MAVAL: 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.
MAVAL
Largest movements
- Cash -€10,433
down €10,433 (-44.7%), from €23,342 to €12,909
mainly Net result for the year (-€16,255) and Investment in fixed assets (net) (-€2,985)
- Tangible fixed assets -€6,599
down €6,599 (-53.2%), from €12,414 to €5,815
of which Furniture and vehicles: -€6,150
- Receivables within one year -€3,248
down €3,248 (-19.9%), from €16,318 to €13,069
- Financial fixed assets +€2,985
new in 2025: €2,985
- Profit (loss) carried forward -€16,255
down €16,255 (-769%), from -€2,113 to -€18,368
- Trade debts -€636
no longer reported in 2025 (was €636)
- Tax, wage and social debts -€606
down €606 (-57.3%), from €1,057 to €451
- Gross operating margin -€14,892
down €14,892, from €6,278 to -€8,613
- Taxes -€437
down €437 (-49.2%), from €888 to €451
- Other operating charges -€312
down €312 (-46.7%), from €667 to €356
- Financial charges -€126
down €126 (-32.9%), from €383 to €257
- Financial income -€124
down €124 (-85.5%), from €145 to €21
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 | €52,852 | €35,355 | -€17,497 | -33.1% |
| Fixed assets | 21/28 | €12,414 | €8,800 | -€3,614 | -29.1% |
| Tangible fixed assets | 22/27 | €12,414 | €5,815 | -€6,599 | -53.2% |
| Plant, machinery and equipment | 23 | €1,496 | €1,047 | -€449 | -30.0% |
| Furniture and vehicles | 24 | €10,918 | €4,768 | -€6,150 | -56.3% |
| Financial fixed assets | 28 | - | €2,985 | +€2,985 | |
| Current assets | 29/58 | €40,438 | €26,555 | -€13,883 | -34.3% |
| Amounts receivable within one year | 40/41 | €16,318 | €13,069 | -€3,248 | -19.9% |
| Other amounts receivable | 41 | €16,318 | €13,069 | -€3,248 | -19.9% |
| Cash at bank and in hand | 54/58 | €23,342 | €12,909 | -€10,433 | -44.7% |
| Deferred charges and accrued income | 490/1 | €778 | €577 | -€201 | -25.9% |
| Total equity and liabilities | 10/49 | €52,852 | €35,355 | -€17,497 | -33.1% |
| Equity | 10/15 | €51,159 | €34,904 | -€16,255 | -31.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €47,072 | €47,072 | = | 0.0% |
| Distributable reserves | 133 | €47,072 | €47,072 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,113 | -€18,368 | -€16,255 | -769% |
| Amounts payable | 17/49 | €1,693 | €451 | -€1,242 | -73.4% |
| Amounts payable within one year | 42/48 | €1,693 | €451 | -€1,242 | -73.4% |
| Trade debts | 44 | €636 | - | -€636 | |
| Suppliers | 440/4 | €636 | - | -€636 | |
| Taxes, remuneration and social security | 45 | €1,057 | €451 | -€606 | -57.3% |
| Taxes | 450/3 | €1,057 | €451 | -€606 | -57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,599 | €6,599 | = | 0.0% |
| Other operating charges | 640/8 | €667 | €356 | -€312 | -46.7% |
| Gross operating margin | 9900 | €6,278 | -€8,613 | -€14,892 | |
| Operating profit (loss) | 9901 | -€988 | -€15,568 | -€14,580 | -1,476% |
| Financial income | 75/76B | €145 | €21 | -€124 | -85.5% |
| Recurring financial income | 75 | €145 | €21 | -€124 | -85.5% |
| Financial charges | 65/66B | €383 | €257 | -€126 | -32.9% |
| Recurring financial charges | 65 | €383 | €257 | -€126 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,226 | -€15,804 | -€14,578 | -1,189% |
| Income taxes | 67/77 | €888 | €451 | -€437 | -49.2% |
| Profit (loss) for the period | 9904 | -€2,113 | -€16,255 | -€14,142 | -669% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,113 | -€16,255 | -€14,142 | -669% |
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.