MABRAK: 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.
MABRAK
Largest movements
- Receivables within one year +€24,055
up €24,055 (+90.2%), from €26,672 to €50,727
of which Trade receivables: +€29,530
- Cash +€23,361
up €23,361 (+14.4%), from €162,107 to €185,469
mainly Net result for the year (+€43,974) and Tax, wage and social debts (+€3,877)
- Reserves +€43,974
up €43,974 (+66.1%), from €66,548 to €110,522
of which Distributable reserves: +€43,974
- Tax, wage and social debts +€3,877
up €3,877 (+22.8%), from €16,991 to €20,868
of which Taxes: +€3,663
- Gross operating margin +€36,215
up €36,215 (+143.8%), from €25,188 to €61,403
- Taxes +€8,916
up €8,916 (+85.1%), from €10,473 to €19,389
- Write-downs +€5,441
up €5,441 (+59.8%), from -€9,102 to -€3,661
- Financial charges -€906
down €906 (-20.2%), from €4,484 to €3,578
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 | €196,375 | €244,061 | +€47,685 | +24.3% |
| Fixed assets | 21/28 | €487 | €2,756 | +€2,269 | +465.9% |
| Tangible fixed assets | 22/27 | €487 | €2,756 | +€2,269 | +465.9% |
| Furniture and vehicles | 24 | €487 | €2,756 | +€2,269 | +465.9% |
| Current assets | 29/58 | €195,888 | €241,305 | +€45,417 | +23.2% |
| Stocks and contracts in progress | 3 | €4,900 | €3,320 | -€1,580 | -32.2% |
| Stocks | 30/36 | €4,900 | €3,320 | -€1,580 | -32.2% |
| Amounts receivable within one year | 40/41 | €26,672 | €50,727 | +€24,055 | +90.2% |
| Trade receivables | 40 | €7,380 | €36,910 | +€29,530 | +400.1% |
| Other amounts receivable | 41 | €19,292 | €13,817 | -€5,475 | -28.4% |
| Cash at bank and in hand | 54/58 | €162,107 | €185,469 | +€23,361 | +14.4% |
| Deferred charges and accrued income | 490/1 | €2,209 | €1,790 | -€419 | -19.0% |
| Total equity and liabilities | 10/49 | €196,375 | €244,061 | +€47,685 | +24.3% |
| Equity | 10/15 | €176,860 | €220,834 | +€43,974 | +24.9% |
| Contributions | 10/11 | €110,313 | €110,313 | = | 0.0% |
| Capital | 10 | €110,313 | €110,313 | = | 0.0% |
| Issued capital | 100 | €110,313 | €110,313 | = | 0.0% |
| Reserves | 13 | €66,548 | €110,522 | +€43,974 | +66.1% |
| Non-distributable reserves | 130/1 | €11,031 | €11,031 | = | 0.0% |
| Legal reserve | 130 | €11,031 | €11,031 | = | 0.0% |
| Distributable reserves | 133 | €55,517 | €99,490 | +€43,974 | +79.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €19,515 | €23,227 | +€3,712 | +19.0% |
| Amounts payable within one year | 42/48 | €19,515 | €23,227 | +€3,712 | +19.0% |
| Trade debts | 44 | €2,524 | €2,359 | -€165 | -6.5% |
| Suppliers | 440/4 | €2,524 | €2,359 | -€165 | -6.5% |
| Taxes, remuneration and social security | 45 | €16,991 | €20,868 | +€3,877 | +22.8% |
| Taxes | 450/3 | €14,205 | €17,868 | +€3,663 | +25.8% |
| Remuneration and social security | 454/9 | €2,786 | €3,000 | +€214 | +7.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €467 | €785 | +€318 | +68.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,102 | -€3,661 | +€5,441 | +59.8% |
| Other operating charges | 640/8 | €1,373 | €1,063 | -€310 | -22.6% |
| Gross operating margin | 9900 | €25,188 | €61,403 | +€36,215 | +143.8% |
| Operating profit (loss) | 9901 | €32,451 | €63,217 | +€30,766 | +94.8% |
| Financial income | 75/76B | €3,396 | €3,724 | +€328 | +9.7% |
| Recurring financial income | 75 | €3,396 | €3,724 | +€328 | +9.7% |
| Financial charges | 65/66B | €4,484 | €3,578 | -€906 | -20.2% |
| Recurring financial charges | 65 | €4,484 | €3,578 | -€906 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €31,363 | €63,363 | +€32,000 | +102.0% |
| Income taxes | 67/77 | €10,473 | €19,389 | +€8,916 | +85.1% |
| Profit (loss) for the period | 9904 | €20,890 | €43,974 | +€23,084 | +110.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,890 | €43,974 | +€23,084 | +110.5% |
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 2 October 2026 via checked.be.