MAZZEO-LEFEBVRE: 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.
MAZZEO-LEFEBVRE
Largest movements
- Tangible fixed assets +€156,497
up €156,497 (+148%), from €105,425 to €261,922
of which Leasing and similar rights: +€206,539
- Receivables within one year +€34,349
up €34,349 (+58.2%), from €59,027 to €93,376
of which Trade receivables: +€24,564
- Deferred charges and accrued income +€12,474
up €12,474 (+1,550%), from €805 to €13,278
- Cash -€12,148
down €12,148 (-10.1%), from €120,315 to €108,168
mainly Investment in fixed assets (net) (-€228,717) and Contributions, distributions and other (-€50,000)
- Stocks and contracts +€11,926
up €11,926 (+75.4%), from €15,825 to €27,751
- Debts after one year +€148,653
up €148,653 (+244%), from €61,010 to €209,663
- Other debts +€29,958
up €29,958 (+135%), from €22,117 to €52,076
- Current portion of long-term debt +€21,483
up €21,483 (+117%), from €18,348 to €39,832
- Reserves +€19,076
up €19,076 (+15.5%), from €123,393 to €142,470
- Trade debts -€8,761
down €8,761 (-50.7%), from €17,273 to €8,512
- Staff costs -€82,308
down €82,308 (-38.0%), from €216,816 to €134,508
- Depreciation +€9,626
up €9,626 (+15.2%), from €63,366 to €72,992
- Gross operating margin -€6,844
down €6,844 (-2.3%), from €298,761 to €291,917
- Other operating charges +€5,878
up €5,878 (+147%), from €4,002 to €9,880
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 | €304,435 | €506,761 | +€202,326 | +66.5% |
| Fixed assets | 21/28 | €108,463 | €264,188 | +€155,725 | +144% |
| Intangible fixed assets | 21 | €3,038 | €2,266 | -€772 | -25.4% |
| Tangible fixed assets | 22/27 | €105,425 | €261,922 | +€156,497 | +148% |
| Plant, machinery and equipment | 23 | €80,207 | €30,619 | -€49,588 | -61.8% |
| Furniture and vehicles | 24 | €2,843 | €4,952 | +€2,109 | +74.2% |
| Leasing and similar rights | 25 | €9,500 | €216,039 | +€206,539 | +2,174% |
| Other tangible fixed assets | 26 | €12,876 | €10,312 | -€2,563 | -19.9% |
| Current assets | 29/58 | €195,972 | €242,573 | +€46,601 | +23.8% |
| Stocks and contracts in progress | 3 | €15,825 | €27,751 | +€11,926 | +75.4% |
| Stocks | 30/36 | €15,825 | €27,751 | +€11,926 | +75.4% |
| Amounts receivable within one year | 40/41 | €59,027 | €93,376 | +€34,349 | +58.2% |
| Trade receivables | 40 | €49,453 | €74,018 | +€24,564 | +49.7% |
| Other amounts receivable | 41 | €9,574 | €19,359 | +€9,785 | +102% |
| Cash at bank and in hand | 54/58 | €120,315 | €108,168 | -€12,148 | -10.1% |
| Deferred charges and accrued income | 490/1 | €805 | €13,278 | +€12,474 | +1,550% |
| Total equity and liabilities | 10/49 | €304,435 | €506,761 | +€202,326 | +66.5% |
| Equity | 10/15 | €128,393 | €147,470 | +€19,076 | +14.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €123,393 | €142,470 | +€19,076 | +15.5% |
| Distributable reserves | 133 | €123,393 | €142,470 | +€19,076 | +15.5% |
| Amounts payable | 17/49 | €176,042 | €359,292 | +€183,250 | +104% |
| Amounts payable after more than one year | 17 | €61,010 | €209,663 | +€148,653 | +244% |
| Financial debts | 170/4 | €61,010 | €209,663 | +€148,653 | +244% |
| Amounts payable within one year | 42/48 | €113,026 | €149,629 | +€36,603 | +32.4% |
| Current portion of amounts payable after more than one year | 42 | €18,348 | €39,832 | +€21,483 | +117% |
| Trade debts | 44 | €17,273 | €8,512 | -€8,761 | -50.7% |
| Suppliers | 440/4 | €17,273 | €8,512 | -€8,761 | -50.7% |
| Taxes, remuneration and social security | 45 | €55,287 | €49,209 | -€6,078 | -11.0% |
| Taxes | 450/3 | €23,692 | €20,909 | -€2,783 | -11.7% |
| Remuneration and social security | 454/9 | €31,594 | €28,300 | -€3,295 | -10.4% |
| Other amounts payable | 47/48 | €22,117 | €52,076 | +€29,958 | +135% |
| Accrued charges and deferred income | 492/3 | €2,006 | - | -€2,006 | |
| Remuneration, social security and pensions | 62 | €216,816 | €134,508 | -€82,308 | -38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,366 | €72,992 | +€9,626 | +15.2% |
| Other operating charges | 640/8 | €4,002 | €9,880 | +€5,878 | +147% |
| Gross operating margin | 9900 | €298,761 | €291,917 | -€6,844 | -2.3% |
| Operating profit (loss) | 9901 | €14,577 | €74,537 | +€59,960 | +411% |
| Financial charges | 65/66B | €3,032 | €5,213 | +€2,181 | +72.0% |
| Recurring financial charges | 65 | €3,032 | €5,213 | +€2,181 | +72.0% |
| Profit (loss) for the period before taxes | 9903 | €11,545 | €69,324 | +€57,779 | +500% |
| Income taxes | 67/77 | €426 | €248 | -€179 | -41.9% |
| Profit (loss) for the period | 9904 | €11,119 | €69,076 | +€57,957 | +521% |
| Profit (loss) for the period to be appropriated | 9905 | €11,119 | €69,076 | +€57,957 | +521% |
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 24 October 2026 via checked.be.