MAHDAOUI: 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.
MAHDAOUI
Largest movements
- Receivables within one year -€38,482
down €38,482 (-23.0%), from €167,567 to €129,085
of which Trade receivables: -€26,180
- Tangible fixed assets +€7,243
new in 2025: €7,243
- Cash +€6,315
up €6,315 (+54.6%), from €11,567 to €17,882
mainly Receivables within one year (+€38,482) and Net result for the year (+€15,684)
- Deferred charges and accrued income -€5,446
no longer reported in 2025 (was €5,446)
- Trade debts -€54,294
down €54,294 (-74.2%), from €73,212 to €18,918
- Profit (loss) carried forward +€15,684
up €15,684 (+21.2%), from €73,938 to €89,622
- Current portion of long-term debt +€8,532
up €8,532 (+661%), from €1,291 to €9,823
- Gross operating margin +€22,036
up €22,036 (+26.0%), from €84,645 to €106,681
- Other operating charges +€2,399
up €2,399 (+4,136%), from €58 to €2,457
- Staff costs -€1,659
down €1,659 (-1.9%), from €87,552 to €85,893
- Depreciation +€1,657
new in 2025: €1,657
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 | €184,580 | €154,210 | -€30,370 | -16.5% |
| Fixed assets | 21/28 | - | €7,243 | +€7,243 | |
| Tangible fixed assets | 22/27 | - | €7,243 | +€7,243 | |
| Furniture and vehicles | 24 | - | €7,243 | +€7,243 | |
| Current assets | 29/58 | €184,580 | €146,967 | -€37,613 | -20.4% |
| Amounts receivable within one year | 40/41 | €167,567 | €129,085 | -€38,482 | -23.0% |
| Trade receivables | 40 | €126,414 | €100,234 | -€26,180 | -20.7% |
| Other amounts receivable | 41 | €41,153 | €28,851 | -€12,302 | -29.9% |
| Cash at bank and in hand | 54/58 | €11,567 | €17,882 | +€6,315 | +54.6% |
| Deferred charges and accrued income | 490/1 | €5,446 | - | -€5,446 | |
| Total equity and liabilities | 10/49 | €184,580 | €154,210 | -€30,370 | -16.5% |
| Equity | 10/15 | €95,012 | €110,696 | +€15,684 | +16.5% |
| Contributions | 10/11 | €19,158 | €19,158 | = | 0.0% |
| Reserves | 13 | €1,916 | €1,916 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,916 | €1,916 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,916 | €1,916 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,938 | €89,622 | +€15,684 | +21.2% |
| Amounts payable | 17/49 | €89,568 | €43,514 | -€46,054 | -51.4% |
| Amounts payable within one year | 42/48 | €89,568 | €43,514 | -€46,054 | -51.4% |
| Current portion of amounts payable after more than one year | 42 | €1,291 | €9,823 | +€8,532 | +661% |
| Financial debts | 43 | €2,117 | €2,093 | -€24 | -1.1% |
| Credit institutions | 430/8 | €2,117 | €2,093 | -€24 | -1.1% |
| Trade debts | 44 | €73,212 | €18,918 | -€54,294 | -74.2% |
| Suppliers | 440/4 | €73,212 | €18,918 | -€54,294 | -74.2% |
| Taxes, remuneration and social security | 45 | €12,948 | €12,680 | -€268 | -2.1% |
| Taxes | 450/3 | €378 | €756 | +€378 | +100% |
| Remuneration and social security | 454/9 | €12,570 | €11,924 | -€646 | -5.1% |
| Remuneration, social security and pensions | 62 | €87,552 | €85,893 | -€1,659 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,657 | +€1,657 | |
| Other operating charges | 640/8 | €58 | €2,457 | +€2,399 | +4,136% |
| Gross operating margin | 9900 | €84,645 | €106,681 | +€22,036 | +26.0% |
| Operating profit (loss) | 9901 | -€2,965 | €16,674 | +€19,639 | |
| Financial charges | 65/66B | €1,152 | €990 | -€162 | -14.1% |
| Recurring financial charges | 65 | €1,152 | €990 | -€162 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,117 | €15,684 | +€19,801 | |
| Profit (loss) for the period | 9904 | -€4,117 | €15,684 | +€19,801 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,117 | €15,684 | +€19,801 |
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 20 October 2026 via checked.be.