MAVAC: 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.
MAVAC
Largest movements
- Tangible fixed assets +€85,567
up €85,567 (+1201.5%), from €7,122 to €92,689
of which Furniture and vehicles: +€83,592
- Financial fixed assets +€56,799
up €56,799 (+15.1%), from €375,506 to €432,305
- Receivables within one year -€36,275
down €36,275 (-25.3%), from €143,193 to €106,918
of which Trade receivables: -€41,915
- Reserves +€151,877
up €151,877 (+4.7%), from €3.2m to €3.4m
of which Distributable reserves: +€151,877
- Trade debts -€50,201
down €50,201 (-96.9%), from €51,833 to €1,631
- Other debts +€45,000
up €45,000, from €0 to €45,000
- Gross operating margin +€47,359
up €47,359 (+49.8%), from €95,059 to €142,418
- Financial charges -€31,521
down €31,521 (-99.5%), from €31,677 to €156
- Taxes -€27,919
down €27,919 (-37.7%), from €74,095 to €46,176
- Financial income -€13,592
down €13,592 (-10.9%), from €125,210 to €111,618
- Depreciation +€5,808
up €5,808 (+116.9%), from €4,966 to €10,774
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 | €3,302,238 | €3,426,278 | +€124,040 | +3.8% |
| Fixed assets | 21/28 | €382,627 | €524,994 | +€142,366 | +37.2% |
| Tangible fixed assets | 22/27 | €7,122 | €92,689 | +€85,567 | +1201.5% |
| Plant, machinery and equipment | 23 | €1,057 | €3,334 | +€2,276 | +215.3% |
| Furniture and vehicles | 24 | €3,666 | €87,258 | +€83,592 | +2280.2% |
| Other tangible fixed assets | 26 | €2,399 | €2,097 | -€301 | -12.6% |
| Financial fixed assets | 28 | €375,506 | €432,305 | +€56,799 | +15.1% |
| Current assets | 29/58 | €2,919,610 | €2,901,284 | -€18,326 | -0.6% |
| Amounts receivable within one year | 40/41 | €143,193 | €106,918 | -€36,275 | -25.3% |
| Trade receivables | 40 | €138,643 | €96,728 | -€41,915 | -30.2% |
| Other amounts receivable | 41 | €4,551 | €10,190 | +€5,640 | +123.9% |
| Current investments | 50/53 | €2,568,051 | €2,584,144 | +€16,093 | +0.6% |
| Cash at bank and in hand | 54/58 | €207,581 | €209,711 | +€2,129 | +1.0% |
| Deferred charges and accrued income | 490/1 | €785 | €511 | -€274 | -34.9% |
| Total equity and liabilities | 10/49 | €3,302,238 | €3,426,278 | +€124,040 | +3.8% |
| Equity | 10/15 | €3,214,070 | €3,365,947 | +€151,877 | +4.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,201,670 | €3,353,547 | +€151,877 | +4.7% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €3,201,670 | €3,353,547 | +€151,877 | +4.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €88,167 | €60,331 | -€27,837 | -31.6% |
| Amounts payable within one year | 42/48 | €88,167 | €53,333 | -€34,834 | -39.5% |
| Trade debts | 44 | €51,833 | €1,631 | -€50,201 | -96.9% |
| Suppliers | 440/4 | €51,833 | €1,631 | -€50,201 | -96.9% |
| Taxes, remuneration and social security | 45 | €36,335 | €6,702 | -€29,633 | -81.6% |
| Taxes | 450/3 | €36,335 | €6,702 | -€29,633 | -81.6% |
| Other amounts payable | 47/48 | €0 | €45,000 | +€45,000 | |
| Accrued charges and deferred income | 492/3 | €0 | €6,998 | +€6,998 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,966 | €10,774 | +€5,808 | +116.9% |
| Other operating charges | 640/8 | €349 | €53 | -€296 | -84.8% |
| Gross operating margin | 9900 | €95,059 | €142,418 | +€47,359 | +49.8% |
| Operating profit (loss) | 9901 | €89,744 | €131,591 | +€41,847 | +46.6% |
| Financial income | 75/76B | €125,210 | €111,618 | -€13,592 | -10.9% |
| Recurring financial income | 75 | €125,210 | €111,618 | -€13,592 | -10.9% |
| Financial charges | 65/66B | €31,677 | €156 | -€31,521 | -99.5% |
| Recurring financial charges | 65 | €31,677 | €156 | -€31,521 | -99.5% |
| Profit (loss) for the period before taxes | 9903 | €183,276 | €243,053 | +€59,776 | +32.6% |
| Income taxes | 67/77 | €74,095 | €46,176 | -€27,919 | -37.7% |
| Profit (loss) for the period | 9904 | €109,181 | €196,877 | +€87,696 | +80.3% |
| Transfer from tax-exempt reserves | 789 | €231,550 | €0 | -€231,550 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €340,731 | €196,877 | -€143,854 | -42.2% |
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 2 October 2026 via checked.be.