MAMA LAM: 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.
MAMA LAM
Largest movements
- Receivables after one year +€76,804
new in 2025: €76,804
- Intangible fixed assets -€51,859
down €51,859 (-26.7%), from €194,371 to €142,512
- Tangible fixed assets -€28,190
down €28,190 (-16.1%), from €175,601 to €147,411
of which Other tangible fixed assets: -€15,642
- Current investments -€10,000
down €10,000 (-50.0%), from €20,000 to €10,000
- Cash -€8,958
down €8,958 (-5.0%), from €178,688 to €169,729
mainly Receivables after one year (-€76,804) and Debts after one year (-€56,037)
- Debts after one year -€56,037
down €56,037 (-20.2%), from €277,264 to €221,227
- Tax, wage and social debts +€17,880
up €17,880 (+27.3%), from €65,473 to €83,354
of which Remuneration and social security: +€9,503
- Profit (loss) carried forward +€14,755
up €14,755 (+28.5%), from €51,855 to €66,610
- Staff costs +€32,592
up €32,592 (+11.5%), from €282,375 to €314,967
- Gross operating margin -€10,438
down €10,438 (-2.3%), from €445,619 to €435,182
- Taxes -€4,832
down €4,832 (-48.2%), from €10,021 to €5,189
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 | €595,027 | €568,876 | -€26,151 | -4.4% |
| Formation expenses | 20 | €11,812 | €9,367 | -€2,445 | -20.7% |
| Fixed assets | 21/28 | €369,972 | €289,922 | -€80,050 | -21.6% |
| Intangible fixed assets | 21 | €194,371 | €142,512 | -€51,859 | -26.7% |
| Tangible fixed assets | 22/27 | €175,601 | €147,411 | -€28,190 | -16.1% |
| Plant, machinery and equipment | 23 | €42,542 | €31,641 | -€10,902 | -25.6% |
| Furniture and vehicles | 24 | €9,819 | €8,172 | -€1,647 | -16.8% |
| Other tangible fixed assets | 26 | €123,240 | €107,598 | -€15,642 | -12.7% |
| Current assets | 29/58 | €213,242 | €269,586 | +€56,344 | +26.4% |
| Amounts receivable after more than one year | 29 | - | €76,804 | +€76,804 | |
| Other amounts receivable | 291 | - | €76,804 | +€76,804 | |
| Stocks and contracts in progress | 3 | €12,736 | €11,604 | -€1,133 | -8.9% |
| Stocks | 30/36 | €12,736 | €11,604 | -€1,133 | -8.9% |
| Amounts receivable within one year | 40/41 | €0 | €373 | +€373 | |
| Trade receivables | 40 | €0 | €373 | +€373 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €20,000 | €10,000 | -€10,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €178,688 | €169,729 | -€8,958 | -5.0% |
| Deferred charges and accrued income | 490/1 | €1,818 | €1,077 | -€742 | -40.8% |
| Total equity and liabilities | 10/49 | €595,027 | €568,876 | -€26,151 | -4.4% |
| Equity | 10/15 | €162,004 | €174,866 | +€12,861 | +7.9% |
| Contributions | 10/11 | €95,000 | €95,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,855 | €66,610 | +€14,755 | +28.5% |
| Investment grants | 15 | €15,150 | €13,256 | -€1,893 | -12.5% |
| Provisions and deferred taxes | 16 | €3,787 | €3,314 | -€473 | -12.5% |
| Deferred taxes | 168 | €3,787 | €3,314 | -€473 | -12.5% |
| Amounts payable | 17/49 | €429,235 | €390,696 | -€38,539 | -9.0% |
| Amounts payable after more than one year | 17 | €277,264 | €221,227 | -€56,037 | -20.2% |
| Financial debts | 170/4 | €277,264 | €221,227 | -€56,037 | -20.2% |
| Amounts payable within one year | 42/48 | €151,971 | €169,469 | +€17,499 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €57,211 | €59,834 | +€2,622 | +4.6% |
| Trade debts | 44 | €28,352 | €25,162 | -€3,190 | -11.3% |
| Suppliers | 440/4 | €28,352 | €25,162 | -€3,190 | -11.3% |
| Advances received on contracts in progress | 46 | €900 | €980 | +€80 | +8.9% |
| Taxes, remuneration and social security | 45 | €65,473 | €83,354 | +€17,880 | +27.3% |
| Taxes | 450/3 | €30,667 | €39,044 | +€8,377 | +27.3% |
| Remuneration and social security | 454/9 | €34,807 | €44,310 | +€9,503 | +27.3% |
| Other amounts payable | 47/48 | €34 | €140 | +€106 | +308.8% |
| Remuneration, social security and pensions | 62 | €282,375 | €314,967 | +€32,592 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,783 | €83,739 | +€1,956 | +2.4% |
| Other operating charges | 640/8 | €1,675 | €2,154 | +€480 | +28.7% |
| Gross operating margin | 9900 | €445,619 | €435,182 | -€10,438 | -2.3% |
| Operating profit (loss) | 9901 | €79,787 | €34,321 | -€45,466 | -57.0% |
| Financial income | 75/76B | €2,597 | €4,924 | +€2,327 | +89.6% |
| Recurring financial income | 75 | €2,597 | €4,924 | +€2,327 | +89.6% |
| Financial charges | 65/66B | €21,557 | €19,776 | -€1,782 | -8.3% |
| Recurring financial charges | 65 | €21,557 | €19,776 | -€1,782 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €60,826 | €19,470 | -€41,356 | -68.0% |
| Transfer from deferred taxes | 780 | €473 | €473 | = | 0.0% |
| Income taxes | 67/77 | €10,021 | €5,189 | -€4,832 | -48.2% |
| Profit (loss) for the period | 9904 | €51,279 | €14,755 | -€36,524 | -71.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,279 | €14,755 | -€36,524 | -71.2% |
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 6 October 2026 via checked.be.