Maf: 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.
Maf
Largest movements
- Cash -€87,344
down €87,344 (-42.4%), from €205,966 to €118,622
mainly Contributions, distributions and other (-€400,000) and Debts after one year (-€26,142)
- Tangible fixed assets -€32,431
down €32,431 (-31.4%), from €103,445 to €71,014
of which Furniture and vehicles: -€30,352
- Stocks and contracts -€14,165
down €14,165 (-63.4%), from €22,355 to €8,191
- Receivables within one year +€10,302
up €10,302 (+12.0%), from €86,176 to €96,478
of which Trade receivables: +€10,145
- Reserves -€86,123
down €86,123 (-36.1%), from €238,284 to €152,161
- Debts after one year -€26,142
down €26,142 (-40.8%), from €64,023 to €37,881
- Short-term financial debts -€9,291
down €9,291 (-94.8%), from €9,803 to €512
- Tax, wage and social debts -€8,747
down €8,747 (-15.0%), from €58,188 to €49,441
of which Taxes: -€8,171
- Trade debts +€5,151
up €5,151 (+94.7%), from €5,436 to €10,587
- Gross operating margin +€256,794
up €256,794 (+132.5%), from €193,835 to €450,628
- Taxes +€66,087
up €66,087 (+189.3%), from €34,910 to €100,997
- Staff costs -€7,312
down €7,312, from €7,288 to -€24
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 | €422,489 | €298,804 | -€123,686 | -29.3% |
| Fixed assets | 21/28 | €103,445 | €71,014 | -€32,431 | -31.4% |
| Tangible fixed assets | 22/27 | €103,445 | €71,014 | -€32,431 | -31.4% |
| Plant, machinery and equipment | 23 | €6,011 | €3,931 | -€2,079 | -34.6% |
| Furniture and vehicles | 24 | €97,435 | €67,083 | -€30,352 | -31.2% |
| Current assets | 29/58 | €319,044 | €227,790 | -€91,255 | -28.6% |
| Stocks and contracts in progress | 3 | €22,355 | €8,191 | -€14,165 | -63.4% |
| Stocks | 30/36 | €22,355 | €8,191 | -€14,165 | -63.4% |
| Amounts receivable within one year | 40/41 | €86,176 | €96,478 | +€10,302 | +12.0% |
| Trade receivables | 40 | €86,176 | €96,320 | +€10,145 | +11.8% |
| Other amounts receivable | 41 | - | €158 | +€158 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €205,966 | €118,622 | -€87,344 | -42.4% |
| Deferred charges and accrued income | 490/1 | €4,548 | €4,499 | -€48 | -1.1% |
| Total equity and liabilities | 10/49 | €422,489 | €298,804 | -€123,686 | -29.3% |
| Equity | 10/15 | €256,834 | €170,711 | -€86,123 | -33.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €238,284 | €152,161 | -€86,123 | -36.1% |
| Distributable reserves | 133 | €238,284 | €152,161 | -€86,123 | -36.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €165,655 | €128,093 | -€37,563 | -22.7% |
| Amounts payable after more than one year | 17 | €64,023 | €37,881 | -€26,142 | -40.8% |
| Financial debts | 170/4 | €64,023 | €37,881 | -€26,142 | -40.8% |
| Amounts payable within one year | 42/48 | €101,633 | €88,891 | -€12,741 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €25,658 | €26,142 | +€484 | +1.9% |
| Financial debts | 43 | €9,803 | €512 | -€9,291 | -94.8% |
| Credit institutions | 430/8 | €9,803 | €512 | -€9,291 | -94.8% |
| Trade debts | 44 | €5,436 | €10,587 | +€5,151 | +94.7% |
| Suppliers | 440/4 | €5,436 | €10,587 | +€5,151 | +94.7% |
| Taxes, remuneration and social security | 45 | €58,188 | €49,441 | -€8,747 | -15.0% |
| Taxes | 450/3 | €57,612 | €49,441 | -€8,171 | -14.2% |
| Remuneration and social security | 454/9 | €577 | €0 | -€577 | -100.0% |
| Other amounts payable | 47/48 | €2,546 | €2,209 | -€337 | -13.2% |
| Accrued charges and deferred income | 492/3 | €0 | €1,321 | +€1,321 | |
| Remuneration, social security and pensions | 62 | €7,288 | -€24 | -€7,312 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,723 | €32,431 | +€1,708 | +5.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €373 | +€373 | |
| Other operating charges | 640/8 | €2,302 | €1,526 | -€776 | -33.7% |
| Gross operating margin | 9900 | €193,835 | €450,628 | +€256,794 | +132.5% |
| Operating profit (loss) | 9901 | €153,521 | €416,323 | +€262,801 | +171.2% |
| Financial income | 75/76B | €213 | €413 | +€200 | +93.7% |
| Recurring financial income | 75 | €213 | €413 | +€200 | +93.7% |
| Financial charges | 65/66B | €2,280 | €1,861 | -€418 | -18.4% |
| Recurring financial charges | 65 | €2,280 | €1,861 | -€418 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €151,455 | €414,874 | +€263,419 | +173.9% |
| Income taxes | 67/77 | €34,910 | €100,997 | +€66,087 | +189.3% |
| Profit (loss) for the period | 9904 | €116,545 | €313,877 | +€197,332 | +169.3% |
| Profit (loss) for the period to be appropriated | 9905 | €116,545 | €313,877 | +€197,332 | +169.3% |
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 8 October 2026 via checked.be.