MAFACT: 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.
MAFACT
Largest movements
- Receivables within one year -€8,451
down €8,451 (-85.2%), from €9,919 to €1,468
- Tangible fixed assets -€5,046
down €5,046 (-88.1%), from €5,728 to €683
of which Furniture and vehicles: -€4,358
- Cash -€1,357
down €1,357 (-10.1%), from €13,396 to €12,039
mainly Debts after one year (-€17,547) and Tax, wage and social debts (-€13,328)
- Profit (loss) carried forward +€27,447
up €27,447 (+7.2%), from -€383,133 to -€355,686
- Debts after one year -€17,547
down €17,547 (-11.9%), from €146,874 to €129,326
- Tax, wage and social debts -€13,328
down €13,328 (-70.9%), from €18,795 to €5,467
of which Remuneration and social security: -€8,754
- Trade debts -€6,573
down €6,573 (-53.1%), from €12,376 to €5,804
- Current portion of long-term debt -€5,082
no longer reported in 2025 (was €5,082)
- Gross operating margin -€74,711
down €74,711 (-66.3%), from €112,665 to €37,954
- Staff costs -€48,679
down €48,679, from €47,952 to -€727
- Taxes -€15,664
down €15,664 (-83.6%), from €18,726 to €3,062
- Depreciation -€1,567
down €1,567 (-23.7%), from €6,613 to €5,046
- Other operating charges +€1,321
up €1,321 (+132%), from €998 to €2,319
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 | €30,755 | €15,806 | -€14,949 | -48.6% |
| Fixed assets | 21/28 | €5,728 | €683 | -€5,046 | -88.1% |
| Tangible fixed assets | 22/27 | €5,728 | €683 | -€5,046 | -88.1% |
| Plant, machinery and equipment | 23 | €1,371 | €683 | -€688 | -50.2% |
| Furniture and vehicles | 24 | €4,358 | - | -€4,358 | |
| Current assets | 29/58 | €25,027 | €15,124 | -€9,903 | -39.6% |
| Amounts receivable within one year | 40/41 | €9,919 | €1,468 | -€8,451 | -85.2% |
| Trade receivables | 40 | €9,919 | €1,468 | -€8,451 | -85.2% |
| Cash at bank and in hand | 54/58 | €13,396 | €12,039 | -€1,357 | -10.1% |
| Deferred charges and accrued income | 490/1 | €1,711 | €1,616 | -€95 | -5.6% |
| Total equity and liabilities | 10/49 | €30,755 | €15,806 | -€14,949 | -48.6% |
| Equity | 10/15 | -€174,560 | -€147,113 | +€27,447 | +15.7% |
| Contributions | 10/11 | €208,573 | €208,573 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€383,133 | -€355,686 | +€27,447 | +7.2% |
| Amounts payable | 17/49 | €205,316 | €162,920 | -€42,396 | -20.6% |
| Amounts payable after more than one year | 17 | €146,874 | €129,326 | -€17,547 | -11.9% |
| Other amounts payable | 178/9 | €146,874 | €129,326 | -€17,547 | -11.9% |
| Amounts payable within one year | 42/48 | €36,253 | €12,506 | -€23,747 | -65.5% |
| Current portion of amounts payable after more than one year | 42 | €5,082 | - | -€5,082 | |
| Trade debts | 44 | €12,376 | €5,804 | -€6,573 | -53.1% |
| Suppliers | 440/4 | €12,376 | €5,804 | -€6,573 | -53.1% |
| Taxes, remuneration and social security | 45 | €18,795 | €5,467 | -€13,328 | -70.9% |
| Taxes | 450/3 | €10,042 | €5,467 | -€4,575 | -45.6% |
| Remuneration and social security | 454/9 | €8,754 | - | -€8,754 | |
| Other amounts payable | 47/48 | - | €1,236 | +€1,236 | |
| Accrued charges and deferred income | 492/3 | €22,189 | €21,087 | -€1,102 | -5.0% |
| Remuneration, social security and pensions | 62 | €47,952 | -€727 | -€48,679 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,613 | €5,046 | -€1,567 | -23.7% |
| Other operating charges | 640/8 | €998 | €2,319 | +€1,321 | +132% |
| Gross operating margin | 9900 | €112,665 | €37,954 | -€74,711 | -66.3% |
| Operating profit (loss) | 9901 | €57,102 | €31,316 | -€25,786 | -45.2% |
| Financial income | 75/76B | €10 | €0 | -€10 | -97.1% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -97.1% |
| Financial charges | 65/66B | €1,360 | €807 | -€553 | -40.7% |
| Recurring financial charges | 65 | €1,360 | €807 | -€553 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | €55,752 | €30,509 | -€25,243 | -45.3% |
| Income taxes | 67/77 | €18,726 | €3,062 | -€15,664 | -83.6% |
| Profit (loss) for the period | 9904 | €37,026 | €27,447 | -€9,579 | -25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,026 | €27,447 | -€9,579 | -25.9% |
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 29 October 2026 via checked.be.