MAZZANO: 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.
MAZZANO
Largest movements
- Receivables after one year -€90,000
no longer reported in 2025 (was €90,000)
- Receivables within one year +€67,798
up €67,798 (+41.1%), from €164,961 to €232,759
of which Other amounts receivable: +€70,962
- Tangible fixed assets -€34,535
down €34,535 (-19.1%), from €180,956 to €146,421
of which Plant, machinery and equipment: -€27,368
- Reserves -€48,585
down €48,585 (-26.3%), from €184,488 to €135,903
of which Distributable reserves: -€46,725
- Current portion of long-term debt +€32,655
up €32,655 (+112.3%), from €29,077 to €61,732
- Debts after one year -€29,791
down €29,791 (-20.6%), from €144,536 to €114,745
- Tax, wage and social debts -€26,698
down €26,698 (-62.5%), from €42,726 to €16,028
- Trade debts +€6,056
up €6,056 (+36.8%), from €16,443 to €22,499
- Gross operating margin -€81,931
down €81,931 (-52.0%), from €157,571 to €75,640
- Taxes -€28,191
down €28,191 (-85.9%), from €32,806 to €4,615
- Staff costs +€5,417
up €5,417 (+25.9%), from €20,902 to €26,319
- Financial charges -€1,707
down €1,707 (-15.1%), from €11,314 to €9,607
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 | €455,842 | €390,621 | -€65,221 | -14.3% |
| Formation expenses | 20 | €974 | €731 | -€243 | -24.9% |
| Fixed assets | 21/28 | €181,256 | €146,721 | -€34,535 | -19.1% |
| Tangible fixed assets | 22/27 | €180,956 | €146,421 | -€34,535 | -19.1% |
| Plant, machinery and equipment | 23 | €151,940 | €124,572 | -€27,368 | -18.0% |
| Furniture and vehicles | 24 | €29,016 | €21,849 | -€7,167 | -24.7% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €273,612 | €243,169 | -€30,443 | -11.1% |
| Amounts receivable after more than one year | 29 | €90,000 | - | -€90,000 | |
| Other amounts receivable | 291 | €90,000 | - | -€90,000 | |
| Stocks and contracts in progress | 3 | €8,017 | €4,382 | -€3,635 | -45.3% |
| Stocks | 30/36 | €8,017 | €4,382 | -€3,635 | -45.3% |
| Amounts receivable within one year | 40/41 | €164,961 | €232,759 | +€67,798 | +41.1% |
| Trade receivables | 40 | €4,181 | €1,017 | -€3,164 | -75.7% |
| Other amounts receivable | 41 | €160,780 | €231,742 | +€70,962 | +44.1% |
| Cash at bank and in hand | 54/58 | €7,956 | €4,374 | -€3,582 | -45.0% |
| Deferred charges and accrued income | 490/1 | €2,678 | €1,654 | -€1,024 | -38.2% |
| Total equity and liabilities | 10/49 | €455,842 | €390,621 | -€65,221 | -14.3% |
| Equity | 10/15 | €223,060 | €174,475 | -€48,585 | -21.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €184,488 | €135,903 | -€48,585 | -26.3% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €11,644 | €11,644 | = | 0.0% |
| Distributable reserves | 133 | €170,984 | €124,259 | -€46,725 | -27.3% |
| Profit (loss) carried forward | 14 | €19,972 | €19,972 | = | 0.0% |
| Amounts payable | 17/49 | €232,782 | €216,146 | -€16,636 | -7.1% |
| Amounts payable after more than one year | 17 | €144,536 | €114,745 | -€29,791 | -20.6% |
| Financial debts | 170/4 | €144,536 | €114,745 | -€29,791 | -20.6% |
| Amounts payable within one year | 42/48 | €88,246 | €101,401 | +€13,155 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €29,077 | €61,732 | +€32,655 | +112.3% |
| Financial debts | 43 | - | €1,142 | +€1,142 | |
| Credit institutions | 430/8 | - | €1,142 | +€1,142 | |
| Trade debts | 44 | €16,443 | €22,499 | +€6,056 | +36.8% |
| Suppliers | 440/4 | €16,443 | €22,499 | +€6,056 | +36.8% |
| Taxes, remuneration and social security | 45 | €42,726 | €16,028 | -€26,698 | -62.5% |
| Taxes | 450/3 | €42,726 | €16,028 | -€26,698 | -62.5% |
| Remuneration, social security and pensions | 62 | €20,902 | €26,319 | +€5,417 | +25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,524 | €36,003 | -€1,521 | -4.1% |
| Other operating charges | 640/8 | €2,447 | €2,403 | -€44 | -1.8% |
| Gross operating margin | 9900 | €157,571 | €75,640 | -€81,931 | -52.0% |
| Operating profit (loss) | 9901 | €96,698 | €10,915 | -€85,783 | -88.7% |
| Financial income | 75/76B | €13,873 | €13,078 | -€795 | -5.7% |
| Recurring financial income | 75 | €13,873 | €13,078 | -€795 | -5.7% |
| Financial charges | 65/66B | €11,314 | €9,607 | -€1,707 | -15.1% |
| Recurring financial charges | 65 | €11,314 | €9,607 | -€1,707 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €99,257 | €14,386 | -€84,871 | -85.5% |
| Income taxes | 67/77 | €32,806 | €4,615 | -€28,191 | -85.9% |
| Profit (loss) for the period | 9904 | €66,451 | €9,771 | -€56,680 | -85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €66,451 | €9,771 | -€56,680 | -85.3% |
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 4 October 2026 via checked.be.