MAVEKO: 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.
MAVEKO
Largest movements
- Receivables within one year +€18,132
up €18,132 (+3.9%), from €461,672 to €479,803
of which Other amounts receivable: +€63,952
- Reserves +€10,066
up €10,066 (+3.8%), from €264,678 to €274,744
- Current portion of long-term debt -€6,667
no longer reported in 2025 (was €6,667)
- Gross operating margin -€72,203
down €72,203 (-76.3%), from €94,646 to €22,443
- Taxes -€18,611
down €18,611 (-88.1%), from €21,127 to €2,517
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.
Derived cash bridge
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 | €633,922 | €649,374 | +€15,452 | +2.4% |
| Fixed assets | 21/28 | €163,000 | €163,000 | = | 0.0% |
| Financial fixed assets | 28 | €163,000 | €163,000 | = | 0.0% |
| Current assets | 29/58 | €470,922 | €486,374 | +€15,452 | +3.3% |
| Amounts receivable within one year | 40/41 | €461,672 | €479,803 | +€18,132 | +3.9% |
| Trade receivables | 40 | €96,640 | €50,820 | -€45,820 | -47.4% |
| Other amounts receivable | 41 | €365,032 | €428,983 | +€63,952 | +17.5% |
| Cash at bank and in hand | 54/58 | €9,251 | €3,285 | -€5,966 | -64.5% |
| Deferred charges and accrued income | 490/1 | - | €3,286 | +€3,286 | |
| Total equity and liabilities | 10/49 | €633,922 | €649,374 | +€15,452 | +2.4% |
| Equity | 10/15 | €432,678 | €442,744 | +€10,066 | +2.3% |
| Contributions | 10/11 | €168,000 | €168,000 | = | 0.0% |
| Reserves | 13 | €264,678 | €274,744 | +€10,066 | +3.8% |
| Distributable reserves | 133 | €264,678 | €274,744 | +€10,066 | +3.8% |
| Amounts payable | 17/49 | €201,245 | €206,630 | +€5,386 | +2.7% |
| Amounts payable within one year | 42/48 | €201,245 | €206,630 | +€5,386 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €6,667 | - | -€6,667 | |
| Trade debts | 44 | €548 | €3,754 | +€3,206 | +585% |
| Suppliers | 440/4 | €548 | €3,754 | +€3,206 | +585% |
| Taxes, remuneration and social security | 45 | €61,502 | €64,788 | +€3,286 | +5.3% |
| Taxes | 450/3 | €14,002 | €7,288 | -€6,714 | -47.9% |
| Remuneration and social security | 454/9 | €47,500 | €57,500 | +€10,000 | +21.1% |
| Other amounts payable | 47/48 | €132,528 | €138,088 | +€5,560 | +4.2% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €94,646 | €22,443 | -€72,203 | -76.3% |
| Operating profit (loss) | 9901 | €94,118 | €21,899 | -€72,219 | -76.7% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €9,611 | €9,317 | -€294 | -3.1% |
| Recurring financial charges | 65 | €9,611 | €9,317 | -€294 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €84,508 | €12,583 | -€71,926 | -85.1% |
| Income taxes | 67/77 | €21,127 | €2,517 | -€18,611 | -88.1% |
| Profit (loss) for the period | 9904 | €63,381 | €10,066 | -€53,315 | -84.1% |
| Profit (loss) for the period to be appropriated | 9905 | €63,381 | €10,066 | -€53,315 | -84.1% |
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 13 October 2026 via checked.be.