MAERVOET: 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.
MAERVOET
Largest movements
- Cash -€33,568
down €33,568 (-15.5%), from €216,213 to €182,644
mainly Contributions, distributions and other (-€38,250) and Current investments (-€24,000)
- Receivables within one year -€25,027
down €25,027 (-51.4%), from €48,663 to €23,636
of which Trade receivables: -€26,600
- Current investments +€24,000
up €24,000 (+30.2%), from €79,432 to €103,432
- Deferred charges and accrued income +€4,979
up €4,979 (+150%), from €3,310 to €8,289
- Reserves -€22,508
down €22,508 (-8.4%), from €268,975 to €246,467
- Other debts -€8,208
down €8,208 (-13.9%), from €58,893 to €50,685
- Trade debts -€5,830
no longer reported in 2025 (was €5,830)
- Gross operating margin -€57,793
down €57,793 (-75.1%), from €76,954 to €19,161
- Taxes -€20,558
down €20,558 (-81.9%), from €25,100 to €4,542
- Financial income +€3,445
up €3,445 (+268%), from €1,286 to €4,731
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 | €362,333 | €329,898 | -€32,435 | -9.0% |
| Fixed assets | 21/28 | €6,716 | €3,897 | -€2,819 | -42.0% |
| Tangible fixed assets | 22/27 | €6,691 | €3,872 | -€2,819 | -42.1% |
| Plant, machinery and equipment | 23 | €3,295 | €1,857 | -€1,438 | -43.7% |
| Furniture and vehicles | 24 | €3,396 | €2,015 | -€1,380 | -40.7% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €355,618 | €326,002 | -€29,616 | -8.3% |
| Stocks and contracts in progress | 3 | €8,000 | €8,000 | = | 0.0% |
| Stocks | 30/36 | €8,000 | €8,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €48,663 | €23,636 | -€25,027 | -51.4% |
| Trade receivables | 40 | €46,618 | €20,019 | -€26,600 | -57.1% |
| Other amounts receivable | 41 | €2,044 | €3,617 | +€1,572 | +76.9% |
| Current investments | 50/53 | €79,432 | €103,432 | +€24,000 | +30.2% |
| Cash at bank and in hand | 54/58 | €216,213 | €182,644 | -€33,568 | -15.5% |
| Deferred charges and accrued income | 490/1 | €3,310 | €8,289 | +€4,979 | +150% |
| Total equity and liabilities | 10/49 | €362,333 | €329,898 | -€32,435 | -9.0% |
| Equity | 10/15 | €275,975 | €253,467 | -€22,508 | -8.2% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €268,975 | €246,467 | -€22,508 | -8.4% |
| Distributable reserves | 133 | €268,975 | €246,467 | -€22,508 | -8.4% |
| Amounts payable | 17/49 | €86,359 | €76,432 | -€9,927 | -11.5% |
| Amounts payable within one year | 42/48 | €84,964 | €73,462 | -€11,503 | -13.5% |
| Trade debts | 44 | €5,830 | - | -€5,830 | |
| Suppliers | 440/4 | €5,830 | - | -€5,830 | |
| Taxes, remuneration and social security | 45 | €20,241 | €22,777 | +€2,536 | +12.5% |
| Taxes | 450/3 | €20,241 | €18,517 | -€1,724 | -8.5% |
| Remuneration and social security | 454/9 | - | €4,260 | +€4,260 | |
| Other amounts payable | 47/48 | €58,893 | €50,685 | -€8,208 | -13.9% |
| Accrued charges and deferred income | 492/3 | €1,394 | €2,970 | +€1,576 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,005 | €2,819 | -€186 | -6.2% |
| Other operating charges | 640/8 | €976 | €641 | -€336 | -34.4% |
| Gross operating margin | 9900 | €76,954 | €19,161 | -€57,793 | -75.1% |
| Operating profit (loss) | 9901 | €72,973 | €15,702 | -€57,271 | -78.5% |
| Financial income | 75/76B | €1,286 | €4,731 | +€3,445 | +268% |
| Recurring financial income | 75 | €1,286 | €4,731 | +€3,445 | +268% |
| Financial charges | 65/66B | €131 | €149 | +€17 | +13.1% |
| Recurring financial charges | 65 | €131 | €149 | +€17 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €74,128 | €20,284 | -€53,844 | -72.6% |
| Income taxes | 67/77 | €25,100 | €4,542 | -€20,558 | -81.9% |
| Profit (loss) for the period | 9904 | €49,028 | €15,742 | -€33,286 | -67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €49,028 | €15,742 | -€33,286 | -67.9% |
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 13 October 2026 via checked.be.