MAMOFRAJE: 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.
MAMOFRAJE
Largest movements
- Current investments -€117,122
down €117,122 (-7.1%), from €1.6m to €1.5m
- Cash +€93,616
up €93,616 (+136%), from €68,614 to €162,230
mainly Current investments (+€117,122) and Receivables after one year (+€27,500)
- Receivables within one year +€44,187
up €44,187 (+133%), from €33,276 to €77,462
- Receivables after one year -€27,500
down €27,500 (-50.0%), from €55,000 to €27,500
- Reserves -€40,297
down €40,297 (-4.0%), from €1.0m to €960,194
of which Distributable reserves: -€36,723
- Depreciation -€32,898
down €32,898 (-54.7%), from €60,169 to €27,271
- Financial charges +€25,962
up €25,962 (+44.6%), from €58,255 to €84,216
- Taxes -€13,275
down €13,275 (-81.0%), from €16,381 to €3,105
- Financial income +€2,173
up €2,173 (+2.7%), from €80,556 to €82,729
- Gross operating margin -€2,075
down €2,075 (-82.1%), from €2,526 to €451
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 | €2,519,091 | €2,515,979 | -€3,112 | -0.1% |
| Fixed assets | 21/28 | €711,229 | €714,934 | +€3,705 | +0.5% |
| Tangible fixed assets | 22/27 | €711,229 | €714,934 | +€3,705 | +0.5% |
| Land and buildings | 22 | €535,205 | €523,166 | -€12,039 | -2.2% |
| Plant, machinery and equipment | 23 | €7,169 | €4,209 | -€2,960 | -41.3% |
| Furniture and vehicles | 24 | €168,855 | €187,559 | +€18,704 | +11.1% |
| Current assets | 29/58 | €1,807,863 | €1,801,046 | -€6,817 | -0.4% |
| Amounts receivable after more than one year | 29 | €55,000 | €27,500 | -€27,500 | -50.0% |
| Other amounts receivable | 291 | €55,000 | €27,500 | -€27,500 | -50.0% |
| Amounts receivable within one year | 40/41 | €33,276 | €77,462 | +€44,187 | +133% |
| Other amounts receivable | 41 | €33,276 | €77,462 | +€44,187 | +133% |
| Current investments | 50/53 | €1,647,966 | €1,530,844 | -€117,122 | -7.1% |
| Cash at bank and in hand | 54/58 | €68,614 | €162,230 | +€93,616 | +136% |
| Deferred charges and accrued income | 490/1 | €3,007 | €3,009 | +€2 | +0.1% |
| Total equity and liabilities | 10/49 | €2,519,091 | €2,515,979 | -€3,112 | -0.1% |
| Equity | 10/15 | €1,400,491 | €1,360,194 | -€40,297 | -2.9% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €1,000,491 | €960,194 | -€40,297 | -4.0% |
| Tax-exempt reserves | 132 | €105,143 | €101,569 | -€3,574 | -3.4% |
| Distributable reserves | 133 | €895,348 | €858,625 | -€36,723 | -4.1% |
| Provisions and deferred taxes | 16 | €35,048 | €33,856 | -€1,191 | -3.4% |
| Deferred taxes | 168 | €35,048 | €33,856 | -€1,191 | -3.4% |
| Amounts payable | 17/49 | €1,083,552 | €1,121,929 | +€38,377 | +3.5% |
| Amounts payable after more than one year | 17 | €288,201 | €308,349 | +€20,147 | +7.0% |
| Financial debts | 170/4 | €288,201 | €308,349 | +€20,147 | +7.0% |
| Amounts payable within one year | 42/48 | €758,471 | €757,333 | -€1,138 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €56,526 | €75,528 | +€19,002 | +33.6% |
| Trade debts | 44 | €6,358 | €8,809 | +€2,450 | +38.5% |
| Suppliers | 440/4 | €6,358 | €8,809 | +€2,450 | +38.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €4,737 | €4,737 | = | 0.0% |
| Taxes | 450/3 | €4,737 | €4,737 | = | 0.0% |
| Other amounts payable | 47/48 | €690,851 | €668,261 | -€22,590 | -3.3% |
| Accrued charges and deferred income | 492/3 | €36,879 | €56,247 | +€19,367 | +52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,169 | €27,271 | -€32,898 | -54.7% |
| Other operating charges | 640/8 | €6,536 | €6,571 | +€34 | +0.5% |
| Non-recurring operating charges | 66A | €4,020 | €3,506 | -€514 | -12.8% |
| Gross operating margin | 9900 | €2,526 | €451 | -€2,075 | -82.1% |
| Operating profit (loss) | 9901 | -€68,199 | -€36,896 | +€31,302 | +45.9% |
| Financial income | 75/76B | €80,556 | €82,729 | +€2,173 | +2.7% |
| Recurring financial income | 75 | €80,556 | €82,729 | +€2,173 | +2.7% |
| Financial charges | 65/66B | €58,255 | €84,216 | +€25,962 | +44.6% |
| Recurring financial charges | 65 | €58,255 | €84,216 | +€25,962 | +44.6% |
| Profit (loss) for the period before taxes | 9903 | -€45,897 | -€38,383 | +€7,514 | +16.4% |
| Transfer from deferred taxes | 780 | €27,461 | €1,191 | -€26,270 | -95.7% |
| Income taxes | 67/77 | €16,381 | €3,105 | -€13,275 | -81.0% |
| Profit (loss) for the period | 9904 | -€34,817 | -€40,297 | -€5,481 | -15.7% |
| Transfer from tax-exempt reserves | 789 | €82,384 | €3,574 | -€78,810 | -95.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,567 | -€36,723 | -€84,291 |
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 1 November 2026 via checked.be.