Mafopa: 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.
Mafopa
Largest movements
- Cash -€107,867
down €107,867 (-66.5%), from €162,118 to €54,251
mainly Contributions, distributions and other (-€550,000) and Investment in fixed assets (net) (-€22,731)
- Financial fixed assets +€15,000
up €15,000 (+23.1%), from €65,000 to €80,000
- Profit (loss) carried forward -€264,286
down €264,286 (-92.7%), from €285,145 to €20,859
- Other debts +€169,381
up €169,381 (+27345.0%), from €619 to €170,000
- Tax, wage and social debts -€7,546
down €7,546 (-23.9%), from €31,591 to €24,045
- Gross operating margin +€6,695
up €6,695 (+1.7%), from €386,049 to €392,744
- Depreciation -€5,006
down €5,006 (-29.0%), from €17,259 to €12,253
- Taxes +€4,559
up €4,559 (+5.3%), from €86,431 to €90,989
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 | €626,578 | €520,476 | -€106,102 | -16.9% |
| Fixed assets | 21/28 | €356,342 | €366,819 | +€10,477 | +2.9% |
| Tangible fixed assets | 22/27 | €291,342 | €286,819 | -€4,523 | -1.6% |
| Land and buildings | 22 | €270,393 | €264,196 | -€6,197 | -2.3% |
| Plant, machinery and equipment | 23 | €4,009 | €3,027 | -€982 | -24.5% |
| Furniture and vehicles | 24 | €16,940 | €19,596 | +€2,656 | +15.7% |
| Financial fixed assets | 28 | €65,000 | €80,000 | +€15,000 | +23.1% |
| Current assets | 29/58 | €270,236 | €153,657 | -€116,579 | -43.1% |
| Stocks and contracts in progress | 3 | €38,779 | €38,629 | -€150 | -0.4% |
| Stocks | 30/36 | €38,779 | €38,629 | -€150 | -0.4% |
| Amounts receivable within one year | 40/41 | €63,560 | €57,782 | -€5,777 | -9.1% |
| Trade receivables | 40 | €63,560 | €45,375 | -€18,185 | -28.6% |
| Other amounts receivable | 41 | €0 | €12,407 | +€12,407 | |
| Cash at bank and in hand | 54/58 | €162,118 | €54,251 | -€107,867 | -66.5% |
| Deferred charges and accrued income | 490/1 | €5,780 | €2,995 | -€2,784 | -48.2% |
| Total equity and liabilities | 10/49 | €626,578 | €520,476 | -€106,102 | -16.9% |
| Equity | 10/15 | €590,145 | €325,859 | -€264,286 | -44.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €300,000 | €300,000 | = | 0.0% |
| Distributable reserves | 133 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €285,145 | €20,859 | -€264,286 | -92.7% |
| Amounts payable | 17/49 | €36,433 | €194,617 | +€158,184 | +434.2% |
| Amounts payable within one year | 42/48 | €35,862 | €194,045 | +€158,184 | +441.1% |
| Trade debts | 44 | €3,651 | €0 | -€3,651 | -100.0% |
| Suppliers | 440/4 | €3,651 | €0 | -€3,651 | -100.0% |
| Taxes, remuneration and social security | 45 | €31,591 | €24,045 | -€7,546 | -23.9% |
| Taxes | 450/3 | €31,591 | €24,045 | -€7,546 | -23.9% |
| Other amounts payable | 47/48 | €619 | €170,000 | +€169,381 | +27345.0% |
| Accrued charges and deferred income | 492/3 | €572 | €572 | = | 0.0% |
| Non-recurring operating income | 76A | €5,215 | €2,523 | -€2,692 | -51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,259 | €12,253 | -€5,006 | -29.0% |
| Other operating charges | 640/8 | €2,024 | €1,713 | -€311 | -15.4% |
| Non-recurring operating charges | 66A | - | €770 | +€770 | |
| Gross operating margin | 9900 | €386,049 | €392,744 | +€6,695 | +1.7% |
| Operating profit (loss) | 9901 | €366,765 | €378,007 | +€11,242 | +3.1% |
| Financial income | 75/76B | €14 | €155 | +€141 | +1022.1% |
| Recurring financial income | 75 | €14 | €155 | +€141 | +1022.1% |
| Financial charges | 65/66B | €2,735 | €1,459 | -€1,276 | -46.7% |
| Recurring financial charges | 65 | €2,735 | €1,459 | -€1,276 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | €364,044 | €376,704 | +€12,659 | +3.5% |
| Income taxes | 67/77 | €86,431 | €90,989 | +€4,559 | +5.3% |
| Profit (loss) for the period | 9904 | €277,614 | €285,714 | +€8,101 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €277,614 | €285,714 | +€8,101 | +2.9% |
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.