MAFINCO: 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.
MAFINCO
Largest movements
- Current investments -€74,108
down €74,108 (-10.6%), from €700,000 to €625,892
- Cash -€47,622
down €47,622 (-78.9%), from €60,344 to €12,722
mainly Other debts (-€80,649) and Debts after one year (-€48,711)
- Tangible fixed assets -€20,195
down €20,195 (-2.1%), from €977,672 to €957,477
of which Land and buildings: -€25,368
- Other debts -€80,649
down €80,649 (-16.1%), from €502,361 to €421,712
- Debts after one year -€48,711
down €48,711 (-22.2%), from €219,080 to €170,368
- Depreciation -€23,193
down €23,193 (-39.5%), from €58,721 to €35,527
- Financial income -€20,922
down €20,922 (-58.4%), from €35,814 to €14,892
- Gross operating margin +€5,265
up €5,265 (+40.6%), from €12,968 to €18,233
- Financial charges -€3,167
down €3,167 (-29.5%), from €10,755 to €7,588
- Other operating charges -€3,097
down €3,097 (-39.9%), from €7,759 to €4,662
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 | €1,993,976 | €1,843,863 | -€150,113 | -7.5% |
| Fixed assets | 21/28 | €1,145,672 | €1,125,477 | -€20,195 | -1.8% |
| Tangible fixed assets | 22/27 | €977,672 | €957,477 | -€20,195 | -2.1% |
| Land and buildings | 22 | €975,576 | €950,208 | -€25,368 | -2.6% |
| Furniture and vehicles | 24 | €2,095 | €7,269 | +€5,174 | +247% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €168,000 | €168,000 | = | 0.0% |
| Current assets | 29/58 | €848,305 | €718,387 | -€129,918 | -15.3% |
| Amounts receivable within one year | 40/41 | €83,237 | €76,634 | -€6,603 | -7.9% |
| Trade receivables | 40 | €11,240 | €28,165 | +€16,925 | +151% |
| Other amounts receivable | 41 | €71,997 | €48,468 | -€23,529 | -32.7% |
| Current investments | 50/53 | €700,000 | €625,892 | -€74,108 | -10.6% |
| Cash at bank and in hand | 54/58 | €60,344 | €12,722 | -€47,622 | -78.9% |
| Deferred charges and accrued income | 490/1 | €4,724 | €3,139 | -€1,585 | -33.5% |
| Total equity and liabilities | 10/49 | €1,993,976 | €1,843,863 | -€150,113 | -7.5% |
| Equity | 10/15 | €1,179,599 | €1,165,413 | -€14,186 | -1.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,161,049 | €1,146,863 | -€14,186 | -1.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €113,952 | €111,489 | -€2,463 | -2.2% |
| Distributable reserves | 133 | €1,047,097 | €1,035,374 | -€11,723 | -1.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €33,984 | €33,163 | -€821 | -2.4% |
| Deferred taxes | 168 | €33,984 | €33,163 | -€821 | -2.4% |
| Amounts payable | 17/49 | €780,393 | €645,287 | -€135,106 | -17.3% |
| Amounts payable after more than one year | 17 | €219,080 | €170,368 | -€48,711 | -22.2% |
| Financial debts | 170/4 | €219,080 | €170,368 | -€48,711 | -22.2% |
| Amounts payable within one year | 42/48 | €560,813 | €473,676 | -€87,137 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €50,636 | €48,711 | -€1,924 | -3.8% |
| Trade debts | 44 | €3,461 | €1,432 | -€2,029 | -58.6% |
| Suppliers | 440/4 | €3,461 | €1,432 | -€2,029 | -58.6% |
| Taxes, remuneration and social security | 45 | €4,355 | €1,821 | -€2,534 | -58.2% |
| Taxes | 450/3 | €4,355 | €1,821 | -€2,534 | -58.2% |
| Other amounts payable | 47/48 | €502,361 | €421,712 | -€80,649 | -16.1% |
| Accrued charges and deferred income | 492/3 | €500 | €1,243 | +€743 | +149% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,721 | €35,527 | -€23,193 | -39.5% |
| Other operating charges | 640/8 | €7,759 | €4,662 | -€3,097 | -39.9% |
| Gross operating margin | 9900 | €12,968 | €18,233 | +€5,265 | +40.6% |
| Operating profit (loss) | 9901 | -€53,512 | -€21,957 | +€31,556 | +59.0% |
| Financial income | 75/76B | €35,814 | €14,892 | -€20,922 | -58.4% |
| Recurring financial income | 75 | €35,814 | €14,892 | -€20,922 | -58.4% |
| Financial charges | 65/66B | €10,755 | €7,588 | -€3,167 | -29.5% |
| Recurring financial charges | 65 | €10,755 | €7,588 | -€3,167 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | -€28,453 | -€14,652 | +€13,801 | +48.5% |
| Transfer from deferred taxes | 780 | €4,813 | €821 | -€3,992 | -82.9% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €504 | €355 | -€149 | -29.5% |
| Profit (loss) for the period | 9904 | -€24,144 | -€14,186 | +€9,958 | +41.2% |
| Transfer from tax-exempt reserves | 789 | - | €2,463 | +€2,463 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,144 | -€11,723 | +€12,421 | +51.4% |
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 26 October 2026 via checked.be.