MAVECA: 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.
MAVECA
Largest movements
- Cash +€26,235
up €26,235 (+13.5%), from €193,932 to €220,167
mainly Depreciation (+€22,108) and Trade debts (+€12,979)
- Receivables within one year -€8,712
down €8,712 (-61.6%), from €14,146 to €5,434
of which Trade receivables: -€7,038
- Trade debts +€12,979
up €12,979 (+635.2%), from €2,043 to €15,023
- Reserves +€12,469
up €12,469 (+5.7%), from €216,955 to €229,423
of which Distributable reserves: +€12,469
- Tax, wage and social debts +€11,809
up €11,809 (+149.0%), from €7,925 to €19,733
of which Taxes: +€6,479
- Current portion of long-term debt -€10,043
down €10,043 (-32.0%), from €31,391 to €21,349
- Debts after one year -€9,990
down €9,990 (-37.5%), from €26,667 to €16,677
- Gross operating margin -€25,643
down €25,643 (-12.6%), from €203,058 to €177,415
- Staff costs +€23,698
up €23,698 (+22.2%), from €106,986 to €130,684
- Taxes -€14,181
down €14,181 (-67.0%), from €21,161 to €6,980
- Depreciation -€3,415
down €3,415 (-13.4%), from €25,523 to €22,108
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 | €381,615 | €396,744 | +€15,129 | +4.0% |
| Fixed assets | 21/28 | €167,493 | €168,616 | +€1,123 | +0.7% |
| Tangible fixed assets | 22/27 | €167,493 | €168,616 | +€1,123 | +0.7% |
| Land and buildings | 22 | €147,478 | €146,795 | -€684 | -0.5% |
| Plant, machinery and equipment | 23 | €5,940 | €7,261 | +€1,321 | +22.2% |
| Furniture and vehicles | 24 | €14,075 | €14,560 | +€485 | +3.4% |
| Current assets | 29/58 | €214,122 | €228,128 | +€14,007 | +6.5% |
| Stocks and contracts in progress | 3 | €6,045 | €2,528 | -€3,516 | -58.2% |
| Stocks | 30/36 | €6,045 | €2,528 | -€3,516 | -58.2% |
| Amounts receivable within one year | 40/41 | €14,146 | €5,434 | -€8,712 | -61.6% |
| Trade receivables | 40 | €10,610 | €3,572 | -€7,038 | -66.3% |
| Other amounts receivable | 41 | €3,535 | €1,861 | -€1,674 | -47.4% |
| Cash at bank and in hand | 54/58 | €193,932 | €220,167 | +€26,235 | +13.5% |
| Total equity and liabilities | 10/49 | €381,615 | €396,744 | +€15,129 | +4.0% |
| Equity | 10/15 | €247,941 | €260,410 | +€12,469 | +5.0% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €216,955 | €229,423 | +€12,469 | +5.7% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €213,856 | €226,324 | +€12,469 | +5.8% |
| Amounts payable | 17/49 | €133,674 | €136,334 | +€2,661 | +2.0% |
| Amounts payable after more than one year | 17 | €26,667 | €16,677 | -€9,990 | -37.5% |
| Financial debts | 170/4 | €26,667 | €16,677 | -€9,990 | -37.5% |
| Amounts payable within one year | 42/48 | €107,007 | €119,658 | +€12,651 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €31,391 | €21,349 | -€10,043 | -32.0% |
| Trade debts | 44 | €2,043 | €15,023 | +€12,979 | +635.2% |
| Suppliers | 440/4 | €2,043 | €15,023 | +€12,979 | +635.2% |
| Taxes, remuneration and social security | 45 | €7,925 | €19,733 | +€11,809 | +149.0% |
| Taxes | 450/3 | €1,175 | €7,654 | +€6,479 | +551.6% |
| Remuneration and social security | 454/9 | €6,750 | €12,080 | +€5,330 | +79.0% |
| Other amounts payable | 47/48 | €65,647 | €63,553 | -€2,095 | -3.2% |
| Remuneration, social security and pensions | 62 | €106,986 | €130,684 | +€23,698 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,523 | €22,108 | -€3,415 | -13.4% |
| Other operating charges | 640/8 | €4,921 | €4,433 | -€488 | -9.9% |
| Gross operating margin | 9900 | €203,058 | €177,415 | -€25,643 | -12.6% |
| Operating profit (loss) | 9901 | €65,628 | €20,189 | -€45,439 | -69.2% |
| Financial income | 75/76B | €214 | €672 | +€458 | +214.2% |
| Recurring financial income | 75 | €214 | €672 | +€458 | +214.2% |
| Financial charges | 65/66B | €1,149 | €1,412 | +€263 | +22.9% |
| Recurring financial charges | 65 | €1,149 | €1,412 | +€263 | +22.9% |
| Profit (loss) for the period before taxes | 9903 | €64,693 | €19,449 | -€45,244 | -69.9% |
| Income taxes | 67/77 | €21,161 | €6,980 | -€14,181 | -67.0% |
| Profit (loss) for the period | 9904 | €43,531 | €12,469 | -€31,063 | -71.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,531 | €12,469 | -€31,063 | -71.4% |
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 5 October 2026 via checked.be.