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
- Tangible fixed assets -€87,391
down €87,391 (-6.2%), from €1.4m to €1.3m
of which Land and buildings: -€73,138
- Cash +€56,362
up €56,362 (+30.4%), from €185,394 to €241,756
mainly Depreciation (+€84,803) and Net result for the year (+€24,520)
- Current portion of long-term debt -€44,037
no longer reported in 2025 (was €44,037)
- Reserves +€24,520
up €24,520 (+3.7%), from €653,872 to €678,392
of which Distributable reserves: +€24,520
- Gross operating margin -€19,027
down €19,027 (-11.7%), from €163,023 to €143,996
- Depreciation -€8,636
down €8,636 (-9.2%), from €93,439 to €84,803
- Taxes -€1,892
down €1,892 (-11.2%), from €16,840 to €14,948
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 | €1,614,598 | €1,585,278 | -€29,320 | -1.8% |
| Fixed assets | 21/28 | €1,405,290 | €1,317,899 | -€87,391 | -6.2% |
| Tangible fixed assets | 22/27 | €1,405,290 | €1,317,899 | -€87,391 | -6.2% |
| Land and buildings | 22 | €1,383,994 | €1,310,857 | -€73,138 | -5.3% |
| Plant, machinery and equipment | 23 | €391 | €1,175 | +€784 | +200.7% |
| Furniture and vehicles | 24 | €20,905 | €5,867 | -€15,038 | -71.9% |
| Current assets | 29/58 | €209,308 | €267,379 | +€58,071 | +27.7% |
| Amounts receivable within one year | 40/41 | €17,024 | €16,504 | -€520 | -3.1% |
| Other amounts receivable | 41 | €17,024 | €16,504 | -€520 | -3.1% |
| Cash at bank and in hand | 54/58 | €185,394 | €241,756 | +€56,362 | +30.4% |
| Deferred charges and accrued income | 490/1 | €6,891 | €9,120 | +€2,229 | +32.4% |
| Total equity and liabilities | 10/49 | €1,614,598 | €1,585,278 | -€29,320 | -1.8% |
| Equity | 10/15 | €901,872 | €926,392 | +€24,520 | +2.7% |
| Contributions | 10/11 | €248,000 | €248,000 | = | 0.0% |
| Reserves | 13 | €653,872 | €678,392 | +€24,520 | +3.7% |
| Non-distributable reserves | 130/1 | €24,800 | €24,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €24,800 | €24,800 | = | 0.0% |
| Distributable reserves | 133 | €629,072 | €653,592 | +€24,520 | +3.9% |
| Amounts payable | 17/49 | €712,726 | €658,886 | -€53,840 | -7.6% |
| Amounts payable after more than one year | 17 | €643,561 | €643,561 | = | 0.0% |
| Financial debts | 170/4 | €643,561 | €643,561 | = | 0.0% |
| Amounts payable within one year | 42/48 | €69,165 | €15,325 | -€53,840 | -77.8% |
| Current portion of amounts payable after more than one year | 42 | €44,037 | - | -€44,037 | |
| Trade debts | 44 | €3,513 | €3,684 | +€172 | +4.9% |
| Suppliers | 440/4 | €3,513 | €3,684 | +€172 | +4.9% |
| Taxes, remuneration and social security | 45 | €6,902 | €2,452 | -€4,450 | -64.5% |
| Taxes | 450/3 | €6,902 | €2,452 | -€4,450 | -64.5% |
| Other amounts payable | 47/48 | €14,714 | €9,189 | -€5,525 | -37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,439 | €84,803 | -€8,636 | -9.2% |
| Other operating charges | 640/8 | €16,724 | €17,681 | +€958 | +5.7% |
| Gross operating margin | 9900 | €163,023 | €143,996 | -€19,027 | -11.7% |
| Operating profit (loss) | 9901 | €52,860 | €41,512 | -€11,348 | -21.5% |
| Financial income | 75/76B | €4 | €5 | +€1 | +29.6% |
| Recurring financial income | 75 | €4 | €5 | +€1 | +29.6% |
| Financial charges | 65/66B | €1,672 | €2,048 | +€376 | +22.5% |
| Recurring financial charges | 65 | €1,672 | €2,048 | +€376 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €51,192 | €39,469 | -€11,724 | -22.9% |
| Income taxes | 67/77 | €16,840 | €14,948 | -€1,892 | -11.2% |
| Profit (loss) for the period | 9904 | €34,352 | €24,520 | -€9,832 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,352 | €24,520 | -€9,832 | -28.6% |
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.