MAMIPA: 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.
MAMIPA
Largest movements
- Receivables within one year +€217,483
up €217,483 (+220%), from €98,698 to €316,181
of which Other amounts receivable: +€206,855
- Stocks and contracts +€164,263
up €164,263 (+58.5%), from €280,672 to €444,935
- Tangible fixed assets +€111,407
up €111,407 (+6.0%), from €1.8m to €2.0m
of which Other tangible fixed assets: +€154,928
- Cash -€84,402
down €84,402 (-84.7%), from €99,612 to €15,210
mainly Investment in fixed assets (net) (-€222,905) and Receivables within one year (-€217,483)
- Debts after one year +€266,227
up €266,227 (+18.2%), from €1.5m to €1.7m
- Short-term financial debts +€183,631
up €183,631 (+977,800%), from €19 to €183,650
- Other debts -€63,931
down €63,931 (-11.3%), from €566,946 to €503,015
- Gross operating margin -€39,027
down €39,027 (-16.1%), from €242,806 to €203,780
- Financial charges +€17,221
up €17,221 (+47.6%), from €36,142 to €53,363
- Other operating charges +€8,537
up €8,537 (+35.9%), from €23,777 to €32,314
- Depreciation -€5,220
down €5,220 (-4.5%), from €116,718 to €111,498
- Taxes +€4,551
up €4,551 (+108%), from €4,219 to €8,769
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 | €2,894,136 | €3,302,886 | +€408,750 | +14.1% |
| Fixed assets | 21/28 | €2,155,154 | €2,266,561 | +€111,407 | +5.2% |
| Tangible fixed assets | 22/27 | €1,848,694 | €1,960,101 | +€111,407 | +6.0% |
| Land and buildings | 22 | €422,407 | €398,124 | -€24,283 | -5.7% |
| Furniture and vehicles | 24 | €63,047 | €43,809 | -€19,238 | -30.5% |
| Other tangible fixed assets | 26 | €1,363,241 | €1,518,168 | +€154,928 | +11.4% |
| Financial fixed assets | 28 | €306,460 | €306,460 | = | 0.0% |
| Current assets | 29/58 | €738,982 | €1,036,325 | +€297,344 | +40.2% |
| Stocks and contracts in progress | 3 | €280,672 | €444,935 | +€164,263 | +58.5% |
| Stocks | 30/36 | €280,672 | €444,935 | +€164,263 | +58.5% |
| Amounts receivable within one year | 40/41 | €98,698 | €316,181 | +€217,483 | +220% |
| Trade receivables | 40 | €36,300 | €46,927 | +€10,627 | +29.3% |
| Other amounts receivable | 41 | €62,398 | €269,253 | +€206,855 | +332% |
| Current investments | 50/53 | €260,000 | €260,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €99,612 | €15,210 | -€84,402 | -84.7% |
| Total equity and liabilities | 10/49 | €2,894,136 | €3,302,886 | +€408,750 | +14.1% |
| Equity | 10/15 | €721,197 | €722,419 | +€1,222 | +0.2% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €339,811 | €333,231 | -€6,579 | -1.9% |
| Non-distributable reserves | 130/1 | €267,437 | €267,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Own shares acquired | 1312 | €260,000 | €260,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €72,374 | €65,795 | -€6,579 | -9.1% |
| Profit (loss) carried forward | 14 | €302,595 | €310,397 | +€7,802 | +2.6% |
| Investment grants | 15 | €4,423 | €4,423 | = | 0.0% |
| Provisions and deferred taxes | 16 | €39,544 | €36,156 | -€3,388 | -8.6% |
| Deferred taxes | 168 | €39,544 | €36,156 | -€3,388 | -8.6% |
| Amounts payable | 17/49 | €2,133,395 | €2,544,311 | +€410,916 | +19.3% |
| Amounts payable after more than one year | 17 | €1,459,535 | €1,725,762 | +€266,227 | +18.2% |
| Financial debts | 170/4 | €1,459,535 | €1,725,762 | +€266,227 | +18.2% |
| Amounts payable within one year | 42/48 | €673,860 | €818,549 | +€144,689 | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €86,881 | €90,503 | +€3,622 | +4.2% |
| Financial debts | 43 | €19 | €183,650 | +€183,631 | +977,800% |
| Credit institutions | 430/8 | €19 | €183,650 | +€183,631 | +977,800% |
| Trade debts | 44 | €14,962 | €32,883 | +€17,921 | +120% |
| Suppliers | 440/4 | €14,962 | €32,883 | +€17,921 | +120% |
| Taxes, remuneration and social security | 45 | €5,053 | €8,500 | +€3,446 | +68.2% |
| Taxes | 450/3 | €5,053 | €8,500 | +€3,446 | +68.2% |
| Other amounts payable | 47/48 | €566,946 | €503,015 | -€63,931 | -11.3% |
| Non-recurring operating income | 76A | €220,000 | - | -€220,000 | |
| Remuneration, social security and pensions | 62 | €232 | - | -€232 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,718 | €111,498 | -€5,220 | -4.5% |
| Other operating charges | 640/8 | €23,777 | €32,314 | +€8,537 | +35.9% |
| Non-recurring operating charges | 66A | €61,250 | - | -€61,250 | |
| Gross operating margin | 9900 | €242,806 | €203,780 | -€39,027 | -16.1% |
| Operating profit (loss) | 9901 | €40,829 | €59,967 | +€19,138 | +46.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €36,142 | €53,363 | +€17,221 | +47.6% |
| Recurring financial charges | 65 | €36,142 | €53,363 | +€17,221 | +47.6% |
| Profit (loss) for the period before taxes | 9903 | €4,688 | €6,604 | +€1,916 | +40.9% |
| Transfer from deferred taxes | 780 | - | €3,388 | +€3,388 | |
| Income taxes | 67/77 | €4,219 | €8,769 | +€4,551 | +108% |
| Profit (loss) for the period | 9904 | €469 | €1,222 | +€753 | +161% |
| Transfer from tax-exempt reserves | 789 | - | €6,579 | +€6,579 | |
| Profit (loss) for the period to be appropriated | 9905 | €469 | €7,802 | +€7,333 | +1,563% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.