MAVELKI: 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.
MAVELKI
Largest movements
- Cash -€25,302
down €25,302 (-41.7%), from €60,626 to €35,324
mainly Net result for the year (-€30,680) and Other debts (-€5,132)
- Receivables within one year -€5,936
down €5,936 (-66.1%), from €8,977 to €3,041
of which Trade receivables: -€5,528
- Deferred charges and accrued income +€4,846
up €4,846 (+144.8%), from €3,347 to €8,194
- Tangible fixed assets -€4,796
down €4,796 (-14.5%), from €32,996 to €28,199
of which Other tangible fixed assets: -€2,653
- Reserves -€32,346
down €32,346 (-8.7%), from €370,360 to €338,014
of which Distributable reserves: -€32,346
- Trade debts +€9,090
up €9,090 (+962.1%), from €945 to €10,035
- Other debts -€5,132
down €5,132 (-22.7%), from €22,615 to €17,484
- Gross operating margin -€22,250
down €22,250, from €8,320 to -€13,931
- Depreciation -€21,147
down €21,147 (-78.2%), from €27,042 to €5,895
- Write-downs +€6,001
new in 2025: €6,001
- Financial income -€5,572
down €5,572 (-58.4%), from €9,546 to €3,974
- Other operating charges +€2,811
up €2,811 (+119.7%), from €2,348 to €5,159
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 | €416,240 | €385,052 | -€31,188 | -7.5% |
| Fixed assets | 21/28 | €113,289 | €108,493 | -€4,796 | -4.2% |
| Tangible fixed assets | 22/27 | €32,996 | €28,199 | -€4,796 | -14.5% |
| Furniture and vehicles | 24 | €4,087 | €1,943 | -€2,144 | -52.5% |
| Other tangible fixed assets | 26 | €28,909 | €26,256 | -€2,653 | -9.2% |
| Financial fixed assets | 28 | €80,294 | €80,294 | = | 0.0% |
| Current assets | 29/58 | €302,951 | €276,559 | -€26,392 | -8.7% |
| Amounts receivable within one year | 40/41 | €8,977 | €3,041 | -€5,936 | -66.1% |
| Trade receivables | 40 | €5,528 | - | -€5,528 | |
| Other amounts receivable | 41 | €3,449 | €3,041 | -€408 | -11.8% |
| Current investments | 50/53 | €230,000 | €230,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €60,626 | €35,324 | -€25,302 | -41.7% |
| Deferred charges and accrued income | 490/1 | €3,347 | €8,194 | +€4,846 | +144.8% |
| Total equity and liabilities | 10/49 | €416,240 | €385,052 | -€31,188 | -7.5% |
| Equity | 10/15 | €389,060 | €356,714 | -€32,346 | -8.3% |
| Contributions | 10/11 | €18,700 | €18,700 | = | 0.0% |
| Reserves | 13 | €370,360 | €338,014 | -€32,346 | -8.7% |
| Tax-exempt reserves | 132 | €25,251 | €25,251 | = | 0.0% |
| Distributable reserves | 133 | €345,109 | €312,763 | -€32,346 | -9.4% |
| Amounts payable | 17/49 | €27,180 | €28,338 | +€1,158 | +4.3% |
| Amounts payable within one year | 42/48 | €25,410 | €28,338 | +€2,928 | +11.5% |
| Trade debts | 44 | €945 | €10,035 | +€9,090 | +962.1% |
| Suppliers | 440/4 | €945 | €10,035 | +€9,090 | +962.1% |
| Taxes, remuneration and social security | 45 | €1,850 | €819 | -€1,031 | -55.7% |
| Taxes | 450/3 | €1,850 | €819 | -€1,031 | -55.7% |
| Other amounts payable | 47/48 | €22,615 | €17,484 | -€5,132 | -22.7% |
| Accrued charges and deferred income | 492/3 | €1,770 | - | -€1,770 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,042 | €5,895 | -€21,147 | -78.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,001 | +€6,001 | |
| Other operating charges | 640/8 | €2,348 | €5,159 | +€2,811 | +119.7% |
| Gross operating margin | 9900 | €8,320 | -€13,931 | -€22,250 | |
| Operating profit (loss) | 9901 | -€21,071 | -€30,985 | -€9,915 | -47.1% |
| Financial income | 75/76B | €9,546 | €3,974 | -€5,572 | -58.4% |
| Recurring financial income | 75 | €9,546 | €3,974 | -€5,572 | -58.4% |
| Financial charges | 65/66B | €1,811 | €1,751 | -€60 | -3.3% |
| Recurring financial charges | 65 | €1,811 | €1,751 | -€60 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | -€13,336 | -€28,762 | -€15,426 | -115.7% |
| Income taxes | 67/77 | €823 | €1,919 | +€1,096 | +133.2% |
| Profit (loss) for the period | 9904 | -€14,159 | -€30,680 | -€16,522 | -116.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,159 | -€30,680 | -€16,522 | -116.7% |
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 2 October 2026 via checked.be.