MABRICO: 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.
MABRICO
Largest movements
- Tangible fixed assets +€495,668
up €495,668 (+67.9%), from €729,523 to €1.2m
of which Assets under construction and advance payments: +€562,881
- Receivables within one year +€21,839
up €21,839 (+538.3%), from €4,057 to €25,896
- Cash -€21,652
down €21,652 (-25.4%), from €85,290 to €63,638
mainly Investment in fixed assets (net) (-€576,295) and Net result for the year (-€45,750)
- Short-term financial debts +€580,639
up €580,639 (+223856.5%), from €259 to €580,898
of which Credit institutions: +€580,640
- Profit (loss) carried forward -€45,750
down €45,750, from €29,367 to -€16,383
- Debts after one year -€43,673
down €43,673 (-10.2%), from €428,618 to €384,946
of which Financial debts: -€35,793
- Accrued charges and deferred income +€13,806
new in 2025: €13,806
- Gross operating margin -€139,998
down €139,998 (-61.0%), from €229,658 to €89,660
- Taxes -€22,777
down €22,777 (-90.3%), from €25,218 to €2,441
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 | €818,870 | €1,316,513 | +€497,643 | +60.8% |
| Fixed assets | 21/28 | €729,523 | €1,225,192 | +€495,668 | +67.9% |
| Tangible fixed assets | 22/27 | €729,523 | €1,225,192 | +€495,668 | +67.9% |
| Land and buildings | 22 | €659,785 | €618,000 | -€41,785 | -6.3% |
| Furniture and vehicles | 24 | €69,738 | €44,310 | -€25,428 | -36.5% |
| Assets under construction and advance payments | 27 | - | €562,881 | +€562,881 | |
| Current assets | 29/58 | €89,347 | €91,321 | +€1,974 | +2.2% |
| Amounts receivable within one year | 40/41 | €4,057 | €25,896 | +€21,839 | +538.3% |
| Other amounts receivable | 41 | €4,057 | €25,896 | +€21,839 | +538.3% |
| Cash at bank and in hand | 54/58 | €85,290 | €63,638 | -€21,652 | -25.4% |
| Deferred charges and accrued income | 490/1 | - | €1,787 | +€1,787 | |
| Total equity and liabilities | 10/49 | €818,870 | €1,316,513 | +€497,643 | +60.8% |
| Equity | 10/15 | €313,189 | €267,440 | -€45,750 | -14.6% |
| Contributions | 10/11 | €168,634 | €168,634 | = | 0.0% |
| Reserves | 13 | €115,189 | €115,189 | = | 0.0% |
| Tax-exempt reserves | 132 | €115,189 | €115,189 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,367 | -€16,383 | -€45,750 | |
| Provisions and deferred taxes | 16 | €28,797 | €28,797 | = | 0.0% |
| Deferred taxes | 168 | €28,797 | €28,797 | = | 0.0% |
| Amounts payable | 17/49 | €476,883 | €1,020,276 | +€543,392 | +113.9% |
| Amounts payable after more than one year | 17 | €428,618 | €384,946 | -€43,673 | -10.2% |
| Financial debts | 170/4 | €214,479 | €178,687 | -€35,793 | -16.7% |
| Other amounts payable | 178/9 | €214,139 | €206,259 | -€7,880 | -3.7% |
| Amounts payable within one year | 42/48 | €48,265 | €621,524 | +€573,259 | +1187.7% |
| Current portion of amounts payable after more than one year | 42 | €34,632 | €35,793 | +€1,161 | +3.4% |
| Financial debts | 43 | €259 | €580,898 | +€580,639 | +223856.5% |
| Credit institutions | 430/8 | - | €580,640 | +€580,640 | |
| Other loans | 439 | €259 | €258 | -€1 | -0.4% |
| Trade debts | 44 | €1,452 | €2,977 | +€1,526 | +105.1% |
| Suppliers | 440/4 | €1,452 | €2,977 | +€1,526 | +105.1% |
| Taxes, remuneration and social security | 45 | €4,812 | - | -€4,812 | |
| Taxes | 450/3 | €4,812 | - | -€4,812 | |
| Other amounts payable | 47/48 | €7,110 | €1,856 | -€5,254 | -73.9% |
| Accrued charges and deferred income | 492/3 | - | €13,806 | +€13,806 | |
| Non-recurring operating income | 76A | €143,986 | - | -€143,986 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,672 | €80,627 | -€45 | -0.1% |
| Other operating charges | 640/8 | €25,303 | €25,308 | +€5 | 0.0% |
| Gross operating margin | 9900 | €229,658 | €89,660 | -€139,998 | -61.0% |
| Operating profit (loss) | 9901 | €123,683 | -€16,275 | -€139,958 | |
| Financial income | 75/76B | €14 | €6 | -€8 | -58.8% |
| Recurring financial income | 75 | €14 | €6 | -€8 | -58.8% |
| Financial charges | 65/66B | €26,630 | €27,040 | +€410 | +1.5% |
| Recurring financial charges | 65 | €26,630 | €27,040 | +€410 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €97,067 | -€43,309 | -€140,376 | |
| Transfer to deferred taxes | 680 | €28,797 | - | -€28,797 | |
| Income taxes | 67/77 | €25,218 | €2,441 | -€22,777 | -90.3% |
| Profit (loss) for the period | 9904 | €43,052 | -€45,750 | -€88,802 | |
| Transfer to tax-exempt reserves | 689 | €115,189 | - | -€115,189 | |
| Profit (loss) for the period to be appropriated | 9905 | -€72,137 | -€45,750 | +€26,387 | +36.6% |
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 4 October 2026 via checked.be.