MAVENO: 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.
MAVENO
Largest movements
- Tangible fixed assets -€19,963
down €19,963 (-21.0%), from €94,845 to €74,882
of which Furniture and vehicles: -€16,795
- Receivables within one year +€10,707
up €10,707 (+52.1%), from €20,565 to €31,272
of which Trade receivables: +€9,733
- Cash +€5,016
up €5,016 (+29.0%), from €17,298 to €22,314
mainly Depreciation (+€19,963) and Other debts (+€18,726)
- Other debts +€18,726
up €18,726 (+1,124%), from €1,666 to €20,392
- Debts after one year -€15,100
down €15,100 (-21.4%), from €70,579 to €55,478
- Reserves -€12,084
down €12,084 (-35.0%), from €34,513 to €22,429
- Tax, wage and social debts +€3,965
up €3,965 (+163%), from €2,429 to €6,394
- Gross operating margin +€10,673
up €10,673 (+43.8%), from €24,380 to €35,053
- Taxes +€3,254
up €3,254 (+323%), from €1,006 to €4,260
- Depreciation +€1,266
up €1,266 (+6.8%), from €18,697 to €19,963
- Other operating charges +€558
up €558 (+95.5%), from €584 to €1,142
- Financial charges -€446
down €446 (-10.4%), from €4,296 to €3,850
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €154,338 | €150,098 | -€4,240 | -2.7% |
| Fixed assets | 21/28 | €116,475 | €96,512 | -€19,963 | -17.1% |
| Tangible fixed assets | 22/27 | €94,845 | €74,882 | -€19,963 | -21.0% |
| Land and buildings | 22 | €28,513 | €25,345 | -€3,168 | -11.1% |
| Furniture and vehicles | 24 | €66,332 | €49,537 | -€16,795 | -25.3% |
| Financial fixed assets | 28 | €21,630 | €21,630 | = | 0.0% |
| Current assets | 29/58 | €37,862 | €53,586 | +€15,723 | +41.5% |
| Amounts receivable within one year | 40/41 | €20,565 | €31,272 | +€10,707 | +52.1% |
| Trade receivables | 40 | €6,079 | €15,813 | +€9,733 | +160% |
| Other amounts receivable | 41 | €14,485 | €15,459 | +€974 | +6.7% |
| Cash at bank and in hand | 54/58 | €17,298 | €22,314 | +€5,016 | +29.0% |
| Total equity and liabilities | 10/49 | €154,338 | €150,098 | -€4,240 | -2.7% |
| Equity | 10/15 | €54,081 | €41,996 | -€12,084 | -22.3% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €34,513 | €22,429 | -€12,084 | -35.0% |
| Distributable reserves | 133 | €34,513 | €22,429 | -€12,084 | -35.0% |
| Profit (loss) carried forward | 14 | €10,568 | €10,568 | = | 0.0% |
| Amounts payable | 17/49 | €100,257 | €108,101 | +€7,844 | +7.8% |
| Amounts payable after more than one year | 17 | €70,579 | €55,478 | -€15,100 | -21.4% |
| Financial debts | 170/4 | €70,579 | €55,478 | -€15,100 | -21.4% |
| Amounts payable within one year | 42/48 | €18,985 | €41,930 | +€22,944 | +121% |
| Current portion of amounts payable after more than one year | 42 | €14,363 | €15,100 | +€738 | +5.1% |
| Trade debts | 44 | €527 | €43 | -€484 | -91.8% |
| Suppliers | 440/4 | €527 | €43 | -€484 | -91.8% |
| Taxes, remuneration and social security | 45 | €2,429 | €6,394 | +€3,965 | +163% |
| Taxes | 450/3 | €2,429 | €6,394 | +€3,965 | +163% |
| Other amounts payable | 47/48 | €1,666 | €20,392 | +€18,726 | +1,124% |
| Accrued charges and deferred income | 492/3 | €10,693 | €10,693 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,697 | €19,963 | +€1,266 | +6.8% |
| Other operating charges | 640/8 | €584 | €1,142 | +€558 | +95.5% |
| Gross operating margin | 9900 | €24,380 | €35,053 | +€10,673 | +43.8% |
| Operating profit (loss) | 9901 | €5,099 | €13,948 | +€8,849 | +174% |
| Financial income | 75/76B | €632 | €805 | +€173 | +27.3% |
| Recurring financial income | 75 | €632 | €805 | +€173 | +27.3% |
| Financial charges | 65/66B | €4,296 | €3,850 | -€446 | -10.4% |
| Recurring financial charges | 65 | €4,296 | €3,850 | -€446 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €1,435 | €10,902 | +€9,468 | +660% |
| Income taxes | 67/77 | €1,006 | €4,260 | +€3,254 | +323% |
| Profit (loss) for the period | 9904 | €429 | €6,642 | +€6,213 | +1,450% |
| Profit (loss) for the period to be appropriated | 9905 | €429 | €6,642 | +€6,213 | +1,450% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.