MAFRIBEL: 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.
MAFRIBEL
Largest movements
- Cash +€162,609
up €162,609 (+103.0%), from €157,914 to €320,523
mainly Net result for the year (+€487,218) and Trade debts (+€109,794)
- Receivables within one year +€18,529
up €18,529 (+1.5%), from €1.2m to €1.2m
of which Other amounts receivable: +€126,633
- Reserves +€187,218
up €187,218 (+49.1%), from €381,604 to €568,821
of which Distributable reserves: +€187,218
- Other debts -€155,645
down €155,645 (-25.6%), from €609,176 to €453,531
- Trade debts +€109,794
up €109,794 (+52.0%), from €211,309 to €321,103
- Tax, wage and social debts +€27,876
up €27,876 (+23.1%), from €120,559 to €148,435
of which Taxes: +€58,667
- Gross operating margin +€113,454
up €113,454 (+9.2%), from €1.2m to €1.3m
- Staff costs -€101,134
down €101,134 (-13.3%), from €757,692 to €656,558
- Taxes +€59,751
up €59,751 (+51.6%), from €115,738 to €175,489
- Write-downs -€48,540
down €48,540 (-100.0%), from €48,540 to €0
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,397,016 | €1,566,259 | +€169,243 | +12.1% |
| Fixed assets | 21/28 | €14,884 | €10,098 | -€4,785 | -32.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €14,284 | €9,498 | -€4,785 | -33.5% |
| Plant, machinery and equipment | 23 | €3,810 | €4,732 | +€922 | +24.2% |
| Furniture and vehicles | 24 | €2,590 | €732 | -€1,858 | -71.7% |
| Other tangible fixed assets | 26 | €7,884 | €4,034 | -€3,850 | -48.8% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €1,382,132 | €1,556,160 | +€174,028 | +12.6% |
| Amounts receivable within one year | 40/41 | €1,207,288 | €1,225,817 | +€18,529 | +1.5% |
| Trade receivables | 40 | €1,146,940 | €1,038,836 | -€108,104 | -9.4% |
| Other amounts receivable | 41 | €60,348 | €186,981 | +€126,633 | +209.8% |
| Cash at bank and in hand | 54/58 | €157,914 | €320,523 | +€162,609 | +103.0% |
| Deferred charges and accrued income | 490/1 | €16,930 | €9,821 | -€7,109 | -42.0% |
| Total equity and liabilities | 10/49 | €1,397,016 | €1,566,259 | +€169,243 | +12.1% |
| Equity | 10/15 | €455,972 | €643,190 | +€187,218 | +41.1% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €381,604 | €568,821 | +€187,218 | +49.1% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €374,167 | €561,385 | +€187,218 | +50.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €941,045 | €923,069 | -€17,975 | -1.9% |
| Amounts payable within one year | 42/48 | €941,045 | €923,069 | -€17,975 | -1.9% |
| Trade debts | 44 | €211,309 | €321,103 | +€109,794 | +52.0% |
| Suppliers | 440/4 | €211,309 | €321,103 | +€109,794 | +52.0% |
| Taxes, remuneration and social security | 45 | €120,559 | €148,435 | +€27,876 | +23.1% |
| Taxes | 450/3 | €45,658 | €104,325 | +€58,667 | +128.5% |
| Remuneration and social security | 454/9 | €74,901 | €44,110 | -€30,791 | -41.1% |
| Other amounts payable | 47/48 | €609,176 | €453,531 | -€155,645 | -25.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €757,692 | €656,558 | -€101,134 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,353 | €6,158 | -€4,195 | -40.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €48,540 | €0 | -€48,540 | -100.0% |
| Other operating charges | 640/8 | €3,982 | €4,616 | +€635 | +15.9% |
| Non-recurring operating charges | 66A | - | €2,735 | +€2,735 | |
| Gross operating margin | 9900 | €1,233,001 | €1,346,455 | +€113,454 | +9.2% |
| Operating profit (loss) | 9901 | €412,435 | €676,387 | +€263,952 | +64.0% |
| Financial income | 75/76B | €121 | €980 | +€859 | +708.9% |
| Recurring financial income | 75 | €121 | €980 | +€859 | +708.9% |
| Financial charges | 65/66B | €5,971 | €14,661 | +€8,690 | +145.5% |
| Recurring financial charges | 65 | €5,971 | €14,661 | +€8,690 | +145.5% |
| Profit (loss) for the period before taxes | 9903 | €406,586 | €662,707 | +€256,121 | +63.0% |
| Income taxes | 67/77 | €115,738 | €175,489 | +€59,751 | +51.6% |
| Profit (loss) for the period | 9904 | €290,848 | €487,218 | +€196,370 | +67.5% |
| Profit (loss) for the period to be appropriated | 9905 | €290,848 | €487,218 | +€196,370 | +67.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.