MAFINDUS: 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.
MAFINDUS
Largest movements
- Financial fixed assets -€88,125
down €88,125 (-57.0%), from €154,625 to €66,500
- Tangible fixed assets +€70,679
up €70,679 (+144.3%), from €48,987 to €119,667
- Cash +€64,115
up €64,115 (+115.2%), from €55,641 to €119,756
mainly Net result for the year (+€76,048) and Depreciation (+€15,889)
- Receivables within one year +€44,976
up €44,976 (+1182.8%), from €3,803 to €48,779
of which Other amounts receivable: +€44,858
- Current investments -€14,492
down €14,492 (-5.3%), from €274,797 to €260,305
- Reserves +€72,500
up €72,500 (+2900.0%), from €2,500 to €75,000
of which Distributable reserves: +€75,000
- Financial income +€76,395
up €76,395 (+2051.8%), from €3,723 to €80,118
- Gross operating margin +€26,201
up €26,201, from -€5,876 to €20,325
- Taxes +€7,554
up €7,554 (+1829.5%), from €413 to €7,967
- Depreciation +€3,709
up €3,709 (+30.4%), from €12,180 to €15,889
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 | €537,910 | €616,250 | +€78,340 | +14.6% |
| Fixed assets | 21/28 | €203,612 | €186,167 | -€17,446 | -8.6% |
| Tangible fixed assets | 22/27 | €48,987 | €119,667 | +€70,679 | +144.3% |
| Furniture and vehicles | 24 | €48,987 | €119,667 | +€70,679 | +144.3% |
| Financial fixed assets | 28 | €154,625 | €66,500 | -€88,125 | -57.0% |
| Current assets | 29/58 | €334,298 | €430,083 | +€95,786 | +28.7% |
| Amounts receivable within one year | 40/41 | €3,803 | €48,779 | +€44,976 | +1182.8% |
| Trade receivables | 40 | €1,773 | €1,891 | +€118 | +6.6% |
| Other amounts receivable | 41 | €2,029 | €46,888 | +€44,858 | +2210.4% |
| Current investments | 50/53 | €274,797 | €260,305 | -€14,492 | -5.3% |
| Cash at bank and in hand | 54/58 | €55,641 | €119,756 | +€64,115 | +115.2% |
| Deferred charges and accrued income | 490/1 | €57 | €1,244 | +€1,187 | +2086.0% |
| Total equity and liabilities | 10/49 | €537,910 | €616,250 | +€78,340 | +14.6% |
| Equity | 10/15 | €537,745 | €613,793 | +€76,048 | +14.1% |
| Contributions | 10/11 | €25,000 | €27,500 | +€2,500 | +10.0% |
| Reserves | 13 | €2,500 | €75,000 | +€72,500 | +2900.0% |
| Non-distributable reserves | 130/1 | €2,500 | - | -€2,500 | |
| Reserves not available under the articles | 1311 | €2,500 | - | -€2,500 | |
| Distributable reserves | 133 | - | €75,000 | +€75,000 | |
| Profit (loss) carried forward | 14 | €510,245 | €511,293 | +€1,048 | +0.2% |
| Amounts payable | 17/49 | €165 | €2,457 | +€2,292 | +1386.7% |
| Amounts payable within one year | 42/48 | €165 | €2,457 | +€2,292 | +1386.7% |
| Trade debts | 44 | €165 | €133 | -€32 | -19.2% |
| Suppliers | 440/4 | €165 | €133 | -€32 | -19.2% |
| Other amounts payable | 47/48 | - | €2,324 | +€2,324 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,180 | €15,889 | +€3,709 | +30.4% |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | -€5,876 | €20,325 | +€26,201 | |
| Operating profit (loss) | 9901 | -€18,440 | €4,048 | +€22,489 | |
| Financial income | 75/76B | €3,723 | €80,118 | +€76,395 | +2051.8% |
| Recurring financial income | 75 | €3,723 | €80,118 | +€76,395 | +2051.8% |
| Financial charges | 65/66B | €111 | €151 | +€41 | +36.7% |
| Recurring financial charges | 65 | €111 | €151 | +€41 | +36.7% |
| Profit (loss) for the period before taxes | 9903 | -€14,828 | €84,015 | +€98,843 | |
| Income taxes | 67/77 | €413 | €7,967 | +€7,554 | +1829.5% |
| Profit (loss) for the period | 9904 | -€15,241 | €76,048 | +€91,289 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,241 | €76,048 | +€91,289 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.