MAVAM: 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.
What changed
MAVAM
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€831,992
2024 · €83,354+€748,638
Equity
€2.7m
2024 · €2.4m+€331,992
Cash
€317,347
2024 · €327,028-€9,681
Balance sheet total
€3.8m
2024 · €2.9m+€816,326
Largest movements
Assets
- Financial fixed assets +€853,299
up €853,299 (+95.6%), from €892,725 to €1.7m
Equity and liabilities
- Other debts +€442,224
up €442,224 (+762%), from €58,000 to €500,224
- Reserves +€331,992
up €331,992 (+14.9%), from €2.2m to €2.6m
of which Distributable reserves: +€331,992
- Tax, wage and social debts +€48,879
up €48,879 (+137%), from €35,694 to €84,573
Income statement
- Financial income +€906,272
up €906,272 (+6,906%), from €13,123 to €919,395
of which Non-recurring financial income: +€908,219
- Gross operating margin -€114,040
down €114,040 (-62.4%), from €182,684 to €68,644
- Taxes +€50,187
up €50,187 (+124%), from €40,614 to €90,801
- Depreciation -€6,405
down €6,405 (-12.7%), from €50,528 to €44,123
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.
Result 2024
€83,354
Gross operating margin
-€114,040
Staff costs
+€62
Depreciation
+€6,405
Other operating charges
+€442
Financial income
+€906,272
Financial charges
-€317
Taxes
-€50,187
Result 2025
€831,992
raises the resultlowers the result
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.
From operations
+€1.4m
Investment
-€873,818
Financing
-€500,000
Cash 2024
€327,028
From operations (derived)
+€1.4m
Net result for the year
+€831,992
Depreciation
+€44,123
Smaller working-capital items
-€2,487
Deferred charges and accrued income
+€5,302
Trade debts
-€5,894
Tax, wage and social debts
+€48,879
Other debts
+€442,224
Investment (derived)
-€873,818
Investment in fixed assets (net)
-€866,000
Current investments
-€7,817
Financing
-€500,000
Contributions, distributions and other
-€500,000
Cash 2025
€317,347
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,935,520 | €3,751,846 | +€816,326 | +27.8% |
| Fixed assets | 21/28 | €1,025,583 | €1,847,460 | +€821,877 | +80.1% |
| Tangible fixed assets | 22/27 | €132,858 | €101,437 | -€31,421 | -23.7% |
| Land and buildings | 22 | €101,367 | €75,471 | -€25,897 | -25.5% |
| Plant, machinery and equipment | 23 | €17,239 | €13,597 | -€3,643 | -21.1% |
| Furniture and vehicles | 24 | €11,214 | €9,332 | -€1,882 | -16.8% |
| Other tangible fixed assets | 26 | €3,038 | €3,038 | = | 0.0% |
| Financial fixed assets | 28 | €892,725 | €1,746,023 | +€853,299 | +95.6% |
| Current assets | 29/58 | €1,909,937 | €1,904,386 | -€5,551 | -0.3% |
| Stocks and contracts in progress | 3 | €120,072 | €120,072 | = | 0.0% |
| Stocks | 30/36 | €120,072 | €120,072 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €761,587 | €763,201 | +€1,614 | +0.2% |
| Trade receivables | 40 | €6,756 | €8,172 | +€1,417 | +21.0% |
| Other amounts receivable | 41 | €754,831 | €755,028 | +€197 | 0.0% |
| Current investments | 50/53 | €692,950 | €700,768 | +€7,817 | +1.1% |
| Cash at bank and in hand | 54/58 | €327,028 | €317,347 | -€9,681 | -3.0% |
| Deferred charges and accrued income | 490/1 | €8,299 | €2,998 | -€5,302 | -63.9% |
| Total equity and liabilities | 10/49 | €2,935,520 | €3,751,846 | +€816,326 | +27.8% |
| Equity | 10/15 | €2,382,493 | €2,714,485 | +€331,992 | +13.9% |
| Contributions | 10/11 | €157,500 | €157,500 | = | 0.0% |
| Capital | 10 | €157,500 | €157,500 | = | 0.0% |
| Issued capital | 100 | €157,500 | €157,500 | = | 0.0% |
| Reserves | 13 | €2,224,993 | €2,556,985 | +€331,992 | +14.9% |
| Non-distributable reserves | 130/1 | €15,750 | €15,750 | = | 0.0% |
| Legal reserve | 130 | €15,750 | €15,750 | = | 0.0% |
| Distributable reserves | 133 | €2,209,243 | €2,541,235 | +€331,992 | +15.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €553,027 | €1,037,362 | +€484,335 | +87.6% |
| Amounts payable after more than one year | 17 | €450,000 | €450,000 | = | 0.0% |
| Financial debts | 170/4 | €450,000 | €450,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €102,153 | €587,362 | +€485,208 | +475% |
| Trade debts | 44 | €8,459 | €2,565 | -€5,894 | -69.7% |
| Suppliers | 440/4 | €8,459 | €2,565 | -€5,894 | -69.7% |
| Taxes, remuneration and social security | 45 | €35,694 | €84,573 | +€48,879 | +137% |
| Taxes | 450/3 | €35,694 | €84,573 | +€48,879 | +137% |
| Other amounts payable | 47/48 | €58,000 | €500,224 | +€442,224 | +762% |
| Accrued charges and deferred income | 492/3 | €873 | €0 | -€873 | -100% |
| Remuneration, social security and pensions | 62 | €62 | €0 | -€62 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,528 | €44,123 | -€6,405 | -12.7% |
| Other operating charges | 640/8 | €3,131 | €2,688 | -€442 | -14.1% |
| Gross operating margin | 9900 | €182,684 | €68,644 | -€114,040 | -62.4% |
| Operating profit (loss) | 9901 | €128,964 | €21,833 | -€107,131 | -83.1% |
| Financial income | 75/76B | €13,123 | €919,395 | +€906,272 | +6,906% |
| Recurring financial income | 75 | €13,123 | €11,177 | -€1,946 | -14.8% |
| Non-recurring financial income | 76B | - | €908,219 | +€908,219 | |
| Financial charges | 65/66B | €18,119 | €18,436 | +€317 | +1.7% |
| Recurring financial charges | 65 | €18,119 | €18,436 | +€317 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €123,968 | €922,793 | +€798,825 | +644% |
| Income taxes | 67/77 | €40,614 | €90,801 | +€50,187 | +124% |
| Profit (loss) for the period | 9904 | €83,354 | €831,992 | +€748,638 | +898% |
| Profit (loss) for the period to be appropriated | 9905 | €83,354 | €831,992 | +€748,638 | +898% |
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 14 October 2026 via checked.be.