MAVARI: 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.
MAVARI
Largest movements
- Tangible fixed assets -€30,006
down €30,006 (-8.6%), from €349,751 to €319,745
of which Plant, machinery and equipment: -€17,826
- Cash +€25,867
up €25,867 (+7.8%), from €332,507 to €358,374
mainly Net result for the year (+€230,440) and Depreciation (+€30,006)
- Current portion of long-term debt -€236,721
down €236,721 (-97.6%), from €242,516 to €5,795
- Reserves +€230,440
up €230,440 (+17.9%), from €1.3m to €1.5m
of which Distributable reserves: +€232,440
- Gross operating margin -€29,214
down €29,214 (-42.1%), from €69,334 to €40,120
- Financial charges +€10,609
up €10,609 (+1,771%), from €599 to €11,208
- Other operating charges +€2,709
up €2,709 (+92.0%), from €2,943 to €5,652
- Taxes +€1,349
up €1,349 (+11.8%), from €11,465 to €12,814
- Financial income -€967
down €967 (-0.4%), from €250,967 to €250,000
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 | €2,516,896 | €2,505,219 | -€11,677 | -0.5% |
| Fixed assets | 21/28 | €2,149,751 | €2,119,745 | -€30,006 | -1.4% |
| Tangible fixed assets | 22/27 | €349,751 | €319,745 | -€30,006 | -8.6% |
| Land and buildings | 22 | €296,792 | €294,621 | -€2,171 | -0.7% |
| Plant, machinery and equipment | 23 | €34,610 | €16,784 | -€17,826 | -51.5% |
| Furniture and vehicles | 24 | €18,349 | €8,340 | -€10,009 | -54.5% |
| Financial fixed assets | 28 | €1,800,000 | €1,800,000 | = | 0.0% |
| Current assets | 29/58 | €367,145 | €385,474 | +€18,329 | +5.0% |
| Amounts receivable within one year | 40/41 | €34,638 | €27,100 | -€7,538 | -21.8% |
| Trade receivables | 40 | €19,638 | €12,100 | -€7,538 | -38.4% |
| Other amounts receivable | 41 | €15,000 | €15,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €332,507 | €358,374 | +€25,867 | +7.8% |
| Total equity and liabilities | 10/49 | €2,516,896 | €2,505,219 | -€11,677 | -0.5% |
| Equity | 10/15 | €1,756,540 | €1,986,980 | +€230,440 | +13.1% |
| Contributions | 10/11 | €470,000 | €470,000 | = | 0.0% |
| Reserves | 13 | €1,286,540 | €1,516,980 | +€230,440 | +17.9% |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Distributable reserves | 133 | €1,284,540 | €1,516,980 | +€232,440 | +18.1% |
| Amounts payable | 17/49 | €760,356 | €518,239 | -€242,117 | -31.8% |
| Amounts payable within one year | 42/48 | €760,356 | €518,239 | -€242,117 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €242,516 | €5,795 | -€236,721 | -97.6% |
| Trade debts | 44 | €8,554 | €4,846 | -€3,708 | -43.3% |
| Suppliers | 440/4 | €8,554 | €4,846 | -€3,708 | -43.3% |
| Taxes, remuneration and social security | 45 | €5,881 | €516 | -€5,365 | -91.2% |
| Taxes | 450/3 | €5,881 | €516 | -€5,365 | -91.2% |
| Other amounts payable | 47/48 | €503,405 | €507,082 | +€3,677 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,006 | €30,006 | = | 0.0% |
| Other operating charges | 640/8 | €2,943 | €5,652 | +€2,709 | +92.0% |
| Gross operating margin | 9900 | €69,334 | €40,120 | -€29,214 | -42.1% |
| Operating profit (loss) | 9901 | €36,385 | €4,462 | -€31,923 | -87.7% |
| Financial income | 75/76B | €250,967 | €250,000 | -€967 | -0.4% |
| Recurring financial income | 75 | €967 | €250,000 | +€249,033 | +25,753% |
| Non-recurring financial income | 76B | €250,000 | €250,000 | = | 0.0% |
| Financial charges | 65/66B | €599 | €11,208 | +€10,609 | +1,771% |
| Recurring financial charges | 65 | €599 | €11,208 | +€10,609 | +1,771% |
| Profit (loss) for the period before taxes | 9903 | €286,753 | €243,254 | -€43,499 | -15.2% |
| Income taxes | 67/77 | €11,465 | €12,814 | +€1,349 | +11.8% |
| Profit (loss) for the period | 9904 | €275,288 | €230,440 | -€44,848 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €275,288 | €230,440 | -€44,848 | -16.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.