MAFAR: 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.
MAFAR
Largest movements
- Current investments +€200,855
up €200,855 (+4.3%), from €4.7m to €4.9m
- Receivables within one year +€59,053
up €59,053 (+120.3%), from €49,094 to €108,146
of which Other amounts receivable: +€59,053
- Other debts +€299,400
up €299,400 (+281.0%), from €106,544 to €405,944
- Trade debts -€144,437
down €144,437 (-91.3%), from €158,133 to €13,696
- Reserves +€60,164
up €60,164 (+1.6%), from €3.8m to €3.8m
of which Distributable reserves: +€60,164
- Gross operating margin +€163,820
up €163,820 (+80.3%), from -€203,889 to -€40,069
- Financial income +€48,837
up €48,837 (+47.8%), from €102,119 to €150,955
- Depreciation +€6,650
up €6,650 (+22.7%), from €29,331 to €35,981
- Taxes +€6,410
up €6,410, from -€117 to €6,293
- Financial charges -€5,850
down €5,850 (-45.0%), from €13,012 to €7,162
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 | €5,104,403 | €5,291,805 | +€187,402 | +3.7% |
| Fixed assets | 21/28 | €216,200 | €182,520 | -€33,680 | -15.6% |
| Tangible fixed assets | 22/27 | €216,005 | €182,325 | -€33,680 | -15.6% |
| Land and buildings | 22 | €172,802 | €157,393 | -€15,408 | -8.9% |
| Furniture and vehicles | 24 | €43,204 | €24,931 | -€18,272 | -42.3% |
| Financial fixed assets | 28 | €195 | €195 | = | 0.0% |
| Current assets | 29/58 | €4,888,202 | €5,109,285 | +€221,083 | +4.5% |
| Amounts receivable within one year | 40/41 | €49,094 | €108,146 | +€59,053 | +120.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €49,094 | €108,146 | +€59,053 | +120.3% |
| Current investments | 50/53 | €4,699,258 | €4,900,113 | +€200,855 | +4.3% |
| Cash at bank and in hand | 54/58 | €115,303 | €99,049 | -€16,254 | -14.1% |
| Deferred charges and accrued income | 490/1 | €24,547 | €1,977 | -€22,570 | -91.9% |
| Total equity and liabilities | 10/49 | €5,104,403 | €5,291,805 | +€187,402 | +3.7% |
| Equity | 10/15 | €4,367,766 | €4,427,930 | +€60,164 | +1.4% |
| Contributions | 10/11 | €610,000 | €610,000 | = | 0.0% |
| Capital | 10 | €610,000 | €610,000 | = | 0.0% |
| Issued capital | 100 | €610,000 | €610,000 | = | 0.0% |
| Reserves | 13 | €3,757,766 | €3,817,930 | +€60,164 | +1.6% |
| Non-distributable reserves | 130/1 | €61,000 | €61,000 | = | 0.0% |
| Legal reserve | 130 | €61,000 | €61,000 | = | 0.0% |
| Distributable reserves | 133 | €3,696,766 | €3,756,930 | +€60,164 | +1.6% |
| Provisions and deferred taxes | 16 | €444,160 | €444,160 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €444,160 | €444,160 | = | 0.0% |
| Other liabilities and charges | 164/5 | €444,160 | €444,160 | = | 0.0% |
| Amounts payable | 17/49 | €292,477 | €419,715 | +€127,238 | +43.5% |
| Amounts payable within one year | 42/48 | €292,472 | €419,715 | +€127,243 | +43.5% |
| Trade debts | 44 | €158,133 | €13,696 | -€144,437 | -91.3% |
| Suppliers | 440/4 | €158,133 | €13,696 | -€144,437 | -91.3% |
| Advances received on contracts in progress | 46 | €75 | €75 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €27,720 | €0 | -€27,720 | -100.0% |
| Taxes | 450/3 | €27,720 | €0 | -€27,720 | -100.0% |
| Other amounts payable | 47/48 | €106,544 | €405,944 | +€299,400 | +281.0% |
| Accrued charges and deferred income | 492/3 | €4 | €0 | -€4 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,331 | €35,981 | +€6,650 | +22.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,295 | €1,286 | -€9 | -0.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€203,889 | -€40,069 | +€163,820 | +80.3% |
| Operating profit (loss) | 9901 | -€234,515 | -€77,336 | +€157,179 | +67.0% |
| Financial income | 75/76B | €102,119 | €150,955 | +€48,837 | +47.8% |
| Recurring financial income | 75 | €102,119 | €150,955 | +€48,837 | +47.8% |
| Financial charges | 65/66B | €13,012 | €7,162 | -€5,850 | -45.0% |
| Recurring financial charges | 65 | €13,012 | €7,162 | -€5,850 | -45.0% |
| Profit (loss) for the period before taxes | 9903 | -€145,409 | €66,457 | +€211,866 | |
| Income taxes | 67/77 | -€117 | €6,293 | +€6,410 | |
| Profit (loss) for the period | 9904 | -€145,292 | €60,164 | +€205,456 | |
| Profit (loss) for the period to be appropriated | 9905 | -€145,292 | €60,164 | +€205,456 |
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.