MAMA: 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.
MAMA
Largest movements
- Tangible fixed assets -€61,530
down €61,530 (-11.5%), from €535,602 to €474,072
of which Land and buildings: -€61,499
- Other debts -€54,441
down €54,441 (-10.3%), from €530,845 to €476,403
- Reserves +€15,998
up €15,998 (+9.8%), from €163,257 to €179,255
- Current portion of long-term debt -€14,999
down €14,999 (-100%), from €14,999 to €0
- Trade debts -€7,543
down €7,543 (-69.8%), from €10,807 to €3,264
- Gross operating margin -€5,954
down €5,954 (-5.5%), from €109,167 to €103,213
- Other operating charges -€1,856
down €1,856 (-24.6%), from €7,550 to €5,694
- Financial charges +€1,273
up €1,273 (+11.4%), from €11,120 to €12,392
- Taxes -€1,184
down €1,184 (-12.5%), from €9,440 to €8,256
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 | €751,209 | €688,044 | -€63,165 | -8.4% |
| Fixed assets | 21/28 | €535,602 | €474,072 | -€61,530 | -11.5% |
| Tangible fixed assets | 22/27 | €535,602 | €474,072 | -€61,530 | -11.5% |
| Land and buildings | 22 | €535,571 | €474,072 | -€61,499 | -11.5% |
| Furniture and vehicles | 24 | €31 | €0 | -€31 | -100% |
| Current assets | 29/58 | €215,607 | €213,973 | -€1,634 | -0.8% |
| Amounts receivable within one year | 40/41 | €211,127 | €210,022 | -€1,104 | -0.5% |
| Trade receivables | 40 | €186,480 | €206,119 | +€19,639 | +10.5% |
| Other amounts receivable | 41 | €24,647 | €3,904 | -€20,743 | -84.2% |
| Cash at bank and in hand | 54/58 | €885 | €532 | -€353 | -39.9% |
| Deferred charges and accrued income | 490/1 | €3,595 | €3,418 | -€177 | -4.9% |
| Total equity and liabilities | 10/49 | €751,209 | €688,044 | -€63,165 | -8.4% |
| Equity | 10/15 | €169,457 | €185,455 | +€15,998 | +9.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €163,257 | €179,255 | +€15,998 | +9.8% |
| Distributable reserves | 133 | €163,257 | €179,255 | +€15,998 | +9.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €581,753 | €502,589 | -€79,163 | -13.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €581,753 | €502,589 | -€79,163 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €14,999 | €0 | -€14,999 | -100% |
| Trade debts | 44 | €10,807 | €3,264 | -€7,543 | -69.8% |
| Suppliers | 440/4 | €10,807 | €3,264 | -€7,543 | -69.8% |
| Taxes, remuneration and social security | 45 | €25,101 | €22,922 | -€2,179 | -8.7% |
| Taxes | 450/3 | €25,101 | €22,922 | -€2,179 | -8.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €530,845 | €476,403 | -€54,441 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,471 | €61,530 | +€59 | +0.1% |
| Other operating charges | 640/8 | €7,550 | €5,694 | -€1,856 | -24.6% |
| Gross operating margin | 9900 | €109,167 | €103,213 | -€5,954 | -5.5% |
| Operating profit (loss) | 9901 | €40,146 | €35,988 | -€4,158 | -10.4% |
| Financial income | 75/76B | - | €658 | +€658 | |
| Recurring financial income | 75 | - | €658 | +€658 | |
| Financial charges | 65/66B | €11,120 | €12,392 | +€1,273 | +11.4% |
| Recurring financial charges | 65 | €11,120 | €12,392 | +€1,273 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €29,026 | €24,254 | -€4,772 | -16.4% |
| Income taxes | 67/77 | €9,440 | €8,256 | -€1,184 | -12.5% |
| Profit (loss) for the period | 9904 | €19,586 | €15,998 | -€3,588 | -18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,586 | €15,998 | -€3,588 | -18.3% |
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 18 October 2026 via checked.be.