MAFALDA: 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.
MAFALDA
Largest movements
- Tangible fixed assets +€25,577
up €25,577 (+8.1%), from €317,232 to €342,810
of which Furniture and vehicles: +€34,317
- Other debts +€19,066
up €19,066 (+206.9%), from €9,217 to €28,283
- Current portion of long-term debt +€7,442
up €7,442 (+31.3%), from €23,793 to €31,235
- Debts after one year +€4,775
up €4,775 (+2.2%), from €221,784 to €226,559
- Staff costs -€20,576
down €20,576 (-65.2%), from €31,551 to €10,975
- Gross operating margin -€19,835
down €19,835 (-20.6%), from €96,450 to €76,614
- Depreciation +€6,900
up €6,900 (+32.9%), from €20,977 to €27,877
- Taxes -€2,643
down €2,643 (-24.6%), from €10,727 to €8,084
- Financial charges +€1,088
up €1,088 (+20.6%), from €5,277 to €6,365
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 | €354,873 | €387,776 | +€32,903 | +9.3% |
| Fixed assets | 21/28 | €317,232 | €342,810 | +€25,577 | +8.1% |
| Tangible fixed assets | 22/27 | €317,232 | €342,810 | +€25,577 | +8.1% |
| Land and buildings | 22 | €298,004 | €285,411 | -€12,593 | -4.2% |
| Plant, machinery and equipment | 23 | €19,228 | €23,081 | +€3,853 | +20.0% |
| Furniture and vehicles | 24 | - | €34,317 | +€34,317 | |
| Current assets | 29/58 | €37,640 | €44,966 | +€7,326 | +19.5% |
| Stocks and contracts in progress | 3 | €13,382 | €17,058 | +€3,675 | +27.5% |
| Stocks | 30/36 | €13,382 | €17,058 | +€3,675 | +27.5% |
| Amounts receivable within one year | 40/41 | €874 | €1,870 | +€996 | +114.0% |
| Trade receivables | 40 | €874 | €871 | -€3 | -0.3% |
| Other amounts receivable | 41 | - | €999 | +€999 | |
| Cash at bank and in hand | 54/58 | €20,144 | €20,116 | -€28 | -0.1% |
| Deferred charges and accrued income | 490/1 | €3,239 | €5,922 | +€2,683 | +82.8% |
| Total equity and liabilities | 10/49 | €354,873 | €387,776 | +€32,903 | +9.3% |
| Equity | 10/15 | €84,769 | €83,269 | -€1,499 | -1.8% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €77,769 | €76,269 | -€1,499 | -1.9% |
| Distributable reserves | 133 | €77,769 | €76,269 | -€1,499 | -1.9% |
| Amounts payable | 17/49 | €270,104 | €304,506 | +€34,403 | +12.7% |
| Amounts payable after more than one year | 17 | €221,784 | €226,559 | +€4,775 | +2.2% |
| Financial debts | 170/4 | €221,784 | €226,559 | +€4,775 | +2.2% |
| Amounts payable within one year | 42/48 | €47,726 | €77,947 | +€30,222 | +63.3% |
| Current portion of amounts payable after more than one year | 42 | €23,793 | €31,235 | +€7,442 | +31.3% |
| Trade debts | 44 | €5,149 | €7,617 | +€2,468 | +47.9% |
| Suppliers | 440/4 | €5,149 | €7,617 | +€2,468 | +47.9% |
| Taxes, remuneration and social security | 45 | €9,566 | €10,812 | +€1,246 | +13.0% |
| Taxes | 450/3 | €8,822 | €10,812 | +€1,989 | +22.5% |
| Remuneration and social security | 454/9 | €744 | - | -€744 | |
| Other amounts payable | 47/48 | €9,217 | €28,283 | +€19,066 | +206.9% |
| Accrued charges and deferred income | 492/3 | €594 | - | -€594 | |
| Non-recurring operating income | 76A | - | €4,132 | +€4,132 | |
| Remuneration, social security and pensions | 62 | €31,551 | €10,975 | -€20,576 | -65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,977 | €27,877 | +€6,900 | +32.9% |
| Other operating charges | 640/8 | €2,512 | €2,776 | +€264 | +10.5% |
| Gross operating margin | 9900 | €96,450 | €76,614 | -€19,835 | -20.6% |
| Operating profit (loss) | 9901 | €41,409 | €34,987 | -€6,423 | -15.5% |
| Financial income | 75/76B | €1,141 | €470 | -€670 | -58.8% |
| Recurring financial income | 75 | €1,141 | €470 | -€670 | -58.8% |
| Financial charges | 65/66B | €5,277 | €6,365 | +€1,088 | +20.6% |
| Recurring financial charges | 65 | €5,277 | €6,365 | +€1,088 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €37,273 | €29,092 | -€8,180 | -21.9% |
| Income taxes | 67/77 | €10,727 | €8,084 | -€2,643 | -24.6% |
| Profit (loss) for the period | 9904 | €26,545 | €21,008 | -€5,537 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,545 | €21,008 | -€5,537 | -20.9% |
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 1 October 2026 via checked.be.