M@VO: what changed
Two fiscal 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@VO
Largest movements
- Cash +€19,519
up €19,519 (+12.4%), from €156,855 to €176,375
mainly Net result for the year (+€53,049) and Tax, wage and social debts (+€23,081)
- Deferred charges and accrued income +€9,228
new in 2025: €9,228
- Receivables within one year -€9,214
down €9,214 (-7.6%), from €121,120 to €111,906
of which Other amounts receivable: -€9,747
- Tax, wage and social debts +€23,081
up €23,081 (+353.9%), from €6,522 to €29,603
of which Taxes: +€27,231
- Other debts -€3,129
no longer reported in 2025 (was €3,129)
- Gross operating margin -€14,915
down €14,915 (-16.4%), from €90,700 to €75,785
- Taxes -€3,340
down €3,340 (-13.2%), from €25,253 to €21,912
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.
Cash bridge derived
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 | €279,295 | €298,829 | +€19,533 | +7.0% |
| Fixed assets | 21/28 | €1,320 | €1,320 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,320 | €1,320 | = | 0.0% |
| Furniture and vehicles | 24 | €1,320 | €1,320 | = | 0.0% |
| Current assets | 29/58 | €277,975 | €297,509 | +€19,533 | +7.0% |
| Amounts receivable within one year | 40/41 | €121,120 | €111,906 | -€9,214 | -7.6% |
| Trade receivables | 40 | €33,873 | €34,406 | +€534 | +1.6% |
| Other amounts receivable | 41 | €87,247 | €77,500 | -€9,747 | -11.2% |
| Cash at bank and in hand | 54/58 | €156,855 | €176,375 | +€19,519 | +12.4% |
| Deferred charges and accrued income | 490/1 | - | €9,228 | +€9,228 | |
| Total equity and liabilities | 10/49 | €279,295 | €298,829 | +€19,533 | +7.0% |
| Equity | 10/15 | €263,990 | €263,151 | -€839 | -0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €257,790 | €256,951 | -€839 | -0.3% |
| 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 | €255,930 | €255,091 | -€839 | -0.3% |
| Amounts payable | 17/49 | €15,306 | €35,678 | +€20,372 | +133.1% |
| Amounts payable within one year | 42/48 | €15,306 | €35,678 | +€20,372 | +133.1% |
| Trade debts | 44 | €5,654 | €6,075 | +€421 | +7.4% |
| Suppliers | 440/4 | €5,654 | €6,075 | +€421 | +7.4% |
| Taxes, remuneration and social security | 45 | €6,522 | €29,603 | +€23,081 | +353.9% |
| Taxes | 450/3 | €2,372 | €29,603 | +€27,231 | +1147.8% |
| Remuneration and social security | 454/9 | €4,150 | - | -€4,150 | |
| Other amounts payable | 47/48 | €3,129 | - | -€3,129 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €880 | - | -€880 | |
| Other operating charges | 640/8 | €507 | €617 | +€109 | +21.5% |
| Gross operating margin | 9900 | €90,700 | €75,785 | -€14,915 | -16.4% |
| Operating profit (loss) | 9901 | €89,313 | €75,168 | -€14,145 | -15.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €257 | €207 | -€50 | -19.3% |
| Recurring financial charges | 65 | €257 | €207 | -€50 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €89,056 | €74,961 | -€14,095 | -15.8% |
| Income taxes | 67/77 | €25,253 | €21,912 | -€3,340 | -13.2% |
| Profit (loss) for the period | 9904 | €63,803 | €53,049 | -€10,755 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,803 | €53,049 | -€10,755 | -16.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.