MAVADI: 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.
MAVADI
Largest movements
- Cash -€12,153
down €12,153 (-95.4%), from €12,738 to €584
mainly Investment in fixed assets (net) (-€14,132) and Debts after one year (-€7,832)
- Financial fixed assets +€10,000
new in 2025: €10,000
- Tangible fixed assets -€7,356
down €7,356 (-17.5%), from €41,996 to €34,639
of which Leasing and similar rights: -€9,728
- Receivables within one year -€1,976
down €1,976 (-16.8%), from €11,739 to €9,764
of which Trade receivables: -€6,184
- Debts after one year -€7,832
down €7,832 (-31.0%), from €25,292 to €17,460
- Other debts +€6,053
up €6,053 (+47.8%), from €12,663 to €18,716
- Reserves -€5,416
down €5,416 (-65.4%), from €8,287 to €2,871
- Tax, wage and social debts -€3,154
down €3,154 (-49.4%), from €6,383 to €3,229
- Trade debts -€1,202
down €1,202 (-100%), from €1,202 to €0
- Gross operating margin -€16,398
down €16,398 (-58.1%), from €28,236 to €11,838
- Taxes -€2,259
down €2,259 (-91.5%), from €2,467 to €209
- Depreciation +€1,533
up €1,533 (+15.4%), from €9,955 to €11,488
- Staff costs -€1,506
down €1,506 (-54.3%), from €2,772 to €1,266
- Other operating charges -€403
down €403 (-13.5%), from €2,989 to €2,586
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 | €66,473 | €55,107 | -€11,366 | -17.1% |
| Fixed assets | 21/28 | €41,996 | €44,639 | +€2,644 | +6.3% |
| Tangible fixed assets | 22/27 | €41,996 | €34,639 | -€7,356 | -17.5% |
| Plant, machinery and equipment | 23 | €750 | €1,871 | +€1,120 | +149% |
| Furniture and vehicles | 24 | €2,015 | €3,266 | +€1,251 | +62.1% |
| Leasing and similar rights | 25 | €39,231 | €29,503 | -€9,728 | -24.8% |
| Financial fixed assets | 28 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €24,477 | €10,468 | -€14,009 | -57.2% |
| Amounts receivable within one year | 40/41 | €11,739 | €9,764 | -€1,976 | -16.8% |
| Trade receivables | 40 | €11,739 | €5,556 | -€6,184 | -52.7% |
| Other amounts receivable | 41 | - | €4,208 | +€4,208 | |
| Cash at bank and in hand | 54/58 | €12,738 | €584 | -€12,153 | -95.4% |
| Deferred charges and accrued income | 490/1 | - | €120 | +€120 | |
| Total equity and liabilities | 10/49 | €66,473 | €55,107 | -€11,366 | -17.1% |
| Equity | 10/15 | €13,287 | €7,871 | -€5,416 | -40.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €8,287 | €2,871 | -€5,416 | -65.4% |
| Distributable reserves | 133 | €8,287 | €2,871 | -€5,416 | -65.4% |
| Amounts payable | 17/49 | €53,186 | €47,236 | -€5,949 | -11.2% |
| Amounts payable after more than one year | 17 | €25,292 | €17,460 | -€7,832 | -31.0% |
| Financial debts | 170/4 | €25,292 | €17,460 | -€7,832 | -31.0% |
| Amounts payable within one year | 42/48 | €27,744 | €29,776 | +€2,032 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €7,496 | €7,832 | +€336 | +4.5% |
| Trade debts | 44 | €1,202 | €0 | -€1,202 | -100% |
| Suppliers | 440/4 | €1,202 | €0 | -€1,202 | -100% |
| Taxes, remuneration and social security | 45 | €6,383 | €3,229 | -€3,154 | -49.4% |
| Taxes | 450/3 | €6,383 | €3,229 | -€3,154 | -49.4% |
| Other amounts payable | 47/48 | €12,663 | €18,716 | +€6,053 | +47.8% |
| Accrued charges and deferred income | 492/3 | €150 | €0 | -€150 | -100% |
| Remuneration, social security and pensions | 62 | €2,772 | €1,266 | -€1,506 | -54.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,955 | €11,488 | +€1,533 | +15.4% |
| Other operating charges | 640/8 | €2,989 | €2,586 | -€403 | -13.5% |
| Gross operating margin | 9900 | €28,236 | €11,838 | -€16,398 | -58.1% |
| Operating profit (loss) | 9901 | €12,519 | -€3,502 | -€16,021 | |
| Financial income | 75/76B | €2 | €0 | -€2 | -96.2% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -96.2% |
| Financial charges | 65/66B | €1,767 | €1,706 | -€62 | -3.5% |
| Recurring financial charges | 65 | €1,767 | €1,706 | -€62 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €10,754 | -€5,208 | -€15,962 | |
| Income taxes | 67/77 | €2,467 | €209 | -€2,259 | -91.5% |
| Profit (loss) for the period | 9904 | €8,287 | -€5,416 | -€13,703 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,287 | -€5,416 | -€13,703 |
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 13 October 2026 via checked.be.