MAFI: 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.
MAFI
Largest movements
- Cash +€198,325
up €198,325 (+110.8%), from €178,998 to €377,323
mainly Debts after one year (+€362,277) and Current investments (+€138,232)
- Current investments -€138,232
no longer reported in 2025 (was €138,232)
- Tangible fixed assets +€23,611
up €23,611 (+1.4%), from €1.7m to €1.7m
of which Plant, machinery and equipment: +€119,446
- Debts after one year +€362,277
up €362,277 (+14.8%), from €2.4m to €2.8m
of which Financial debts: +€362,277
- Other debts -€198,815
down €198,815 (-95.1%), from €209,002 to €10,186
- Profit (loss) carried forward -€66,961
down €66,961 (-8.1%), from -€828,682 to -€895,642
- Gross operating margin -€78,594
down €78,594 (-36.3%), from €216,254 to €137,661
- Write-downs -€70,378
no longer reported in 2025 (was €70,378)
- Financial income +€52,104
up €52,104 (+585.0%), from €8,907 to €61,011
- Financial charges +€16,729
up €16,729 (+16.8%), from €99,387 to €116,117
- Depreciation +€6,534
up €6,534 (+5.4%), from €119,989 to €126,523
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 | €1,981,334 | €2,082,111 | +€100,777 | +5.1% |
| Fixed assets | 21/28 | €1,652,070 | €1,675,681 | +€23,611 | +1.4% |
| Tangible fixed assets | 22/27 | €1,652,070 | €1,675,681 | +€23,611 | +1.4% |
| Land and buildings | 22 | €1,565,059 | €1,465,078 | -€99,981 | -6.4% |
| Plant, machinery and equipment | 23 | €84,778 | €204,225 | +€119,446 | +140.9% |
| Furniture and vehicles | 24 | €2,232 | €6,378 | +€4,146 | +185.7% |
| Current assets | 29/58 | €329,264 | €406,430 | +€77,165 | +23.4% |
| Amounts receivable within one year | 40/41 | €7,350 | €24,413 | +€17,064 | +232.2% |
| Trade receivables | 40 | €4,928 | €21,900 | +€16,972 | +344.4% |
| Other amounts receivable | 41 | €2,421 | €2,513 | +€92 | +3.8% |
| Current investments | 50/53 | €138,232 | - | -€138,232 | |
| Cash at bank and in hand | 54/58 | €178,998 | €377,323 | +€198,325 | +110.8% |
| Deferred charges and accrued income | 490/1 | €4,685 | €4,694 | +€8 | +0.2% |
| Total equity and liabilities | 10/49 | €1,981,334 | €2,082,111 | +€100,777 | +5.1% |
| Equity | 10/15 | -€727,046 | -€794,006 | -€66,961 | -9.2% |
| Contributions | 10/11 | €101,636 | €101,636 | = | 0.0% |
| Capital | 10 | €101,636 | €101,636 | = | 0.0% |
| Issued capital | 100 | €101,636 | €101,636 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€828,682 | -€895,642 | -€66,961 | -8.1% |
| Amounts payable | 17/49 | €2,708,380 | €2,876,117 | +€167,737 | +6.2% |
| Amounts payable after more than one year | 17 | €2,447,799 | €2,810,076 | +€362,277 | +14.8% |
| Financial debts | 170/4 | €2,447,299 | €2,809,576 | +€362,277 | +14.8% |
| Other amounts payable | 178/9 | €500 | €500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €260,581 | €66,041 | -€194,540 | -74.7% |
| Current portion of amounts payable after more than one year | 42 | €45,317 | €46,723 | +€1,406 | +3.1% |
| Trade debts | 44 | €6,263 | €9,131 | +€2,869 | +45.8% |
| Suppliers | 440/4 | €6,263 | €9,131 | +€2,869 | +45.8% |
| Other amounts payable | 47/48 | €209,002 | €10,186 | -€198,815 | -95.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,989 | €126,523 | +€6,534 | +5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €70,378 | - | -€70,378 | |
| Other operating charges | 640/8 | €19,851 | €22,828 | +€2,978 | +15.0% |
| Non-recurring operating charges | 66A | - | €164 | +€164 | |
| Gross operating margin | 9900 | €216,254 | €137,661 | -€78,594 | -36.3% |
| Operating profit (loss) | 9901 | €6,037 | -€11,855 | -€17,892 | |
| Financial income | 75/76B | €8,907 | €61,011 | +€52,104 | +585.0% |
| Recurring financial income | 75 | €8,907 | €61,011 | +€52,104 | +585.0% |
| Financial charges | 65/66B | €99,387 | €116,117 | +€16,729 | +16.8% |
| Recurring financial charges | 65 | €99,387 | €116,117 | +€16,729 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | -€84,444 | -€66,961 | +€17,484 | +20.7% |
| Profit (loss) for the period | 9904 | -€84,444 | -€66,961 | +€17,484 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€84,444 | -€66,961 | +€17,484 | +20.7% |
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 29 September 2026 via checked.be.