MAF: what changed
What changed
MAF
filed annual accounts (NBB)
Net result for the year
-€1,437
2024 · €1,856-€3,293
Equity
€37,546
2024 · €38,983-€1,437
Cash
€6,686
2024 · €8,354-€1,667
Balance sheet total
€172,879
2024 · €207,214-€34,335
Largest movements
Assets
- Tangible fixed assets -€33,804
down €33,804 (-17.1%), from €198,199 to €164,395
of which Furniture and vehicles: -€26,074
Equity and liabilities
- Debts after one year -€31,390
down €31,390 (-24.6%), from €127,859 to €96,470
Income statement
- Gross operating margin -€14,358
down €14,358 (-41.3%), from €34,748 to €20,390
- Depreciation -€8,418
down €8,418 (-33.9%), from €24,804 to €16,386
- Taxes -€1,402
down €1,402 (-42.9%), from €3,266 to €1,864
- Financial charges -€1,064
down €1,064 (-26.9%), from €3,954 to €2,890
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1,856
Gross operating margin
-€14,358
Depreciation
+€8,418
Other operating charges
+€173
Financial income
+€9
Financial charges
+€1,064
Taxes
+€1,402
Result 2025
-€1,437
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€11,738
Investment
+€17,418
Financing
-€30,823
Cash 2024
€8,354
From operations (derived)
+€11,738
Net result for the year
-€1,437
Depreciation
+€16,386
Receivables within one year
-€1,314
Deferred charges and accrued income
+€178
Trade debts
+€560
Tax, wage and social debts
-€1,205
Other debts
-€131
Accrued charges and deferred income
-€1,300
Investment (derived)
+€17,418
Investment in fixed assets (net)
+€17,418
Financing
-€30,823
Debts after one year
-€31,390
Current portion of long-term debt
+€567
Cash 2025
€6,686
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €207,214 | €172,879 | -€34,335 | -16.6% |
| Fixed assets | 21/28 | €198,349 | €164,545 | -€33,804 | -17.0% |
| Tangible fixed assets | 22/27 | €198,199 | €164,395 | -€33,804 | -17.1% |
| Land and buildings | 22 | €163,135 | €156,026 | -€7,108 | -4.4% |
| Plant, machinery and equipment | 23 | €1,425 | €1,117 | -€308 | -21.6% |
| Furniture and vehicles | 24 | €31,555 | €5,481 | -€26,074 | -82.6% |
| Other tangible fixed assets | 26 | €2,084 | €1,770 | -€314 | -15.1% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €8,865 | €8,334 | -€531 | -6.0% |
| Amounts receivable within one year | 40/41 | - | €1,314 | +€1,314 | |
| Trade receivables | 40 | - | €1,314 | +€1,314 | |
| Cash at bank and in hand | 54/58 | €8,354 | €6,686 | -€1,667 | -20.0% |
| Deferred charges and accrued income | 490/1 | €512 | €333 | -€178 | -34.9% |
| Total equity and liabilities | 10/49 | €207,214 | €172,879 | -€34,335 | -16.6% |
| Equity | 10/15 | €38,983 | €37,546 | -€1,437 | -3.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,716 | €3,716 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,856 | €1,856 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,867 | €21,430 | -€1,437 | -6.3% |
| Amounts payable | 17/49 | €168,231 | €135,333 | -€32,899 | -19.6% |
| Amounts payable after more than one year | 17 | €127,859 | €96,470 | -€31,390 | -24.6% |
| Financial debts | 170/4 | €127,859 | €96,470 | -€31,390 | -24.6% |
| Amounts payable within one year | 42/48 | €39,072 | €38,863 | -€209 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €30,823 | €31,390 | +€567 | +1.8% |
| Trade debts | 44 | €4,852 | €5,412 | +€560 | +11.5% |
| Suppliers | 440/4 | €4,852 | €5,412 | +€560 | +11.5% |
| Taxes, remuneration and social security | 45 | €3,266 | €2,061 | -€1,205 | -36.9% |
| Taxes | 450/3 | €3,266 | €2,061 | -€1,205 | -36.9% |
| Other amounts payable | 47/48 | €131 | - | -€131 | |
| Accrued charges and deferred income | 492/3 | €1,300 | - | -€1,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,804 | €16,386 | -€8,418 | -33.9% |
| Other operating charges | 640/8 | €887 | €714 | -€173 | -19.5% |
| Gross operating margin | 9900 | €34,748 | €20,390 | -€14,358 | -41.3% |
| Operating profit (loss) | 9901 | €9,057 | €3,290 | -€5,767 | -63.7% |
| Financial income | 75/76B | €19 | €28 | +€9 | +47.2% |
| Recurring financial income | 75 | €19 | €28 | +€9 | +47.2% |
| Financial charges | 65/66B | €3,954 | €2,890 | -€1,064 | -26.9% |
| Recurring financial charges | 65 | €3,954 | €2,890 | -€1,064 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €5,122 | €428 | -€4,694 | -91.6% |
| Income taxes | 67/77 | €3,266 | €1,864 | -€1,402 | -42.9% |
| Profit (loss) for the period | 9904 | €1,856 | -€1,437 | -€3,293 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,856 | -€1,437 | -€3,293 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.