MAV Management: 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.
MAV Management
Largest movements
- Deferred charges and accrued income +€7,471
new in 2025: €7,471
- Receivables within one year -€6,064
down €6,064 (-7.6%), from €79,326 to €73,263
of which Trade receivables: -€10,778
- Cash -€4,623
down €4,623 (-97.2%), from €4,756 to €133
mainly Trade debts (-€28,348) and Deferred charges and accrued income (-€7,471)
- Trade debts -€28,348
down €28,348 (-70.2%), from €40,394 to €12,046
- Reserves +€18,446
up €18,446 (+623.2%), from €2,960 to €21,406
- Tax, wage and social debts +€6,463
up €6,463 (+17.0%), from €38,007 to €44,470
- Gross operating margin +€7,185
up €7,185 (+32.9%), from €21,809 to €28,995
- Taxes -€7,074
down €7,074 (-48.8%), from €14,490 to €7,416
- Financial income +€1,864
up €1,864 (+181.8%), from €1,025 to €2,890
- Financial charges +€698
up €698 (+76.0%), from €918 to €1,616
- Other operating charges -€346
down €346 (-9.7%), from €3,580 to €3,233
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 | €86,361 | €82,922 | -€3,439 | -4.0% |
| Fixed assets | 21/28 | €2,278 | €2,055 | -€223 | -9.8% |
| Tangible fixed assets | 22/27 | €2,278 | €2,055 | -€223 | -9.8% |
| Plant, machinery and equipment | 23 | €1,266 | €1,296 | +€31 | +2.4% |
| Furniture and vehicles | 24 | €1,012 | €759 | -€253 | -25.0% |
| Current assets | 29/58 | €84,083 | €80,867 | -€3,216 | -3.8% |
| Amounts receivable within one year | 40/41 | €79,326 | €73,263 | -€6,064 | -7.6% |
| Trade receivables | 40 | €45,520 | €34,742 | -€10,778 | -23.7% |
| Other amounts receivable | 41 | €33,806 | €38,521 | +€4,714 | +13.9% |
| Cash at bank and in hand | 54/58 | €4,756 | €133 | -€4,623 | -97.2% |
| Deferred charges and accrued income | 490/1 | - | €7,471 | +€7,471 | |
| Total equity and liabilities | 10/49 | €86,361 | €82,922 | -€3,439 | -4.0% |
| Equity | 10/15 | €7,960 | €26,406 | +€18,446 | +231.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €2,960 | €21,406 | +€18,446 | +623.2% |
| Distributable reserves | 133 | €2,960 | €21,406 | +€18,446 | +623.2% |
| Amounts payable | 17/49 | €78,401 | €56,516 | -€21,885 | -27.9% |
| Amounts payable within one year | 42/48 | €78,401 | €56,516 | -€21,885 | -27.9% |
| Trade debts | 44 | €40,394 | €12,046 | -€28,348 | -70.2% |
| Suppliers | 440/4 | €40,394 | €12,046 | -€28,348 | -70.2% |
| Taxes, remuneration and social security | 45 | €38,007 | €44,470 | +€6,463 | +17.0% |
| Taxes | 450/3 | €38,007 | €44,470 | +€6,463 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €886 | €1,172 | +€286 | +32.3% |
| Other operating charges | 640/8 | €3,580 | €3,233 | -€346 | -9.7% |
| Gross operating margin | 9900 | €21,809 | €28,995 | +€7,185 | +32.9% |
| Operating profit (loss) | 9901 | €17,343 | €24,589 | +€7,246 | +41.8% |
| Financial income | 75/76B | €1,025 | €2,890 | +€1,864 | +181.8% |
| Recurring financial income | 75 | €1,025 | €2,890 | +€1,864 | +181.8% |
| Financial charges | 65/66B | €918 | €1,616 | +€698 | +76.0% |
| Recurring financial charges | 65 | €918 | €1,616 | +€698 | +76.0% |
| Profit (loss) for the period before taxes | 9903 | €17,450 | €25,862 | +€8,412 | +48.2% |
| Income taxes | 67/77 | €14,490 | €7,416 | -€7,074 | -48.8% |
| Profit (loss) for the period | 9904 | €2,960 | €18,446 | +€15,486 | +523.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,960 | €18,446 | +€15,486 | +523.2% |
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 4 October 2026 via checked.be.