MAMAX: 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.
What changed
MAMAX
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
-€486,068
2023 · -€688,369+€202,301
Equity
€3.5m
2023 · €4.0m-€486,068
Cash
€5,052
2023 · €17,244-€12,191
Balance sheet total
€6.4m
2023 · €6.3m+€106,827
Largest movements
Assets
- Tangible fixed assets +€249,859
up €249,859 (+4.5%), from €5.6m to €5.8m
of which Land and buildings: +€247,905
- Receivables within one year -€86,677
down €86,677 (-48.7%), from €178,161 to €91,484
of which Trade receivables: -€51,500
Equity and liabilities
- Other debts +€774,748
up €774,748 (+41.5%), from €1.9m to €2.6m
- Reserves -€486,068
down €486,068 (-14.0%), from €3.5m to €3.0m
of which Distributable reserves: -€433,204
- Debts after one year -€103,051
down €103,051 (-66.6%), from €154,803 to €51,752
Income statement
- Gross operating margin +€110,150
up €110,150, from -€105,105 to €5,045
- Write-downs -€68,810
no longer reported in 2024 (was €68,810)
- Financial income -€51,510
down €51,510 (-91.9%), from €56,031 to €4,521
- Other operating charges -€47,359
down €47,359 (-60.7%), from €77,990 to €30,632
- Financial charges -€41,625
down €41,625 (-76.4%), from €54,448 to €12,823
From the 2023 result to the 2024 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.
Result 2023
-€688,369
Gross operating margin
+€110,150
Depreciation
-€14,133
Write-downs
+€68,810
Other operating charges
+€47,359
Financial income
-€51,510
Financial charges
+€41,625
Result 2024
-€486,068
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€763,447
Investment
-€666,933
Financing
-€108,705
Cash 2023
€17,244
From operations (derived)
+€763,447
Net result for the year
-€486,068
Depreciation
+€469,801
Receivables within one year
+€86,677
Deferred charges and accrued income
-€8,565
Provisions
-€17,621
Trade debts
-€59,841
Other debts
+€774,748
Accrued charges and deferred income
+€4,315
Investment (derived)
-€666,933
Investment in fixed assets (net)
-€719,660
Current investments
+€52,727
Financing
-€108,705
Debts after one year
-€103,051
Current portion of long-term debt
+€634
Short-term financial debts
-€6,288
Cash 2024
€5,052
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,301,250 | €6,408,078 | +€106,827 | +1.7% |
| Fixed assets | 21/28 | €5,571,658 | €5,821,516 | +€249,859 | +4.5% |
| Tangible fixed assets | 22/27 | €5,564,246 | €5,814,105 | +€249,859 | +4.5% |
| Land and buildings | 22 | €4,506,496 | €4,754,401 | +€247,905 | +5.5% |
| Plant, machinery and equipment | 23 | €144,610 | €142,729 | -€1,882 | -1.3% |
| Furniture and vehicles | 24 | €586,546 | €625,437 | +€38,891 | +6.6% |
| Other tangible fixed assets | 26 | €326,594 | €291,538 | -€35,056 | -10.7% |
| Financial fixed assets | 28 | €7,412 | €7,412 | = | 0.0% |
| Current assets | 29/58 | €729,593 | €586,561 | -€143,031 | -19.6% |
| Amounts receivable within one year | 40/41 | €178,161 | €91,484 | -€86,677 | -48.7% |
| Trade receivables | 40 | €142,984 | €91,484 | -€51,500 | -36.0% |
| Other amounts receivable | 41 | €35,177 | - | -€35,177 | |
| Current investments | 50/53 | €519,478 | €466,751 | -€52,727 | -10.2% |
| Cash at bank and in hand | 54/58 | €17,244 | €5,052 | -€12,191 | -70.7% |
| Deferred charges and accrued income | 490/1 | €14,710 | €23,274 | +€8,565 | +58.2% |
| Total equity and liabilities | 10/49 | €6,301,250 | €6,408,078 | +€106,827 | +1.7% |
| Equity | 10/15 | €3,977,029 | €3,490,960 | -€486,068 | -12.2% |
| Contributions | 10/11 | €507,000 | €507,000 | = | 0.0% |
| Capital | 10 | €507,000 | €507,000 | = | 0.0% |
| Issued capital | 100 | €507,000 | €507,000 | = | 0.0% |
| Reserves | 13 | €3,470,029 | €2,983,960 | -€486,068 | -14.0% |
| Non-distributable reserves | 130/1 | €50,700 | €50,700 | = | 0.0% |
| Legal reserve | 130 | €50,700 | €50,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €166,631 | €113,767 | -€52,864 | -31.7% |
| Distributable reserves | 133 | €3,252,697 | €2,819,493 | -€433,204 | -13.3% |
| Provisions and deferred taxes | 16 | €55,544 | €37,922 | -€17,621 | -31.7% |
| Deferred taxes | 168 | €55,544 | €37,922 | -€17,621 | -31.7% |
| Amounts payable | 17/49 | €2,268,678 | €2,879,195 | +€610,517 | +26.9% |
| Amounts payable after more than one year | 17 | €154,803 | €51,752 | -€103,051 | -66.6% |
| Financial debts | 170/4 | €154,803 | €51,752 | -€103,051 | -66.6% |
| Amounts payable within one year | 42/48 | €2,112,338 | €2,821,591 | +€709,254 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | €102,447 | €103,081 | +€634 | +0.6% |
| Financial debts | 43 | €50,000 | €43,712 | -€6,288 | -12.6% |
| Credit institutions | 430/8 | €50,000 | €43,712 | -€6,288 | -12.6% |
| Trade debts | 44 | €91,872 | €32,031 | -€59,841 | -65.1% |
| Suppliers | 440/4 | €91,872 | €32,031 | -€59,841 | -65.1% |
| Other amounts payable | 47/48 | €1,868,019 | €2,642,767 | +€774,748 | +41.5% |
| Accrued charges and deferred income | 492/3 | €1,538 | €5,852 | +€4,315 | +280.6% |
| Non-recurring operating income | 76A | €1,800 | €89,267 | +€87,467 | +4859.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €455,668 | €469,801 | +€14,133 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €68,810 | - | -€68,810 | |
| Other operating charges | 640/8 | €77,990 | €30,632 | -€47,359 | -60.7% |
| Gross operating margin | 9900 | -€105,105 | €5,045 | +€110,150 | |
| Operating profit (loss) | 9901 | -€707,573 | -€495,388 | +€212,186 | +30.0% |
| Financial income | 75/76B | €56,031 | €4,521 | -€51,510 | -91.9% |
| Recurring financial income | 75 | €56,031 | €4,521 | -€51,510 | -91.9% |
| Financial charges | 65/66B | €54,448 | €12,823 | -€41,625 | -76.4% |
| Recurring financial charges | 65 | €54,448 | €12,823 | -€41,625 | -76.4% |
| Profit (loss) for the period before taxes | 9903 | -€705,991 | -€503,690 | +€202,301 | +28.7% |
| Transfer from deferred taxes | 780 | €17,621 | €17,621 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€688,369 | -€486,068 | +€202,301 | +29.4% |
| Transfer from tax-exempt reserves | 789 | €52,864 | €52,864 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€635,505 | -€433,204 | +€202,301 | +31.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.