MAVEDES: 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.
MAVEDES
Largest movements
- Receivables within one year +€171,061
up €171,061 (+414.8%), from €41,238 to €212,299
of which Trade receivables: +€175,562
- Tangible fixed assets +€81,858
up €81,858 (+98.0%), from €83,533 to €165,391
of which Leasing and similar rights: +€98,565
- Financial fixed assets +€50,000
up €50,000 (+11.8%), from €425,000 to €475,000
- Other debts +€203,079
up €203,079 (+364.6%), from €55,705 to €258,784
- Debts after one year +€38,838
up €38,838 (+21.8%), from €178,377 to €217,215
- Profit (loss) carried forward +€35,861
up €35,861 (+17.9%), from €199,861 to €235,722
- Current portion of long-term debt +€16,034
up €16,034 (+36.9%), from €43,506 to €59,540
- Tax, wage and social debts +€12,400
up €12,400 (+50.7%), from €24,457 to €36,857
- Depreciation +€25,667
new in 2025: €25,667
- Gross operating margin +€6,546
up €6,546 (+8.1%), from €80,884 to €87,430
- Taxes -€1,250
down €1,250 (-9.1%), from €13,750 to €12,500
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 | €550,870 | €855,633 | +€304,763 | +55.3% |
| Fixed assets | 21/28 | €508,533 | €640,391 | +€131,858 | +25.9% |
| Tangible fixed assets | 22/27 | €83,533 | €165,391 | +€81,858 | +98.0% |
| Furniture and vehicles | 24 | €83,533 | €66,826 | -€16,707 | -20.0% |
| Leasing and similar rights | 25 | - | €98,565 | +€98,565 | |
| Financial fixed assets | 28 | €425,000 | €475,000 | +€50,000 | +11.8% |
| Current assets | 29/58 | €42,337 | €215,242 | +€172,905 | +408.4% |
| Amounts receivable within one year | 40/41 | €41,238 | €212,299 | +€171,061 | +414.8% |
| Trade receivables | 40 | €7,885 | €183,447 | +€175,562 | +2226.5% |
| Other amounts receivable | 41 | €33,353 | €28,852 | -€4,501 | -13.5% |
| Cash at bank and in hand | 54/58 | €1,099 | €2,943 | +€1,844 | +167.8% |
| Total equity and liabilities | 10/49 | €550,870 | €855,633 | +€304,763 | +55.3% |
| Equity | 10/15 | €247,325 | €283,186 | +€35,861 | +14.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Capital | 10 | €30,000 | €30,000 | = | 0.0% |
| Issued capital | 100 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €17,464 | €17,464 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Legal reserve | 130 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €14,464 | €14,464 | = | 0.0% |
| Profit (loss) carried forward | 14 | €199,861 | €235,722 | +€35,861 | +17.9% |
| Amounts payable | 17/49 | €303,545 | €572,447 | +€268,902 | +88.6% |
| Amounts payable after more than one year | 17 | €178,377 | €217,215 | +€38,838 | +21.8% |
| Financial debts | 170/4 | €178,377 | €217,215 | +€38,838 | +21.8% |
| Amounts payable within one year | 42/48 | €125,168 | €355,232 | +€230,064 | +183.8% |
| Current portion of amounts payable after more than one year | 42 | €43,506 | €59,540 | +€16,034 | +36.9% |
| Trade debts | 44 | €1,500 | €51 | -€1,449 | -96.6% |
| Suppliers | 440/4 | €1,500 | €51 | -€1,449 | -96.6% |
| Taxes, remuneration and social security | 45 | €24,457 | €36,857 | +€12,400 | +50.7% |
| Taxes | 450/3 | €24,457 | €36,857 | +€12,400 | +50.7% |
| Other amounts payable | 47/48 | €55,705 | €258,784 | +€203,079 | +364.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €25,667 | +€25,667 | |
| Other operating charges | 640/8 | €715 | €63 | -€652 | -91.2% |
| Non-recurring operating charges | 66A | €21,199 | - | -€21,199 | |
| Gross operating margin | 9900 | €80,884 | €87,430 | +€6,546 | +8.1% |
| Operating profit (loss) | 9901 | €58,970 | €61,700 | +€2,730 | +4.6% |
| Financial charges | 65/66B | €13,627 | €13,339 | -€288 | -2.1% |
| Recurring financial charges | 65 | €13,627 | €13,339 | -€288 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €45,343 | €48,361 | +€3,018 | +6.7% |
| Income taxes | 67/77 | €13,750 | €12,500 | -€1,250 | -9.1% |
| Profit (loss) for the period | 9904 | €31,593 | €35,861 | +€4,268 | +13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,593 | €35,861 | +€4,268 | +13.5% |
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 3 October 2026 via checked.be.