MFA Management: 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.
MFA Management
Largest movements
- Tangible fixed assets -€26,270
down €26,270 (-14.0%), from €187,135 to €160,865
of which Land and buildings: -€15,521
- Receivables within one year +€9,285
up €9,285 (+112.1%), from €8,279 to €17,563
of which Trade receivables: +€11,910
- Cash -€5,493
down €5,493 (-39.6%), from €13,858 to €8,365
mainly Contributions, distributions and other (-€34,000) and Investment in fixed assets (net) (-€10,767)
- Profit (loss) carried forward -€17,685
down €17,685 (-11.4%), from €155,603 to €137,917
- Other debts -€9,286
down €9,286 (-20.4%), from €45,535 to €36,250
- Tax, wage and social debts +€4,358
up €4,358 (+142.2%), from €3,064 to €7,421
- Financial charges -€206,672
down €206,672 (-99.9%), from €206,922 to €249
of which Non-recurring financial charges: -€206,666
- Other operating charges -€18,158
down €18,158 (-82.9%), from €21,916 to €3,757
- Gross operating margin +€17,341
up €17,341 (+43.1%), from €40,246 to €57,587
- Depreciation +€10,972
up €10,972 (+42.1%), from €26,066 to €37,037
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 | €213,947 | €190,862 | -€23,085 | -10.8% |
| Fixed assets | 21/28 | €187,815 | €161,545 | -€26,270 | -14.0% |
| Tangible fixed assets | 22/27 | €187,135 | €160,865 | -€26,270 | -14.0% |
| Land and buildings | 22 | €87,560 | €72,039 | -€15,521 | -17.7% |
| Plant, machinery and equipment | 23 | €20,943 | €17,485 | -€3,457 | -16.5% |
| Furniture and vehicles | 24 | €78,633 | €71,341 | -€7,292 | -9.3% |
| Financial fixed assets | 28 | €680 | €680 | = | 0.0% |
| Current assets | 29/58 | €26,132 | €29,317 | +€3,185 | +12.2% |
| Amounts receivable within one year | 40/41 | €8,279 | €17,563 | +€9,285 | +112.1% |
| Trade receivables | 40 | €5,643 | €17,552 | +€11,910 | +211.1% |
| Other amounts receivable | 41 | €2,636 | €11 | -€2,625 | -99.6% |
| Cash at bank and in hand | 54/58 | €13,858 | €8,365 | -€5,493 | -39.6% |
| Deferred charges and accrued income | 490/1 | €3,996 | €3,389 | -€607 | -15.2% |
| Total equity and liabilities | 10/49 | €213,947 | €190,862 | -€23,085 | -10.8% |
| Equity | 10/15 | €163,659 | €145,974 | -€17,685 | -10.8% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €155,603 | €137,917 | -€17,685 | -11.4% |
| Amounts payable | 17/49 | €50,288 | €44,888 | -€5,400 | -10.7% |
| Amounts payable within one year | 42/48 | €50,288 | €44,888 | -€5,400 | -10.7% |
| Trade debts | 44 | €1,689 | €1,217 | -€472 | -27.9% |
| Suppliers | 440/4 | €1,689 | €1,217 | -€472 | -27.9% |
| Taxes, remuneration and social security | 45 | €3,064 | €7,421 | +€4,358 | +142.2% |
| Taxes | 450/3 | €3,064 | €7,421 | +€4,358 | +142.2% |
| Other amounts payable | 47/48 | €45,535 | €36,250 | -€9,286 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,066 | €37,037 | +€10,972 | +42.1% |
| Other operating charges | 640/8 | €21,916 | €3,757 | -€18,158 | -82.9% |
| Gross operating margin | 9900 | €40,246 | €57,587 | +€17,341 | +43.1% |
| Operating profit (loss) | 9901 | -€7,735 | €16,793 | +€24,528 | |
| Financial income | 75/76B | - | €21 | +€21 | |
| Recurring financial income | 75 | - | €21 | +€21 | |
| Financial charges | 65/66B | €206,922 | €249 | -€206,672 | -99.9% |
| Recurring financial charges | 65 | €256 | €249 | -€6 | -2.5% |
| Non-recurring financial charges | 66B | €206,666 | - | -€206,666 | |
| Profit (loss) for the period before taxes | 9903 | -€214,657 | €16,565 | +€231,222 | |
| Income taxes | 67/77 | - | €250 | +€250 | |
| Profit (loss) for the period | 9904 | -€214,657 | €16,315 | +€230,972 | |
| Profit (loss) for the period to be appropriated | 9905 | -€214,657 | €16,315 | +€230,972 |
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 3 October 2026 via checked.be.