Mafrima: 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.
Mafrima
Largest movements
- Receivables within one year -€114,256
down €114,256 (-94.4%), from €121,000 to €6,744
of which Trade receivables: -€121,000
- Cash +€84,441
up €84,441 (+157.7%), from €53,543 to €137,984
mainly Receivables within one year (+€114,256) and Depreciation (+€16,094)
- Tangible fixed assets -€6,625
down €6,625 (-19.8%), from €33,423 to €26,797
of which Furniture and vehicles: -€8,985
- Reserves -€21,714
down €21,714 (-12.3%), from €176,763 to €155,049
- Tax, wage and social debts -€14,590
down €14,590 (-81.6%), from €17,872 to €3,283
- Gross operating margin -€47,036
down €47,036 (-63.5%), from €74,052 to €27,016
- Taxes -€14,614
down €14,614 (-81.7%), from €17,882 to €3,268
- Depreciation -€1,987
down €1,987 (-11.0%), from €18,081 to €16,094
- Other operating charges -€755
down €755 (-71.8%), from €1,051 to €296
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 | €209,652 | €173,406 | -€36,247 | -17.3% |
| Fixed assets | 21/28 | €33,423 | €26,797 | -€6,625 | -19.8% |
| Tangible fixed assets | 22/27 | €33,423 | €26,797 | -€6,625 | -19.8% |
| Plant, machinery and equipment | 23 | €2,913 | €7,629 | +€4,716 | +161.9% |
| Furniture and vehicles | 24 | €12,262 | €3,276 | -€8,985 | -73.3% |
| Other tangible fixed assets | 26 | €18,248 | €15,892 | -€2,356 | -12.9% |
| Current assets | 29/58 | €176,230 | €146,608 | -€29,622 | -16.8% |
| Amounts receivable within one year | 40/41 | €121,000 | €6,744 | -€114,256 | -94.4% |
| Trade receivables | 40 | €121,000 | €0 | -€121,000 | -100.0% |
| Other amounts receivable | 41 | - | €6,744 | +€6,744 | |
| Cash at bank and in hand | 54/58 | €53,543 | €137,984 | +€84,441 | +157.7% |
| Deferred charges and accrued income | 490/1 | €1,687 | €1,880 | +€193 | +11.4% |
| Total equity and liabilities | 10/49 | €209,652 | €173,406 | -€36,247 | -17.3% |
| Equity | 10/15 | €189,163 | €167,449 | -€21,714 | -11.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €176,763 | €155,049 | -€21,714 | -12.3% |
| Distributable reserves | 133 | €176,763 | €155,049 | -€21,714 | -12.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €20,489 | €5,957 | -€14,533 | -70.9% |
| Amounts payable within one year | 42/48 | €20,393 | €5,806 | -€14,587 | -71.5% |
| Trade debts | 44 | €509 | €400 | -€110 | -21.5% |
| Suppliers | 440/4 | €509 | €400 | -€110 | -21.5% |
| Taxes, remuneration and social security | 45 | €17,872 | €3,283 | -€14,590 | -81.6% |
| Taxes | 450/3 | €17,872 | €3,283 | -€14,590 | -81.6% |
| Other amounts payable | 47/48 | €2,012 | €2,124 | +€113 | +5.6% |
| Accrued charges and deferred income | 492/3 | €97 | €151 | +€54 | +56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,081 | €16,094 | -€1,987 | -11.0% |
| Other operating charges | 640/8 | €1,051 | €296 | -€755 | -71.8% |
| Gross operating margin | 9900 | €74,052 | €27,016 | -€47,036 | -63.5% |
| Operating profit (loss) | 9901 | €54,920 | €10,626 | -€44,294 | -80.7% |
| Financial charges | 65/66B | €136 | €194 | +€59 | +43.3% |
| Recurring financial charges | 65 | €136 | €194 | +€59 | +43.3% |
| Profit (loss) for the period before taxes | 9903 | €54,784 | €10,431 | -€44,353 | -81.0% |
| Income taxes | 67/77 | €17,882 | €3,268 | -€14,614 | -81.7% |
| Profit (loss) for the period | 9904 | €36,902 | €7,164 | -€29,739 | -80.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,902 | €7,164 | -€29,739 | -80.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.