MAVAPO: what changed
MAVAPO
Largest movements
- Cash +€58,160
up €58,160 (+89.5%), from €65,008 to €123,168
mainly Net result for the year (+€65,571) and Tax, wage and social debts (+€27,846)
- Tangible fixed assets +€14,410
up €14,410 (+20.5%), from €70,390 to €84,800
of which Land and buildings: +€20,345
- Receivables within one year +€6,705
up €6,705 (+15.8%), from €42,420 to €49,125
of which Other amounts receivable: +€4,875
- Reserves +€65,571
up €65,571 (+55.7%), from €117,705 to €183,276
- Tax, wage and social debts +€27,846
up €27,846 (+75.9%), from €36,696 to €64,542
of which Taxes: +€26,846
- Current portion of long-term debt -€6,890
down €6,890 (-74.4%), from €9,263 to €2,373
- Trade debts -€4,147
down €4,147 (-45.0%), from €9,222 to €5,075
- Gross operating margin -€9,304
down €9,304 (-8.0%), from €115,819 to €106,515
- Depreciation +€4,014
up €4,014 (+46.5%), from €8,629 to €12,643
- Taxes -€3,894
down €3,894 (-12.3%), from €31,547 to €27,653
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €177,986 | €257,266 | +€79,280 | +44.5% |
| Fixed assets | 21/28 | €70,450 | €84,860 | +€14,410 | +20.5% |
| Tangible fixed assets | 22/27 | €70,390 | €84,800 | +€14,410 | +20.5% |
| Land and buildings | 22 | €50,616 | €70,961 | +€20,345 | +40.2% |
| Furniture and vehicles | 24 | €18,874 | €12,939 | -€5,935 | -31.4% |
| Leasing and similar rights | 25 | €900 | €900 | = | 0.0% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €107,536 | €172,406 | +€64,870 | +60.3% |
| Amounts receivable within one year | 40/41 | €42,420 | €49,125 | +€6,705 | +15.8% |
| Trade receivables | 40 | €42,399 | €44,229 | +€1,830 | +4.3% |
| Other amounts receivable | 41 | €21 | €4,896 | +€4,875 | +23,214% |
| Cash at bank and in hand | 54/58 | €65,008 | €123,168 | +€58,160 | +89.5% |
| Deferred charges and accrued income | 490/1 | €108 | €113 | +€5 | +4.6% |
| Total equity and liabilities | 10/49 | €177,986 | €257,266 | +€79,280 | +44.5% |
| Equity | 10/15 | €119,705 | €185,276 | +€65,571 | +54.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Capital | 10 | €2,000 | €2,000 | = | 0.0% |
| Issued capital | 100 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €117,705 | €183,276 | +€65,571 | +55.7% |
| Distributable reserves | 133 | €117,705 | €183,276 | +€65,571 | +55.7% |
| Amounts payable | 17/49 | €58,281 | €71,990 | +€13,709 | +23.5% |
| Amounts payable after more than one year | 17 | €2,373 | - | -€2,373 | |
| Financial debts | 170/4 | €2,373 | - | -€2,373 | |
| Amounts payable within one year | 42/48 | €55,204 | €71,990 | +€16,786 | +30.4% |
| Current portion of amounts payable after more than one year | 42 | €9,263 | €2,373 | -€6,890 | -74.4% |
| Trade debts | 44 | €9,222 | €5,075 | -€4,147 | -45.0% |
| Suppliers | 440/4 | €9,222 | €5,075 | -€4,147 | -45.0% |
| Taxes, remuneration and social security | 45 | €36,696 | €64,542 | +€27,846 | +75.9% |
| Taxes | 450/3 | €33,970 | €60,816 | +€26,846 | +79.0% |
| Remuneration and social security | 454/9 | €2,726 | €3,726 | +€1,000 | +36.7% |
| Other amounts payable | 47/48 | €23 | - | -€23 | |
| Accrued charges and deferred income | 492/3 | €704 | - | -€704 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,629 | €12,643 | +€4,014 | +46.5% |
| Other operating charges | 640/8 | €63 | €144 | +€81 | +129% |
| Gross operating margin | 9900 | €115,819 | €106,515 | -€9,304 | -8.0% |
| Operating profit (loss) | 9901 | €107,127 | €93,728 | -€13,399 | -12.5% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €727 | €504 | -€223 | -30.7% |
| Recurring financial charges | 65 | €727 | €504 | -€223 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €106,401 | €93,224 | -€13,177 | -12.4% |
| Income taxes | 67/77 | €31,547 | €27,653 | -€3,894 | -12.3% |
| Profit (loss) for the period | 9904 | €74,854 | €65,571 | -€9,283 | -12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €74,854 | €65,571 | -€9,283 | -12.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.