UMAFO: 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.
UMAFO
Largest movements
- Cash -€102,715
down €102,715 (-45.6%), from €225,161 to €122,446
mainly Contributions, distributions and other (-€345,484) and Tax, wage and social debts (-€31,667)
- Receivables within one year -€33,374
no longer reported in 2025 (was €33,374)
- Reserves -€226,774
no longer reported in 2025 (was €226,774)
- Other debts +€122,691
new in 2025: €122,691
- Tax, wage and social debts -€31,667
down €31,667 (-88.1%), from €35,953 to €4,286
- Gross operating margin -€4,857
down €4,857 (-3.0%), from €159,291 to €154,434
- Taxes -€1,667
down €1,667 (-4.6%), from €35,953 to €34,286
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 | €262,858 | €127,502 | -€135,356 | -51.5% |
| Fixed assets | 21/28 | €634 | €1,146 | +€512 | +80.9% |
| Tangible fixed assets | 22/27 | €634 | €1,146 | +€512 | +80.9% |
| Furniture and vehicles | 24 | €634 | €1,146 | +€512 | +80.9% |
| Current assets | 29/58 | €262,225 | €126,356 | -€135,868 | -51.8% |
| Amounts receivable within one year | 40/41 | €33,374 | - | -€33,374 | |
| Other amounts receivable | 41 | €33,374 | - | -€33,374 | |
| Cash at bank and in hand | 54/58 | €225,161 | €122,446 | -€102,715 | -45.6% |
| Deferred charges and accrued income | 490/1 | €3,690 | €3,911 | +€221 | +6.0% |
| Total equity and liabilities | 10/49 | €262,858 | €127,502 | -€135,356 | -51.5% |
| Equity | 10/15 | €226,874 | €100 | -€226,774 | -100.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €226,774 | - | -€226,774 | |
| Distributable reserves | 133 | €226,774 | - | -€226,774 | |
| Amounts payable | 17/49 | €35,985 | €127,402 | +€91,418 | +254% |
| Amounts payable within one year | 42/48 | €35,985 | €127,402 | +€91,418 | +254% |
| Trade debts | 44 | €32 | €425 | +€394 | +1,249% |
| Suppliers | 440/4 | €32 | €425 | +€394 | +1,249% |
| Taxes, remuneration and social security | 45 | €35,953 | €4,286 | -€31,667 | -88.1% |
| Taxes | 450/3 | €35,953 | €4,286 | -€31,667 | -88.1% |
| Other amounts payable | 47/48 | - | €122,691 | +€122,691 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €433 | €487 | +€54 | +12.4% |
| Other operating charges | 640/8 | €482 | €931 | +€449 | +93.1% |
| Gross operating margin | 9900 | €159,291 | €154,434 | -€4,857 | -3.0% |
| Operating profit (loss) | 9901 | €158,376 | €153,016 | -€5,360 | -3.4% |
| Financial income | 75/76B | - | €45 | +€45 | |
| Recurring financial income | 75 | - | €45 | +€45 | |
| Financial charges | 65/66B | €64 | €65 | +€1 | +2.1% |
| Recurring financial charges | 65 | €64 | €65 | +€1 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €158,312 | €152,996 | -€5,316 | -3.4% |
| Income taxes | 67/77 | €35,953 | €34,286 | -€1,667 | -4.6% |
| Profit (loss) for the period | 9904 | €122,359 | €118,710 | -€3,649 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €122,359 | €118,710 | -€3,649 | -3.0% |
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 16 October 2026 via checked.be.