MAFAPARA: 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.
MAFAPARA
Largest movements
- Receivables within one year +€251,140
up €251,140 (+306%), from €82,203 to €333,343
of which Other amounts receivable: +€215,631
- Cash +€203,708
up €203,708 (+28.6%), from €712,287 to €915,995
mainly Net result for the year (+€513,840) and Tax, wage and social debts (+€26,238)
- Stocks and contracts +€44,836
up €44,836 (+13.6%), from €330,816 to €375,653
- Profit (loss) carried forward +€513,840
up €513,840 (+97.5%), from €526,982 to €1.0m
- Trade debts -€34,620
down €34,620 (-6.0%), from €575,201 to €540,581
- Tax, wage and social debts +€26,238
up €26,238 (+519%), from €5,059 to €31,297
- Gross operating margin +€278,310
up €278,310 (+47.5%), from €586,294 to €864,604
- Taxes +€67,709
up €67,709 (+67.6%), from €100,160 to €167,869
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,132,242 | €1,637,701 | +€505,458 | +44.6% |
| Fixed assets | 21/28 | €4,564 | €10,187 | +€5,622 | +123% |
| Tangible fixed assets | 22/27 | €4,242 | €9,864 | +€5,622 | +133% |
| Plant, machinery and equipment | 23 | €2,410 | €3,286 | +€876 | +36.3% |
| Furniture and vehicles | 24 | €1,832 | €6,578 | +€4,747 | +259% |
| Financial fixed assets | 28 | €323 | €323 | = | 0.0% |
| Current assets | 29/58 | €1,127,678 | €1,627,514 | +€499,836 | +44.3% |
| Stocks and contracts in progress | 3 | €330,816 | €375,653 | +€44,836 | +13.6% |
| Stocks | 30/36 | €330,816 | €375,653 | +€44,836 | +13.6% |
| Amounts receivable within one year | 40/41 | €82,203 | €333,343 | +€251,140 | +306% |
| Trade receivables | 40 | €4,985 | €40,494 | +€35,509 | +712% |
| Other amounts receivable | 41 | €77,218 | €292,849 | +€215,631 | +279% |
| Cash at bank and in hand | 54/58 | €712,287 | €915,995 | +€203,708 | +28.6% |
| Deferred charges and accrued income | 490/1 | €2,372 | €2,524 | +€151 | +6.4% |
| Total equity and liabilities | 10/49 | €1,132,242 | €1,637,701 | +€505,458 | +44.6% |
| Equity | 10/15 | €551,982 | €1,065,822 | +€513,840 | +93.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Contributions outside capital | 11 | €25,000 | €25,000 | = | 0.0% |
| Other | 1109/19 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €526,982 | €1,040,822 | +€513,840 | +97.5% |
| Amounts payable | 17/49 | €580,260 | €571,878 | -€8,382 | -1.4% |
| Amounts payable within one year | 42/48 | €580,260 | €571,878 | -€8,382 | -1.4% |
| Trade debts | 44 | €575,201 | €540,581 | -€34,620 | -6.0% |
| Suppliers | 440/4 | €575,201 | €540,581 | -€34,620 | -6.0% |
| Taxes, remuneration and social security | 45 | €5,059 | €31,297 | +€26,238 | +519% |
| Taxes | 450/3 | €5,059 | €31,297 | +€26,238 | +519% |
| Remuneration, social security and pensions | 62 | €163,446 | €171,172 | +€7,726 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €826 | €2,664 | +€1,837 | +222% |
| Other operating charges | 640/8 | €2,796 | €2,773 | -€23 | -0.8% |
| Gross operating margin | 9900 | €586,294 | €864,604 | +€278,310 | +47.5% |
| Operating profit (loss) | 9901 | €419,225 | €687,994 | +€268,769 | +64.1% |
| Financial income | 75/76B | €4,382 | €4,196 | -€186 | -4.3% |
| Recurring financial income | 75 | €4,382 | €4,196 | -€186 | -4.3% |
| Financial charges | 65/66B | €10,614 | €10,481 | -€133 | -1.2% |
| Recurring financial charges | 65 | €10,614 | €10,481 | -€133 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €412,994 | €681,709 | +€268,715 | +65.1% |
| Income taxes | 67/77 | €100,160 | €167,869 | +€67,709 | +67.6% |
| Profit (loss) for the period | 9904 | €312,834 | €513,840 | +€201,006 | +64.3% |
| Profit (loss) for the period to be appropriated | 9905 | €312,834 | €513,840 | +€201,006 | +64.3% |
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 15 October 2026 via checked.be.