MAFRANS et Associates: what changed
Two financial 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.
MAFRANS et Associates
Largest movements
- Cash +€63,264
up €63,264 (+15.7%), from €403,422 to €466,686
mainly Net result for the year (+€79,360) and Depreciation (+€20,596)
- Reserves +€79,350
up €79,350 (+26.5%), from €299,384 to €378,734
- Taxes +€17,051
up €17,051 (+82.0%), from €20,806 to €37,856
- Financial income +€16,765
up €16,765 (+73.5%), from €22,817 to €39,583
- Gross operating margin +€13,396
up €13,396 (+12.6%), from €106,337 to €119,733
- Depreciation -€8,236
down €8,236 (-28.6%), from €28,832 to €20,596
- Other operating charges -€1,318
down €1,318 (-8.5%), from €15,459 to €14,141
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.
Derived cash bridge
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 | €1,900,258 | €1,985,863 | +€85,605 | +4.5% |
| Fixed assets | 21/28 | €582,404 | €581,168 | -€1,236 | -0.2% |
| Tangible fixed assets | 22/27 | €582,256 | €581,020 | -€1,236 | -0.2% |
| Land and buildings | 22 | €301,188 | €302,937 | +€1,749 | +0.6% |
| Plant, machinery and equipment | 23 | €16,088 | €13,103 | -€2,985 | -18.6% |
| Other tangible fixed assets | 26 | €264,980 | €264,980 | = | 0.0% |
| Financial fixed assets | 28 | €148 | €148 | = | 0.0% |
| Current assets | 29/58 | €1,317,854 | €1,404,695 | +€86,841 | +6.6% |
| Amounts receivable after more than one year | 29 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 291 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €22,116 | €23,050 | +€933 | +4.2% |
| Trade receivables | 40 | €17,802 | €21,065 | +€3,263 | +18.3% |
| Other amounts receivable | 41 | €4,314 | €1,984 | -€2,330 | -54.0% |
| Current investments | 50/53 | €888,276 | €901,845 | +€13,569 | +1.5% |
| Cash at bank and in hand | 54/58 | €403,422 | €466,686 | +€63,264 | +15.7% |
| Deferred charges and accrued income | 490/1 | €4,039 | €3,114 | -€925 | -22.9% |
| Total equity and liabilities | 10/49 | €1,900,258 | €1,985,863 | +€85,605 | +4.5% |
| Equity | 10/15 | €1,884,022 | €1,963,383 | +€79,360 | +4.2% |
| Contributions | 10/11 | €949,662 | €949,662 | = | 0.0% |
| Contributions outside capital | 11 | €949,662 | €949,662 | = | 0.0% |
| Other | 1109/19 | €949,662 | €949,662 | = | 0.0% |
| Reserves | 13 | €299,384 | €378,734 | +€79,350 | +26.5% |
| Distributable reserves | 133 | €299,384 | €378,734 | +€79,350 | +26.5% |
| Profit (loss) carried forward | 14 | €634,976 | €634,987 | +€10 | 0.0% |
| Amounts payable | 17/49 | €16,235 | €22,480 | +€6,245 | +38.5% |
| Amounts payable within one year | 42/48 | €16,235 | €22,480 | +€6,245 | +38.5% |
| Trade debts | 44 | €3,513 | €3,368 | -€145 | -4.1% |
| Suppliers | 440/4 | €3,513 | €3,368 | -€145 | -4.1% |
| Taxes, remuneration and social security | 45 | €5,745 | €12,135 | +€6,390 | +111% |
| Taxes | 450/3 | €5,745 | €12,135 | +€6,390 | +111% |
| Other amounts payable | 47/48 | €6,977 | €6,977 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,832 | €20,596 | -€8,236 | -28.6% |
| Other operating charges | 640/8 | €15,459 | €14,141 | -€1,318 | -8.5% |
| Gross operating margin | 9900 | €106,337 | €119,733 | +€13,396 | +12.6% |
| Operating profit (loss) | 9901 | €62,046 | €84,996 | +€22,951 | +37.0% |
| Financial income | 75/76B | €22,817 | €39,583 | +€16,765 | +73.5% |
| Recurring financial income | 75 | €22,817 | €39,583 | +€16,765 | +73.5% |
| Financial charges | 65/66B | €6,580 | €7,362 | +€782 | +11.9% |
| Recurring financial charges | 65 | €6,580 | €7,362 | +€782 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €78,283 | €117,217 | +€38,934 | +49.7% |
| Income taxes | 67/77 | €20,806 | €37,856 | +€17,051 | +82.0% |
| Profit (loss) for the period | 9904 | €57,477 | €79,360 | +€21,884 | +38.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,477 | €79,360 | +€21,884 | +38.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.