MAFFEO: 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.
MAFFEO
Largest movements
- Tangible fixed assets -€10,092
down €10,092 (-4.5%), from €225,730 to €215,637
of which Land and buildings: -€10,092
- Tax, wage and social debts -€16,806
down €16,806 (-25.9%), from €64,965 to €48,159
- Debts after one year -€14,408
down €14,408 (-8.1%), from €177,969 to €163,561
of which Financial debts: -€17,408
- Profit (loss) carried forward +€13,199
up €13,199 (+4.8%), from €272,890 to €286,089
- Gross operating margin +€15,003
up €15,003, from -€8,577 to €6,426
- Taxes +€3,436
up €3,436 (+142.2%), from €2,416 to €5,852
- Financial charges +€3,185
up €3,185 (+33.3%), from €9,579 to €12,764
- Other operating charges -€99
down €99 (-4.1%), from €2,408 to €2,309
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 | €907,260 | €891,345 | -€15,915 | -1.8% |
| Fixed assets | 21/28 | €225,755 | €215,662 | -€10,092 | -4.5% |
| Tangible fixed assets | 22/27 | €225,730 | €215,637 | -€10,092 | -4.5% |
| Land and buildings | 22 | €225,730 | €215,637 | -€10,092 | -4.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €681,505 | €675,683 | -€5,822 | -0.9% |
| Amounts receivable within one year | 40/41 | €643,454 | €637,279 | -€6,175 | -1.0% |
| Other amounts receivable | 41 | €643,454 | €637,279 | -€6,175 | -1.0% |
| Cash at bank and in hand | 54/58 | €2 | €17 | +€15 | +725.9% |
| Deferred charges and accrued income | 490/1 | €38,049 | €38,388 | +€338 | +0.9% |
| Total equity and liabilities | 10/49 | €907,260 | €891,345 | -€15,915 | -1.8% |
| Equity | 10/15 | €615,093 | €628,292 | +€13,199 | +2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €323,603 | €323,603 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €321,743 | €321,743 | = | 0.0% |
| Profit (loss) carried forward | 14 | €272,890 | €286,089 | +€13,199 | +4.8% |
| Amounts payable | 17/49 | €292,167 | €263,053 | -€29,114 | -10.0% |
| Amounts payable after more than one year | 17 | €177,969 | €163,561 | -€14,408 | -8.1% |
| Financial debts | 170/4 | €177,969 | €160,561 | -€17,408 | -9.8% |
| Other amounts payable | 178/9 | - | €3,000 | +€3,000 | |
| Amounts payable within one year | 42/48 | €114,198 | €99,492 | -€14,706 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €17,804 | €18,336 | +€532 | +3.0% |
| Financial debts | 43 | €24,414 | €28,876 | +€4,462 | +18.3% |
| Credit institutions | 430/8 | €24,414 | €28,876 | +€4,462 | +18.3% |
| Trade debts | 44 | €7,015 | €3,372 | -€3,643 | -51.9% |
| Suppliers | 440/4 | €7,015 | €3,372 | -€3,643 | -51.9% |
| Advances received on contracts in progress | 46 | - | €750 | +€750 | |
| Taxes, remuneration and social security | 45 | €64,965 | €48,159 | -€16,806 | -25.9% |
| Taxes | 450/3 | €64,965 | €48,159 | -€16,806 | -25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,092 | €10,092 | = | 0.0% |
| Other operating charges | 640/8 | €2,408 | €2,309 | -€99 | -4.1% |
| Gross operating margin | 9900 | -€8,577 | €6,426 | +€15,003 | |
| Operating profit (loss) | 9901 | -€21,077 | -€5,975 | +€15,102 | +71.7% |
| Financial income | 75/76B | €37,789 | €37,790 | +€1 | 0.0% |
| Recurring financial income | 75 | €37,789 | €37,790 | +€1 | 0.0% |
| Financial charges | 65/66B | €9,579 | €12,764 | +€3,185 | +33.3% |
| Recurring financial charges | 65 | €9,579 | €12,764 | +€3,185 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €7,133 | €19,050 | +€11,917 | +167.1% |
| Income taxes | 67/77 | €2,416 | €5,852 | +€3,436 | +142.2% |
| Profit (loss) for the period | 9904 | €4,718 | €13,199 | +€8,481 | +179.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,718 | €13,199 | +€8,481 | +179.8% |
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 28 September 2026 via checked.be.