MAFA: 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.
MAFA
Largest movements
- Cash +€31,171
up €31,171 (+941.3%), from €3,312 to €34,483
mainly Other debts (+€47,267) and Net result for the year (+€26,043)
- Reserves -€48,750
down €48,750 (-4.8%), from €1.0m to €959,792
- Other debts +€47,267
up €47,267 (+2860.6%), from €1,652 to €48,919
- Profit (loss) carried forward +€26,043
up €26,043 (+15.8%), from -€164,786 to -€138,743
- Gross operating margin +€19,147
up €19,147, from -€5,967 to €13,180
- Financial income +€3,024
up €3,024 (+28.6%), from €10,584 to €13,608
- Taxes -€2,579
down €2,579, from €1,550 to -€1,028
- Other operating charges -€899
down €899 (-39.8%), from €2,261 to €1,361
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 | €855,342 | €880,030 | +€24,688 | +2.9% |
| Fixed assets | 21/28 | €829,938 | €829,938 | = | 0.0% |
| Financial fixed assets | 28 | €829,938 | €829,938 | = | 0.0% |
| Current assets | 29/58 | €25,404 | €50,092 | +€24,688 | +97.2% |
| Amounts receivable within one year | 40/41 | €21,054 | €15,609 | -€5,445 | -25.9% |
| Trade receivables | 40 | €9,499 | - | -€9,499 | |
| Other amounts receivable | 41 | €11,555 | €15,609 | +€4,054 | +35.1% |
| Cash at bank and in hand | 54/58 | €3,312 | €34,483 | +€31,171 | +941.3% |
| Deferred charges and accrued income | 490/1 | €1,038 | - | -€1,038 | |
| Total equity and liabilities | 10/49 | €855,342 | €880,030 | +€24,688 | +2.9% |
| Equity | 10/15 | €853,052 | €830,345 | -€22,707 | -2.7% |
| Contributions | 10/11 | €9,296 | €9,296 | = | 0.0% |
| Reserves | 13 | €1,008,542 | €959,792 | -€48,750 | -4.8% |
| Distributable reserves | 133 | €1,008,542 | €959,792 | -€48,750 | -4.8% |
| Profit (loss) carried forward | 14 | -€164,786 | -€138,743 | +€26,043 | +15.8% |
| Amounts payable | 17/49 | €2,290 | €49,685 | +€47,395 | +2069.8% |
| Amounts payable within one year | 42/48 | €2,290 | €49,685 | +€47,395 | +2069.8% |
| Trade debts | 44 | €638 | €766 | +€129 | +20.2% |
| Suppliers | 440/4 | €638 | €766 | +€129 | +20.2% |
| Other amounts payable | 47/48 | €1,652 | €48,919 | +€47,267 | +2860.6% |
| Other operating charges | 640/8 | €2,261 | €1,361 | -€899 | -39.8% |
| Gross operating margin | 9900 | -€5,967 | €13,180 | +€19,147 | |
| Operating profit (loss) | 9901 | -€8,228 | €11,819 | +€20,046 | |
| Financial income | 75/76B | €10,584 | €13,608 | +€3,024 | +28.6% |
| Recurring financial income | 75 | €10,584 | €13,608 | +€3,024 | +28.6% |
| Financial charges | 65/66B | €304 | €412 | +€108 | +35.4% |
| Recurring financial charges | 65 | €304 | €412 | +€108 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | €2,052 | €25,015 | +€22,963 | +1119.0% |
| Income taxes | 67/77 | €1,550 | -€1,028 | -€2,579 | |
| Profit (loss) for the period | 9904 | €502 | €26,043 | +€25,541 | +5088.7% |
| Profit (loss) for the period to be appropriated | 9905 | €502 | €26,043 | +€25,541 | +5088.7% |
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 9 October 2026 via checked.be.