MAFRA: 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.
MAFRA
Largest movements
- Receivables within one year +€7,492
up €7,492 (+52.4%), from €14,287 to €21,779
of which Trade receivables: +€6,751
- Cash +€7,236
up €7,236 (+15.8%), from €45,716 to €52,952
mainly Net result for the year (+€10,247) and Tax, wage and social debts (+€2,590)
- Tangible fixed assets -€1,129
down €1,129 (-67.1%), from €1,683 to €554
of which Plant, machinery and equipment: -€602
- Reserves +€10,247
up €10,247 (+550.9%), from €1,860 to €12,107
- Tax, wage and social debts +€2,590
up €2,590 (+192.1%), from €1,349 to €3,939
- Short-term financial debts +€1,151
up €1,151, from €0 to €1,151
- Gross operating margin +€17,353
up €17,353 (+2560.1%), from €678 to €18,031
- Taxes +€4,654
up €4,654 (+1948.8%), from €239 to €4,893
- Other operating charges -€349
down €349 (-35.5%), from €983 to €634
- Financial charges -€208
down €208 (-13.0%), from €1,601 to €1,393
of which Financial charges: -€208
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 | €61,921 | €75,519 | +€13,599 | +22.0% |
| Fixed assets | 21/28 | €1,918 | €788 | -€1,129 | -58.9% |
| Tangible fixed assets | 22/27 | €1,683 | €554 | -€1,129 | -67.1% |
| Land and buildings | 22 | €176 | €0 | -€176 | -100.0% |
| Plant, machinery and equipment | 23 | €1,155 | €554 | -€602 | -52.1% |
| Furniture and vehicles | 24 | €351 | €0 | -€351 | -100.0% |
| Financial fixed assets | 28 | €235 | €235 | = | 0.0% |
| Current assets | 29/58 | €60,003 | €74,731 | +€14,728 | +24.5% |
| Amounts receivable within one year | 40/41 | €14,287 | €21,779 | +€7,492 | +52.4% |
| Trade receivables | 40 | €14,263 | €21,014 | +€6,751 | +47.3% |
| Other amounts receivable | 41 | €24 | €765 | +€741 | +3096.6% |
| Cash at bank and in hand | 54/58 | €45,716 | €52,952 | +€7,236 | +15.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €61,921 | €75,519 | +€13,599 | +22.0% |
| Equity | 10/15 | €59,345 | €69,593 | +€10,247 | +17.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €12,107 | +€10,247 | +550.9% |
| Distributable reserves | 133 | €1,860 | €12,107 | +€10,247 | +550.9% |
| Profit (loss) carried forward | 14 | €38,885 | €38,885 | = | 0.0% |
| Amounts payable | 17/49 | €2,575 | €5,927 | +€3,352 | +130.2% |
| Amounts payable within one year | 42/48 | €2,575 | €5,927 | +€3,352 | +130.2% |
| Financial debts | 43 | €0 | €1,151 | +€1,151 | |
| Credit institutions | 430/8 | €0 | €1,151 | +€1,151 | |
| Trade debts | 44 | €908 | €837 | -€71 | -7.8% |
| Suppliers | 440/4 | €908 | €837 | -€71 | -7.8% |
| Taxes, remuneration and social security | 45 | €1,349 | €3,939 | +€2,590 | +192.1% |
| Taxes | 450/3 | €1,349 | €3,939 | +€2,590 | +192.1% |
| Other amounts payable | 47/48 | €319 | €0 | -€319 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €983 | €0 | -€983 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,286 | €1,129 | -€157 | -12.2% |
| Other operating charges | 640/8 | €983 | €634 | -€349 | -35.5% |
| Gross operating margin | 9900 | €678 | €18,031 | +€17,353 | +2560.1% |
| Operating profit (loss) | 9901 | -€1,591 | €16,267 | +€17,859 | |
| Financial income | 75/76B | €211 | €267 | +€56 | +26.5% |
| Recurring financial income | 75 | €211 | €267 | +€56 | +26.5% |
| Financial charges | 65/66B | €1,601 | €1,393 | -€208 | -13.0% |
| Recurring financial charges | 65 | €1,601 | €1,393 | -€208 | -13.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€2,981 | €15,141 | +€18,122 | |
| Income taxes | 67/77 | €239 | €4,893 | +€4,654 | +1948.8% |
| Profit (loss) for the period | 9904 | -€3,220 | €10,247 | +€13,467 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,220 | €10,247 | +€13,467 |
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 3 October 2026 via checked.be.