MAIFIN: 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.
MAIFIN
Largest movements
- Current investments -€49,500
down €49,500 (-45.0%), from €110,000 to €60,500
- Cash -€16,165
down €16,165 (-25.8%), from €62,679 to €46,514
mainly Contributions, distributions and other (-€88,745) and Net result for the year (-€3,958)
- Tangible fixed assets -€16,038
down €16,038 (-11.4%), from €140,732 to €124,693
of which Plant, machinery and equipment: -€16,038
- Reserves -€92,703
down €92,703 (-33.3%), from €278,644 to €185,941
of which Distributable reserves: -€84,288
- Other debts +€7,101
new in 2025: €7,101
- Gross operating margin +€3,845
up €3,845 (+37.0%), from €10,392 to €14,238
- Depreciation +€1,799
up €1,799 (+12.6%), from €14,240 to €16,038
- Taxes +€1,711
up €1,711 (+434.8%), from €394 to €2,105
- Financial income -€1,636
down €1,636 (-37.9%), from €4,320 to €2,684
of which Financial income: -€1,636
- Other operating charges +€159
up €159 (+3.0%), from €5,321 to €5,481
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 | €523,725 | €437,079 | -€86,646 | -16.5% |
| Fixed assets | 21/28 | €344,732 | €328,693 | -€16,038 | -4.7% |
| Tangible fixed assets | 22/27 | €140,732 | €124,693 | -€16,038 | -11.4% |
| Land and buildings | 22 | €30,255 | €30,255 | = | 0.0% |
| Plant, machinery and equipment | 23 | €110,476 | €94,438 | -€16,038 | -14.5% |
| Financial fixed assets | 28 | €204,000 | €204,000 | = | 0.0% |
| Current assets | 29/58 | €178,993 | €108,386 | -€70,607 | -39.4% |
| Amounts receivable within one year | 40/41 | €6,029 | €902 | -€5,127 | -85.0% |
| Other amounts receivable | 41 | €6,029 | €902 | -€5,127 | -85.0% |
| Current investments | 50/53 | €110,000 | €60,500 | -€49,500 | -45.0% |
| Cash at bank and in hand | 54/58 | €62,679 | €46,514 | -€16,165 | -25.8% |
| Deferred charges and accrued income | 490/1 | €286 | €470 | +€184 | +64.3% |
| Total equity and liabilities | 10/49 | €523,725 | €437,079 | -€86,646 | -16.5% |
| Equity | 10/15 | €470,977 | €378,274 | -€92,703 | -19.7% |
| Contributions | 10/11 | €62,513 | €62,513 | = | 0.0% |
| Capital | 10 | €62,513 | €62,513 | = | 0.0% |
| Issued capital | 100 | €62,513 | €62,513 | = | 0.0% |
| Reserves | 13 | €278,644 | €185,941 | -€92,703 | -33.3% |
| Non-distributable reserves | 130/1 | €6,251 | €6,251 | = | 0.0% |
| Legal reserve | 130 | €6,251 | €6,251 | = | 0.0% |
| Tax-exempt reserves | 132 | €151,986 | €143,571 | -€8,415 | -5.5% |
| Distributable reserves | 133 | €120,407 | €36,119 | -€84,288 | -70.0% |
| Profit (loss) carried forward | 14 | €129,821 | €129,821 | = | 0.0% |
| Provisions and deferred taxes | 16 | €50,662 | €47,857 | -€2,805 | -5.5% |
| Deferred taxes | 168 | €50,662 | €47,857 | -€2,805 | -5.5% |
| Amounts payable | 17/49 | €2,086 | €10,947 | +€8,862 | +424.9% |
| Amounts payable within one year | 42/48 | €2,000 | €10,807 | +€8,807 | +440.3% |
| Trade debts | 44 | €2,000 | €2,406 | +€406 | +20.3% |
| Suppliers | 440/4 | €2,000 | €2,406 | +€406 | +20.3% |
| Taxes, remuneration and social security | 45 | - | €1,300 | +€1,300 | |
| Taxes | 450/3 | - | €1,300 | +€1,300 | |
| Other amounts payable | 47/48 | - | €7,101 | +€7,101 | |
| Accrued charges and deferred income | 492/3 | €86 | €141 | +€55 | +64.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,240 | €16,038 | +€1,799 | +12.6% |
| Other operating charges | 640/8 | €5,321 | €5,481 | +€159 | +3.0% |
| Gross operating margin | 9900 | €10,392 | €14,238 | +€3,845 | +37.0% |
| Operating profit (loss) | 9901 | -€9,168 | -€7,281 | +€1,887 | +20.6% |
| Financial income | 75/76B | €4,320 | €2,684 | -€1,636 | -37.9% |
| Recurring financial income | 75 | €4,320 | €2,684 | -€1,636 | -37.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €51 | €60 | +€9 | +17.6% |
| Recurring financial charges | 65 | €51 | €60 | +€9 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,900 | -€4,657 | +€242 | +4.9% |
| Transfer from deferred taxes | 780 | €2,355 | €2,805 | +€450 | +19.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €394 | €2,105 | +€1,711 | +434.8% |
| Profit (loss) for the period | 9904 | -€2,938 | -€3,958 | -€1,019 | -34.7% |
| Transfer from tax-exempt reserves | 789 | €7,066 | €8,415 | +€1,349 | +19.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €4,127 | €4,457 | +€330 | +8.0% |
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 8 October 2026 via checked.be.