MAVARO: 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.
MAVARO
Largest movements
- Cash +€137,954
up €137,954 (+67.1%), from €205,697 to €343,652
mainly Other debts (+€300,586) and Current portion of long-term debt (+€81,589)
- Receivables within one year +€82,764
up €82,764 (+4.1%), from €2.0m to €2.1m
of which Other amounts receivable: +€181,456
- Tangible fixed assets -€79,416
down €79,416 (-33.5%), from €236,752 to €157,336
of which Plant, machinery and equipment: -€42,250
- Stocks and contracts +€68,567
up €68,567 (+3.2%), from €2.1m to €2.2m
of which Stocks: +€68,543
- Debts after one year -€318,088
down €318,088 (-56.2%), from €565,503 to €247,415
- Other debts +€300,586
up €300,586 (+66.8%), from €450,122 to €750,708
- Current portion of long-term debt +€81,589
up €81,589 (+51.9%), from €157,255 to €238,844
- Trade debts +€76,410
up €76,410 (+9.6%), from €793,694 to €870,104
- Tax, wage and social debts +€71,934
up €71,934 (+43.8%), from €164,118 to €236,051
of which Taxes: +€63,236
- Gross operating margin -€148,072
down €148,072 (-8.1%), from €1.8m to €1.7m
- Staff costs +€38,154
up €38,154 (+2.8%), from €1.4m to €1.4m
- Financial charges -€27,086
down €27,086 (-20.7%), from €130,640 to €103,554
- Write-downs -€26,569
no longer reported in 2025 (was €26,569)
- Taxes +€20,125
up €20,125 (+1162.8%), from €1,731 to €21,856
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 | €4,613,018 | €4,845,895 | +€232,877 | +5.0% |
| Fixed assets | 21/28 | €237,037 | €157,621 | -€79,416 | -33.5% |
| Tangible fixed assets | 22/27 | €236,752 | €157,336 | -€79,416 | -33.5% |
| Land and buildings | 22 | €53,960 | €42,505 | -€11,455 | -21.2% |
| Plant, machinery and equipment | 23 | €128,731 | €86,481 | -€42,250 | -32.8% |
| Furniture and vehicles | 24 | €35,472 | €28,349 | -€7,123 | -20.1% |
| Assets under construction and advance payments | 27 | €18,588 | - | -€18,588 | |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €4,375,981 | €4,688,274 | +€312,293 | +7.1% |
| Stocks and contracts in progress | 3 | €2,130,794 | €2,199,361 | +€68,567 | +3.2% |
| Stocks | 30/36 | €957,056 | €1,025,600 | +€68,543 | +7.2% |
| Contracts in progress | 37 | €1,173,738 | €1,173,761 | +€23 | 0.0% |
| Amounts receivable within one year | 40/41 | €2,003,081 | €2,085,845 | +€82,764 | +4.1% |
| Trade receivables | 40 | €1,799,019 | €1,700,327 | -€98,691 | -5.5% |
| Other amounts receivable | 41 | €204,062 | €385,517 | +€181,456 | +88.9% |
| Cash at bank and in hand | 54/58 | €205,697 | €343,652 | +€137,954 | +67.1% |
| Deferred charges and accrued income | 490/1 | €36,409 | €59,417 | +€23,008 | +63.2% |
| Total equity and liabilities | 10/49 | €4,613,018 | €4,845,895 | +€232,877 | +5.0% |
| Equity | 10/15 | €940,495 | €972,133 | +€31,637 | +3.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €860,495 | €892,133 | +€31,637 | +3.7% |
| Non-distributable reserves | 130/1 | €15,436 | €15,436 | = | 0.0% |
| Legal reserve | 130 | €15,436 | €15,436 | = | 0.0% |
| Distributable reserves | 133 | €845,059 | €876,696 | +€31,637 | +3.7% |
| Provisions and deferred taxes | 16 | €10,000 | €10,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €10,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable | 17/49 | €3,662,523 | €3,863,762 | +€201,239 | +5.5% |
| Amounts payable after more than one year | 17 | €565,503 | €247,415 | -€318,088 | -56.2% |
| Financial debts | 170/4 | €565,503 | €247,415 | -€318,088 | -56.2% |
| Amounts payable within one year | 42/48 | €3,097,020 | €3,616,347 | +€519,327 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €157,255 | €238,844 | +€81,589 | +51.9% |
| Financial debts | 43 | €1,531,831 | €1,520,639 | -€11,192 | -0.7% |
| Credit institutions | 430/8 | €1,531,831 | €1,520,639 | -€11,192 | -0.7% |
| Trade debts | 44 | €793,694 | €870,104 | +€76,410 | +9.6% |
| Suppliers | 440/4 | €793,694 | €870,104 | +€76,410 | +9.6% |
| Taxes, remuneration and social security | 45 | €164,118 | €236,051 | +€71,934 | +43.8% |
| Taxes | 450/3 | €1,731 | €64,967 | +€63,236 | +3653.6% |
| Remuneration and social security | 454/9 | €162,387 | €171,084 | +€8,697 | +5.4% |
| Other amounts payable | 47/48 | €450,122 | €750,708 | +€300,586 | +66.8% |
| Remuneration, social security and pensions | 62 | €1,374,100 | €1,412,254 | +€38,154 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,334 | €74,205 | -€5,129 | -6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €26,569 | - | -€26,569 | |
| Other operating charges | 640/8 | €31,149 | €26,227 | -€4,923 | -15.8% |
| Non-recurring operating charges | 66A | €68,753 | €18,588 | -€50,165 | -73.0% |
| Gross operating margin | 9900 | €1,836,284 | €1,688,212 | -€148,072 | -8.1% |
| Operating profit (loss) | 9901 | €256,379 | €156,938 | -€99,441 | -38.8% |
| Financial income | 75/76B | €51 | €109 | +€58 | +114.5% |
| Recurring financial income | 75 | €51 | €109 | +€58 | +114.5% |
| Financial charges | 65/66B | €130,640 | €103,554 | -€27,086 | -20.7% |
| Recurring financial charges | 65 | €130,640 | €103,554 | -€27,086 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €125,791 | €53,493 | -€72,297 | -57.5% |
| Income taxes | 67/77 | €1,731 | €21,856 | +€20,125 | +1162.8% |
| Profit (loss) for the period | 9904 | €124,060 | €31,637 | -€92,422 | -74.5% |
| Profit (loss) for the period to be appropriated | 9905 | €124,060 | €31,637 | -€92,422 | -74.5% |
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 6 October 2026 via checked.be.