MAVECOM: 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.
MAVECOM
Largest movements
- Receivables within one year +€160,269
up €160,269 (+91.8%), from €174,553 to €334,823
of which Trade receivables: +€144,874
- Current investments -€127,591
down €127,591 (-100.0%), from €127,591 to €0
- Cash -€34,052
down €34,052 (-35.9%), from €94,935 to €60,883
mainly Contributions, distributions and other (-€524,180) and Receivables within one year (-€160,269)
- Tangible fixed assets -€18,241
down €18,241 (-21.5%), from €85,009 to €66,768
of which Furniture and vehicles: -€17,981
- Provisions +€60,137
new in 2025: €60,137
- Tax, wage and social debts -€41,987
down €41,987 (-57.8%), from €72,599 to €30,612
- Other debts -€30,665
down €30,665 (-9.6%), from €319,551 to €288,886
- Reserves -€5,503
down €5,503 (-8.3%), from €65,963 to €60,460
- Gross operating margin +€168,402
up €168,402 (+28.2%), from €596,207 to €764,609
- Provisions +€60,137
new in 2025: €60,137
- Taxes +€37,619
up €37,619 (+25.3%), from €148,606 to €186,224
- Financial income +€21,323
up €21,323 (+384.0%), from €5,553 to €26,875
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 | €486,948 | €470,769 | -€16,179 | -3.3% |
| Fixed assets | 21/28 | €85,329 | €67,088 | -€18,241 | -21.4% |
| Tangible fixed assets | 22/27 | €85,009 | €66,768 | -€18,241 | -21.5% |
| Plant, machinery and equipment | 23 | €929 | €669 | -€260 | -28.0% |
| Furniture and vehicles | 24 | €78,080 | €60,099 | -€17,981 | -23.0% |
| Other tangible fixed assets | 26 | €6,000 | €6,000 | = | 0.0% |
| Financial fixed assets | 28 | €320 | €320 | = | 0.0% |
| Current assets | 29/58 | €401,619 | €403,681 | +€2,062 | +0.5% |
| Amounts receivable within one year | 40/41 | €174,553 | €334,823 | +€160,269 | +91.8% |
| Trade receivables | 40 | €173,332 | €318,206 | +€144,874 | +83.6% |
| Other amounts receivable | 41 | €1,221 | €16,617 | +€15,395 | +1260.5% |
| Current investments | 50/53 | €127,591 | €0 | -€127,591 | -100.0% |
| Cash at bank and in hand | 54/58 | €94,935 | €60,883 | -€34,052 | -35.9% |
| Deferred charges and accrued income | 490/1 | €4,539 | €7,974 | +€3,435 | +75.7% |
| Total equity and liabilities | 10/49 | €486,948 | €470,769 | -€16,179 | -3.3% |
| Equity | 10/15 | €84,563 | €79,060 | -€5,503 | -6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €65,963 | €60,460 | -€5,503 | -8.3% |
| Distributable reserves | 133 | €65,963 | €60,460 | -€5,503 | -8.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €60,137 | +€60,137 | |
| Provisions for liabilities and charges | 160/5 | - | €60,137 | +€60,137 | |
| Other liabilities and charges | 164/5 | - | €60,137 | +€60,137 | |
| Amounts payable | 17/49 | €402,385 | €331,572 | -€70,814 | -17.6% |
| Amounts payable within one year | 42/48 | €402,385 | €331,572 | -€70,814 | -17.6% |
| Financial debts | 43 | - | €446 | +€446 | |
| Credit institutions | 430/8 | - | €446 | +€446 | |
| Trade debts | 44 | €10,236 | €11,629 | +€1,393 | +13.6% |
| Suppliers | 440/4 | €10,236 | €11,629 | +€1,393 | +13.6% |
| Taxes, remuneration and social security | 45 | €72,599 | €30,612 | -€41,987 | -57.8% |
| Taxes | 450/3 | €72,599 | €30,612 | -€41,987 | -57.8% |
| Other amounts payable | 47/48 | €319,551 | €288,886 | -€30,665 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,543 | €23,897 | -€645 | -2.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €60,137 | +€60,137 | |
| Other operating charges | 640/8 | €505 | €1,442 | +€936 | +185.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €596,207 | €764,609 | +€168,402 | +28.2% |
| Operating profit (loss) | 9901 | €571,159 | €679,133 | +€107,974 | +18.9% |
| Financial income | 75/76B | €5,553 | €26,875 | +€21,323 | +384.0% |
| Recurring financial income | 75 | €5,553 | €26,875 | +€21,323 | +384.0% |
| Financial charges | 65/66B | €755 | €1,106 | +€352 | +46.6% |
| Recurring financial charges | 65 | €755 | €1,106 | +€352 | +46.6% |
| Profit (loss) for the period before taxes | 9903 | €575,957 | €704,902 | +€128,945 | +22.4% |
| Income taxes | 67/77 | €148,606 | €186,224 | +€37,619 | +25.3% |
| Profit (loss) for the period | 9904 | €427,351 | €518,677 | +€91,326 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €427,351 | €518,677 | +€91,326 | +21.4% |
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 1 October 2026 via checked.be.