MAFRU: 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.
MAFRU
Largest movements
- Cash +€37,855
up €37,855 (+117.7%), from €32,162 to €70,017
mainly Net result for the year (+€42,725) and Tax, wage and social debts (+€12,509)
- Receivables within one year +€13,794
new in 2025: €13,794
- Receivables after one year +€6,000
up €6,000 (+6.0%), from €100,000 to €106,000
- Deferred charges and accrued income -€4,178
down €4,178 (-22.7%), from €18,371 to €14,194
- Profit (loss) carried forward +€42,725
up €42,725 (+100.2%), from €42,647 to €85,372
- Tax, wage and social debts +€12,509
up €12,509 (+116.5%), from €10,735 to €23,245
- Other debts -€11,801
down €11,801 (-12.1%), from €97,192 to €85,392
- Trade debts +€9,179
up €9,179 (+423.2%), from €2,169 to €11,349
- Gross operating margin +€13,199
up €13,199 (+33.9%), from €38,962 to €52,162
- Taxes +€2,849
up €2,849 (+31.3%), from €9,104 to €11,954
- Financial charges +€2,490
up €2,490 (+5133.8%), from €49 to €2,538
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 | €155,744 | €210,283 | +€54,539 | +35.0% |
| Fixed assets | 21/28 | €5,211 | €6,278 | +€1,067 | +20.5% |
| Tangible fixed assets | 22/27 | €5,211 | €6,278 | +€1,067 | +20.5% |
| Plant, machinery and equipment | 23 | €2,696 | €4,332 | +€1,636 | +60.7% |
| Furniture and vehicles | 24 | €2,514 | €1,946 | -€569 | -22.6% |
| Current assets | 29/58 | €150,534 | €204,005 | +€53,471 | +35.5% |
| Amounts receivable after more than one year | 29 | €100,000 | €106,000 | +€6,000 | +6.0% |
| Other amounts receivable | 291 | €100,000 | €106,000 | +€6,000 | +6.0% |
| Amounts receivable within one year | 40/41 | - | €13,794 | +€13,794 | |
| Trade receivables | 40 | - | €13,794 | +€13,794 | |
| Cash at bank and in hand | 54/58 | €32,162 | €70,017 | +€37,855 | +117.7% |
| Deferred charges and accrued income | 490/1 | €18,371 | €14,194 | -€4,178 | -22.7% |
| Total equity and liabilities | 10/49 | €155,744 | €210,283 | +€54,539 | +35.0% |
| Equity | 10/15 | €45,647 | €88,372 | +€42,725 | +93.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,647 | €85,372 | +€42,725 | +100.2% |
| Amounts payable | 17/49 | €110,097 | €121,911 | +€11,814 | +10.7% |
| Amounts payable within one year | 42/48 | €110,097 | €119,985 | +€9,888 | +9.0% |
| Trade debts | 44 | €2,169 | €11,349 | +€9,179 | +423.2% |
| Suppliers | 440/4 | €2,169 | €11,349 | +€9,179 | +423.2% |
| Taxes, remuneration and social security | 45 | €10,735 | €23,245 | +€12,509 | +116.5% |
| Taxes | 450/3 | €10,735 | €23,245 | +€12,509 | +116.5% |
| Other amounts payable | 47/48 | €97,192 | €85,392 | -€11,801 | -12.1% |
| Accrued charges and deferred income | 492/3 | - | €1,926 | +€1,926 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €636 | €890 | +€254 | +39.9% |
| Other operating charges | 640/8 | €944 | €520 | -€424 | -45.0% |
| Gross operating margin | 9900 | €38,962 | €52,162 | +€13,199 | +33.9% |
| Operating profit (loss) | 9901 | €37,382 | €50,752 | +€13,370 | +35.8% |
| Financial income | 75/76B | €6,000 | €6,465 | +€465 | +7.8% |
| Recurring financial income | 75 | €6,000 | €6,465 | +€465 | +7.8% |
| Financial charges | 65/66B | €49 | €2,538 | +€2,490 | +5133.8% |
| Recurring financial charges | 65 | €49 | €2,538 | +€2,490 | +5133.8% |
| Profit (loss) for the period before taxes | 9903 | €43,333 | €54,679 | +€11,345 | +26.2% |
| Income taxes | 67/77 | €9,104 | €11,954 | +€2,849 | +31.3% |
| Profit (loss) for the period | 9904 | €34,229 | €42,725 | +€8,496 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,229 | €42,725 | +€8,496 | +24.8% |
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 28 September 2026 via checked.be.