +€749,845
up €749,845 (+73.8%), from €1.0m to €1.8m
- Cash -€512,609
down €512,609 (-80.3%), from €638,672 to €126,063
mainly Investment in fixed assets (net) (-€1.2m) and Current investments (-€749,845)
- Receivables within one year -€252,294
down €252,294 (-77.2%), from €326,918 to €74,624
of which Other amounts receivable: -€252,732
- Deferred charges and accrued income -€142,474
down €142,474 (-95.3%), from €149,468 to €6,994
- Debts after one year +€750,000
new in 2025: €750,000
- Reserves +€144,732
up €144,732 (+5.3%), from €2.7m to €2.9m
of which Distributable reserves: +€144,732
- Financial charges +€89,176
up €89,176 (+636.9%), from €14,002 to €103,178
- Financial income -€65,205
down €65,205 (-27.5%), from €236,944 to €171,739
- Depreciation +€45,175
up €45,175 (+71.5%), from €63,193 to €108,368
- Gross operating margin -€29,482
down €29,482 (-11.9%), from €248,440 to €218,958
- Taxes -€26,213
down €26,213 (-75.4%), from €34,783 to €8,570
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 | €3,924,433 | €4,820,647 | +€896,214 | +22.8% |
| Fixed assets | 21/28 | €1,793,318 | €2,847,065 | +€1.1m | +58.8% |
| Tangible fixed assets | 22/27 | €685,118 | €1,738,865 | +€1.1m | +153.8% |
| Land and buildings | 22 | €568,361 | €1,629,674 | +€1.1m | +186.7% |
| Furniture and vehicles | 24 | €116,757 | €109,191 | -€7,566 | -6.5% |
| Financial fixed assets | 28 | €1,108,200 | €1,108,200 | = | 0.0% |
| Current assets | 29/58 | €2,131,115 | €1,973,582 | -€157,533 | -7.4% |
| Amounts receivable within one year | 40/41 | €326,918 | €74,624 | -€252,294 | -77.2% |
| Trade receivables | 40 | €28,733 | €29,171 | +€438 | +1.5% |
| Other amounts receivable | 41 | €298,185 | €45,453 | -€252,732 | -84.8% |
| Current investments | 50/53 | €1,016,056 | €1,765,901 | +€749,845 | +73.8% |
| Cash at bank and in hand | 54/58 | €638,672 | €126,063 | -€512,609 | -80.3% |
| Deferred charges and accrued income | 490/1 | €149,468 | €6,994 | -€142,474 | -95.3% |
| Total equity and liabilities | 10/49 | €3,924,433 | €4,820,647 | +€896,214 | +22.8% |
| Equity | 10/15 | €2,734,541 | €2,879,273 | +€144,732 | +5.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,715,941 | €2,860,673 | +€144,732 | +5.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,715,941 | €2,860,673 | +€144,732 | +5.3% |
| Amounts payable | 17/49 | €1,189,892 | €1,941,374 | +€751,482 | +63.2% |
| Amounts payable after more than one year | 17 | - | €750,000 | +€750,000 | |
| Financial debts | 170/4 | - | €750,000 | +€750,000 | |
| Amounts payable within one year | 42/48 | €1,187,523 | €1,170,477 | -€17,047 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | - | €2,811 | +€2,811 | |
| Trade debts | 44 | €1,263 | €25,902 | +€24,638 | +1950.1% |
| Suppliers | 440/4 | €1,263 | €25,902 | +€24,638 | +1950.1% |
| Taxes, remuneration and social security | 45 | €15,344 | €11,240 | -€4,104 | -26.7% |
| Taxes | 450/3 | €15,344 | €11,240 | -€4,104 | -26.7% |
| Other amounts payable | 47/48 | €1,170,916 | €1,130,524 | -€40,391 | -3.4% |
| Accrued charges and deferred income | 492/3 | €2,369 | €20,898 | +€18,529 | +782.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,193 | €108,368 | +€45,175 | +71.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,283 | €0 | -€4,283 | -100.0% |
| Other operating charges | 640/8 | €9,996 | €25,848 | +€15,852 | +158.6% |
| Gross operating margin | 9900 | €248,440 | €218,958 | -€29,482 | -11.9% |
| Operating profit (loss) | 9901 | €170,967 | €84,742 | -€86,226 | -50.4% |
| Financial income | 75/76B | €236,944 | €171,739 | -€65,205 | -27.5% |
| Recurring financial income | 75 | €236,944 | €171,739 | -€65,205 | -27.5% |
| Financial charges | 65/66B | €14,002 | €103,178 | +€89,176 | +636.9% |
| Recurring financial charges | 65 | €14,002 | €103,178 | +€89,176 | +636.9% |
| Profit (loss) for the period before taxes | 9903 | €393,909 | €153,302 | -€240,607 | -61.1% |
| Income taxes | 67/77 | €34,783 | €8,570 | -€26,213 | -75.4% |
| Profit (loss) for the period | 9904 | €359,126 | €144,732 | -€214,394 | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €359,126 | €144,732 | -€214,394 | -59.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.