PF Mahy: 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.
PF Mahy
Largest movements
- Tangible fixed assets +€120,632
up €120,632 (+25.5%), from €472,625 to €593,257
of which Land and buildings: +€123,085
- Receivables after one year +€15,000
up €15,000 (+8.8%), from €170,175 to €185,175
- Debts after one year +€121,668
up €121,668 (+640%), from €19,008 to €140,676
- Revaluation surpluses -€24,500
down €24,500 (-33.3%), from €73,500 to €49,000
- Reserves +€24,500
up €24,500 (+6.5%), from €376,611 to €401,111
of which Distributable reserves: +€24,500
- Current portion of long-term debt +€18,528
up €18,528 (+272%), from €6,817 to €25,345
- Profit (loss) carried forward -€17,757
down €17,757 (-63.0%), from -€28,167 to -€45,925
- Gross operating margin -€20,826
down €20,826 (-22.0%), from €94,619 to €73,792
- Depreciation +€9,807
up €9,807 (+14.3%), from €68,720 to €78,527
- Taxes -€9,539
down €9,539 (-83.9%), from €11,376 to €1,836
- Financial charges +€2,614
up €2,614 (+167%), from €1,565 to €4,178
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 | €930,249 | €1,045,929 | +€115,680 | +12.4% |
| Fixed assets | 21/28 | €472,625 | €593,257 | +€120,632 | +25.5% |
| Tangible fixed assets | 22/27 | €472,625 | €593,257 | +€120,632 | +25.5% |
| Land and buildings | 22 | €470,172 | €593,257 | +€123,085 | +26.2% |
| Furniture and vehicles | 24 | €2,453 | €0 | -€2,453 | -100% |
| Current assets | 29/58 | €457,624 | €452,672 | -€4,952 | -1.1% |
| Amounts receivable after more than one year | 29 | €170,175 | €185,175 | +€15,000 | +8.8% |
| Other amounts receivable | 291 | €170,175 | €185,175 | +€15,000 | +8.8% |
| Amounts receivable within one year | 40/41 | €156,088 | €146,270 | -€9,818 | -6.3% |
| Other amounts receivable | 41 | €156,088 | €146,270 | -€9,818 | -6.3% |
| Current investments | 50/53 | €78,229 | €78,229 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €53,131 | €42,998 | -€10,134 | -19.1% |
| Total equity and liabilities | 10/49 | €930,249 | €1,045,929 | +€115,680 | +12.4% |
| Equity | 10/15 | €882,908 | €863,337 | -€19,571 | -2.2% |
| Contributions | 10/11 | €458,200 | €458,200 | = | 0.0% |
| Revaluation surpluses | 12 | €73,500 | €49,000 | -€24,500 | -33.3% |
| Reserves | 13 | €376,611 | €401,111 | +€24,500 | +6.5% |
| Tax-exempt reserves | 132 | €41,413 | €41,413 | = | 0.0% |
| Distributable reserves | 133 | €335,199 | €359,699 | +€24,500 | +7.3% |
| Profit (loss) carried forward | 14 | -€28,167 | -€45,925 | -€17,757 | -63.0% |
| Investment grants | 15 | €2,764 | €950 | -€1,814 | -65.6% |
| Amounts payable | 17/49 | €47,342 | €182,592 | +€135,251 | +286% |
| Amounts payable after more than one year | 17 | €19,008 | €140,676 | +€121,668 | +640% |
| Financial debts | 170/4 | €19,008 | €140,676 | +€121,668 | +640% |
| Amounts payable within one year | 42/48 | €28,334 | €41,916 | +€13,582 | +47.9% |
| Current portion of amounts payable after more than one year | 42 | €6,817 | €25,345 | +€18,528 | +272% |
| Trade debts | 44 | €993 | €64 | -€929 | -93.6% |
| Suppliers | 440/4 | €993 | €64 | -€929 | -93.6% |
| Advances received on contracts in progress | 46 | €8,283 | €3,206 | -€5,077 | -61.3% |
| Taxes, remuneration and social security | 45 | €12,151 | €13,212 | +€1,061 | +8.7% |
| Taxes | 450/3 | €12,151 | €13,212 | +€1,061 | +8.7% |
| Other amounts payable | 47/48 | €90 | €90 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,720 | €78,527 | +€9,807 | +14.3% |
| Other operating charges | 640/8 | €7,879 | €8,822 | +€943 | +12.0% |
| Gross operating margin | 9900 | €94,619 | €73,792 | -€20,826 | -22.0% |
| Operating profit (loss) | 9901 | €18,020 | -€13,557 | -€31,576 | |
| Financial income | 75/76B | €2,547 | €1,814 | -€733 | -28.8% |
| Recurring financial income | 75 | €2,547 | €1,814 | -€733 | -28.8% |
| Financial charges | 65/66B | €1,565 | €4,178 | +€2,614 | +167% |
| Recurring financial charges | 65 | €1,565 | €4,178 | +€2,614 | +167% |
| Profit (loss) for the period before taxes | 9903 | €19,002 | -€15,921 | -€34,923 | |
| Income taxes | 67/77 | €11,376 | €1,836 | -€9,539 | -83.9% |
| Profit (loss) for the period | 9904 | €7,626 | -€17,757 | -€25,383 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,626 | -€17,757 | -€25,383 |
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 25 October 2026 via checked.be.