MABETEM: 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.
MABETEM
Largest movements
- Receivables within one year +€100,275
up €100,275 (+28.8%), from €347,726 to €448,000
of which Other amounts receivable: +€89,074
- Cash -€44,518
down €44,518 (-55.9%), from €79,656 to €35,138
mainly Receivables within one year (-€100,275) and Tax, wage and social debts (-€9,639)
- Tangible fixed assets -€5,116
down €5,116 (-27.9%), from €18,362 to €13,246
of which Plant, machinery and equipment: -€2,851
- Other debts +€52,754
up €52,754 (+33.9%), from €155,407 to €208,161
- Reserves +€9,960
up €9,960 (+9.0%), from €110,475 to €120,435
- Tax, wage and social debts -€9,639
down €9,639 (-8.7%), from €110,216 to €100,576
of which Taxes: -€20,646
- Gross operating margin -€72,354
down €72,354 (-15.2%), from €476,978 to €404,624
- Taxes -€25,911
down €25,911 (-67.9%), from €38,166 to €12,254
- Staff costs +€25,040
up €25,040 (+7.3%), from €344,079 to €369,119
- Financial charges -€6,601
down €6,601 (-94.1%), from €7,018 to €417
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €449,369 | €499,635 | +€50,265 | +11.2% |
| Fixed assets | 21/28 | €18,362 | €13,246 | -€5,116 | -27.9% |
| Tangible fixed assets | 22/27 | €18,362 | €13,246 | -€5,116 | -27.9% |
| Plant, machinery and equipment | 23 | €6,093 | €3,242 | -€2,851 | -46.8% |
| Furniture and vehicles | 24 | €12,269 | €10,004 | -€2,265 | -18.5% |
| Current assets | 29/58 | €431,007 | €486,389 | +€55,382 | +12.8% |
| Amounts receivable within one year | 40/41 | €347,726 | €448,000 | +€100,275 | +28.8% |
| Trade receivables | 40 | €96,487 | €107,688 | +€11,201 | +11.6% |
| Other amounts receivable | 41 | €251,238 | €340,312 | +€89,074 | +35.5% |
| Cash at bank and in hand | 54/58 | €79,656 | €35,138 | -€44,518 | -55.9% |
| Deferred charges and accrued income | 490/1 | €3,626 | €3,250 | -€375 | -10.3% |
| Total equity and liabilities | 10/49 | €449,369 | €499,635 | +€50,265 | +11.2% |
| Equity | 10/15 | €118,083 | €128,043 | +€9,960 | +8.4% |
| Contributions | 10/11 | €7,608 | €7,608 | = | 0.0% |
| Reserves | 13 | €110,475 | €120,435 | +€9,960 | +9.0% |
| Distributable reserves | 133 | €110,475 | €120,435 | +€9,960 | +9.0% |
| Amounts payable | 17/49 | €331,287 | €371,592 | +€40,305 | +12.2% |
| Amounts payable within one year | 42/48 | €331,287 | €371,592 | +€40,305 | +12.2% |
| Trade debts | 44 | €65,664 | €62,855 | -€2,809 | -4.3% |
| Suppliers | 440/4 | €65,664 | €62,855 | -€2,809 | -4.3% |
| Taxes, remuneration and social security | 45 | €110,216 | €100,576 | -€9,639 | -8.7% |
| Taxes | 450/3 | €46,132 | €25,486 | -€20,646 | -44.8% |
| Remuneration and social security | 454/9 | €64,084 | €75,090 | +€11,007 | +17.2% |
| Other amounts payable | 47/48 | €155,407 | €208,161 | +€52,754 | +33.9% |
| Remuneration, social security and pensions | 62 | €344,079 | €369,119 | +€25,040 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,051 | €9,539 | +€3,488 | +57.6% |
| Other operating charges | 640/8 | €2,893 | €3,335 | +€441 | +15.3% |
| Gross operating margin | 9900 | €476,978 | €404,624 | -€72,354 | -15.2% |
| Operating profit (loss) | 9901 | €123,954 | €22,631 | -€101,323 | -81.7% |
| Financial charges | 65/66B | €7,018 | €417 | -€6,601 | -94.1% |
| Recurring financial charges | 65 | €7,018 | €417 | -€6,601 | -94.1% |
| Profit (loss) for the period before taxes | 9903 | €116,936 | €22,214 | -€94,722 | -81.0% |
| Income taxes | 67/77 | €38,166 | €12,254 | -€25,911 | -67.9% |
| Profit (loss) for the period | 9904 | €78,771 | €9,960 | -€68,810 | -87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €78,771 | €9,960 | -€68,810 | -87.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.