MAFIX: 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.
MAFIX
Largest movements
- Tangible fixed assets +€27,473
up €27,473 (+50.2%), from €54,713 to €82,186
of which Furniture and vehicles: +€34,784
- Receivables within one year -€20,536
down €20,536 (-80.7%), from €25,439 to €4,902
of which Trade receivables: -€15,152
- Deferred charges and accrued income -€4,619
no longer reported in 2025 (was €4,619)
- Trade debts -€14,919
down €14,919 (-78.1%), from €19,102 to €4,183
- Reserves +€12,775
up €12,775 (+15.7%), from €81,358 to €94,133
- Current portion of long-term debt +€5,623
up €5,623 (+116.1%), from €4,843 to €10,466
- Tax, wage and social debts +€5,570
up €5,570 (+180.1%), from €3,093 to €8,663
of which Taxes: +€7,296
- Debts after one year -€5,015
down €5,015 (-23.7%), from €21,157 to €16,142
- Gross operating margin +€31,830
up €31,830 (+66.6%), from €47,777 to €79,607
- Taxes +€6,647
up €6,647 (+58.5%), from €11,366 to €18,013
- Depreciation +€6,312
up €6,312 (+42.5%), from €14,847 to €21,159
- Other operating charges +€3,119
up €3,119 (+117.2%), from €2,661 to €5,780
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 | €132,853 | €134,086 | +€1,233 | +0.9% |
| Fixed assets | 21/28 | €60,679 | €87,620 | +€26,941 | +44.4% |
| Intangible fixed assets | 21 | €1,467 | €934 | -€533 | -36.3% |
| Tangible fixed assets | 22/27 | €54,713 | €82,186 | +€27,473 | +50.2% |
| Land and buildings | 22 | €24,484 | €16,285 | -€8,198 | -33.5% |
| Plant, machinery and equipment | 23 | €2,569 | €3,457 | +€888 | +34.6% |
| Furniture and vehicles | 24 | €27,660 | €62,444 | +€34,784 | +125.8% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €72,173 | €46,466 | -€25,708 | -35.6% |
| Amounts receivable within one year | 40/41 | €25,439 | €4,902 | -€20,536 | -80.7% |
| Trade receivables | 40 | €16,442 | €1,290 | -€15,152 | -92.2% |
| Other amounts receivable | 41 | €8,996 | €3,612 | -€5,384 | -59.8% |
| Cash at bank and in hand | 54/58 | €42,116 | €41,563 | -€552 | -1.3% |
| Deferred charges and accrued income | 490/1 | €4,619 | - | -€4,619 | |
| Total equity and liabilities | 10/49 | €132,853 | €134,086 | +€1,233 | +0.9% |
| Equity | 10/15 | €81,858 | €94,633 | +€12,775 | +15.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €81,358 | €94,133 | +€12,775 | +15.7% |
| Distributable reserves | 133 | €81,358 | €94,133 | +€12,775 | +15.7% |
| Amounts payable | 17/49 | €50,994 | €39,453 | -€11,541 | -22.6% |
| Amounts payable after more than one year | 17 | €21,157 | €16,142 | -€5,015 | -23.7% |
| Financial debts | 170/4 | €21,157 | €16,142 | -€5,015 | -23.7% |
| Amounts payable within one year | 42/48 | €29,837 | €23,311 | -€6,526 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €4,843 | €10,466 | +€5,623 | +116.1% |
| Trade debts | 44 | €19,102 | €4,183 | -€14,919 | -78.1% |
| Suppliers | 440/4 | €19,102 | €4,183 | -€14,919 | -78.1% |
| Advances received on contracts in progress | 46 | €2,800 | - | -€2,800 | |
| Taxes, remuneration and social security | 45 | €3,093 | €8,663 | +€5,570 | +180.1% |
| Taxes | 450/3 | €1,366 | €8,663 | +€7,296 | +534.0% |
| Remuneration and social security | 454/9 | €1,726 | - | -€1,726 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €17,287 | +€17,287 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,847 | €21,159 | +€6,312 | +42.5% |
| Other operating charges | 640/8 | €2,661 | €5,780 | +€3,119 | +117.2% |
| Non-recurring operating charges | 66A | - | €163 | +€163 | |
| Gross operating margin | 9900 | €47,777 | €79,607 | +€31,830 | +66.6% |
| Operating profit (loss) | 9901 | €30,268 | €52,504 | +€22,236 | +73.5% |
| Financial income | 75/76B | €899 | €727 | -€173 | -19.2% |
| Recurring financial income | 75 | €899 | €727 | -€173 | -19.2% |
| Financial charges | 65/66B | €594 | €1,089 | +€495 | +83.3% |
| Recurring financial charges | 65 | €594 | €1,089 | +€495 | +83.3% |
| Profit (loss) for the period before taxes | 9903 | €30,574 | €52,142 | +€21,568 | +70.5% |
| Income taxes | 67/77 | €11,366 | €18,013 | +€6,647 | +58.5% |
| Profit (loss) for the period | 9904 | €19,207 | €34,129 | +€14,922 | +77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,207 | €34,129 | +€14,922 | +77.7% |
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 8 October 2026 via checked.be.