Ma-Vi Vacances: what changed
What changed
Ma-Vi Vacances
NACE 93.210, Sports, amusement and recreation activities
filed annual accounts (NBB)
Net result for the year
€24,139
2024 · €28,328-€4,190
Equity
€108,767
2024 · €145,163-€36,396
Cash
€20,306
2024 · €33,178-€12,872
Balance sheet total
€2.1m
2024 · €256,592+€1.9m
Largest movements
Assets
- Financial fixed assets +€1.6m
new in 2025: €1.6m
- Tangible fixed assets +€286,528
up €286,528 (+217%), from €131,876 to €418,404
of which Other tangible fixed assets: +€418,404
- Current investments -€75,000
no longer reported in 2025 (was €75,000)
- Receivables within one year +€55,468
up €55,468 (+433%), from €12,809 to €68,277
of which Trade receivables: +€50,754
Equity and liabilities
- Debts after one year +€1.8m
up €1.8m (+2,621%), from €69,843 to €1.9m
- Current portion of long-term debt +€69,391
up €69,391 (+333%), from €20,845 to €90,236
Income statement
- Gross operating margin +€37,058
up €37,058 (+49.8%), from €74,465 to €111,523
- Depreciation -€20,155
down €20,155 (-86.4%), from €23,332 to €3,176
- Financial charges +€19,711
up €19,711 (+553%), from €3,567 to €23,278
- Staff costs -€8,523
down €8,523 (-72.0%), from €11,843 to €3,320
- Taxes +€2,731
up €2,731 (+35.6%), from €7,663 to €10,394
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
€28,328
Gross operating margin
+€37,058
Staff costs
+€8,523
Depreciation
+€20,155
Other operating charges
-€33
Other operating items
-€47,299
Financial income
-€153
Financial charges
-€19,711
Taxes
-€2,731
Result 2025
€24,139
raises the resultlowers the resultnot broken down further in the accounts
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
-€17,698
Investment
-€1.8m
Financing
+€1.8m
Cash 2024
€33,178
From operations (derived)
-€17,698
Net result for the year
+€24,139
Depreciation
+€3,176
Receivables within one year
-€55,468
Smaller working-capital items
+€4,157
Accrued charges and deferred income
+€6,298
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€1.9m
Current investments
+€75,000
Financing
+€1.8m
Debts after one year
+€1.8m
Current portion of long-term debt
+€69,391
Contributions, distributions and other
-€60,535
Cash 2025
€20,306
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €256,592 | €2,130,293 | +€1.9m | +730% |
| Fixed assets | 21/28 | €131,876 | €2,038,404 | +€1.9m | +1,446% |
| Tangible fixed assets | 22/27 | €131,876 | €418,404 | +€286,528 | +217% |
| Furniture and vehicles | 24 | €131,876 | - | -€131,876 | |
| Other tangible fixed assets | 26 | - | €418,404 | +€418,404 | |
| Financial fixed assets | 28 | - | €1,620,000 | +€1.6m | |
| Current assets | 29/58 | €124,717 | €91,890 | -€32,827 | -26.3% |
| Amounts receivable within one year | 40/41 | €12,809 | €68,277 | +€55,468 | +433% |
| Trade receivables | 40 | €300 | €51,054 | +€50,754 | +16,918% |
| Other amounts receivable | 41 | €12,509 | €17,223 | +€4,714 | +37.7% |
| Current investments | 50/53 | €75,000 | - | -€75,000 | |
| Cash at bank and in hand | 54/58 | €33,178 | €20,306 | -€12,872 | -38.8% |
| Deferred charges and accrued income | 490/1 | €3,730 | €3,307 | -€423 | -11.3% |
| Total equity and liabilities | 10/49 | €256,592 | €2,130,293 | +€1.9m | +730% |
| Equity | 10/15 | €145,163 | €108,767 | -€36,396 | -25.1% |
| Contributions | 10/11 | €20,000 | - | -€20,000 | |
| Reserves | 13 | €125,163 | €108,767 | -€16,396 | -13.1% |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Distributable reserves | 133 | €123,163 | €108,767 | -€14,396 | -11.7% |
| Amounts payable | 17/49 | €111,429 | €2,021,526 | +€1.9m | +1,714% |
| Amounts payable after more than one year | 17 | €69,843 | €1,900,517 | +€1.8m | +2,621% |
| Financial debts | 170/4 | €69,843 | €1,900,517 | +€1.8m | +2,621% |
| Amounts payable within one year | 42/48 | €41,587 | €114,712 | +€73,125 | +176% |
| Current portion of amounts payable after more than one year | 42 | €20,845 | €90,236 | +€69,391 | +333% |
| Trade debts | 44 | €377 | €2,094 | +€1,717 | +456% |
| Suppliers | 440/4 | €377 | €2,094 | +€1,717 | +456% |
| Taxes, remuneration and social security | 45 | €1,365 | €3,382 | +€2,017 | +148% |
| Taxes | 450/3 | €1,365 | €3,382 | +€2,017 | +148% |
| Other amounts payable | 47/48 | €19,000 | €19,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €6,298 | +€6,298 | |
| Non-recurring operating income | 76A | - | €25,744 | +€25,744 | |
| Remuneration, social security and pensions | 62 | €11,843 | €3,320 | -€8,523 | -72.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,332 | €3,176 | -€20,155 | -86.4% |
| Other operating charges | 640/8 | €507 | €540 | +€33 | +6.6% |
| Non-recurring operating charges | 66A | - | €47,299 | +€47,299 | |
| Gross operating margin | 9900 | €74,465 | €111,523 | +€37,058 | +49.8% |
| Operating profit (loss) | 9901 | €38,783 | €57,189 | +€18,405 | +47.5% |
| Financial income | 75/76B | €775 | €622 | -€153 | -19.7% |
| Recurring financial income | 75 | €775 | €622 | -€153 | -19.7% |
| Financial charges | 65/66B | €3,567 | €23,278 | +€19,711 | +553% |
| Recurring financial charges | 65 | €3,567 | €23,278 | +€19,711 | +553% |
| Profit (loss) for the period before taxes | 9903 | €35,992 | €34,533 | -€1,459 | -4.1% |
| Income taxes | 67/77 | €7,663 | €10,394 | +€2,731 | +35.6% |
| Profit (loss) for the period | 9904 | €28,328 | €24,139 | -€4,190 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €28,328 | €24,139 | -€4,190 | -14.8% |
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 6 November 2026 via checked.be.