MMAF: 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.
MMAF
Largest movements
- Financial fixed assets +€67,667
up €67,667 (+118.7%), from €57,000 to €124,667
- Receivables after one year -€39,500
no longer reported in 2025 (was €39,500)
- Current investments -€38,618
down €38,618 (-79.6%), from €48,500 to €9,882
- Cash -€29,305
down €29,305 (-32.7%), from €89,612 to €60,306
mainly Investment in fixed assets (net) (-€67,667) and Contributions, distributions and other (-€49,838)
- Receivables within one year +€21,102
up €21,102 (+113.4%), from €18,601 to €39,703
of which Other amounts receivable: +€15,835
- Profit (loss) carried forward -€17,788
down €17,788 (-7.5%), from €235,876 to €218,087
- Gross operating margin +€2,560
up €2,560 (+6.0%), from €42,807 to €45,367
- Financial income -€1,275
down €1,275 (-81.6%), from €1,563 to €288
- Taxes +€486
up €486 (+5.5%), from €8,822 to €9,308
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 | €255,109 | €235,031 | -€20,078 | -7.9% |
| Fixed assets | 21/28 | €57,366 | €124,793 | +€67,427 | +117.5% |
| Tangible fixed assets | 22/27 | €366 | €126 | -€240 | -65.5% |
| Plant, machinery and equipment | 23 | €294 | €126 | -€168 | -57.1% |
| Furniture and vehicles | 24 | €72 | - | -€72 | |
| Financial fixed assets | 28 | €57,000 | €124,667 | +€67,667 | +118.7% |
| Current assets | 29/58 | €197,743 | €110,238 | -€87,505 | -44.3% |
| Amounts receivable after more than one year | 29 | €39,500 | - | -€39,500 | |
| Other amounts receivable | 291 | €39,500 | - | -€39,500 | |
| Amounts receivable within one year | 40/41 | €18,601 | €39,703 | +€21,102 | +113.4% |
| Trade receivables | 40 | €14,923 | €20,190 | +€5,267 | +35.3% |
| Other amounts receivable | 41 | €3,678 | €19,513 | +€15,835 | +430.6% |
| Current investments | 50/53 | €48,500 | €9,882 | -€38,618 | -79.6% |
| Cash at bank and in hand | 54/58 | €89,612 | €60,306 | -€29,305 | -32.7% |
| Deferred charges and accrued income | 490/1 | €1,531 | €346 | -€1,184 | -77.4% |
| Total equity and liabilities | 10/49 | €255,109 | €235,031 | -€20,078 | -7.9% |
| Equity | 10/15 | €241,376 | €223,587 | -€17,788 | -7.4% |
| Contributions | 10/11 | €5,500 | €5,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €235,876 | €218,087 | -€17,788 | -7.5% |
| Amounts payable | 17/49 | €13,733 | €11,444 | -€2,290 | -16.7% |
| Amounts payable within one year | 42/48 | €13,547 | €11,444 | -€2,103 | -15.5% |
| Trade debts | 44 | €1,187 | €933 | -€254 | -21.4% |
| Suppliers | 440/4 | €1,187 | €933 | -€254 | -21.4% |
| Taxes, remuneration and social security | 45 | €12,346 | €10,511 | -€1,835 | -14.9% |
| Taxes | 450/3 | €12,346 | €10,511 | -€1,835 | -14.9% |
| Other amounts payable | 47/48 | €15 | - | -€15 | |
| Accrued charges and deferred income | 492/3 | €186 | - | -€186 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €364 | €240 | -€124 | -34.2% |
| Other operating charges | 640/8 | €1,137 | €979 | -€159 | -13.9% |
| Gross operating margin | 9900 | €42,807 | €45,367 | +€2,560 | +6.0% |
| Operating profit (loss) | 9901 | €41,305 | €44,149 | +€2,843 | +6.9% |
| Financial income | 75/76B | €1,563 | €288 | -€1,275 | -81.6% |
| Recurring financial income | 75 | €1,563 | €288 | -€1,275 | -81.6% |
| Financial charges | 65/66B | €3,184 | €3,078 | -€105 | -3.3% |
| Recurring financial charges | 65 | €3,184 | €3,078 | -€105 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €39,684 | €41,358 | +€1,674 | +4.2% |
| Income taxes | 67/77 | €8,822 | €9,308 | +€486 | +5.5% |
| Profit (loss) for the period | 9904 | €30,862 | €32,050 | +€1,188 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,862 | €32,050 | +€1,188 | +3.8% |
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 10 October 2026 via checked.be.