ML.MAZO: 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.
ML.MAZO
Largest movements
- Receivables within one year -€29,927
down €29,927 (-45.0%), from €66,551 to €36,624
of which Trade receivables: -€28,860
- Tangible fixed assets +€18,817
up €18,817 (+6.2%), from €304,655 to €323,472
of which Plant, machinery and equipment: +€25,331
- Debts after one year -€26,455
down €26,455 (-11.3%), from €233,773 to €207,318
- Other debts +€5,015
up €5,015 (+8.4%), from €59,848 to €64,863
- Accrued charges and deferred income +€4,400
new in 2025: €4,400
- Gross operating margin +€34,748
up €34,748 (+8137.7%), from €427 to €35,175
- Financial income -€21,944
down €21,944 (-99.4%), from €22,079 to €135
of which Non-recurring financial income: -€22,034
- Depreciation +€3,079
up €3,079 (+12.9%), from €23,935 to €27,014
- Financial charges -€1,230
down €1,230 (-14.3%), from €8,576 to €7,346
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 | €435,941 | €420,660 | -€15,281 | -3.5% |
| Fixed assets | 21/28 | €304,800 | €323,472 | +€18,672 | +6.1% |
| Tangible fixed assets | 22/27 | €304,655 | €323,472 | +€18,817 | +6.2% |
| Land and buildings | 22 | €304,655 | €281,298 | -€23,357 | -7.7% |
| Plant, machinery and equipment | 23 | - | €25,331 | +€25,331 | |
| Furniture and vehicles | 24 | - | €16,843 | +€16,843 | |
| Financial fixed assets | 28 | €145 | - | -€145 | |
| Current assets | 29/58 | €131,141 | €97,188 | -€33,953 | -25.9% |
| Amounts receivable within one year | 40/41 | €66,551 | €36,624 | -€29,927 | -45.0% |
| Trade receivables | 40 | €65,484 | €36,624 | -€28,860 | -44.1% |
| Other amounts receivable | 41 | €1,067 | - | -€1,067 | |
| Current investments | 50/53 | €40,000 | €40,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €23,592 | €19,252 | -€4,340 | -18.4% |
| Deferred charges and accrued income | 490/1 | €998 | €1,312 | +€314 | +31.5% |
| Total equity and liabilities | 10/49 | €435,941 | €420,660 | -€15,281 | -3.5% |
| Equity | 10/15 | €91,660 | €90,683 | -€977 | -1.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Outside capital | 11 | €20,000 | - | -€20,000 | |
| Other | 1109/19 | €20,000 | - | -€20,000 | |
| Reserves | 13 | €67,700 | €67,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,700 | €27,700 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,960 | €2,983 | -€977 | -24.7% |
| Amounts payable | 17/49 | €344,281 | €329,977 | -€14,304 | -4.2% |
| Amounts payable after more than one year | 17 | €233,773 | €207,318 | -€26,455 | -11.3% |
| Financial debts | 170/4 | €233,773 | €207,318 | -€26,455 | -11.3% |
| Amounts payable within one year | 42/48 | €110,508 | €118,259 | +€7,751 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €25,888 | €26,455 | +€567 | +2.2% |
| Trade debts | 44 | €24,572 | €25,420 | +€848 | +3.5% |
| Suppliers | 440/4 | €24,572 | €25,420 | +€848 | +3.5% |
| Taxes, remuneration and social security | 45 | €200 | €1,521 | +€1,321 | +660.5% |
| Taxes | 450/3 | €200 | €1,521 | +€1,321 | +660.5% |
| Other amounts payable | 47/48 | €59,848 | €64,863 | +€5,015 | +8.4% |
| Accrued charges and deferred income | 492/3 | - | €4,400 | +€4,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,935 | €27,014 | +€3,079 | +12.9% |
| Other operating charges | 640/8 | €1,788 | €1,927 | +€139 | +7.8% |
| Gross operating margin | 9900 | €427 | €35,175 | +€34,748 | +8137.7% |
| Operating profit (loss) | 9901 | -€25,296 | €6,234 | +€31,530 | |
| Financial income | 75/76B | €22,079 | €135 | -€21,944 | -99.4% |
| Recurring financial income | 75 | €45 | €135 | +€90 | +200.0% |
| Non-recurring financial income | 76B | €22,034 | - | -€22,034 | |
| Financial charges | 65/66B | €8,576 | €7,346 | -€1,230 | -14.3% |
| Recurring financial charges | 65 | €8,576 | €7,346 | -€1,230 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,793 | -€977 | +€10,816 | +91.7% |
| Transfer from deferred taxes | 780 | €8,227 | - | -€8,227 | |
| Income taxes | 67/77 | €223 | - | -€223 | |
| Profit (loss) for the period | 9904 | -€3,789 | -€977 | +€2,812 | +74.2% |
| Transfer from tax-exempt reserves | 789 | €18,300 | - | -€18,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,511 | -€977 | -€15,488 |
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.