MAFMED: 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.
MAFMED
Largest movements
- Receivables within one year +€126,827
up €126,827 (+23.8%), from €531,839 to €658,666
of which Other amounts receivable: +€126,905
- Intangible fixed assets -€25,000
down €25,000 (-16.1%), from €155,000 to €130,000
- Deferred charges and accrued income +€13,614
up €13,614 (+45.2%), from €30,099 to €43,713
- Profit (loss) carried forward +€187,282
up €187,282 (+45.8%), from €408,994 to €596,276
- Other debts -€41,472
down €41,472 (-64.3%), from €64,512 to €23,040
- Debts after one year -€41,130
down €41,130 (-39.6%), from €103,786 to €62,656
- Financial income +€40,306
new in 2025: €40,306
- Taxes +€14,026
up €14,026 (+28.8%), from €48,765 to €62,792
- Gross operating margin +€11,340
up €11,340 (+4.9%), from €233,685 to €245,024
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 | €717,000 | €833,529 | +€116,529 | +16.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €155,016 | €130,000 | -€25,016 | -16.1% |
| Intangible fixed assets | 21 | €155,000 | €130,000 | -€25,000 | -16.1% |
| Tangible fixed assets | 22/27 | €16 | €0 | -€16 | -100.0% |
| Furniture and vehicles | 24 | €16 | €0 | -€16 | -100.0% |
| Current assets | 29/58 | €561,984 | €703,529 | +€141,545 | +25.2% |
| Amounts receivable within one year | 40/41 | €531,839 | €658,666 | +€126,827 | +23.8% |
| Trade receivables | 40 | €78 | - | -€78 | |
| Other amounts receivable | 41 | €531,761 | €658,666 | +€126,905 | +23.9% |
| Cash at bank and in hand | 54/58 | €45 | €1,150 | +€1,105 | +2441.4% |
| Deferred charges and accrued income | 490/1 | €30,099 | €43,713 | +€13,614 | +45.2% |
| Total equity and liabilities | 10/49 | €717,000 | €833,529 | +€116,529 | +16.3% |
| Equity | 10/15 | €413,994 | €601,276 | +€187,282 | +45.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €408,994 | €596,276 | +€187,282 | +45.8% |
| Amounts payable | 17/49 | €303,006 | €232,253 | -€70,753 | -23.4% |
| Amounts payable after more than one year | 17 | €103,786 | €62,656 | -€41,130 | -39.6% |
| Financial debts | 170/4 | €103,786 | €62,656 | -€41,130 | -39.6% |
| Amounts payable within one year | 42/48 | €199,221 | €169,597 | -€29,624 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €40,288 | €41,130 | +€841 | +2.1% |
| Financial debts | 43 | €19,659 | €26,826 | +€7,167 | +36.5% |
| Credit institutions | 430/8 | €19,659 | €26,826 | +€7,167 | +36.5% |
| Trade debts | 44 | €4,788 | €6,954 | +€2,166 | +45.2% |
| Suppliers | 440/4 | €4,788 | €6,954 | +€2,166 | +45.2% |
| Taxes, remuneration and social security | 45 | €69,973 | €71,647 | +€1,674 | +2.4% |
| Taxes | 450/3 | €69,973 | €71,647 | +€1,674 | +2.4% |
| Other amounts payable | 47/48 | €64,512 | €23,040 | -€41,472 | -64.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,479 | €25,016 | -€462 | -1.8% |
| Other operating charges | 640/8 | €913 | €1,394 | +€481 | +52.7% |
| Gross operating margin | 9900 | €233,685 | €245,024 | +€11,340 | +4.9% |
| Operating profit (loss) | 9901 | €207,293 | €218,614 | +€11,321 | +5.5% |
| Financial income | 75/76B | - | €40,306 | +€40,306 | |
| Recurring financial income | 75 | - | €40,306 | +€40,306 | |
| Financial charges | 65/66B | €10,883 | €8,847 | -€2,036 | -18.7% |
| Recurring financial charges | 65 | €10,883 | €8,847 | -€2,036 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €196,410 | €250,074 | +€53,663 | +27.3% |
| Income taxes | 67/77 | €48,765 | €62,792 | +€14,026 | +28.8% |
| Profit (loss) for the period | 9904 | €147,645 | €187,282 | +€39,637 | +26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €147,645 | €187,282 | +€39,637 | +26.8% |
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 6 October 2026 via checked.be.