MAVER: 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.
MAVER
Largest movements
- Tangible fixed assets -€30,702
down €30,702 (-90.3%), from €34,009 to €3,307
of which Furniture and vehicles: -€30,442
- Stocks and contracts -€19,464
down €19,464 (-24.2%), from €80,425 to €60,961
- Cash -€8,931
down €8,931 (-87.0%), from €10,264 to €1,332
mainly Net result for the year (-€41,807) and Tax, wage and social debts (-€12,004)
- Receivables within one year -€3,297
down €3,297 (-10.4%), from €31,701 to €28,404
of which Trade receivables: -€3,297
- Deferred charges and accrued income +€3,058
up €3,058 (+72.9%), from €4,192 to €7,250
- Profit (loss) carried forward -€41,807
down €41,807 (-614%), from -€6,814 to -€48,622
- Tax, wage and social debts -€12,004
down €12,004 (-66.0%), from €18,189 to €6,185
of which Taxes: -€6,704
- Trade debts -€8,693
down €8,693 (-23.0%), from €37,855 to €29,161
- Other debts +€8,175
up €8,175 (+45.9%), from €17,797 to €25,972
- Debts after one year -€7,870
down €7,870 (-28.2%), from €27,870 to €20,000
- Gross operating margin -€27,822
down €27,822, from €4,352 to -€23,470
- Depreciation -€3,357
down €3,357 (-44.0%), from €7,626 to €4,269
- Write-downs -€1,697
down €1,697, from €654 to -€1,043
- Financial charges -€828
down €828 (-29.2%), from €2,837 to €2,009
- Financial income -€575
down €575 (-100%), from €575 to €0
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 | €164,716 | €105,379 | -€59,337 | -36.0% |
| Fixed assets | 21/28 | €38,134 | €7,432 | -€30,702 | -80.5% |
| Tangible fixed assets | 22/27 | €34,009 | €3,307 | -€30,702 | -90.3% |
| Plant, machinery and equipment | 23 | €260 | €0 | -€260 | -100% |
| Furniture and vehicles | 24 | €33,749 | €3,307 | -€30,442 | -90.2% |
| Financial fixed assets | 28 | €4,125 | €4,125 | = | 0.0% |
| Current assets | 29/58 | €126,582 | €97,947 | -€28,635 | -22.6% |
| Stocks and contracts in progress | 3 | €80,425 | €60,961 | -€19,464 | -24.2% |
| Stocks | 30/36 | €80,425 | €60,961 | -€19,464 | -24.2% |
| Amounts receivable within one year | 40/41 | €31,701 | €28,404 | -€3,297 | -10.4% |
| Trade receivables | 40 | €31,701 | €28,404 | -€3,297 | -10.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €10,264 | €1,332 | -€8,931 | -87.0% |
| Deferred charges and accrued income | 490/1 | €4,192 | €7,250 | +€3,058 | +72.9% |
| Total equity and liabilities | 10/49 | €164,716 | €105,379 | -€59,337 | -36.0% |
| Equity | 10/15 | €55,265 | €13,458 | -€41,807 | -75.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €43,080 | €43,080 | = | 0.0% |
| Tax-exempt reserves | 132 | €151 | €151 | = | 0.0% |
| Distributable reserves | 133 | €42,929 | €42,929 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,814 | -€48,622 | -€41,807 | -614% |
| Amounts payable | 17/49 | €109,450 | €91,921 | -€17,529 | -16.0% |
| Amounts payable after more than one year | 17 | €27,870 | €20,000 | -€7,870 | -28.2% |
| Financial debts | 170/4 | €27,870 | €20,000 | -€7,870 | -28.2% |
| Amounts payable within one year | 42/48 | €81,580 | €69,196 | -€12,384 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €7,733 | €7,870 | +€138 | +1.8% |
| Financial debts | 43 | €7 | €7 | = | 0.0% |
| Credit institutions | 430/8 | €7 | €7 | = | 0.0% |
| Trade debts | 44 | €37,855 | €29,161 | -€8,693 | -23.0% |
| Suppliers | 440/4 | €37,855 | €29,161 | -€8,693 | -23.0% |
| Taxes, remuneration and social security | 45 | €18,189 | €6,185 | -€12,004 | -66.0% |
| Taxes | 450/3 | €12,889 | €6,185 | -€6,704 | -52.0% |
| Remuneration and social security | 454/9 | €5,300 | €0 | -€5,300 | -100% |
| Other amounts payable | 47/48 | €17,797 | €25,972 | +€8,175 | +45.9% |
| Accrued charges and deferred income | 492/3 | - | €2,725 | +€2,725 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,626 | €4,269 | -€3,357 | -44.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €654 | -€1,043 | -€1,697 | |
| Other operating charges | 640/8 | €2,210 | €2,392 | +€182 | +8.2% |
| Non-recurring operating charges | 66A | - | €10,433 | +€10,433 | |
| Gross operating margin | 9900 | €4,352 | -€23,470 | -€27,822 | |
| Operating profit (loss) | 9901 | -€6,138 | -€39,521 | -€33,383 | -544% |
| Financial income | 75/76B | €575 | €0 | -€575 | -100% |
| Recurring financial income | 75 | €575 | €0 | -€575 | -100% |
| Financial charges | 65/66B | €2,837 | €2,009 | -€828 | -29.2% |
| Recurring financial charges | 65 | €2,837 | €2,009 | -€828 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,400 | -€41,530 | -€33,130 | -394% |
| Income taxes | 67/77 | €325 | €277 | -€48 | -14.8% |
| Profit (loss) for the period | 9904 | -€8,726 | -€41,807 | -€33,082 | -379% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,726 | -€41,807 | -€33,082 | -379% |
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 14 October 2026 via checked.be.