MAVACO: 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.
MAVACO
Largest movements
- Tangible fixed assets +€39,449
up €39,449 (+11.5%), from €341,660 to €381,109
- Current assets +€7,516
up €7,516 (+29.8%), from €25,251 to €32,766
of which Cash: +€17,114
- Debts +€38,249
up €38,249 (+166.6%), from €22,958 to €61,207
- Reserves +€32,571
up €32,571 (+26.0%), from €125,463 to €158,033
- Profit (loss) carried forward -€23,856
down €23,856 (-73.2%), from €32,571 to €8,715
- Gross operating margin +€6,637
up €6,637 (+13.4%), from €49,358 to €55,996
- Depreciation +€4,679
up €4,679 (+17.1%), from €27,305 to €31,984
- Taxes -€1,042
down €1,042 (-24.1%), from €4,327 to €3,285
From the 2019 result to the 2020 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2019 | 2020 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €366,911 | €413,875 | +€46,964 | +12.8% |
| Fixed assets | 21/28 | €341,660 | €381,109 | +€39,449 | +11.5% |
| Tangible fixed assets | 22/27 | €341,660 | €381,109 | +€39,449 | +11.5% |
| Current assets | 29/58 | €25,251 | €32,766 | +€7,516 | +29.8% |
| Amounts receivable within one year | 40/41 | €12,496 | €2,650 | -€9,846 | -78.8% |
| Cash at bank and in hand | 54/58 | €11,299 | €28,414 | +€17,114 | +151.5% |
| Total equity and liabilities | 10/49 | €366,911 | €413,875 | +€46,964 | +12.8% |
| Equity | 10/15 | €343,953 | €352,668 | +€8,715 | +2.5% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €125,463 | €158,033 | +€32,571 | +26.0% |
| Profit (loss) carried forward | 14 | €32,571 | €8,715 | -€23,856 | -73.2% |
| Amounts payable | 17/49 | €22,958 | €61,207 | +€38,249 | +166.6% |
| Amounts payable within one year | 42/48 | €22,958 | €50,872 | +€27,915 | +121.6% |
| Trade debts | 44 | €11,200 | €1,155 | -€10,045 | -89.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,305 | €31,984 | +€4,679 | +17.1% |
| Gross operating margin | 9900 | €49,358 | €55,996 | +€6,637 | +13.4% |
| Operating profit (loss) | 9901 | €12,292 | €13,978 | +€1,686 | +13.7% |
| Recurring financial income | 75 | €1,097 | €149 | -€948 | -86.4% |
| Recurring financial charges | 65 | €393 | €2,127 | +€1,734 | +441.4% |
| Profit (loss) for the period before taxes | 9903 | €12,996 | €12,000 | -€996 | -7.7% |
| Income taxes | 67/77 | €4,327 | €3,285 | -€1,042 | -24.1% |
| Profit (loss) for the period | 9904 | €8,669 | €8,715 | +€46 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,669 | €8,715 | +€46 | +0.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2019 and 31 December 2020. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.