MABEMO: 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.
What changed
MABEMO
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€213,769
2024 · -€419,872+€633,641
Equity
€14.0m
2024 · €13.7m+€213,769
Cash
€319,577
2024 · €336,005-€16,428
Balance sheet total
€30.4m
2024 · €29.2m+€1.2m
Largest movements
Assets
- Tangible fixed assets +€1.2m
up €1.2m (+5.9%), from €20.7m to €21.9m
of which Land and buildings: +€1.2m
Equity and liabilities
- Short-term financial debts +€917,479
up €917,479 (+10.8%), from €8.5m to €9.4m
of which Credit institutions: +€2.3m
- Advances received -€452,388
no longer reported in 2025 (was €452,388)
Income statement
- Gross operating margin +€754,383
up €754,383 (+75.4%), from €1.0m to €1.8m
- Financial charges +€65,241
up €65,241 (+10.0%), from €651,183 to €716,424
- Depreciation +€35,378
up €35,378 (+4.6%), from €763,152 to €798,530
- Financial income -€30,428
down €30,428 (-17.1%), from €177,642 to €147,214
- Taxes -€20,230
down €20,230, from €11,162 to -€9,068
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.
Result 2024
-€419,872
Gross operating margin
+€754,383
Staff costs
-€3,160
Depreciation
-€35,378
Write-downs
-€16,457
Other operating charges
+€9,691
Financial income
-€30,428
Financial charges
-€65,241
Taxes
+€20,230
Result 2025
€213,769
raises the resultlowers the result
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.
From operations
+€1.0m
Investment
-€2.0m
Financing
+€976,422
Cash 2024
€336,005
From operations (derived)
+€1.0m
Net result for the year
+€213,769
Depreciation
+€798,530
Smaller working-capital items
-€1,995
Receivables within one year
-€5,938
Provisions
-€21,257
Trade debts
+€267,441
Tax, wage and social debts
+€178,535
Advances received
-€452,388
Other debts
+€14,283
Accrued charges and deferred income
+€47,891
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Current investments
+€7,591
Financing
+€976,422
Debts after one year
-€2,463
Current portion of long-term debt
+€61,405
Short-term financial debts
+€917,479
Cash 2025
€319,577
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,203,917 | €30,428,613 | +€1.2m | +4.2% |
| Fixed assets | 21/28 | €25,207,048 | €26,447,830 | +€1.2m | +4.9% |
| Tangible fixed assets | 22/27 | €20,663,711 | €21,873,965 | +€1.2m | +5.9% |
| Land and buildings | 22 | €20,527,778 | €21,775,762 | +€1.2m | +6.1% |
| Plant, machinery and equipment | 23 | €5,647 | €4,076 | -€1,572 | -27.8% |
| Furniture and vehicles | 24 | €130,285 | €94,127 | -€36,158 | -27.8% |
| Financial fixed assets | 28 | €4,543,337 | €4,573,865 | +€30,527 | +0.7% |
| Current assets | 29/58 | €3,996,869 | €3,980,783 | -€16,086 | -0.4% |
| Stocks and contracts in progress | 3 | €1,566,921 | €1,569,613 | +€2,692 | +0.2% |
| Stocks | 30/36 | €1,518,058 | €1,518,058 | = | 0.0% |
| Contracts in progress | 37 | €48,862 | €51,554 | +€2,692 | +5.5% |
| Amounts receivable within one year | 40/41 | €1,499,527 | €1,505,466 | +€5,938 | +0.4% |
| Trade receivables | 40 | €53,305 | €34,660 | -€18,645 | -35.0% |
| Other amounts receivable | 41 | €1,446,223 | €1,470,806 | +€24,583 | +1.7% |
| Current investments | 50/53 | €532,681 | €525,090 | -€7,591 | -1.4% |
| Cash at bank and in hand | 54/58 | €336,005 | €319,577 | -€16,428 | -4.9% |
| Deferred charges and accrued income | 490/1 | €61,736 | €61,038 | -€697 | -1.1% |
| Total equity and liabilities | 10/49 | €29,203,917 | €30,428,613 | +€1.2m | +4.2% |
| Equity | 10/15 | €13,748,980 | €13,962,749 | +€213,769 | +1.6% |
| Contributions | 10/11 | €5,300,000 | €5,300,000 | = | 0.0% |
| Capital | 10 | €5,300,000 | €5,300,000 | = | 0.0% |
| Issued capital | 100 | €5,300,000 | €5,300,000 | = | 0.0% |
| Reserves | 13 | €4,888,473 | €4,824,258 | -€64,214 | -1.3% |
| Non-distributable reserves | 130/1 | €475,798 | €475,798 | = | 0.0% |
| Legal reserve | 130 | €475,798 | €475,798 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,284,908 | €1,220,694 | -€64,214 | -5.0% |
| Distributable reserves | 133 | €3,127,766 | €3,127,766 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,560,507 | €3,838,490 | +€277,983 | +7.8% |
| Provisions and deferred taxes | 16 | €404,697 | €383,440 | -€21,257 | -5.3% |
| Deferred taxes | 168 | €404,697 | €383,440 | -€21,257 | -5.3% |
| Amounts payable | 17/49 | €15,050,240 | €16,082,425 | +€1.0m | +6.9% |
| Amounts payable after more than one year | 17 | €3,166,219 | €3,163,756 | -€2,463 | -0.1% |
| Financial debts | 170/4 | €2,703,809 | €2,201,346 | -€502,463 | -18.6% |
| Other amounts payable | 178/9 | €462,410 | €962,410 | +€500,000 | +108% |
| Amounts payable within one year | 42/48 | €11,473,318 | €12,460,074 | +€986,756 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €2,261,517 | €2,322,923 | +€61,405 | +2.7% |
| Financial debts | 43 | €8,503,716 | €9,421,195 | +€917,479 | +10.8% |
| Credit institutions | 430/8 | €700,000 | €3,000,000 | +€2.3m | +329% |
| Other loans | 439 | €7,803,716 | €6,421,195 | -€1.4m | -17.7% |
| Trade debts | 44 | €141,582 | €409,023 | +€267,441 | +189% |
| Suppliers | 440/4 | €141,582 | €409,023 | +€267,441 | +189% |
| Advances received on contracts in progress | 46 | €452,388 | - | -€452,388 | |
| Taxes, remuneration and social security | 45 | €45,657 | €224,192 | +€178,535 | +391% |
| Taxes | 450/3 | €36,945 | €49,331 | +€12,386 | +33.5% |
| Remuneration and social security | 454/9 | €8,712 | €174,861 | +€166,149 | +1,907% |
| Other amounts payable | 47/48 | €68,458 | €82,741 | +€14,283 | +20.9% |
| Accrued charges and deferred income | 492/3 | €410,703 | €458,594 | +€47,891 | +11.7% |
| Remuneration, social security and pensions | 62 | €69,837 | €72,997 | +€3,160 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €763,152 | €798,530 | +€35,378 | +4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,457 | +€16,457 | |
| Other operating charges | 640/8 | €124,379 | €114,688 | -€9,691 | -7.8% |
| Gross operating margin | 9900 | €1,000,941 | €1,755,324 | +€754,383 | +75.4% |
| Operating profit (loss) | 9901 | €43,573 | €752,653 | +€709,079 | +1,627% |
| Financial income | 75/76B | €177,642 | €147,214 | -€30,428 | -17.1% |
| Recurring financial income | 75 | €177,642 | €147,214 | -€30,428 | -17.1% |
| Financial charges | 65/66B | €651,183 | €716,424 | +€65,241 | +10.0% |
| Recurring financial charges | 65 | €651,183 | €716,424 | +€65,241 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | -€429,967 | €183,443 | +€613,410 | |
| Transfer from deferred taxes | 780 | €21,257 | €21,257 | = | 0.0% |
| Income taxes | 67/77 | €11,162 | -€9,068 | -€20,230 | |
| Profit (loss) for the period | 9904 | -€419,872 | €213,769 | +€633,641 | |
| Transfer from tax-exempt reserves | 789 | €64,214 | €64,214 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€355,658 | €277,983 | +€633,641 |
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 15 October 2026 via checked.be.