MAFAK: what changed
MAFAK
Largest movements
- Receivables after one year +€5,220
up €5,220 (+99.1%), from €5,266 to €10,486
- Tangible fixed assets -€3,880
down €3,880 (-14.3%), from €27,160 to €23,280
- Cash -€1,924
down €1,924 (-46.4%), from €4,144 to €2,220
mainly Receivables after one year (-€5,220) and Other debts (-€814)
- Other debts -€814
no longer reported in 2025 (was €814)
- Trade debts -€636
no longer reported in 2025 (was €636)
- Reserves +€455
up €455 (+2.7%), from €16,605 to €17,060
- Accrued charges and deferred income +€411
new in 2025: €411
- Gross operating margin -€462
down €462 (-7.5%), from €6,161 to €5,699
- Financial charges +€102
up €102 (+52.5%), from €195 to €297
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,655 | €36,071 | -€584 | -1.6% |
| Fixed assets | 21/28 | €27,160 | €23,280 | -€3,880 | -14.3% |
| Tangible fixed assets | 22/27 | €27,160 | €23,280 | -€3,880 | -14.3% |
| Land and buildings | 22 | €27,160 | €23,280 | -€3,880 | -14.3% |
| Current assets | 29/58 | €9,495 | €12,791 | +€3,296 | +34.7% |
| Amounts receivable after more than one year | 29 | €5,266 | €10,486 | +€5,220 | +99.1% |
| Other amounts receivable | 291 | €5,266 | €10,486 | +€5,220 | +99.1% |
| Amounts receivable within one year | 40/41 | €85 | €85 | = | 0.0% |
| Other amounts receivable | 41 | €85 | €85 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,144 | €2,220 | -€1,924 | -46.4% |
| Total equity and liabilities | 10/49 | €36,655 | €36,071 | -€584 | -1.6% |
| Equity | 10/15 | €35,205 | €35,660 | +€455 | +1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,605 | €17,060 | +€455 | +2.7% |
| Distributable reserves | 133 | €16,605 | €17,060 | +€455 | +2.7% |
| Amounts payable | 17/49 | €1,450 | €411 | -€1,039 | -71.6% |
| Amounts payable within one year | 42/48 | €1,450 | - | -€1,450 | |
| Trade debts | 44 | €636 | - | -€636 | |
| Suppliers | 440/4 | €636 | - | -€636 | |
| Other amounts payable | 47/48 | €814 | - | -€814 | |
| Accrued charges and deferred income | 492/3 | - | €411 | +€411 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,880 | €3,880 | = | 0.0% |
| Other operating charges | 640/8 | €1,023 | €1,067 | +€44 | +4.3% |
| Gross operating margin | 9900 | €6,161 | €5,699 | -€462 | -7.5% |
| Operating profit (loss) | 9901 | €1,257 | €752 | -€505 | -40.2% |
| Financial charges | 65/66B | €195 | €297 | +€102 | +52.5% |
| Recurring financial charges | 65 | €195 | €297 | +€102 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | €1,062 | €455 | -€608 | -57.2% |
| Profit (loss) for the period | 9904 | €1,062 | €455 | -€608 | -57.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,062 | €455 | -€608 | -57.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.