MAVEFAR: what changed
Two financial 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.
MAVEFAR
Largest movements
- Cash -€64,062
down €64,062 (-43.8%), from €146,132 to €82,069
mainly Contributions, distributions and other (-€68,000) and Other debts (-€50,241)
- Receivables within one year -€16,455
no longer reported in 2025 (was €16,455)
of which Other amounts receivable: -€11,840
- Other debts -€50,241
down €50,241 (-9.2%), from €543,388 to €493,147
- Reserves -€30,400
down €30,400 (-8.5%), from €356,048 to €325,648
- Debts after one year -€13,375
down €13,375 (-5.8%), from €230,642 to €217,266
- Gross operating margin +€71,355
up €71,355 (+93.5%), from €76,345 to €147,700
- Depreciation +€19,205
up €19,205 (+72.7%), from €26,428 to €45,633
- Taxes +€11,890
up €11,890 (+262.0%), from €4,538 to €16,428
- Financial income -€7,622
down €7,622 (-100.0%), from €7,622 to €0
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 | €1,303,611 | €1,211,157 | -€92,454 | -7.1% |
| Fixed assets | 21/28 | €1,130,570 | €1,126,565 | -€4,005 | -0.4% |
| Tangible fixed assets | 22/27 | €323,466 | €328,698 | +€5,232 | +1.6% |
| Land and buildings | 22 | €306,817 | €272,491 | -€34,327 | -11.2% |
| Plant, machinery and equipment | 23 | - | €48,345 | +€48,345 | |
| Furniture and vehicles | 24 | €16,649 | €7,863 | -€8,786 | -52.8% |
| Financial fixed assets | 28 | €807,104 | €797,867 | -€9,237 | -1.1% |
| Current assets | 29/58 | €173,041 | €84,592 | -€88,449 | -51.1% |
| Amounts receivable within one year | 40/41 | €16,455 | - | -€16,455 | |
| Trade receivables | 40 | €4,615 | - | -€4,615 | |
| Other amounts receivable | 41 | €11,840 | - | -€11,840 | |
| Cash at bank and in hand | 54/58 | €146,132 | €82,069 | -€64,062 | -43.8% |
| Deferred charges and accrued income | 490/1 | €10,454 | €2,523 | -€7,932 | -75.9% |
| Total equity and liabilities | 10/49 | €1,303,611 | €1,211,157 | -€92,454 | -7.1% |
| Equity | 10/15 | €462,443 | €432,135 | -€30,309 | -6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €356,048 | €325,648 | -€30,400 | -8.5% |
| Distributable reserves | 133 | €356,048 | €325,648 | -€30,400 | -8.5% |
| Profit (loss) carried forward | 14 | €87,795 | €87,887 | +€91 | +0.1% |
| Amounts payable | 17/49 | €841,168 | €779,022 | -€62,145 | -7.4% |
| Amounts payable after more than one year | 17 | €230,642 | €217,266 | -€13,375 | -5.8% |
| Financial debts | 170/4 | €230,642 | €217,266 | -€13,375 | -5.8% |
| Amounts payable within one year | 42/48 | €565,568 | €522,912 | -€42,656 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €12,912 | €13,375 | +€463 | +3.6% |
| Trade debts | 44 | €5,517 | €5,530 | +€13 | +0.2% |
| Suppliers | 440/4 | €5,517 | €5,530 | +€13 | +0.2% |
| Taxes, remuneration and social security | 45 | €3,750 | €10,859 | +€7,109 | +189.6% |
| Taxes | 450/3 | €3,750 | €8,859 | +€5,109 | +136.2% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €543,388 | €493,147 | -€50,241 | -9.2% |
| Accrued charges and deferred income | 492/3 | €44,958 | €38,844 | -€6,114 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,428 | €45,633 | +€19,205 | +72.7% |
| Other operating charges | 640/8 | €1,209 | €2,512 | +€1,304 | +107.8% |
| Non-recurring operating charges | 66A | - | €270 | +€270 | |
| Gross operating margin | 9900 | €76,345 | €147,700 | +€71,355 | +93.5% |
| Operating profit (loss) | 9901 | €48,707 | €99,284 | +€50,577 | +103.8% |
| Financial income | 75/76B | €7,622 | €0 | -€7,622 | -100.0% |
| Recurring financial income | 75 | €7,622 | €0 | -€7,622 | -100.0% |
| Financial charges | 65/66B | €46,314 | €45,165 | -€1,148 | -2.5% |
| Recurring financial charges | 65 | €46,314 | €45,165 | -€1,148 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €10,016 | €54,119 | +€44,103 | +440.3% |
| Income taxes | 67/77 | €4,538 | €16,428 | +€11,890 | +262.0% |
| Profit (loss) for the period | 9904 | €5,478 | €37,691 | +€32,213 | +588.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,478 | €37,691 | +€32,213 | +588.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.