MAFRANS: 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.
What changed
MAFRANS
NACE 46.620, Wholesale of machine tools
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€473,908
2024 · €5,446-€479,354
Equity
€181,039
2024 · €654,948-€473,908
Cash
€15,109
2024 · €9,480+€5,628
Balance sheet total
€919,318
2024 · €1.4m-€505,337
Largest movements
Assets
- Stocks and contracts -€445,811
down €445,811 (-61.9%), from €720,161 to €274,350
- Tangible fixed assets -€54,541
down €54,541 (-30.1%), from €181,484 to €126,944
of which Plant, machinery and equipment: -€53,836
Equity and liabilities
- Profit (loss) carried forward -€473,908
down €473,908, from €4,501 to -€469,407
- Provisions -€25,000
down €25,000 (-100.0%), from €25,000 to €0
- Tax, wage and social debts -€18,601
down €18,601 (-8.6%), from €215,124 to €196,523
of which Taxes: -€21,521
Income statement
- Write-downs +€460,050
new in 2025: €460,050
- Provisions +€75,000
up €75,000 (+75.0%), from -€100,000 to -€25,000
- Staff costs -€47,758
down €47,758 (-16.8%), from €284,329 to €236,571
- Gross operating margin -€33,068
down €33,068 (-9.8%), from €336,524 to €303,457
- Other operating charges -€31,325
down €31,325 (-85.5%), from €36,641 to €5,316
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.
Result 2024
€5,446
Gross operating margin
-€33,068
Staff costs
+€47,758
Depreciation
+€4,970
Write-downs
-€460,050
Provisions
-€75,000
Other operating charges
+€31,325
Financial income
-€2,368
Financial charges
+€8,793
Taxes
-€1,715
Result 2025
-€473,908
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.
From operations
+€5,778
Investment
-€8,307
Financing
+€8,157
Cash 2024
€9,480
From operations (derived)
+€5,778
Net result for the year
-€473,908
Depreciation
+€62,848
Stocks and contracts
+€445,811
Receivables within one year
+€4,838
Deferred charges and accrued income
+€5,775
Provisions
-€25,000
Trade debts
-€4,024
Tax, wage and social debts
-€18,601
Accrued charges and deferred income
+€8,039
Investment (derived)
-€8,307
Investment in fixed assets (net)
-€8,307
Financing
+€8,157
Short-term financial debts
+€8,157
Cash 2025
€15,109
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,424,655 | €919,318 | -€505,337 | -35.5% |
| Fixed assets | 21/28 | €303,915 | €249,374 | -€54,541 | -17.9% |
| Tangible fixed assets | 22/27 | €181,484 | €126,944 | -€54,541 | -30.1% |
| Plant, machinery and equipment | 23 | €177,683 | €123,846 | -€53,836 | -30.3% |
| Furniture and vehicles | 24 | €3,801 | €3,097 | -€704 | -18.5% |
| Financial fixed assets | 28 | €122,431 | €122,431 | = | 0.0% |
| Current assets | 29/58 | €1,120,739 | €669,943 | -€450,796 | -40.2% |
| Stocks and contracts in progress | 3 | €720,161 | €274,350 | -€445,811 | -61.9% |
| Stocks | 30/36 | €720,161 | €274,350 | -€445,811 | -61.9% |
| Amounts receivable within one year | 40/41 | €383,907 | €379,069 | -€4,838 | -1.3% |
| Trade receivables | 40 | €367,757 | €371,956 | +€4,199 | +1.1% |
| Other amounts receivable | 41 | €16,151 | €7,113 | -€9,037 | -56.0% |
| Cash at bank and in hand | 54/58 | €9,480 | €15,109 | +€5,628 | +59.4% |
| Deferred charges and accrued income | 490/1 | €7,191 | €1,415 | -€5,775 | -80.3% |
| Total equity and liabilities | 10/49 | €1,424,655 | €919,318 | -€505,337 | -35.5% |
| Equity | 10/15 | €654,948 | €181,039 | -€473,908 | -72.4% |
| Contributions | 10/11 | €645,000 | €645,000 | = | 0.0% |
| Capital | 10 | €645,000 | €645,000 | = | 0.0% |
| Issued capital | 100 | €645,000 | €645,000 | = | 0.0% |
| Reserves | 13 | €5,446 | €5,446 | = | 0.0% |
| Distributable reserves | 133 | €5,446 | €5,446 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,501 | -€469,407 | -€473,908 | |
| Provisions and deferred taxes | 16 | €25,000 | €0 | -€25,000 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €25,000 | €0 | -€25,000 | -100.0% |
| Other liabilities and charges | 164/5 | €25,000 | €0 | -€25,000 | -100.0% |
| Amounts payable | 17/49 | €744,707 | €738,278 | -€6,429 | -0.9% |
| Amounts payable within one year | 42/48 | €743,215 | €728,747 | -€14,468 | -1.9% |
| Financial debts | 43 | €334,289 | €342,446 | +€8,157 | +2.4% |
| Other loans | 439 | €334,289 | €342,446 | +€8,157 | +2.4% |
| Trade debts | 44 | €191,757 | €187,732 | -€4,024 | -2.1% |
| Suppliers | 440/4 | €191,757 | €187,732 | -€4,024 | -2.1% |
| Taxes, remuneration and social security | 45 | €215,124 | €196,523 | -€18,601 | -8.6% |
| Taxes | 450/3 | €131,753 | €110,232 | -€21,521 | -16.3% |
| Remuneration and social security | 454/9 | €83,371 | €86,291 | +€2,920 | +3.5% |
| Other amounts payable | 47/48 | €2,046 | €2,046 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,492 | €9,531 | +€8,039 | +539.0% |
| Remuneration, social security and pensions | 62 | €284,329 | €236,571 | -€47,758 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,817 | €62,848 | -€4,970 | -7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €460,050 | +€460,050 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€100,000 | -€25,000 | +€75,000 | +75.0% |
| Other operating charges | 640/8 | €36,641 | €5,316 | -€31,325 | -85.5% |
| Gross operating margin | 9900 | €336,524 | €303,457 | -€33,068 | -9.8% |
| Operating profit (loss) | 9901 | €47,737 | -€436,327 | -€484,064 | |
| Financial income | 75/76B | €2,371 | €3 | -€2,368 | -99.9% |
| Recurring financial income | 75 | €2,371 | €3 | -€2,368 | -99.9% |
| Financial charges | 65/66B | €38,238 | €29,445 | -€8,793 | -23.0% |
| Recurring financial charges | 65 | €38,238 | €29,445 | -€8,793 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | €11,870 | -€465,769 | -€477,639 | |
| Income taxes | 67/77 | €6,424 | €8,139 | +€1,715 | +26.7% |
| Profit (loss) for the period | 9904 | €5,446 | -€473,908 | -€479,354 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,446 | -€473,908 | -€479,354 |
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 7 October 2026 via checked.be.