MAFSTHIX: 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.
MAFSTHIX
Largest movements
- Cash +€42,767
up €42,767 (+68.4%), from €62,511 to €105,278
mainly Net result for the year (+€28,220) and Receivables within one year (+€14,822)
- Receivables within one year -€14,822
down €14,822 (-67.0%), from €22,132 to €7,310
of which Trade receivables: -€18,413
- Tangible fixed assets +€2,091
new in 2025: €2,091
- Deferred charges and accrued income +€1,181
up €1,181 (+58.9%), from €2,004 to €3,185
- Reserves +€28,220
new in 2025: €28,220
- Tax, wage and social debts +€11,093
up €11,093 (+74.1%), from €14,968 to €26,061
- Profit (loss) carried forward -€5,000
down €5,000 (-8.6%), from €58,333 to €53,333
- Trade debts -€2,321
down €2,321 (-50.8%), from €4,571 to €2,250
- Gross operating margin -€32,287
down €32,287 (-43.8%), from €73,689 to €41,402
- Taxes -€3,874
down €3,874 (-25.9%), from €14,968 to €11,093
- Other operating charges +€1,227
up €1,227 (+316.7%), from €387 to €1,614
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 | €86,646 | €117,864 | +€31,218 | +36.0% |
| Fixed assets | 21/28 | - | €2,091 | +€2,091 | |
| Tangible fixed assets | 22/27 | - | €2,091 | +€2,091 | |
| Plant, machinery and equipment | 23 | - | €2,091 | +€2,091 | |
| Current assets | 29/58 | €86,646 | €115,773 | +€29,126 | +33.6% |
| Amounts receivable within one year | 40/41 | €22,132 | €7,310 | -€14,822 | -67.0% |
| Trade receivables | 40 | €22,132 | €3,719 | -€18,413 | -83.2% |
| Other amounts receivable | 41 | - | €3,591 | +€3,591 | |
| Cash at bank and in hand | 54/58 | €62,511 | €105,278 | +€42,767 | +68.4% |
| Deferred charges and accrued income | 490/1 | €2,004 | €3,185 | +€1,181 | +58.9% |
| Total equity and liabilities | 10/49 | €86,646 | €117,864 | +€31,218 | +36.0% |
| Equity | 10/15 | €61,333 | €84,553 | +€23,220 | +37.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €28,220 | +€28,220 | |
| Distributable reserves | 133 | - | €28,220 | +€28,220 | |
| Profit (loss) carried forward | 14 | €58,333 | €53,333 | -€5,000 | -8.6% |
| Amounts payable | 17/49 | €25,313 | €33,311 | +€7,998 | +31.6% |
| Amounts payable within one year | 42/48 | €25,313 | €33,311 | +€7,998 | +31.6% |
| Trade debts | 44 | €4,571 | €2,250 | -€2,321 | -50.8% |
| Suppliers | 440/4 | €4,571 | €2,250 | -€2,321 | -50.8% |
| Taxes, remuneration and social security | 45 | €14,968 | €26,061 | +€11,093 | +74.1% |
| Taxes | 450/3 | €14,968 | €26,061 | +€11,093 | +74.1% |
| Other amounts payable | 47/48 | €5,775 | €5,000 | -€775 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €509 | +€509 | |
| Other operating charges | 640/8 | €387 | €1,614 | +€1,227 | +316.7% |
| Gross operating margin | 9900 | €73,689 | €41,402 | -€32,287 | -43.8% |
| Operating profit (loss) | 9901 | €73,302 | €39,279 | -€34,022 | -46.4% |
| Financial income | 75/76B | - | €97 | +€97 | |
| Recurring financial income | 75 | - | €97 | +€97 | |
| Financial charges | 65/66B | €1 | €63 | +€62 | +4936.0% |
| Recurring financial charges | 65 | €1 | €63 | +€62 | +4936.0% |
| Profit (loss) for the period before taxes | 9903 | €73,300 | €39,314 | -€33,987 | -46.4% |
| Income taxes | 67/77 | €14,968 | €11,093 | -€3,874 | -25.9% |
| Profit (loss) for the period | 9904 | €58,333 | €28,220 | -€30,112 | -51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €58,333 | €28,220 | -€30,112 | -51.6% |
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 1 October 2026 via checked.be.