Mabler: 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.
Mabler
Largest movements
- Stocks and contracts -€5.2m
down €5.2m (-85.1%), from €6.1m to €909,417
- Cash +€505,470
up €505,470 (+245%), from €206,032 to €711,502
mainly Stocks and contracts (+€5.2m) and Contributions, distributions and other (+€100,000)
- Receivables within one year +€250,992
up €250,992 (+171%), from €146,924 to €397,916
of which Other amounts receivable: +€281,579
- Receivables after one year +€238,456
new in 2025: €238,456
- Financial fixed assets +€104,188
up €104,188 (+409%), from €25,500 to €129,688
- Debts after one year -€1.9m
down €1.9m (-54.1%), from €3.5m to €1.6m
- Current portion of long-term debt -€1.7m
down €1.7m (-99.3%), from €1.7m to €12,062
- Other debts -€459,651
down €459,651 (-80.8%), from €569,096 to €109,445
- Trade debts -€190,066
down €190,066 (-94.9%), from €200,383 to €10,316
- Revaluation surpluses +€100,000
new in 2025: €100,000
- Gross operating margin -€80,562
down €80,562 (-33.5%), from €240,374 to €159,813
- Financial charges -€34,037
down €34,037 (-26.4%), from €128,893 to €94,857
- Other operating charges -€19,880
down €19,880 (-69.5%), from €28,610 to €8,730
- Financial income +€14,110
up €14,110 (+253%), from €5,579 to €19,689
- Depreciation +€9,950
up €9,950 (+160%), from €6,231 to €16,181
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 | €6,562,894 | €2,443,217 | -€4.1m | -62.8% |
| Fixed assets | 21/28 | €87,704 | €182,518 | +€94,813 | +108% |
| Intangible fixed assets | 21 | €10,598 | €12,641 | +€2,043 | +19.3% |
| Tangible fixed assets | 22/27 | €51,606 | €40,190 | -€11,417 | -22.1% |
| Plant, machinery and equipment | 23 | €818 | €404 | -€414 | -50.6% |
| Furniture and vehicles | 24 | €50,789 | €39,786 | -€11,003 | -21.7% |
| Financial fixed assets | 28 | €25,500 | €129,688 | +€104,188 | +409% |
| Current assets | 29/58 | €6,475,190 | €2,260,700 | -€4.2m | -65.1% |
| Amounts receivable after more than one year | 29 | - | €238,456 | +€238,456 | |
| Other amounts receivable | 291 | - | €238,456 | +€238,456 | |
| Stocks and contracts in progress | 3 | €6,119,474 | €909,417 | -€5.2m | -85.1% |
| Stocks | 30/36 | €6,119,474 | €909,417 | -€5.2m | -85.1% |
| Amounts receivable within one year | 40/41 | €146,924 | €397,916 | +€250,992 | +171% |
| Trade receivables | 40 | €54,587 | €24,000 | -€30,587 | -56.0% |
| Other amounts receivable | 41 | €92,337 | €373,916 | +€281,579 | +305% |
| Cash at bank and in hand | 54/58 | €206,032 | €711,502 | +€505,470 | +245% |
| Deferred charges and accrued income | 490/1 | €2,759 | €3,409 | +€650 | +23.5% |
| Total equity and liabilities | 10/49 | €6,562,894 | €2,443,217 | -€4.1m | -62.8% |
| Equity | 10/15 | €492,119 | €650,187 | +€158,068 | +32.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €100,000 | +€100,000 | |
| Reserves | 13 | €292,119 | €350,187 | +€58,068 | +19.9% |
| Distributable reserves | 133 | €292,119 | €350,187 | +€58,068 | +19.9% |
| Amounts payable | 17/49 | €6,070,775 | €1,793,030 | -€4.3m | -70.5% |
| Amounts payable after more than one year | 17 | €3,497,278 | €1,605,414 | -€1.9m | -54.1% |
| Financial debts | 170/4 | €3,497,278 | €1,605,414 | -€1.9m | -54.1% |
| Amounts payable within one year | 42/48 | €2,567,926 | €187,617 | -€2.4m | -92.7% |
| Current portion of amounts payable after more than one year | 42 | €1,743,104 | €12,062 | -€1.7m | -99.3% |
| Trade debts | 44 | €200,383 | €10,316 | -€190,066 | -94.9% |
| Suppliers | 440/4 | €200,383 | €10,316 | -€190,066 | -94.9% |
| Taxes, remuneration and social security | 45 | €55,343 | €55,793 | +€450 | +0.8% |
| Taxes | 450/3 | €55,343 | €55,793 | +€450 | +0.8% |
| Other amounts payable | 47/48 | €569,096 | €109,445 | -€459,651 | -80.8% |
| Accrued charges and deferred income | 492/3 | €5,571 | - | -€5,571 | |
| Non-recurring operating income | 76A | €17,529 | - | -€17,529 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,231 | €16,181 | +€9,950 | +160% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,089 | +€1,089 | |
| Other operating charges | 640/8 | €28,610 | €8,730 | -€19,880 | -69.5% |
| Non-recurring operating charges | 66A | €65,048 | - | -€65,048 | |
| Gross operating margin | 9900 | €240,374 | €159,813 | -€80,562 | -33.5% |
| Operating profit (loss) | 9901 | €140,485 | €133,813 | -€6,673 | -4.7% |
| Financial income | 75/76B | €5,579 | €19,689 | +€14,110 | +253% |
| Recurring financial income | 75 | €5,579 | €19,689 | +€14,110 | +253% |
| Financial charges | 65/66B | €128,893 | €94,857 | -€34,037 | -26.4% |
| Recurring financial charges | 65 | €128,893 | €94,857 | -€34,037 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €17,171 | €58,645 | +€41,474 | +242% |
| Income taxes | 67/77 | €7,843 | €577 | -€7,266 | -92.6% |
| Profit (loss) for the period | 9904 | €9,328 | €58,068 | +€48,740 | +522% |
| Profit (loss) for the period to be appropriated | 9905 | €9,328 | €58,068 | +€48,740 | +522% |
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 24 October 2026 via checked.be.