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.
What changed
MAF
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1,437
2024 · €1,856-€3,293
Equity
€37,546
2024 · €38,983-€1,437
Cash
€6,686
2024 · €8,354-€1,667
Balance sheet total
€172,879
2024 · €207,214-€34,335
Largest movements
Assets
- Tangible fixed assets -€33,804
down €33,804 (-17.1%), from €198,199 to €164,395
of which Furniture and vehicles: -€26,074
Equity and liabilities
- Debts after one year -€31,390
down €31,390 (-24.6%), from €127,859 to €96,470
Income statement
- Gross operating margin -€14,358
down €14,358 (-41.3%), from €34,748 to €20,390
- Depreciation -€8,418
down €8,418 (-33.9%), from €24,804 to €16,386
- Taxes -€1,402
down €1,402 (-42.9%), from €3,266 to €1,864
- Financial charges -€1,064
down €1,064 (-26.9%), from €3,954 to €2,890
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.
Result 2024
€1,856
Gross operating margin
-€14,358
Depreciation
+€8,418
Other operating charges
+€173
Financial income
+€9
Financial charges
+€1,064
Taxes
+€1,402
Result 2025
-€1,437
raises the resultlowers the result
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.
From operations
+€11,738
Investment
+€17,418
Financing
-€30,823
Cash 2024
€8,354
From operations (derived)
+€11,738
Net result for the year
-€1,437
Depreciation
+€16,386
Receivables within one year
-€1,314
Deferred charges and accrued income
+€178
Trade debts
+€560
Tax, wage and social debts
-€1,205
Other debts
-€131
Accrued charges and deferred income
-€1,300
Investment (derived)
+€17,418
Investment in fixed assets (net)
+€17,418
Financing
-€30,823
Debts after one year
-€31,390
Current portion of long-term debt
+€567
Cash 2025
€6,686
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €207,214 | €172,879 | -€34,335 | -16.6% |
| Fixed assets | 21/28 | €198,349 | €164,545 | -€33,804 | -17.0% |
| Tangible fixed assets | 22/27 | €198,199 | €164,395 | -€33,804 | -17.1% |
| Land and buildings | 22 | €163,135 | €156,026 | -€7,108 | -4.4% |
| Plant, machinery and equipment | 23 | €1,425 | €1,117 | -€308 | -21.6% |
| Furniture and vehicles | 24 | €31,555 | €5,481 | -€26,074 | -82.6% |
| Other tangible fixed assets | 26 | €2,084 | €1,770 | -€314 | -15.1% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €8,865 | €8,334 | -€531 | -6.0% |
| Amounts receivable within one year | 40/41 | - | €1,314 | +€1,314 | |
| Trade receivables | 40 | - | €1,314 | +€1,314 | |
| Cash at bank and in hand | 54/58 | €8,354 | €6,686 | -€1,667 | -20.0% |
| Deferred charges and accrued income | 490/1 | €512 | €333 | -€178 | -34.9% |
| Total equity and liabilities | 10/49 | €207,214 | €172,879 | -€34,335 | -16.6% |
| Equity | 10/15 | €38,983 | €37,546 | -€1,437 | -3.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,716 | €3,716 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,856 | €1,856 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,867 | €21,430 | -€1,437 | -6.3% |
| Amounts payable | 17/49 | €168,231 | €135,333 | -€32,899 | -19.6% |
| Amounts payable after more than one year | 17 | €127,859 | €96,470 | -€31,390 | -24.6% |
| Financial debts | 170/4 | €127,859 | €96,470 | -€31,390 | -24.6% |
| Amounts payable within one year | 42/48 | €39,072 | €38,863 | -€209 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €30,823 | €31,390 | +€567 | +1.8% |
| Trade debts | 44 | €4,852 | €5,412 | +€560 | +11.5% |
| Suppliers | 440/4 | €4,852 | €5,412 | +€560 | +11.5% |
| Taxes, remuneration and social security | 45 | €3,266 | €2,061 | -€1,205 | -36.9% |
| Taxes | 450/3 | €3,266 | €2,061 | -€1,205 | -36.9% |
| Other amounts payable | 47/48 | €131 | - | -€131 | |
| Accrued charges and deferred income | 492/3 | €1,300 | - | -€1,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,804 | €16,386 | -€8,418 | -33.9% |
| Other operating charges | 640/8 | €887 | €714 | -€173 | -19.5% |
| Gross operating margin | 9900 | €34,748 | €20,390 | -€14,358 | -41.3% |
| Operating profit (loss) | 9901 | €9,057 | €3,290 | -€5,767 | -63.7% |
| Financial income | 75/76B | €19 | €28 | +€9 | +47.2% |
| Recurring financial income | 75 | €19 | €28 | +€9 | +47.2% |
| Financial charges | 65/66B | €3,954 | €2,890 | -€1,064 | -26.9% |
| Recurring financial charges | 65 | €3,954 | €2,890 | -€1,064 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €5,122 | €428 | -€4,694 | -91.6% |
| Income taxes | 67/77 | €3,266 | €1,864 | -€1,402 | -42.9% |
| Profit (loss) for the period | 9904 | €1,856 | -€1,437 | -€3,293 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,856 | -€1,437 | -€3,293 |
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 14 October 2026 via checked.be.