MAF: 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.
MAF
Largest movements
- Receivables within one year +€82,189
up €82,189 (+1,702%), from €4,828 to €87,017
of which Trade receivables: +€78,949
- Cash +€29,212
up €29,212 (+78.0%), from €37,457 to €66,669
mainly Net result for the year (+€70,914) and Other debts (+€37,586)
- Stocks and contracts -€2,762
down €2,762 (-6.3%), from €43,878 to €41,116
- Profit (loss) carried forward +€70,914
up €70,914 (+31.4%), from -€226,136 to -€155,222
- Debts after one year -€56,566
no longer reported in 2025 (was €56,566)
- Other debts +€37,586
up €37,586, from €0 to €37,586
- Advances received +€25,901
new in 2025: €25,901
- Trade debts +€24,060
up €24,060 (+250%), from €9,622 to €33,682
- Gross operating margin +€13,378
up €13,378 (+20.8%), from €64,331 to €77,709
- Financial charges +€928
up €928 (+414%), from €224 to €1,152
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 | €95,646 | €205,002 | +€109,356 | +114% |
| Fixed assets | 21/28 | €9,483 | €8,384 | -€1,099 | -11.6% |
| Tangible fixed assets | 22/27 | €2,465 | €1,366 | -€1,099 | -44.6% |
| Plant, machinery and equipment | 23 | €2,030 | €1,091 | -€939 | -46.3% |
| Furniture and vehicles | 24 | €436 | €276 | -€160 | -36.7% |
| Financial fixed assets | 28 | €7,017 | €7,017 | = | 0.0% |
| Current assets | 29/58 | €86,164 | €196,618 | +€110,455 | +128% |
| Stocks and contracts in progress | 3 | €43,878 | €41,116 | -€2,762 | -6.3% |
| Stocks | 30/36 | €43,878 | €41,116 | -€2,762 | -6.3% |
| Amounts receivable within one year | 40/41 | €4,828 | €87,017 | +€82,189 | +1,702% |
| Trade receivables | 40 | €4,790 | €83,739 | +€78,949 | +1,648% |
| Other amounts receivable | 41 | €38 | €3,278 | +€3,240 | +8,426% |
| Cash at bank and in hand | 54/58 | €37,457 | €66,669 | +€29,212 | +78.0% |
| Deferred charges and accrued income | 490/1 | - | €1,816 | +€1,816 | |
| Total equity and liabilities | 10/49 | €95,646 | €205,002 | +€109,356 | +114% |
| Equity | 10/15 | -€46,804 | €24,110 | +€70,914 | |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €117,359 | €117,359 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €53,906 | €53,906 | = | 0.0% |
| Distributable reserves | 133 | €57,255 | €57,255 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€226,136 | -€155,222 | +€70,914 | +31.4% |
| Provisions and deferred taxes | 16 | €66,377 | €66,377 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €66,377 | €66,377 | = | 0.0% |
| Other liabilities and charges | 164/5 | €66,377 | €66,377 | = | 0.0% |
| Amounts payable | 17/49 | €76,073 | €114,515 | +€38,441 | +50.5% |
| Amounts payable after more than one year | 17 | €56,566 | - | -€56,566 | |
| Other amounts payable | 178/9 | €56,566 | - | -€56,566 | |
| Amounts payable within one year | 42/48 | €19,508 | €114,515 | +€95,007 | +487% |
| Trade debts | 44 | €9,622 | €33,682 | +€24,060 | +250% |
| Suppliers | 440/4 | €9,622 | €33,682 | +€24,060 | +250% |
| Advances received on contracts in progress | 46 | - | €25,901 | +€25,901 | |
| Taxes, remuneration and social security | 45 | €9,886 | €17,346 | +€7,460 | +75.5% |
| Taxes | 450/3 | €9,886 | €17,346 | +€7,460 | +75.5% |
| Other amounts payable | 47/48 | €0 | €37,586 | +€37,586 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,241 | €1,099 | -€142 | -11.4% |
| Other operating charges | 640/8 | €2,246 | €2,393 | +€147 | +6.5% |
| Non-recurring operating charges | 66A | - | €2,560 | +€2,560 | |
| Gross operating margin | 9900 | €64,331 | €77,709 | +€13,378 | +20.8% |
| Operating profit (loss) | 9901 | €60,844 | €71,657 | +€10,814 | +17.8% |
| Financial income | 75/76B | €1,113 | €716 | -€397 | -35.6% |
| Recurring financial income | 75 | €1,113 | €716 | -€397 | -35.6% |
| Financial charges | 65/66B | €224 | €1,152 | +€928 | +414% |
| Recurring financial charges | 65 | €224 | €1,152 | +€928 | +414% |
| Profit (loss) for the period before taxes | 9903 | €61,733 | €71,222 | +€9,489 | +15.4% |
| Income taxes | 67/77 | €310 | €308 | -€2 | -0.7% |
| Profit (loss) for the period | 9904 | €61,423 | €70,914 | +€9,491 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €61,423 | €70,914 | +€9,491 | +15.5% |
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 17 October 2026 via checked.be.