MAMAO: 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.
MAMAO
Largest movements
- Receivables within one year -€33,223
down €33,223 (-88.2%), from €37,660 to €4,437
of which Trade receivables: -€31,499
- Tangible fixed assets -€17,574
down €17,574 (-8.8%), from €199,585 to €182,011
of which Land and buildings: -€18,004
- Debts after one year -€21,962
down €21,962 (-16.5%), from €133,477 to €111,515
- Trade debts -€19,182
down €19,182 (-84.0%), from €22,845 to €3,663
- Profit (loss) carried forward -€5,483
down €5,483 (-18.7%), from €29,383 to €23,900
- Tax, wage and social debts -€5,000
down €5,000 (-77.5%), from €6,455 to €1,455
of which Remuneration and social security: -€3,617
- Gross operating margin -€60,128
down €60,128 (-71.7%), from €83,857 to €23,729
- Staff costs -€31,336
no longer reported in 2025 (was €31,336)
- Other operating charges +€2,633
up €2,633 (+239.2%), from €1,101 to €3,734
- Depreciation -€1,962
down €1,962 (-9.6%), from €20,335 to €18,372
- Taxes -€1,360
down €1,360 (-93.5%), from €1,455 to €95
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 | €252,873 | €199,635 | -€53,238 | -21.1% |
| Fixed assets | 21/28 | €199,765 | €182,191 | -€17,574 | -8.8% |
| Tangible fixed assets | 22/27 | €199,585 | €182,011 | -€17,574 | -8.8% |
| Land and buildings | 22 | €198,046 | €180,042 | -€18,004 | -9.1% |
| Furniture and vehicles | 24 | - | €1,969 | +€1,969 | |
| Leasing and similar rights | 25 | €1,539 | - | -€1,539 | |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €53,108 | €17,444 | -€35,664 | -67.2% |
| Amounts receivable within one year | 40/41 | €37,660 | €4,437 | -€33,223 | -88.2% |
| Trade receivables | 40 | €33,980 | €2,481 | -€31,499 | -92.7% |
| Other amounts receivable | 41 | €3,681 | €1,956 | -€1,724 | -46.8% |
| Cash at bank and in hand | 54/58 | €15,039 | €13,007 | -€2,033 | -13.5% |
| Deferred charges and accrued income | 490/1 | €408 | - | -€408 | |
| Total equity and liabilities | 10/49 | €252,873 | €199,635 | -€53,238 | -21.1% |
| Equity | 10/15 | €62,383 | €56,900 | -€5,483 | -8.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,383 | €23,900 | -€5,483 | -18.7% |
| Amounts payable | 17/49 | €190,490 | €142,735 | -€47,755 | -25.1% |
| Amounts payable after more than one year | 17 | €133,477 | €111,515 | -€21,962 | -16.5% |
| Financial debts | 170/4 | €133,477 | €111,515 | -€21,962 | -16.5% |
| Amounts payable within one year | 42/48 | €56,653 | €31,200 | -€25,453 | -44.9% |
| Current portion of amounts payable after more than one year | 42 | €23,701 | €21,962 | -€1,739 | -7.3% |
| Trade debts | 44 | €22,845 | €3,663 | -€19,182 | -84.0% |
| Suppliers | 440/4 | €22,845 | €3,663 | -€19,182 | -84.0% |
| Taxes, remuneration and social security | 45 | €6,455 | €1,455 | -€5,000 | -77.5% |
| Taxes | 450/3 | €2,838 | €1,455 | -€1,382 | -48.7% |
| Remuneration and social security | 454/9 | €3,617 | - | -€3,617 | |
| Other amounts payable | 47/48 | €3,652 | €4,120 | +€468 | +12.8% |
| Accrued charges and deferred income | 492/3 | €361 | €20 | -€341 | -94.5% |
| Non-recurring operating income | 76A | €193 | €5,603 | +€5,411 | +2804.7% |
| Remuneration, social security and pensions | 62 | €31,336 | - | -€31,336 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,335 | €18,372 | -€1,962 | -9.6% |
| Other operating charges | 640/8 | €1,101 | €3,734 | +€2,633 | +239.2% |
| Non-recurring operating charges | 66A | €302 | €1,604 | +€1,301 | +430.6% |
| Gross operating margin | 9900 | €83,857 | €23,729 | -€60,128 | -71.7% |
| Operating profit (loss) | 9901 | €30,783 | €20 | -€30,764 | -99.9% |
| Financial charges | 65/66B | €6,393 | €5,407 | -€986 | -15.4% |
| Recurring financial charges | 65 | €6,393 | €5,407 | -€986 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €24,390 | -€5,388 | -€29,778 | |
| Income taxes | 67/77 | €1,455 | €95 | -€1,360 | -93.5% |
| Profit (loss) for the period | 9904 | €22,935 | -€5,483 | -€28,418 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,935 | -€5,483 | -€28,418 |
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 11 October 2026 via checked.be.