MAVE: 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.
MAVE
Largest movements
- Cash -€241,082
down €241,082 (-44.8%), from €538,242 to €297,159
mainly Receivables within one year (-€111,808) and Current investments (-€101,032)
- Receivables within one year +€111,808
up €111,808 (+94.1%), from €118,816 to €230,624
of which Trade receivables: +€119,900
- Current investments +€101,032
up €101,032 (+8082.5%), from €1,250 to €102,282
- Stocks and contracts +€19,680
up €19,680 (+95.8%), from €20,547 to €40,227
- Reserves +€108,800
up €108,800 (+23.5%), from €463,075 to €571,875
of which Distributable reserves: +€108,800
- Debts after one year -€69,694
no longer reported in 2025 (was €69,694)
- Trade debts +€38,542
up €38,542 (+20.9%), from €184,777 to €223,319
- Tax, wage and social debts -€36,077
down €36,077 (-32.0%), from €112,782 to €76,705
of which Taxes: -€30,349
- Current portion of long-term debt -€30,602
down €30,602 (-82.2%), from €37,224 to €6,622
- Gross operating margin +€16,019
up €16,019 (+4.6%), from €349,424 to €365,443
- Depreciation +€13,086
up €13,086 (+66.6%), from €19,639 to €32,725
- Staff costs -€7,367
down €7,367 (-4.2%), from €175,801 to €168,434
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 | €1,092,502 | €1,092,354 | -€148 | 0.0% |
| Fixed assets | 21/28 | €401,527 | €400,868 | -€659 | -0.2% |
| Tangible fixed assets | 22/27 | €400,176 | €399,517 | -€659 | -0.2% |
| Land and buildings | 22 | €104,548 | €104,548 | = | 0.0% |
| Plant, machinery and equipment | 23 | €278,298 | €285,874 | +€7,576 | +2.7% |
| Furniture and vehicles | 24 | €17,330 | €9,095 | -€8,235 | -47.5% |
| Financial fixed assets | 28 | €1,352 | €1,352 | = | 0.0% |
| Current assets | 29/58 | €690,975 | €691,486 | +€511 | +0.1% |
| Amounts receivable after more than one year | 29 | €3,552 | €10,656 | +€7,104 | +200.0% |
| Other amounts receivable | 291 | €3,552 | €10,656 | +€7,104 | +200.0% |
| Stocks and contracts in progress | 3 | €20,547 | €40,227 | +€19,680 | +95.8% |
| Stocks | 30/36 | €20,547 | €40,227 | +€19,680 | +95.8% |
| Amounts receivable within one year | 40/41 | €118,816 | €230,624 | +€111,808 | +94.1% |
| Trade receivables | 40 | €104,383 | €224,283 | +€119,900 | +114.9% |
| Other amounts receivable | 41 | €14,433 | €6,341 | -€8,092 | -56.1% |
| Current investments | 50/53 | €1,250 | €102,282 | +€101,032 | +8082.5% |
| Cash at bank and in hand | 54/58 | €538,242 | €297,159 | -€241,082 | -44.8% |
| Deferred charges and accrued income | 490/1 | €8,568 | €10,538 | +€1,970 | +23.0% |
| Total equity and liabilities | 10/49 | €1,092,502 | €1,092,354 | -€148 | 0.0% |
| Equity | 10/15 | €673,544 | €778,085 | +€104,542 | +15.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €463,075 | €571,875 | +€108,800 | +23.5% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €460,075 | €568,875 | +€108,800 | +23.6% |
| Profit (loss) carried forward | 14 | €154,873 | €154,880 | +€8 | 0.0% |
| Investment grants | 15 | €25,596 | €21,330 | -€4,266 | -16.7% |
| Provisions and deferred taxes | 16 | €8,532 | €7,110 | -€1,422 | -16.7% |
| Deferred taxes | 168 | €8,532 | €7,110 | -€1,422 | -16.7% |
| Amounts payable | 17/49 | €410,426 | €307,158 | -€103,268 | -25.2% |
| Amounts payable after more than one year | 17 | €69,694 | - | -€69,694 | |
| Financial debts | 170/4 | €69,694 | - | -€69,694 | |
| Amounts payable within one year | 42/48 | €340,732 | €307,158 | -€33,574 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €37,224 | €6,622 | -€30,602 | -82.2% |
| Trade debts | 44 | €184,777 | €223,319 | +€38,542 | +20.9% |
| Suppliers | 440/4 | €184,777 | €223,319 | +€38,542 | +20.9% |
| Taxes, remuneration and social security | 45 | €112,782 | €76,705 | -€36,077 | -32.0% |
| Taxes | 450/3 | €80,965 | €50,616 | -€30,349 | -37.5% |
| Remuneration and social security | 454/9 | €31,817 | €26,089 | -€5,728 | -18.0% |
| Other amounts payable | 47/48 | €5,949 | €512 | -€5,436 | -91.4% |
| Remuneration, social security and pensions | 62 | €175,801 | €168,434 | -€7,367 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,639 | €32,725 | +€13,086 | +66.6% |
| Other operating charges | 640/8 | €9,439 | €9,623 | +€184 | +1.9% |
| Gross operating margin | 9900 | €349,424 | €365,443 | +€16,019 | +4.6% |
| Operating profit (loss) | 9901 | €144,546 | €154,661 | +€10,115 | +7.0% |
| Financial income | 75/76B | €6,305 | €5,636 | -€669 | -10.6% |
| Recurring financial income | 75 | €6,305 | €5,636 | -€669 | -10.6% |
| Financial charges | 65/66B | €5,852 | €5,970 | +€118 | +2.0% |
| Recurring financial charges | 65 | €5,852 | €5,970 | +€118 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €144,999 | €154,327 | +€9,329 | +6.4% |
| Transfer from deferred taxes | 780 | €1,422 | €1,422 | = | 0.0% |
| Income taxes | 67/77 | €45,536 | €46,942 | +€1,406 | +3.1% |
| Profit (loss) for the period | 9904 | €100,885 | €108,808 | +€7,923 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €100,885 | €108,808 | +€7,923 | +7.9% |
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 28 September 2026 via checked.be.