MAZUIN IMMO: 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.
What changed
MAZUIN IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€492,838
2024 · €311,412+€181,426
Equity
€1.7m
2024 · €3.5m-€1.8m
Cash
€39,224
2024 · €109,625-€70,402
Balance sheet total
€21.2m
2024 · €27.7m-€6.5m
Largest movements
Assets
- Financial fixed assets -€6.9m
down €6.9m (-100.0%), from €6.9m to €1,681
- Receivables within one year +€1.9m
up €1.9m (+330%), from €584,996 to €2.5m
of which Other amounts receivable: +€1.2m
- Tangible fixed assets -€1.5m
down €1.5m (-7.6%), from €20.0m to €18.5m
of which Land and buildings: -€1.1m
Equity and liabilities
- Debts after one year -€6.2m
down €6.2m (-28.7%), from €21.6m to €15.4m
of which Other amounts payable: -€4.7m
- Profit (loss) carried forward -€1.8m
down €1.8m (-81.2%), from €2.2m to €409,943
- Other debts +€1.6m
up €1.6m (+810%), from €200,000 to €1.8m
Income statement
- Gross operating margin +€229,600
up €229,600 (+8.3%), from €2.8m to €3.0m
- Depreciation -€58,365
down €58,365 (-3.6%), from €1.6m to €1.6m
- Financial charges +€44,562
up €44,562 (+7.4%), from €605,863 to €650,425
- Financial income -€32,903
down €32,903 (-58.3%), from €56,402 to €23,499
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.
Result 2024
€311,412
Gross operating margin
+€229,600
Depreciation
+€58,365
Other operating charges
-€5,201
Other operating items
-€877
Financial income
-€32,903
Financial charges
-€44,562
Taxes
-€22,995
Result 2025
€492,838
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.4m
Investment
+€6.9m
Financing
-€8.4m
Cash 2024
€109,625
From operations (derived)
+€1.4m
Net result for the year
+€492,838
Depreciation
+€1.6m
Receivables within one year
-€1.9m
Deferred charges and accrued income
-€54,293
Provisions
-€10,249
Trade debts
-€23,591
Tax, wage and social debts
-€137,865
Other debts
+€1.6m
Accrued charges and deferred income
-€106,034
Investment (derived)
+€6.9m
Investment in fixed assets (net)
+€6.9m
Financing
-€8.4m
Debts after one year
-€6.2m
Current portion of long-term debt
+€24,660
Short-term financial debts
+€118,062
Contributions, distributions and other
-€2.3m
Cash 2025
€39,224
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,687,322 | €21,155,430 | -€6.5m | -23.6% |
| Fixed assets | 21/28 | €26,906,983 | €18,459,954 | -€8.4m | -31.4% |
| Tangible fixed assets | 22/27 | €19,972,307 | €18,458,273 | -€1.5m | -7.6% |
| Land and buildings | 22 | €13,813,519 | €12,725,067 | -€1.1m | -7.9% |
| Plant, machinery and equipment | 23 | €162,054 | €114,721 | -€47,333 | -29.2% |
| Furniture and vehicles | 24 | €40,290 | €30,648 | -€9,641 | -23.9% |
| Leasing and similar rights | 25 | €5,931,259 | €5,562,651 | -€368,608 | -6.2% |
| Other tangible fixed assets | 26 | €25,186 | €25,186 | = | 0.0% |
| Financial fixed assets | 28 | €6,934,675 | €1,681 | -€6.9m | -100.0% |
| Current assets | 29/58 | €780,339 | €2,695,476 | +€1.9m | +245% |
| Amounts receivable within one year | 40/41 | €584,996 | €2,516,242 | +€1.9m | +330% |
| Trade receivables | 40 | €235,944 | €960,191 | +€724,246 | +307% |
| Other amounts receivable | 41 | €349,052 | €1,556,051 | +€1.2m | +346% |
| Cash at bank and in hand | 54/58 | €109,625 | €39,224 | -€70,402 | -64.2% |
| Deferred charges and accrued income | 490/1 | €85,718 | €140,010 | +€54,293 | +63.3% |
| Total equity and liabilities | 10/49 | €27,687,322 | €21,155,430 | -€6.5m | -23.6% |
| Equity | 10/15 | €3,512,433 | €1,702,050 | -€1.8m | -51.5% |
| Contributions | 10/11 | €751,300 | €751,300 | = | 0.0% |
| Capital | 10 | €751,300 | €751,300 | = | 0.0% |
| Issued capital | 100 | €751,300 | €751,300 | = | 0.0% |
| Revaluation surpluses | 12 | €347,051 | €347,051 | = | 0.0% |
| Reserves | 13 | €224,537 | €193,757 | -€30,780 | -13.7% |
| Non-distributable reserves | 130/1 | €133,143 | €133,143 | = | 0.0% |
| Legal reserve | 130 | €75,130 | €75,130 | = | 0.0% |
| Reserves not available under the articles | 1311 | €58,013 | €58,013 | = | 0.0% |
| Tax-exempt reserves | 132 | €65,379 | €34,598 | -€30,780 | -47.1% |
| Distributable reserves | 133 | €26,016 | €26,016 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,186,324 | €409,943 | -€1.8m | -81.2% |
| Investment grants | 15 | €3,221 | - | -€3,221 | |
| Provisions and deferred taxes | 16 | €38,895 | €28,646 | -€10,249 | -26.4% |
| Provisions for liabilities and charges | 160/5 | €26,032 | €26,032 | = | 0.0% |
| Major repairs and maintenance | 162 | €10,000 | €10,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €16,032 | €16,032 | = | 0.0% |
| Deferred taxes | 168 | €12,863 | €2,613 | -€10,249 | -79.7% |
| Amounts payable | 17/49 | €24,135,994 | €19,424,734 | -€4.7m | -19.5% |
| Amounts payable after more than one year | 17 | €21,588,284 | €15,381,791 | -€6.2m | -28.7% |
| Financial debts | 170/4 | €16,896,474 | €15,381,791 | -€1.5m | -9.0% |
| Other amounts payable | 178/9 | €4,691,810 | - | -€4.7m | |
| Amounts payable within one year | 42/48 | €2,255,885 | €3,857,152 | +€1.6m | +71.0% |
| Current portion of amounts payable after more than one year | 42 | €1,621,228 | €1,645,888 | +€24,660 | +1.5% |
| Financial debts | 43 | - | €118,062 | +€118,062 | |
| Credit institutions | 430/8 | - | €118,062 | +€118,062 | |
| Trade debts | 44 | €179,389 | €155,798 | -€23,591 | -13.2% |
| Suppliers | 440/4 | €179,389 | €155,798 | -€23,591 | -13.2% |
| Taxes, remuneration and social security | 45 | €255,268 | €117,403 | -€137,865 | -54.0% |
| Taxes | 450/3 | €255,268 | €117,403 | -€137,865 | -54.0% |
| Other amounts payable | 47/48 | €200,000 | €1,820,001 | +€1.6m | +810% |
| Accrued charges and deferred income | 492/3 | €291,825 | €185,791 | -€106,034 | -36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,616,104 | €1,557,739 | -€58,365 | -3.6% |
| Other operating charges | 640/8 | €224,597 | €229,798 | +€5,201 | +2.3% |
| Non-recurring operating charges | 66A | - | €877 | +€877 | |
| Gross operating margin | 9900 | €2,779,320 | €3,008,920 | +€229,600 | +8.3% |
| Operating profit (loss) | 9901 | €938,619 | €1,220,506 | +€281,887 | +30.0% |
| Financial income | 75/76B | €56,402 | €23,499 | -€32,903 | -58.3% |
| Recurring financial income | 75 | €56,402 | €23,499 | -€32,903 | -58.3% |
| Financial charges | 65/66B | €605,863 | €650,425 | +€44,562 | +7.4% |
| Recurring financial charges | 65 | €605,863 | €650,425 | +€44,562 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €389,158 | €593,580 | +€204,421 | +52.5% |
| Transfer from deferred taxes | 780 | €10,249 | €10,249 | -€0 | 0.0% |
| Income taxes | 67/77 | €87,996 | €110,991 | +€22,995 | +26.1% |
| Profit (loss) for the period | 9904 | €311,412 | €492,838 | +€181,426 | +58.3% |
| Transfer from tax-exempt reserves | 789 | €30,780 | €30,780 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €342,192 | €523,618 | +€181,426 | +53.0% |
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 15 October 2026 via checked.be.