MAVARO: 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.
MAVARO
Largest movements
- Cash +€337,393
up €337,393 (+793%), from €42,522 to €379,914
mainly Net result for the year (+€467,119) and Current investments (+€310,123)
- Current investments -€310,123
down €310,123 (-55.4%), from €560,281 to €250,159
- Tangible fixed assets -€42,722
down €42,722 (-7.5%), from €568,317 to €525,594
- Receivables within one year +€16,316
up €16,316 (+9.0%), from €180,945 to €197,262
of which Trade receivables: +€16,316
- Other debts -€474,880
down €474,880 (-99.9%), from €475,119 to €239
- Reserves +€467,119
up €467,119 (+74.6%), from €625,868 to €1.1m
of which Distributable reserves: +€467,119
- Financial income -€167,416
down €167,416 (-42.4%), from €395,178 to €227,762
- Taxes -€33,881
down €33,881 (-21.6%), from €157,157 to €123,275
- Gross operating margin -€16,839
down €16,839 (-3.6%), from €469,899 to €453,060
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 | €1,354,396 | €1,357,210 | +€2,814 | +0.2% |
| Fixed assets | 21/28 | €568,317 | €525,594 | -€42,722 | -7.5% |
| Tangible fixed assets | 22/27 | €568,317 | €525,594 | -€42,722 | -7.5% |
| Land and buildings | 22 | €568,317 | €525,594 | -€42,722 | -7.5% |
| Current assets | 29/58 | €786,079 | €831,615 | +€45,536 | +5.8% |
| Amounts receivable within one year | 40/41 | €180,945 | €197,262 | +€16,316 | +9.0% |
| Trade receivables | 40 | €180,945 | €197,262 | +€16,316 | +9.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €560,281 | €250,159 | -€310,123 | -55.4% |
| Cash at bank and in hand | 54/58 | €42,522 | €379,914 | +€337,393 | +793% |
| Deferred charges and accrued income | 490/1 | €2,331 | €4,280 | +€1,950 | +83.7% |
| Total equity and liabilities | 10/49 | €1,354,396 | €1,357,210 | +€2,814 | +0.2% |
| Equity | 10/15 | €687,368 | €1,154,487 | +€467,119 | +68.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €625,868 | €1,092,987 | +€467,119 | +74.6% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €619,718 | €1,086,837 | +€467,119 | +75.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €667,028 | €202,723 | -€464,305 | -69.6% |
| Amounts payable within one year | 42/48 | €547,078 | €80,270 | -€466,809 | -85.3% |
| Trade debts | 44 | €21,214 | €20,682 | -€532 | -2.5% |
| Suppliers | 440/4 | €21,214 | €20,682 | -€532 | -2.5% |
| Taxes, remuneration and social security | 45 | €50,745 | €59,349 | +€8,604 | +17.0% |
| Taxes | 450/3 | €50,745 | €59,349 | +€8,604 | +17.0% |
| Other amounts payable | 47/48 | €475,119 | €239 | -€474,880 | -99.9% |
| Accrued charges and deferred income | 492/3 | €119,950 | €122,453 | +€2,504 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,992 | €48,515 | +€523 | +1.1% |
| Other operating charges | 640/8 | €40,114 | €41,374 | +€1,259 | +3.1% |
| Gross operating margin | 9900 | €469,899 | €453,060 | -€16,839 | -3.6% |
| Operating profit (loss) | 9901 | €381,792 | €363,171 | -€18,621 | -4.9% |
| Financial income | 75/76B | €395,178 | €227,762 | -€167,416 | -42.4% |
| Recurring financial income | 75 | €395,178 | €227,762 | -€167,416 | -42.4% |
| Financial charges | 65/66B | €96 | €539 | +€444 | +464% |
| Recurring financial charges | 65 | €96 | €539 | +€444 | +464% |
| Profit (loss) for the period before taxes | 9903 | €776,875 | €590,394 | -€186,481 | -24.0% |
| Income taxes | 67/77 | €157,157 | €123,275 | -€33,881 | -21.6% |
| Profit (loss) for the period | 9904 | €619,718 | €467,119 | -€152,599 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €619,718 | €467,119 | -€152,599 | -24.6% |
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 18 October 2026 via checked.be.