MAVACO: 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.
MAVACO
Largest movements
- Current investments -€400,248
down €400,248 (-40.0%), from €999,970 to €599,722
- Receivables within one year +€218,147
up €218,147 (+38.5%), from €566,154 to €784,301
of which Other amounts receivable: +€217,885
- Cash +€109,626
up €109,626 (+346%), from €31,720 to €141,346
mainly Current investments (+€400,248) and Net result for the year (+€157,087)
- Debts after one year -€200,768
down €200,768 (-100%), from €200,768 to €0
- Reserves +€157,087
up €157,087 (+14.2%), from €1.1m to €1.3m
- Other debts +€68,475
up €68,475 (+4.8%), from €1.4m to €1.5m
- Tax, wage and social debts -€66,275
down €66,275 (-47.3%), from €140,224 to €73,949
of which Taxes: -€64,385
- Accrued charges and deferred income -€30,926
down €30,926 (-53.3%), from €57,981 to €27,055
- Financial income -€289,922
down €289,922 (-84.7%), from €342,419 to €52,496
of which Non-recurring financial income: -€308,693
- Taxes -€94,170
down €94,170 (-55.1%), from €170,781 to €76,611
- Financial charges +€28,067
up €28,067 (+42.2%), from €66,551 to €94,618
- Gross operating margin +€12,725
up €12,725 (+4.6%), from €273,954 to €286,678
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 | €2,966,508 | €2,884,076 | -€82,432 | -2.8% |
| Fixed assets | 21/28 | €1,367,335 | €1,358,307 | -€9,028 | -0.7% |
| Tangible fixed assets | 22/27 | €9,749 | €721 | -€9,028 | -92.6% |
| Land and buildings | 22 | €0 | - | = | |
| Furniture and vehicles | 24 | €9,749 | €721 | -€9,028 | -92.6% |
| Financial fixed assets | 28 | €1,357,586 | €1,357,586 | = | 0.0% |
| Current assets | 29/58 | €1,599,173 | €1,525,769 | -€73,404 | -4.6% |
| Amounts receivable within one year | 40/41 | €566,154 | €784,301 | +€218,147 | +38.5% |
| Trade receivables | 40 | €0 | €262 | +€262 | |
| Other amounts receivable | 41 | €566,154 | €784,039 | +€217,885 | +38.5% |
| Current investments | 50/53 | €999,970 | €599,722 | -€400,248 | -40.0% |
| Cash at bank and in hand | 54/58 | €31,720 | €141,346 | +€109,626 | +346% |
| Deferred charges and accrued income | 490/1 | €1,329 | €400 | -€929 | -69.9% |
| Total equity and liabilities | 10/49 | €2,966,508 | €2,884,076 | -€82,432 | -2.8% |
| Equity | 10/15 | €1,127,370 | €1,284,456 | +€157,087 | +13.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,108,770 | €1,265,856 | +€157,087 | +14.2% |
| Distributable reserves | 133 | €1,108,770 | €1,265,856 | +€157,087 | +14.2% |
| Amounts payable | 17/49 | €1,839,139 | €1,599,620 | -€239,519 | -13.0% |
| Amounts payable after more than one year | 17 | €200,768 | €0 | -€200,768 | -100% |
| Financial debts | 170/4 | €200,768 | €0 | -€200,768 | -100% |
| Amounts payable within one year | 42/48 | €1,580,389 | €1,572,565 | -€7,825 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €9,170 | €768 | -€8,402 | -91.6% |
| Financial debts | 43 | €17 | €0 | -€17 | -100% |
| Credit institutions | 430/8 | €17 | €0 | -€17 | -100% |
| Trade debts | 44 | €2,675 | €1,070 | -€1,606 | -60.0% |
| Suppliers | 440/4 | €2,675 | €1,070 | -€1,606 | -60.0% |
| Taxes, remuneration and social security | 45 | €140,224 | €73,949 | -€66,275 | -47.3% |
| Taxes | 450/3 | €138,335 | €73,949 | -€64,385 | -46.5% |
| Remuneration and social security | 454/9 | €1,890 | €0 | -€1,890 | -100% |
| Other amounts payable | 47/48 | €1,428,302 | €1,496,777 | +€68,475 | +4.8% |
| Accrued charges and deferred income | 492/3 | €57,981 | €27,055 | -€30,926 | -53.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,028 | €9,028 | = | 0.0% |
| Other operating charges | 640/8 | €1,336 | €1,094 | -€243 | -18.2% |
| Non-recurring operating charges | 66A | €663 | €738 | +€75 | +11.3% |
| Gross operating margin | 9900 | €273,954 | €286,678 | +€12,725 | +4.6% |
| Operating profit (loss) | 9901 | €262,927 | €275,819 | +€12,892 | +4.9% |
| Financial income | 75/76B | €342,419 | €52,496 | -€289,922 | -84.7% |
| Recurring financial income | 75 | €33,726 | €52,496 | +€18,770 | +55.7% |
| Non-recurring financial income | 76B | €308,693 | €0 | -€308,693 | -100% |
| Financial charges | 65/66B | €66,551 | €94,618 | +€28,067 | +42.2% |
| Recurring financial charges | 65 | €66,551 | €94,618 | +€28,067 | +42.2% |
| Profit (loss) for the period before taxes | 9903 | €538,795 | €233,697 | -€305,098 | -56.6% |
| Income taxes | 67/77 | €170,781 | €76,611 | -€94,170 | -55.1% |
| Profit (loss) for the period | 9904 | €368,014 | €157,087 | -€210,927 | -57.3% |
| Profit (loss) for the period to be appropriated | 9905 | €368,014 | €157,087 | -€210,927 | -57.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.