MAZAM: 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.
MAZAM
Largest movements
- Financial fixed assets +€950,000
new in 2025: €950,000
- Cash -€211,769
down €211,769 (-52.0%), from €407,332 to €195,563
mainly Investment in fixed assets (net) (-€971,411) and Tax, wage and social debts (-€2,999)
- Tangible fixed assets +€19,638
up €19,638 (+481%), from €4,086 to €23,724
of which Furniture and vehicles: +€19,888
- Receivables within one year -€12,872
down €12,872 (-66.8%), from €19,272 to €6,400
of which Trade receivables: -€18,949
- Debts after one year +€596,444
new in 2025: €596,444
- Current portion of long-term debt +€92,839
new in 2025: €92,839
- Profit (loss) carried forward +€51,514
up €51,514 (+13.1%), from €392,564 to €444,078
- Gross operating margin -€16,344
down €16,344 (-16.0%), from €101,975 to €85,631
- Financial charges +€11,949
up €11,949 (+200%), from €5,980 to €17,929
- Taxes -€5,935
down €5,935 (-29.9%), from €19,818 to €13,883
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 | €430,690 | €1,175,687 | +€744,997 | +173% |
| Fixed assets | 21/28 | €4,086 | €973,724 | +€969,638 | +23,732% |
| Tangible fixed assets | 22/27 | €4,086 | €23,724 | +€19,638 | +481% |
| Plant, machinery and equipment | 23 | €1,786 | €1,536 | -€250 | -14.0% |
| Furniture and vehicles | 24 | €2,300 | €22,188 | +€19,888 | +865% |
| Financial fixed assets | 28 | - | €950,000 | +€950,000 | |
| Current assets | 29/58 | €426,604 | €201,963 | -€224,641 | -52.7% |
| Amounts receivable within one year | 40/41 | €19,272 | €6,400 | -€12,872 | -66.8% |
| Trade receivables | 40 | €18,949 | - | -€18,949 | |
| Other amounts receivable | 41 | €323 | €6,400 | +€6,078 | +1,883% |
| Cash at bank and in hand | 54/58 | €407,332 | €195,563 | -€211,769 | -52.0% |
| Total equity and liabilities | 10/49 | €430,690 | €1,175,687 | +€744,997 | +173% |
| Equity | 10/15 | €413,024 | €464,538 | +€51,514 | +12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €392,564 | €444,078 | +€51,514 | +13.1% |
| Amounts payable | 17/49 | €17,666 | €711,149 | +€693,483 | +3,926% |
| Amounts payable after more than one year | 17 | - | €596,444 | +€596,444 | |
| Financial debts | 170/4 | - | €596,444 | +€596,444 | |
| Amounts payable within one year | 42/48 | €17,666 | €114,542 | +€96,876 | +548% |
| Current portion of amounts payable after more than one year | 42 | - | €92,839 | +€92,839 | |
| Trade debts | 44 | €137 | €378 | +€241 | +176% |
| Suppliers | 440/4 | €137 | €378 | +€241 | +176% |
| Taxes, remuneration and social security | 45 | €8,221 | €5,222 | -€2,999 | -36.5% |
| Taxes | 450/3 | €8,221 | €5,222 | -€2,999 | -36.5% |
| Other amounts payable | 47/48 | €9,308 | €16,103 | +€6,796 | +73.0% |
| Accrued charges and deferred income | 492/3 | - | €163 | +€163 | |
| Non-recurring operating income | 76A | - | €821 | +€821 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,060 | €1,773 | -€287 | -13.9% |
| Other operating charges | 640/8 | €504 | €534 | +€30 | +5.9% |
| Gross operating margin | 9900 | €101,975 | €85,631 | -€16,344 | -16.0% |
| Operating profit (loss) | 9901 | €99,411 | €83,325 | -€16,087 | -16.2% |
| Financial charges | 65/66B | €5,980 | €17,929 | +€11,949 | +200% |
| Recurring financial charges | 65 | €5,980 | €17,929 | +€11,949 | +200% |
| Profit (loss) for the period before taxes | 9903 | €93,432 | €65,396 | -€28,036 | -30.0% |
| Income taxes | 67/77 | €19,818 | €13,883 | -€5,935 | -29.9% |
| Profit (loss) for the period | 9904 | €73,614 | €51,514 | -€22,100 | -30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,614 | €51,514 | -€22,100 | -30.0% |
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 20 October 2026 via checked.be.