MAVEGO: 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.
MAVEGO
Largest movements
- Receivables after one year +€220,134
up €220,134 (+81.9%), from €268,701 to €488,834
- Cash -€112,874
down €112,874 (-98.8%), from €114,281 to €1,408
mainly Receivables after one year (-€220,134) and Debts after one year (-€41,260)
- Stocks and contracts -€30,834
down €30,834 (-31.3%), from €98,395 to €67,560
- Tangible fixed assets -€18,872
down €18,872 (-5.2%), from €364,268 to €345,395
- Reserves +€70,651
up €70,651 (+25.5%), from €276,539 to €347,190
of which Distributable reserves: +€78,139
- Debts after one year -€41,260
down €41,260 (-55.5%), from €74,388 to €33,127
- Tax, wage and social debts +€35,323
up €35,323 (+983.4%), from €3,592 to €38,915
- Current portion of long-term debt -€15,465
down €15,465 (-100.0%), from €15,465 to €0
- Trade debts +€12,694
up €12,694 (+9097.0%), from €140 to €12,834
- Gross operating margin +€105,995
up €105,995 (+671.7%), from €15,781 to €121,776
- Taxes +€35,097
up €35,097 (+879.5%), from €3,990 to €39,087
- Other operating charges +€10,825
up €10,825 (+324.3%), from €3,338 to €14,163
- Financial charges -€8,860
down €8,860 (-93.5%), from €9,480 to €620
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 | €864,621 | €918,446 | +€53,825 | +6.2% |
| Fixed assets | 21/28 | €365,268 | €346,395 | -€18,872 | -5.2% |
| Tangible fixed assets | 22/27 | €364,268 | €345,395 | -€18,872 | -5.2% |
| Land and buildings | 22 | €364,268 | €345,395 | -€18,872 | -5.2% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €499,354 | €572,051 | +€72,697 | +14.6% |
| Amounts receivable after more than one year | 29 | €268,701 | €488,834 | +€220,134 | +81.9% |
| Other amounts receivable | 291 | €268,701 | €488,834 | +€220,134 | +81.9% |
| Stocks and contracts in progress | 3 | €98,395 | €67,560 | -€30,834 | -31.3% |
| Stocks | 30/36 | €98,395 | €67,560 | -€30,834 | -31.3% |
| Amounts receivable within one year | 40/41 | €17,977 | €14,249 | -€3,728 | -20.7% |
| Other amounts receivable | 41 | €17,977 | €14,249 | -€3,728 | -20.7% |
| Cash at bank and in hand | 54/58 | €114,281 | €1,408 | -€112,874 | -98.8% |
| Total equity and liabilities | 10/49 | €864,621 | €918,446 | +€53,825 | +6.2% |
| Equity | 10/15 | €759,960 | €830,611 | +€70,651 | +9.3% |
| Contributions | 10/11 | €218,000 | €218,000 | = | 0.0% |
| Revaluation surpluses | 12 | €265,421 | €265,421 | = | 0.0% |
| Reserves | 13 | €276,539 | €347,190 | +€70,651 | +25.5% |
| Tax-exempt reserves | 132 | €33,400 | €25,912 | -€7,488 | -22.4% |
| Distributable reserves | 133 | €243,138 | €321,278 | +€78,139 | +32.1% |
| Provisions and deferred taxes | 16 | €5,695 | €1,839 | -€3,856 | -67.7% |
| Deferred taxes | 168 | €5,695 | €1,839 | -€3,856 | -67.7% |
| Amounts payable | 17/49 | €98,967 | €85,996 | -€12,971 | -13.1% |
| Amounts payable after more than one year | 17 | €74,388 | €33,127 | -€41,260 | -55.5% |
| Other amounts payable | 178/9 | €74,388 | €33,127 | -€41,260 | -55.5% |
| Amounts payable within one year | 42/48 | €24,579 | €51,848 | +€27,269 | +110.9% |
| Current portion of amounts payable after more than one year | 42 | €15,465 | €0 | -€15,465 | -100.0% |
| Financial debts | 43 | €5,283 | €0 | -€5,283 | -100.0% |
| Credit institutions | 430/8 | €5,283 | €0 | -€5,283 | -100.0% |
| Trade debts | 44 | €140 | €12,834 | +€12,694 | +9097.0% |
| Suppliers | 440/4 | €140 | €12,834 | +€12,694 | +9097.0% |
| Taxes, remuneration and social security | 45 | €3,592 | €38,915 | +€35,323 | +983.4% |
| Taxes | 450/3 | €3,592 | €38,915 | +€35,323 | +983.4% |
| Other amounts payable | 47/48 | €100 | €100 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,020 | +€1,020 | |
| Non-recurring operating income | 76A | - | €3,416 | +€3,416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,621 | €22,288 | -€333 | -1.5% |
| Other operating charges | 640/8 | €3,338 | €14,163 | +€10,825 | +324.3% |
| Gross operating margin | 9900 | €15,781 | €121,776 | +€105,995 | +671.7% |
| Operating profit (loss) | 9901 | -€10,178 | €85,324 | +€95,503 | |
| Financial income | 75/76B | €20,194 | €21,178 | +€984 | +4.9% |
| Recurring financial income | 75 | €20,194 | €21,178 | +€984 | +4.9% |
| Financial charges | 65/66B | €9,480 | €620 | -€8,860 | -93.5% |
| Recurring financial charges | 65 | €9,480 | €620 | -€8,860 | -93.5% |
| Profit (loss) for the period before taxes | 9903 | €536 | €105,883 | +€105,346 | +19639.9% |
| Transfer from deferred taxes | 780 | €3,856 | €3,856 | = | 0.0% |
| Income taxes | 67/77 | €3,990 | €39,087 | +€35,097 | +879.5% |
| Profit (loss) for the period | 9904 | €402 | €70,651 | +€70,250 | +17488.5% |
| Transfer from tax-exempt reserves | 789 | €7,488 | €7,488 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,890 | €78,139 | +€70,250 | +890.4% |
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 29 September 2026 via checked.be.