M.A.V. Direct: 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.
M.A.V. Direct
Largest movements
- Receivables within one year -€23,262
down €23,262 (-6.9%), from €335,593 to €312,331
of which Other amounts receivable: -€25,828
- Cash +€5,985
up €5,985 (+69.2%), from €8,653 to €14,638
mainly Receivables within one year (+€23,262) and Current portion of long-term debt (+€4,500)
- Profit (loss) carried forward -€15,380
down €15,380 (-5.4%), from €283,701 to €268,320
- Reserves -€5,000
down €5,000 (-13.6%), from €36,865 to €31,865
of which Tax-exempt reserves: -€5,000
- Current portion of long-term debt +€4,500
new in 2025: €4,500
- Staff costs +€37,676
up €37,676 (+102%), from €37,010 to €74,685
- Financial income -€18,699
down €18,699 (-100.0%), from €18,700 to €1
- Turnover +€15,409
up €15,409 (+13.2%), from €116,437 to €131,847
- Purchases and services +€9,975
up €9,975 (+16.1%), from €62,094 to €72,069
- Taxes -€9,889
down €9,889 (-92.0%), from €10,745 to €857
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 | €349,662 | €332,385 | -€17,277 | -4.9% |
| Fixed assets | 21/28 | €5,416 | €5,416 | = | 0.0% |
| Financial fixed assets | 28 | €5,416 | €5,416 | = | 0.0% |
| Current assets | 29/58 | €344,246 | €326,970 | -€17,277 | -5.0% |
| Amounts receivable within one year | 40/41 | €335,593 | €312,331 | -€23,262 | -6.9% |
| Trade receivables | 40 | €17,691 | €20,258 | +€2,567 | +14.5% |
| Other amounts receivable | 41 | €317,902 | €292,074 | -€25,828 | -8.1% |
| Cash at bank and in hand | 54/58 | €8,653 | €14,638 | +€5,985 | +69.2% |
| Total equity and liabilities | 10/49 | €349,662 | €332,385 | -€17,277 | -4.9% |
| Equity | 10/15 | €326,766 | €306,385 | -€20,380 | -6.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €36,865 | €31,865 | -€5,000 | -13.6% |
| Non-distributable reserves | 130/1 | €1,865 | €1,865 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,865 | €1,865 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,000 | €30,000 | -€5,000 | -14.3% |
| Profit (loss) carried forward | 14 | €283,701 | €268,320 | -€15,380 | -5.4% |
| Amounts payable | 17/49 | €22,896 | €26,000 | +€3,104 | +13.6% |
| Amounts payable within one year | 42/48 | €22,896 | €26,000 | +€3,104 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | - | €4,500 | +€4,500 | |
| Trade debts | 44 | €1,399 | €483 | -€917 | -65.5% |
| Suppliers | 440/4 | €1,399 | €483 | -€917 | -65.5% |
| Taxes, remuneration and social security | 45 | €21,497 | €21,018 | -€480 | -2.2% |
| Taxes | 450/3 | €21,497 | €14,105 | -€7,392 | -34.4% |
| Remuneration and social security | 454/9 | - | €6,912 | +€6,912 | |
| Turnover | 70 | €116,437 | €131,847 | +€15,409 | +13.2% |
| Non-recurring operating income | 76A | - | €31 | +€31 | |
| Goods, raw materials, services and sundry goods | 60/61 | €62,094 | €72,069 | +€9,975 | +16.1% |
| Remuneration, social security and pensions | 62 | €37,010 | €74,685 | +€37,676 | +102% |
| Other operating charges | 640/8 | €346 | €751 | +€405 | +117% |
| Gross operating margin | 9900 | €55,943 | €61,458 | +€5,515 | +9.9% |
| Operating profit (loss) | 9901 | €18,587 | -€13,978 | -€32,565 | |
| Financial income | 75/76B | €18,700 | €1 | -€18,699 | -100.0% |
| Recurring financial income | 75 | €18,700 | €1 | -€18,699 | -100.0% |
| Financial charges | 65/66B | €317 | €546 | +€229 | +72.4% |
| Recurring financial charges | 65 | €317 | €546 | +€229 | +72.4% |
| Profit (loss) for the period before taxes | 9903 | €36,970 | -€14,524 | -€51,494 | |
| Income taxes | 67/77 | €10,745 | €857 | -€9,889 | -92.0% |
| Profit (loss) for the period | 9904 | €26,225 | -€15,380 | -€41,605 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,225 | -€15,380 | -€41,605 |
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 18 October 2026 via checked.be.