MAVEMAX: 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.
MAVEMAX
Largest movements
- Cash +€26,959
up €26,959 (+42.8%), from €62,928 to €89,887
mainly Trade debts (+€22,200) and Tax, wage and social debts (+€15,700)
- Receivables within one year +€7,522
up €7,522 (+3280.4%), from €229 to €7,751
of which Other amounts receivable: +€7,522
- Stocks and contracts -€4,950
down €4,950 (-19.4%), from €25,525 to €20,575
- Tangible fixed assets -€3,564
down €3,564 (-20.5%), from €17,410 to €13,847
of which Plant, machinery and equipment: -€2,223
- Trade debts +€22,200
up €22,200 (+37.9%), from €58,547 to €80,747
- Tax, wage and social debts +€15,700
up €15,700 (+383.5%), from €4,095 to €19,795
of which Remuneration and social security: +€11,463
- Profit (loss) carried forward -€10,739
down €10,739 (-12.7%), from -€84,769 to -€95,508
- Debts after one year -€4,587
down €4,587 (-85.5%), from €5,362 to €775
- Other debts +€2,926
up €2,926 (+2.8%), from €104,618 to €107,545
- Staff costs +€43,345
up €43,345 (+126.1%), from €34,361 to €77,706
- Gross operating margin -€12,668
down €12,668 (-14.8%), from €85,512 to €72,844
- Other operating charges +€3,353
up €3,353, from €0 to €3,353
- Financial income +€1,619
up €1,619 (+7716.2%), from €21 to €1,640
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 | €110,936 | €136,541 | +€25,605 | +23.1% |
| Fixed assets | 21/28 | €21,892 | €18,328 | -€3,564 | -16.3% |
| Tangible fixed assets | 22/27 | €17,410 | €13,847 | -€3,564 | -20.5% |
| Plant, machinery and equipment | 23 | €15,747 | €13,525 | -€2,223 | -14.1% |
| Furniture and vehicles | 24 | €1,663 | €322 | -€1,341 | -80.6% |
| Financial fixed assets | 28 | €4,481 | €4,481 | = | 0.0% |
| Current assets | 29/58 | €89,044 | €118,213 | +€29,169 | +32.8% |
| Stocks and contracts in progress | 3 | €25,525 | €20,575 | -€4,950 | -19.4% |
| Stocks | 30/36 | €25,525 | €20,575 | -€4,950 | -19.4% |
| Amounts receivable within one year | 40/41 | €229 | €7,751 | +€7,522 | +3280.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €229 | €7,751 | +€7,522 | +3280.4% |
| Cash at bank and in hand | 54/58 | €62,928 | €89,887 | +€26,959 | +42.8% |
| Deferred charges and accrued income | 490/1 | €362 | €0 | -€362 | -100.0% |
| Total equity and liabilities | 10/49 | €110,936 | €136,541 | +€25,605 | +23.1% |
| Equity | 10/15 | -€66,169 | -€76,908 | -€10,739 | -16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€84,769 | -€95,508 | -€10,739 | -12.7% |
| Amounts payable | 17/49 | €177,105 | €213,449 | +€36,344 | +20.5% |
| Amounts payable after more than one year | 17 | €5,362 | €775 | -€4,587 | -85.5% |
| Financial debts | 170/4 | €5,362 | €775 | -€4,587 | -85.5% |
| Amounts payable within one year | 42/48 | €171,743 | €212,674 | +€40,931 | +23.8% |
| Current portion of amounts payable after more than one year | 42 | €4,483 | €4,587 | +€104 | +2.3% |
| Trade debts | 44 | €58,547 | €80,747 | +€22,200 | +37.9% |
| Suppliers | 440/4 | €58,547 | €80,747 | +€22,200 | +37.9% |
| Taxes, remuneration and social security | 45 | €4,095 | €19,795 | +€15,700 | +383.5% |
| Taxes | 450/3 | €1,952 | €6,190 | +€4,237 | +217.1% |
| Remuneration and social security | 454/9 | €2,142 | €13,605 | +€11,463 | +535.1% |
| Other amounts payable | 47/48 | €104,618 | €107,545 | +€2,926 | +2.8% |
| Remuneration, social security and pensions | 62 | €34,361 | €77,706 | +€43,345 | +126.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,203 | €3,564 | -€640 | -15.2% |
| Other operating charges | 640/8 | €0 | €3,353 | +€3,353 | |
| Gross operating margin | 9900 | €85,512 | €72,844 | -€12,668 | -14.8% |
| Operating profit (loss) | 9901 | €46,948 | -€11,779 | -€58,726 | |
| Financial income | 75/76B | €21 | €1,640 | +€1,619 | +7716.2% |
| Recurring financial income | 75 | €21 | €1,640 | +€1,619 | +7716.2% |
| Financial charges | 65/66B | €701 | €601 | -€101 | -14.3% |
| Recurring financial charges | 65 | €701 | €601 | -€101 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €46,268 | -€10,739 | -€57,007 | |
| Profit (loss) for the period | 9904 | €46,268 | -€10,739 | -€57,007 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,268 | -€10,739 | -€57,007 |
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 7 October 2026 via checked.be.