MAMEDA: what changed
MAMEDA
Largest movements
- Financial fixed assets +€455,000
up €455,000 (+11.5%), from €3.9m to €4.4m
- Receivables within one year +€224,898
up €224,898 (+55.7%), from €403,951 to €628,849
of which Trade receivables: +€275,419
- Current investments -€146,837
down €146,837 (-22.5%), from €652,495 to €505,658
- Cash +€75,698
up €75,698 (+513%), from €14,763 to €90,461
mainly Net result for the year (+€695,258) and Other debts (+€507,487)
- Other debts +€507,487
up €507,487 (+46.3%), from €1.1m to €1.6m
- Reserves +€395,258
up €395,258 (+16.8%), from €2.4m to €2.7m
- Debts after one year -€238,603
down €238,603 (-21.7%), from €1.1m to €859,755
- Short-term financial debts -€74,998
down €74,998 (-42.9%), from €175,000 to €100,002
of which Other loans: -€75,000
- Tax, wage and social debts +€63,044
up €63,044 (+183%), from €34,441 to €97,485
of which Taxes: +€66,839
- Gross operating margin +€206,586
up €206,586 (+15.7%), from €1.3m to €1.5m
- Financial charges +€50,124
up €50,124 (+38.6%), from €129,830 to €179,954
- Taxes +€36,939
up €36,939 (+17.8%), from €207,867 to €244,806
- Other operating charges -€17,582
down €17,582 (-83.9%), from €20,947 to €3,365
- Staff costs +€15,881
up €15,881 (+4.6%), from €346,980 to €362,862
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,387,632 | €6,048,229 | +€660,597 | +12.3% |
| Fixed assets | 21/28 | €4,297,506 | €4,811,012 | +€513,506 | +11.9% |
| Tangible fixed assets | 22/27 | €352,579 | €411,085 | +€58,506 | +16.6% |
| Land and buildings | 22 | €241,578 | €323,697 | +€82,120 | +34.0% |
| Plant, machinery and equipment | 23 | €20,350 | €28,340 | +€7,990 | +39.3% |
| Furniture and vehicles | 24 | €90,652 | €59,048 | -€31,604 | -34.9% |
| Financial fixed assets | 28 | €3,944,927 | €4,399,927 | +€455,000 | +11.5% |
| Current assets | 29/58 | €1,090,125 | €1,237,217 | +€147,092 | +13.5% |
| Stocks and contracts in progress | 3 | €5,580 | €5,580 | = | 0.0% |
| Stocks | 30/36 | €5,580 | €5,580 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €403,951 | €628,849 | +€224,898 | +55.7% |
| Trade receivables | 40 | €130,352 | €405,771 | +€275,419 | +211% |
| Other amounts receivable | 41 | €273,599 | €223,078 | -€50,520 | -18.5% |
| Current investments | 50/53 | €652,495 | €505,658 | -€146,837 | -22.5% |
| Cash at bank and in hand | 54/58 | €14,763 | €90,461 | +€75,698 | +513% |
| Deferred charges and accrued income | 490/1 | €13,336 | €6,668 | -€6,668 | -50.0% |
| Total equity and liabilities | 10/49 | €5,387,632 | €6,048,229 | +€660,597 | +12.3% |
| Equity | 10/15 | €2,679,543 | €3,074,801 | +€395,258 | +14.8% |
| Contributions | 10/11 | €325,000 | €325,000 | = | 0.0% |
| Reserves | 13 | €2,354,543 | €2,749,801 | +€395,258 | +16.8% |
| Distributable reserves | 133 | €2,354,543 | €2,749,801 | +€395,258 | +16.8% |
| Amounts payable | 17/49 | €2,708,088 | €2,973,428 | +€265,340 | +9.8% |
| Amounts payable after more than one year | 17 | €1,098,358 | €859,755 | -€238,603 | -21.7% |
| Financial debts | 170/4 | €1,098,358 | €859,755 | -€238,603 | -21.7% |
| Amounts payable within one year | 42/48 | €1,609,730 | €2,113,673 | +€503,943 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | €294,815 | €306,225 | +€11,410 | +3.9% |
| Financial debts | 43 | €175,000 | €100,002 | -€74,998 | -42.9% |
| Credit institutions | 430/8 | - | €2 | +€2 | |
| Other loans | 439 | €175,000 | €100,000 | -€75,000 | -42.9% |
| Trade debts | 44 | €9,926 | €6,926 | -€3,000 | -30.2% |
| Suppliers | 440/4 | €9,926 | €6,926 | -€3,000 | -30.2% |
| Taxes, remuneration and social security | 45 | €34,441 | €97,485 | +€63,044 | +183% |
| Taxes | 450/3 | - | €66,839 | +€66,839 | |
| Remuneration and social security | 454/9 | €34,441 | €30,646 | -€3,795 | -11.0% |
| Other amounts payable | 47/48 | €1,095,548 | €1,603,035 | +€507,487 | +46.3% |
| Remuneration, social security and pensions | 62 | €346,980 | €362,862 | +€15,881 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,770 | €41,406 | +€12,636 | +43.9% |
| Other operating charges | 640/8 | €20,947 | €3,365 | -€17,582 | -83.9% |
| Gross operating margin | 9900 | €1,315,383 | €1,521,969 | +€206,586 | +15.7% |
| Operating profit (loss) | 9901 | €918,686 | €1,114,336 | +€195,651 | +21.3% |
| Financial income | 75/76B | €14,392 | €5,681 | -€8,711 | -60.5% |
| Recurring financial income | 75 | €14,392 | €5,681 | -€8,711 | -60.5% |
| Financial charges | 65/66B | €129,830 | €179,954 | +€50,124 | +38.6% |
| Recurring financial charges | 65 | €129,830 | €179,954 | +€50,124 | +38.6% |
| Profit (loss) for the period before taxes | 9903 | €803,248 | €940,063 | +€136,815 | +17.0% |
| Income taxes | 67/77 | €207,867 | €244,806 | +€36,939 | +17.8% |
| Profit (loss) for the period | 9904 | €595,381 | €695,258 | +€99,877 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €595,381 | €695,258 | +€99,877 | +16.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.