Mazarin Capital Management: what changed
What changed
Mazarin Capital Management
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€34,922
2024 · -€1,649+€36,571
Equity
€94,143
2024 · €59,851+€34,292
Cash
€11,049
2024 · €275+€10,774
Balance sheet total
€269,032
2024 · €153,853+€115,179
Largest movements
Assets
- Receivables within one year +€53,701
up €53,701 (+1,141%), from €4,708 to €58,409
of which Other amounts receivable: +€42,667
- Financial fixed assets +€53,053
up €53,053 (+37.8%), from €140,400 to €193,453
- Cash +€10,774
up €10,774 (+3,920%), from €275 to €11,049
mainly Debts after one year (+€60,000) and Net result for the year (+€34,922)
Equity and liabilities
- Debts after one year +€60,000
up €60,000 (+66.7%), from €90,000 to €150,000
- Reserves +€32,643
new in 2025: €32,643
of which Distributable reserves: +€22,643
- Other debts +€20,145
up €20,145 (+576%), from €3,497 to €23,642
Income statement
- Financial income +€31,030
up €31,030 (+459%), from €6,755 to €37,785
- Gross operating margin +€12,535
up €12,535, from -€4,966 to €7,569
- Turnover +€11,284
up €11,284 (+627%), from €1,800 to €13,084
- Staff costs +€4,125
up €4,125 (+497%), from €830 to €4,955
- Purchases and services -€3,586
down €3,586 (-33.3%), from €10,767 to €7,181
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.
Result 2024
-€1,649
Gross operating margin
+€12,535
Staff costs
-€4,125
Depreciation
-€905
Other operating charges
+€2
Financial income
+€31,030
Financial charges
-€1,246
Taxes
-€721
Result 2025
€34,922
raises the resultlowers the result
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.
From operations
+€4,881
Investment
-€53,477
Financing
+€59,370
Cash 2024
€275
From operations (derived)
+€4,881
Net result for the year
+€34,922
Depreciation
+€2,640
Receivables within one year
-€53,701
Smaller working-capital items
+€276
Tax, wage and social debts
+€600
Other debts
+€20,145
Investment (derived)
-€53,477
Investment in fixed assets (net)
-€55,696
Current investments
+€2,219
Financing
+€59,370
Debts after one year
+€60,000
Contributions, distributions and other
-€630
Cash 2025
€11,049
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €153,853 | €269,032 | +€115,179 | +74.9% |
| Formation expenses | 20 | €1,401 | €665 | -€736 | -52.5% |
| Fixed assets | 21/28 | €144,818 | €198,610 | +€53,792 | +37.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €4,418 | €5,157 | +€739 | +16.7% |
| Other tangible fixed assets | 26 | €4,418 | €5,157 | +€739 | +16.7% |
| Financial fixed assets | 28 | €140,400 | €193,453 | +€53,053 | +37.8% |
| Current assets | 29/58 | €7,634 | €69,757 | +€62,123 | +814% |
| Amounts receivable within one year | 40/41 | €4,708 | €58,409 | +€53,701 | +1,141% |
| Trade receivables | 40 | €2,050 | €13,084 | +€11,034 | +538% |
| Other amounts receivable | 41 | €2,658 | €45,325 | +€42,667 | +1,605% |
| Current investments | 50/53 | €2,501 | €282 | -€2,219 | -88.7% |
| Cash at bank and in hand | 54/58 | €275 | €11,049 | +€10,774 | +3,920% |
| Deferred charges and accrued income | 490/1 | €150 | €17 | -€133 | -88.7% |
| Total equity and liabilities | 10/49 | €153,853 | €269,032 | +€115,179 | +74.9% |
| Equity | 10/15 | €59,851 | €94,143 | +€34,292 | +57.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Uncalled capital | 101 | €38,500 | €38,500 | = | 0.0% |
| Reserves | 13 | - | €32,643 | +€32,643 | |
| Non-distributable reserves | 130/1 | - | €10,000 | +€10,000 | |
| Legal reserve | 130 | - | €10,000 | +€10,000 | |
| Distributable reserves | 133 | - | €22,643 | +€22,643 | |
| Profit (loss) carried forward | 14 | -€1,649 | €0 | +€1,649 | |
| Amounts payable | 17/49 | €94,002 | €174,889 | +€80,887 | +86.0% |
| Amounts payable after more than one year | 17 | €90,000 | €150,000 | +€60,000 | +66.7% |
| Other amounts payable | 178/9 | €90,000 | €150,000 | +€60,000 | +66.7% |
| Amounts payable within one year | 42/48 | €4,002 | €24,889 | +€20,887 | +522% |
| Trade debts | 44 | €78 | €221 | +€143 | +182% |
| Suppliers | 440/4 | €78 | €221 | +€143 | +182% |
| Taxes, remuneration and social security | 45 | €426 | €1,026 | +€600 | +141% |
| Taxes | 450/3 | €5 | €1,019 | +€1,014 | +20,569% |
| Remuneration and social security | 454/9 | €422 | €7 | -€415 | -98.3% |
| Other amounts payable | 47/48 | €3,497 | €23,642 | +€20,145 | +576% |
| Turnover | 70 | €1,800 | €13,084 | +€11,284 | +627% |
| Goods, raw materials, services and sundry goods | 60/61 | €10,767 | €7,181 | -€3,586 | -33.3% |
| Remuneration, social security and pensions | 62 | €830 | €4,955 | +€4,125 | +497% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,735 | €2,640 | +€905 | +52.2% |
| Other operating charges | 640/8 | €22 | €20 | -€2 | -10.0% |
| Gross operating margin | 9900 | -€4,966 | €7,569 | +€12,535 | |
| Operating profit (loss) | 9901 | -€7,554 | -€46 | +€7,508 | +99.4% |
| Financial income | 75/76B | €6,755 | €37,785 | +€31,030 | +459% |
| Recurring financial income | 75 | €6,755 | €37,785 | +€31,030 | +459% |
| Financial charges | 65/66B | €850 | €2,096 | +€1,246 | +147% |
| Recurring financial charges | 65 | €850 | €1,549 | +€699 | +82.2% |
| Non-recurring financial charges | 66B | - | €547 | +€547 | |
| Profit (loss) for the period before taxes | 9903 | -€1,649 | €35,643 | +€37,292 | |
| Income taxes | 67/77 | €0 | €721 | +€721 | |
| Profit (loss) for the period | 9904 | -€1,649 | €34,922 | +€36,571 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,649 | €34,922 | +€36,571 |
Next steps
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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 8 November 2026 via checked.be.