MAFER: 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.
MAFER
Largest movements
- Receivables within one year +€35,537
up €35,537 (+123.9%), from €28,693 to €64,230
of which Other amounts receivable: +€34,721
- Cash -€15,090
down €15,090 (-78.1%), from €19,322 to €4,232
mainly Receivables within one year (-€35,537) and Debts after one year (-€9,663)
- Tangible fixed assets -€9,304
down €9,304 (-28.9%), from €32,222 to €22,918
- Profit (loss) carried forward +€14,809
up €14,809 (+31.2%), from €47,446 to €62,255
- Debts after one year -€9,663
down €9,663 (-43.9%), from €21,990 to €12,327
- Current portion of long-term debt +€4,314
up €4,314 (+619.8%), from €696 to €5,010
- Trade debts +€1,700
up €1,700 (+51.2%), from €3,319 to €5,019
- Gross operating margin -€8,977
down €8,977 (-20.8%), from €43,056 to €34,079
- Other operating charges -€1,944
down €1,944 (-85.2%), from €2,282 to €338
- Financial charges -€710
down €710 (-20.2%), from €3,506 to €2,796
- Taxes -€673
down €673 (-9.0%), from €7,505 to €6,832
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 | €81,456 | €91,943 | +€10,487 | +12.9% |
| Fixed assets | 21/28 | €32,222 | €22,918 | -€9,304 | -28.9% |
| Tangible fixed assets | 22/27 | €32,222 | €22,918 | -€9,304 | -28.9% |
| Furniture and vehicles | 24 | €32,222 | €22,918 | -€9,304 | -28.9% |
| Current assets | 29/58 | €49,234 | €69,025 | +€19,791 | +40.2% |
| Amounts receivable within one year | 40/41 | €28,693 | €64,230 | +€35,537 | +123.9% |
| Trade receivables | 40 | €17,824 | €18,639 | +€815 | +4.6% |
| Other amounts receivable | 41 | €10,869 | €45,590 | +€34,721 | +319.5% |
| Cash at bank and in hand | 54/58 | €19,322 | €4,232 | -€15,090 | -78.1% |
| Deferred charges and accrued income | 490/1 | €1,219 | €563 | -€656 | -53.8% |
| Total equity and liabilities | 10/49 | €81,456 | €91,943 | +€10,487 | +12.9% |
| Equity | 10/15 | €47,946 | €62,755 | +€14,809 | +30.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,446 | €62,255 | +€14,809 | +31.2% |
| Amounts payable | 17/49 | €33,510 | €29,188 | -€4,322 | -12.9% |
| Amounts payable after more than one year | 17 | €21,990 | €12,327 | -€9,663 | -43.9% |
| Financial debts | 170/4 | €21,990 | €12,327 | -€9,663 | -43.9% |
| Amounts payable within one year | 42/48 | €11,520 | €16,860 | +€5,340 | +46.4% |
| Current portion of amounts payable after more than one year | 42 | €696 | €5,010 | +€4,314 | +619.8% |
| Trade debts | 44 | €3,319 | €5,019 | +€1,700 | +51.2% |
| Suppliers | 440/4 | €3,319 | €5,019 | +€1,700 | +51.2% |
| Taxes, remuneration and social security | 45 | €7,505 | €6,832 | -€673 | -9.0% |
| Taxes | 450/3 | €7,505 | €6,832 | -€673 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,266 | €9,304 | +€38 | +0.4% |
| Other operating charges | 640/8 | €2,282 | €338 | -€1,944 | -85.2% |
| Gross operating margin | 9900 | €43,056 | €34,079 | -€8,977 | -20.8% |
| Operating profit (loss) | 9901 | €31,508 | €24,437 | -€7,071 | -22.4% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €3,506 | €2,796 | -€710 | -20.2% |
| Recurring financial charges | 65 | €3,506 | €2,796 | -€710 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €28,002 | €21,642 | -€6,360 | -22.7% |
| Income taxes | 67/77 | €7,505 | €6,832 | -€673 | -9.0% |
| Profit (loss) for the period | 9904 | €20,497 | €14,810 | -€5,687 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,497 | €14,810 | -€5,687 | -27.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.