MAMO: 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.
MAMO
Largest movements
- Receivables within one year -€136,364
down €136,364 (-49.9%), from €273,049 to €136,685
of which Trade receivables: -€131,096
- Stocks and contracts +€120,429
up €120,429, from €0 to €120,429
- Tangible fixed assets -€69,911
down €69,911 (-4.5%), from €1.6m to €1.5m
- Current investments -€52,637
down €52,637 (-19.1%), from €275,001 to €222,364
- Cash +€32,699
up €32,699 (+326.5%), from €10,014 to €42,712
mainly Receivables within one year (+€136,364) and Depreciation (+€69,911)
- Debts after one year -€51,596
down €51,596 (-3.8%), from €1.4m to €1.3m
- Short-term financial debts -€39,709
down €39,709 (-100.0%), from €39,709 to €0
- Gross operating margin -€37,031
down €37,031 (-27.6%), from €134,389 to €97,359
- Financial charges -€15,985
down €15,985 (-22.2%), from €71,846 to €55,861
- Financial income +€14,351
up €14,351 (+79.7%), from €17,995 to €32,345
- Write-downs +€11,291
up €11,291, from -€11,291 to €0
- Other operating charges -€11,062
down €11,062 (-38.6%), from €28,675 to €17,613
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 | €2,129,781 | €2,022,028 | -€107,754 | -5.1% |
| Fixed assets | 21/28 | €1,553,430 | €1,483,519 | -€69,911 | -4.5% |
| Tangible fixed assets | 22/27 | €1,553,430 | €1,483,519 | -€69,911 | -4.5% |
| Land and buildings | 22 | €1,553,430 | €1,483,519 | -€69,911 | -4.5% |
| Current assets | 29/58 | €576,351 | €538,508 | -€37,843 | -6.6% |
| Stocks and contracts in progress | 3 | €0 | €120,429 | +€120,429 | |
| Stocks | 30/36 | €0 | €120,429 | +€120,429 | |
| Amounts receivable within one year | 40/41 | €273,049 | €136,685 | -€136,364 | -49.9% |
| Trade receivables | 40 | €178,604 | €47,508 | -€131,096 | -73.4% |
| Other amounts receivable | 41 | €94,445 | €89,177 | -€5,267 | -5.6% |
| Current investments | 50/53 | €275,001 | €222,364 | -€52,637 | -19.1% |
| Cash at bank and in hand | 54/58 | €10,014 | €42,712 | +€32,699 | +326.5% |
| Deferred charges and accrued income | 490/1 | €18,288 | €16,319 | -€1,969 | -10.8% |
| Total equity and liabilities | 10/49 | €2,129,781 | €2,022,028 | -€107,754 | -5.1% |
| Equity | 10/15 | €339,920 | €325,931 | -€13,989 | -4.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €144,058 | €144,058 | = | 0.0% |
| Distributable reserves | 133 | €144,058 | €144,058 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,138 | -€18,127 | -€13,989 | -338.0% |
| Amounts payable | 17/49 | €1,789,861 | €1,696,096 | -€93,765 | -5.2% |
| Amounts payable after more than one year | 17 | €1,362,889 | €1,311,293 | -€51,596 | -3.8% |
| Financial debts | 170/4 | €1,362,889 | €1,311,293 | -€51,596 | -3.8% |
| Amounts payable within one year | 42/48 | €421,609 | €382,618 | -€38,991 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €119,956 | €121,596 | +€1,640 | +1.4% |
| Financial debts | 43 | €39,709 | €0 | -€39,709 | -100.0% |
| Credit institutions | 430/8 | €39,709 | €0 | -€39,709 | -100.0% |
| Trade debts | 44 | €8,716 | €23,100 | +€14,385 | +165.0% |
| Suppliers | 440/4 | €8,716 | €23,100 | +€14,385 | +165.0% |
| Advances received on contracts in progress | 46 | €3,189 | €3,189 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,647 | €4,871 | +€3,224 | +195.7% |
| Taxes | 450/3 | €1,647 | €4,871 | +€3,224 | +195.7% |
| Other amounts payable | 47/48 | €248,392 | €229,862 | -€18,531 | -7.5% |
| Accrued charges and deferred income | 492/3 | €5,364 | €2,185 | -€3,179 | -59.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,540 | €69,911 | +€3,371 | +5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,291 | €0 | +€11,291 | |
| Other operating charges | 640/8 | €28,675 | €17,613 | -€11,062 | -38.6% |
| Gross operating margin | 9900 | €134,389 | €97,359 | -€37,031 | -27.6% |
| Operating profit (loss) | 9901 | €50,465 | €9,835 | -€40,630 | -80.5% |
| Financial income | 75/76B | €17,995 | €32,345 | +€14,351 | +79.7% |
| Recurring financial income | 75 | €17,995 | €32,345 | +€14,351 | +79.7% |
| Financial charges | 65/66B | €71,846 | €55,861 | -€15,985 | -22.2% |
| Recurring financial charges | 65 | €71,846 | €55,861 | -€15,985 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,386 | -€13,681 | -€10,295 | -304.0% |
| Income taxes | 67/77 | €752 | €307 | -€445 | -59.1% |
| Profit (loss) for the period | 9904 | -€4,138 | -€13,989 | -€9,850 | -238.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,138 | -€13,989 | -€9,850 | -238.0% |
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 8 October 2026 via checked.be.