MAFICON: 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.
What changed
MAFICON
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€116,528
2024 · €96,000+€20,528
Equity
€358,049
2024 · €241,521+€116,528
Cash
€15,818
2024 · €30,724-€14,906
Balance sheet total
€4.1m
2024 · €3.8m+€223,287
Largest movements
Assets
- Receivables within one year +€343,500
up €343,500 (+114%), from €300,693 to €644,192
- Tangible fixed assets -€105,306
down €105,306 (-13.6%), from €773,501 to €668,195
Equity and liabilities
- Profit (loss) carried forward +€117,739
up €117,739 (+53.9%), from €218,638 to €336,377
- Other debts +€54,403
up €54,403 (+6.8%), from €799,098 to €853,501
- Debts after one year +€54,180
up €54,180 (+2.3%), from €2.4m to €2.5m
Income statement
- Gross operating margin +€17,253
up €17,253 (+15.2%), from €113,484 to €130,737
- Financial charges -€3,763
down €3,763 (-3.7%), from €101,983 to €98,219
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.
Result 2024
€96,000
Gross operating margin
+€17,253
Depreciation
-€0
Other operating charges
-€387
Financial income
-€40
Financial charges
+€3,763
Taxes
-€61
Result 2025
€116,528
raises the resultlowers the result
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.
From operations
-€69,086
Investment
€0
Financing
+€54,180
Cash 2024
€30,724
From operations (derived)
-€69,086
Net result for the year
+€116,528
Depreciation
+€105,306
Receivables within one year
-€343,500
Smaller working-capital items
-€607
Trade debts
-€1,216
Other debts
+€54,403
Financing
+€54,180
Debts after one year
+€54,180
Cash 2025
€15,818
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,835,658 | €4,058,945 | +€223,287 | +5.8% |
| Fixed assets | 21/28 | €3,504,240 | €3,398,934 | -€105,306 | -3.0% |
| Tangible fixed assets | 22/27 | €773,501 | €668,195 | -€105,306 | -13.6% |
| Land and buildings | 22 | €773,501 | €668,195 | -€105,306 | -13.6% |
| Financial fixed assets | 28 | €2,730,739 | €2,730,739 | = | 0.0% |
| Current assets | 29/58 | €331,417 | €660,011 | +€328,594 | +99.1% |
| Amounts receivable within one year | 40/41 | €300,693 | €644,192 | +€343,500 | +114% |
| Other amounts receivable | 41 | €300,693 | €644,192 | +€343,500 | +114% |
| Cash at bank and in hand | 54/58 | €30,724 | €15,818 | -€14,906 | -48.5% |
| Total equity and liabilities | 10/49 | €3,835,658 | €4,058,945 | +€223,287 | +5.8% |
| Equity | 10/15 | €241,521 | €358,049 | +€116,528 | +48.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,283 | €3,072 | -€1,212 | -28.3% |
| Tax-exempt reserves | 132 | €2,423 | €1,212 | -€1,212 | -50.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €218,638 | €336,377 | +€117,739 | +53.9% |
| Provisions and deferred taxes | 16 | €808 | €404 | -€404 | -50.0% |
| Deferred taxes | 168 | €808 | €404 | -€404 | -50.0% |
| Amounts payable | 17/49 | €3,593,329 | €3,700,492 | +€107,163 | +3.0% |
| Amounts payable after more than one year | 17 | €2,398,763 | €2,452,943 | +€54,180 | +2.3% |
| Financial debts | 170/4 | €2,398,763 | €2,452,943 | +€54,180 | +2.3% |
| Amounts payable within one year | 42/48 | €1,052,765 | €1,105,749 | +€52,983 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €245,820 | €245,820 | = | 0.0% |
| Trade debts | 44 | €6,892 | €5,676 | -€1,216 | -17.6% |
| Suppliers | 440/4 | €6,892 | €5,676 | -€1,216 | -17.6% |
| Taxes, remuneration and social security | 45 | €955 | €751 | -€203 | -21.3% |
| Taxes | 450/3 | €955 | €751 | -€203 | -21.3% |
| Other amounts payable | 47/48 | €799,098 | €853,501 | +€54,403 | +6.8% |
| Accrued charges and deferred income | 492/3 | €141,800 | €141,800 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,306 | €105,306 | +€0 | 0.0% |
| Other operating charges | 640/8 | €10,336 | €10,723 | +€387 | +3.7% |
| Gross operating margin | 9900 | €113,484 | €130,737 | +€17,253 | +15.2% |
| Operating profit (loss) | 9901 | -€2,159 | €14,708 | +€16,866 | |
| Financial income | 75/76B | €200,000 | €199,960 | -€40 | 0.0% |
| Recurring financial income | 75 | €200,000 | €199,960 | -€40 | 0.0% |
| Financial charges | 65/66B | €101,983 | €98,219 | -€3,763 | -3.7% |
| Recurring financial charges | 65 | €101,983 | €98,219 | -€3,763 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €95,859 | €116,448 | +€20,589 | +21.5% |
| Transfer from deferred taxes | 780 | €404 | €404 | = | 0.0% |
| Income taxes | 67/77 | €263 | €324 | +€61 | +23.3% |
| Profit (loss) for the period | 9904 | €96,000 | €116,528 | +€20,528 | +21.4% |
| Transfer from tax-exempt reserves | 789 | €1,212 | €1,212 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €97,211 | €117,739 | +€20,528 | +21.1% |
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 17 October 2026 via checked.be.