MAVALAM: 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.
MAVALAM
Largest movements
- Intangible fixed assets -€19,193
down €19,193 (-20.0%), from €95,967 to €76,774
- Tangible fixed assets +€6,804
up €6,804 (+98.7%), from €6,896 to €13,700
- Cash -€4,315
down €4,315 (-26.2%), from €16,442 to €12,127
mainly Other debts (-€13,158) and Investment in fixed assets (net) (-€8,799)
- Receivables within one year -€2,396
no longer reported in 2025 (was €2,396)
- Other debts -€13,158
down €13,158 (-27.4%), from €47,954 to €34,795
- Profit (loss) carried forward -€5,517
down €5,517 (-9.1%), from €60,687 to €55,170
- Depreciation -€939
down €939 (-4.2%), from €22,128 to €21,189
- Gross operating margin -€731
down €731 (-3.9%), from €18,737 to €18,006
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 | €122,286 | €102,601 | -€19,685 | -16.1% |
| Fixed assets | 21/28 | €102,864 | €90,474 | -€12,390 | -12.0% |
| Intangible fixed assets | 21 | €95,967 | €76,774 | -€19,193 | -20.0% |
| Tangible fixed assets | 22/27 | €6,896 | €13,700 | +€6,804 | +98.7% |
| Plant, machinery and equipment | 23 | €6,896 | €13,700 | +€6,804 | +98.7% |
| Current assets | 29/58 | €19,422 | €12,127 | -€7,295 | -37.6% |
| Amounts receivable within one year | 40/41 | €2,396 | - | -€2,396 | |
| Trade receivables | 40 | €2,396 | - | -€2,396 | |
| Cash at bank and in hand | 54/58 | €16,442 | €12,127 | -€4,315 | -26.2% |
| Deferred charges and accrued income | 490/1 | €584 | - | -€584 | |
| Total equity and liabilities | 10/49 | €122,286 | €102,601 | -€19,685 | -16.1% |
| Equity | 10/15 | €73,223 | €67,705 | -€5,517 | -7.5% |
| Contributions | 10/11 | €12,535 | €12,535 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,687 | €55,170 | -€5,517 | -9.1% |
| Amounts payable | 17/49 | €49,063 | €34,895 | -€14,168 | -28.9% |
| Amounts payable within one year | 42/48 | €49,063 | €34,795 | -€14,268 | -29.1% |
| Trade debts | 44 | €1,109 | - | -€1,109 | |
| Suppliers | 440/4 | €1,109 | - | -€1,109 | |
| Other amounts payable | 47/48 | €47,954 | €34,795 | -€13,158 | -27.4% |
| Accrued charges and deferred income | 492/3 | - | €100 | +€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,128 | €21,189 | -€939 | -4.2% |
| Other operating charges | 640/8 | €2,220 | €2,290 | +€70 | +3.1% |
| Gross operating margin | 9900 | €18,737 | €18,006 | -€731 | -3.9% |
| Operating profit (loss) | 9901 | -€5,611 | -€5,473 | +€139 | +2.5% |
| Financial charges | 65/66B | €42 | €45 | +€2 | +5.7% |
| Recurring financial charges | 65 | €42 | €45 | +€2 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,653 | -€5,517 | +€136 | +2.4% |
| Profit (loss) for the period | 9904 | -€5,653 | -€5,517 | +€136 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,653 | -€5,517 | +€136 | +2.4% |
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 4 October 2026 via checked.be.