Mazzel: 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.
Mazzel
Largest movements
- Receivables after one year -€27,160
no longer reported in 2025 (was €27,160)
- Receivables within one year +€15,719
up €15,719 (+112.7%), from €13,953 to €29,672
of which Trade receivables: +€15,209
- Cash -€15,347
down €15,347 (-87.5%), from €17,541 to €2,194
mainly Contributions, distributions and other (-€92,846) and Debts after one year (-€16,851)
- Deferred charges and accrued income -€8,513
down €8,513 (-21.1%), from €40,373 to €31,860
- Tangible fixed assets -€3,339
down €3,339 (-13.8%), from €24,193 to €20,854
of which Land and buildings: -€3,235
- Reserves -€52,765
no longer reported in 2025 (was €52,765)
- Other debts +€30,890
up €30,890 (+1295.7%), from €2,384 to €33,274
- Debts after one year -€16,851
down €16,851 (-46.3%), from €36,360 to €19,509
- Short-term financial debts -€5,370
down €5,370 (-59.2%), from €9,071 to €3,701
- Current portion of long-term debt +€3,018
up €3,018 (+21.8%), from €13,833 to €16,851
- Gross operating margin -€14,026
down €14,026 (-18.4%), from €76,385 to €62,359
- Taxes -€2,784
down €2,784 (-17.8%), from €15,674 to €12,889
- Financial charges +€1,512
up €1,512 (+53.6%), from €2,821 to €4,333
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 | €124,025 | €85,126 | -€38,899 | -31.4% |
| Fixed assets | 21/28 | €24,998 | €21,400 | -€3,597 | -14.4% |
| Intangible fixed assets | 21 | €805 | €546 | -€259 | -32.2% |
| Tangible fixed assets | 22/27 | €24,193 | €20,854 | -€3,339 | -13.8% |
| Land and buildings | 22 | €24,089 | €20,854 | -€3,235 | -13.4% |
| Plant, machinery and equipment | 23 | €104 | - | -€104 | |
| Current assets | 29/58 | €99,027 | €63,726 | -€35,301 | -35.6% |
| Amounts receivable after more than one year | 29 | €27,160 | - | -€27,160 | |
| Other amounts receivable | 291 | €27,160 | - | -€27,160 | |
| Amounts receivable within one year | 40/41 | €13,953 | €29,672 | +€15,719 | +112.7% |
| Trade receivables | 40 | €13,915 | €29,124 | +€15,209 | +109.3% |
| Other amounts receivable | 41 | €38 | €549 | +€511 | +1355.0% |
| Cash at bank and in hand | 54/58 | €17,541 | €2,194 | -€15,347 | -87.5% |
| Deferred charges and accrued income | 490/1 | €40,373 | €31,860 | -€8,513 | -21.1% |
| Total equity and liabilities | 10/49 | €124,025 | €85,126 | -€38,899 | -31.4% |
| Equity | 10/15 | €53,765 | €1,000 | -€52,765 | -98.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €52,765 | - | -€52,765 | |
| Distributable reserves | 133 | €52,765 | - | -€52,765 | |
| Amounts payable | 17/49 | €70,260 | €84,126 | +€13,866 | +19.7% |
| Amounts payable after more than one year | 17 | €36,360 | €19,509 | -€16,851 | -46.3% |
| Financial debts | 170/4 | €36,360 | €19,509 | -€16,851 | -46.3% |
| Amounts payable within one year | 42/48 | €33,900 | €64,617 | +€30,717 | +90.6% |
| Current portion of amounts payable after more than one year | 42 | €13,833 | €16,851 | +€3,018 | +21.8% |
| Financial debts | 43 | €9,071 | €3,701 | -€5,370 | -59.2% |
| Credit institutions | 430/8 | €9,071 | €3,701 | -€5,370 | -59.2% |
| Trade debts | 44 | €398 | €414 | +€15 | +3.9% |
| Suppliers | 440/4 | €398 | €414 | +€15 | +3.9% |
| Taxes, remuneration and social security | 45 | €8,214 | €10,378 | +€2,164 | +26.3% |
| Taxes | 450/3 | €8,214 | €10,378 | +€2,164 | +26.3% |
| Other amounts payable | 47/48 | €2,384 | €33,274 | +€30,890 | +1295.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,988 | €3,597 | -€390 | -9.8% |
| Other operating charges | 640/8 | €1,490 | €1,503 | +€13 | +0.9% |
| Gross operating margin | 9900 | €76,385 | €62,359 | -€14,026 | -18.4% |
| Operating profit (loss) | 9901 | €70,908 | €57,258 | -€13,649 | -19.2% |
| Financial income | 75/76B | €352 | €45 | -€307 | -87.3% |
| Recurring financial income | 75 | €352 | €45 | -€307 | -87.3% |
| Financial charges | 65/66B | €2,821 | €4,333 | +€1,512 | +53.6% |
| Recurring financial charges | 65 | €2,821 | €4,333 | +€1,512 | +53.6% |
| Profit (loss) for the period before taxes | 9903 | €68,438 | €52,970 | -€15,468 | -22.6% |
| Income taxes | 67/77 | €15,674 | €12,889 | -€2,784 | -17.8% |
| Profit (loss) for the period | 9904 | €52,765 | €40,081 | -€12,684 | -24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,765 | €40,081 | -€12,684 | -24.0% |
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 5 October 2026 via checked.be.