Maelvest: 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.
Maelvest
Largest movements
- Cash -€224,125
down €224,125 (-95.9%), from €233,805 to €9,680
mainly Contributions, distributions and other (-€500,000)
- Tangible fixed assets -€32,550
down €32,550 (-25.6%), from €127,340 to €94,790
of which Furniture and vehicles: -€17,291
- Reserves -€263,363
down €263,363 (-46.6%), from €564,807 to €301,444
- Financial income -€25,883
down €25,883 (-56.1%), from €46,103 to €20,220
- Taxes +€3,971
up €3,971 (+5.6%), from €70,431 to €74,402
- Gross operating margin +€3,535
up €3,535 (+1.0%), from €339,390 to €342,925
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 | €591,400 | €333,634 | -€257,767 | -43.6% |
| Fixed assets | 21/28 | €336,094 | €303,544 | -€32,550 | -9.7% |
| Tangible fixed assets | 22/27 | €127,340 | €94,790 | -€32,550 | -25.6% |
| Plant, machinery and equipment | 23 | €100,906 | €85,647 | -€15,259 | -15.1% |
| Furniture and vehicles | 24 | €26,434 | €9,143 | -€17,291 | -65.4% |
| Financial fixed assets | 28 | €208,754 | €208,754 | = | 0.0% |
| Current assets | 29/58 | €255,306 | €30,090 | -€225,216 | -88.2% |
| Amounts receivable within one year | 40/41 | €19,377 | €18,858 | -€519 | -2.7% |
| Other amounts receivable | 41 | €19,377 | €18,858 | -€519 | -2.7% |
| Cash at bank and in hand | 54/58 | €233,805 | €9,680 | -€224,125 | -95.9% |
| Deferred charges and accrued income | 490/1 | €2,124 | €1,552 | -€573 | -27.0% |
| Total equity and liabilities | 10/49 | €591,400 | €333,634 | -€257,767 | -43.6% |
| Equity | 10/15 | €583,407 | €320,044 | -€263,363 | -45.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €564,807 | €301,444 | -€263,363 | -46.6% |
| Distributable reserves | 133 | €564,807 | €301,444 | -€263,363 | -46.6% |
| Amounts payable | 17/49 | €7,993 | €13,589 | +€5,597 | +70.0% |
| Amounts payable within one year | 42/48 | €7,993 | €13,589 | +€5,597 | +70.0% |
| Trade debts | 44 | €3,861 | €3,877 | +€16 | +0.4% |
| Suppliers | 440/4 | €3,861 | €3,877 | +€16 | +0.4% |
| Taxes, remuneration and social security | 45 | €3,799 | €9,166 | +€5,367 | +141% |
| Taxes | 450/3 | €1,531 | €4,888 | +€3,357 | +219% |
| Remuneration and social security | 454/9 | €2,268 | €4,279 | +€2,010 | +88.6% |
| Other amounts payable | 47/48 | €333 | €547 | +€214 | +64.1% |
| Remuneration, social security and pensions | 62 | €15,331 | €18,253 | +€2,922 | +19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,011 | €32,550 | +€539 | +1.7% |
| Other operating charges | 640/8 | €629 | €1,110 | +€480 | +76.3% |
| Gross operating margin | 9900 | €339,390 | €342,925 | +€3,535 | +1.0% |
| Operating profit (loss) | 9901 | €291,419 | €291,012 | -€407 | -0.1% |
| Financial income | 75/76B | €46,103 | €20,220 | -€25,883 | -56.1% |
| Recurring financial income | 75 | €46,103 | €20,220 | -€25,883 | -56.1% |
| Financial charges | 65/66B | €313 | €193 | -€119 | -38.2% |
| Recurring financial charges | 65 | €313 | €193 | -€119 | -38.2% |
| Profit (loss) for the period before taxes | 9903 | €337,209 | €311,039 | -€26,170 | -7.8% |
| Income taxes | 67/77 | €70,431 | €74,402 | +€3,971 | +5.6% |
| Profit (loss) for the period | 9904 | €266,778 | €236,637 | -€30,141 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €266,778 | €236,637 | -€30,141 | -11.3% |
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 16 October 2026 via checked.be.