MAFFF: 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.
MAFFF
Largest movements
- Cash +€499,227
up €499,227 (+2,558%), from €19,518 to €518,745
mainly Other debts (+€574,299) and Tax, wage and social debts (+€11,983)
- Receivables within one year +€55,252
up €55,252 (+356%), from €15,533 to €70,785
of which Trade receivables: +€70,712
- Tangible fixed assets -€18,576
down €18,576 (-32.1%), from €57,881 to €39,305
of which Other tangible fixed assets: -€55,482
- Other debts +€574,299
up €574,299 (+65.3%), from €879,072 to €1.5m
- Profit (loss) carried forward -€48,792
down €48,792 (-4.6%), from -€1.1m to -€1.1m
- Tax, wage and social debts +€11,983
new in 2025: €11,983
- Gross operating margin +€13,860
up €13,860 (+564%), from €2,459 to €16,319
- Other operating charges +€8,652
up €8,652 (+586%), from €1,476 to €10,128
- Depreciation -€4,951
down €4,951 (-34.9%), from €14,188 to €9,237
- Financial charges +€231
up €231 (+168%), from €137 to €368
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 | €92,932 | €628,835 | +€535,904 | +577% |
| Fixed assets | 21/28 | €57,881 | €39,305 | -€18,576 | -32.1% |
| Tangible fixed assets | 22/27 | €57,881 | €39,305 | -€18,576 | -32.1% |
| Plant, machinery and equipment | 23 | - | €33,085 | +€33,085 | |
| Furniture and vehicles | 24 | €2,399 | €6,220 | +€3,820 | +159% |
| Other tangible fixed assets | 26 | €55,482 | - | -€55,482 | |
| Current assets | 29/58 | €35,051 | €589,530 | +€554,480 | +1,582% |
| Amounts receivable within one year | 40/41 | €15,533 | €70,785 | +€55,252 | +356% |
| Trade receivables | 40 | €73 | €70,785 | +€70,712 | +97,079% |
| Other amounts receivable | 41 | €15,460 | - | -€15,460 | |
| Cash at bank and in hand | 54/58 | €19,518 | €518,745 | +€499,227 | +2,558% |
| Total equity and liabilities | 10/49 | €92,932 | €628,835 | +€535,904 | +577% |
| Equity | 10/15 | -€799,465 | -€848,257 | -€48,792 | -6.1% |
| Contributions | 10/11 | €262,000 | €262,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,061,465 | -€1,110,257 | -€48,792 | -4.6% |
| Amounts payable | 17/49 | €892,397 | €1,477,093 | +€584,695 | +65.5% |
| Amounts payable within one year | 42/48 | €892,397 | €1,477,093 | +€584,695 | +65.5% |
| Trade debts | 44 | €13,325 | €11,739 | -€1,586 | -11.9% |
| Suppliers | 440/4 | €13,325 | €11,739 | -€1,586 | -11.9% |
| Taxes, remuneration and social security | 45 | - | €11,983 | +€11,983 | |
| Taxes | 450/3 | - | €11,983 | +€11,983 | |
| Other amounts payable | 47/48 | €879,072 | €1,453,371 | +€574,299 | +65.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,188 | €9,237 | -€4,951 | -34.9% |
| Other operating charges | 640/8 | €1,476 | €10,128 | +€8,652 | +586% |
| Non-recurring operating charges | 66A | - | €45,378 | +€45,378 | |
| Gross operating margin | 9900 | €2,459 | €16,319 | +€13,860 | +564% |
| Operating profit (loss) | 9901 | -€13,205 | -€48,424 | -€35,219 | -267% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €137 | €368 | +€231 | +168% |
| Recurring financial charges | 65 | €137 | €368 | +€231 | +168% |
| Profit (loss) for the period before taxes | 9903 | -€13,342 | -€48,792 | -€35,450 | -266% |
| Profit (loss) for the period | 9904 | -€13,342 | -€48,792 | -€35,450 | -266% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,342 | -€48,792 | -€35,450 | -266% |
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 25 October 2026 via checked.be.