MAVA: 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.
MAVA
Largest movements
- Tangible fixed assets -€20,966
down €20,966 (-7.0%), from €298,257 to €277,292
of which Land and buildings: -€17,380
- Cash +€7,747
up €7,747 (+74.9%), from €10,341 to €18,087
mainly Depreciation (+€22,645) and Trade debts (+€10,858)
- Receivables within one year +€3,818
up €3,818 (+34.1%), from €11,193 to €15,011
of which Trade receivables: +€6,308
- Debts after one year -€24,041
down €24,041 (-7.3%), from €327,221 to €303,180
- Trade debts +€10,858
up €10,858 (+121.6%), from €8,926 to €19,783
- Gross operating margin +€6,200
up €6,200 (+21.8%), from €28,425 to €34,625
- Depreciation -€1,931
down €1,931 (-7.9%), from €24,575 to €22,645
- Financial charges +€949
up €949 (+15.0%), from €6,329 to €7,279
- Other operating charges +€549
up €549 (+29.1%), from €1,885 to €2,434
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 | €324,746 | €315,462 | -€9,284 | -2.9% |
| Fixed assets | 21/28 | €298,782 | €277,817 | -€20,966 | -7.0% |
| Tangible fixed assets | 22/27 | €298,257 | €277,292 | -€20,966 | -7.0% |
| Land and buildings | 22 | €261,989 | €244,609 | -€17,380 | -6.6% |
| Plant, machinery and equipment | 23 | €2,016 | €1,778 | -€238 | -11.8% |
| Furniture and vehicles | 24 | €333 | - | -€333 | |
| Other tangible fixed assets | 26 | €33,919 | €30,905 | -€3,014 | -8.9% |
| Financial fixed assets | 28 | €525 | €525 | = | 0.0% |
| Current assets | 29/58 | €25,964 | €37,645 | +€11,681 | +45.0% |
| Stocks and contracts in progress | 3 | €320 | €275 | -€45 | -14.1% |
| Stocks | 30/36 | €320 | €275 | -€45 | -14.1% |
| Amounts receivable within one year | 40/41 | €11,193 | €15,011 | +€3,818 | +34.1% |
| Trade receivables | 40 | €3,170 | €9,478 | +€6,308 | +199.0% |
| Other amounts receivable | 41 | €8,023 | €5,533 | -€2,490 | -31.0% |
| Cash at bank and in hand | 54/58 | €10,341 | €18,087 | +€7,747 | +74.9% |
| Deferred charges and accrued income | 490/1 | €4,110 | €4,272 | +€162 | +3.9% |
| Total equity and liabilities | 10/49 | €324,746 | €315,462 | -€9,284 | -2.9% |
| Equity | 10/15 | -€36,712 | -€34,268 | +€2,444 | +6.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,912 | -€40,468 | +€2,444 | +5.7% |
| Amounts payable | 17/49 | €361,458 | €349,729 | -€11,728 | -3.2% |
| Amounts payable after more than one year | 17 | €327,221 | €303,180 | -€24,041 | -7.3% |
| Financial debts | 170/4 | €327,221 | €303,180 | -€24,041 | -7.3% |
| Amounts payable within one year | 42/48 | €34,237 | €46,549 | +€12,312 | +36.0% |
| Current portion of amounts payable after more than one year | 42 | €23,730 | €24,041 | +€310 | +1.3% |
| Trade debts | 44 | €8,926 | €19,783 | +€10,858 | +121.6% |
| Suppliers | 440/4 | €8,926 | €19,783 | +€10,858 | +121.6% |
| Taxes, remuneration and social security | 45 | €1,496 | €1,690 | +€194 | +12.9% |
| Taxes | 450/3 | €1,496 | €1,690 | +€194 | +12.9% |
| Other amounts payable | 47/48 | €85 | €1,035 | +€951 | +1122.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,575 | €22,645 | -€1,931 | -7.9% |
| Other operating charges | 640/8 | €1,885 | €2,434 | +€549 | +29.1% |
| Gross operating margin | 9900 | €28,425 | €34,625 | +€6,200 | +21.8% |
| Operating profit (loss) | 9901 | €1,965 | €9,547 | +€7,582 | +385.9% |
| Financial income | 75/76B | €7 | €176 | +€169 | +2424.7% |
| Recurring financial income | 75 | €7 | €176 | +€169 | +2424.7% |
| Financial charges | 65/66B | €6,329 | €7,279 | +€949 | +15.0% |
| Recurring financial charges | 65 | €6,329 | €7,279 | +€949 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,358 | €2,444 | +€6,802 | |
| Profit (loss) for the period | 9904 | -€4,358 | €2,444 | +€6,802 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,358 | €2,444 | +€6,802 |
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 9 October 2026 via checked.be.