MAVER BEHEER: 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 BEHEER
Largest movements
- Financial fixed assets +€964,554
up €964,554 (+5.9%), from €16.2m to €17.2m
- Cash -€450,671
down €450,671 (-78.7%), from €572,850 to €122,179
mainly Investment in fixed assets (net) (-€964,554) and Current investments (-€370,655)
- Current investments +€370,655
up €370,655 (+14.5%), from €2.6m to €2.9m
- Other debts +€459,416
up €459,416 (+59.5%), from €771,964 to €1.2m
- Reserves +€403,657
up €403,657 (+11.6%), from €3.5m to €3.9m
of which Distributable reserves: +€403,657
- Financial income -€126,113
down €126,113 (-16.3%), from €773,934 to €647,821
- Taxes -€11,496
down €11,496 (-5.8%), from €199,870 to €188,373
- Financial charges -€9,747
down €9,747 (-47.5%), from €20,513 to €10,766
- Gross operating margin -€4,899
down €4,899 (-14.6%), from -€33,662 to -€38,561
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 | €19,822,091 | €20,733,811 | +€911,719 | +4.6% |
| Fixed assets | 21/28 | €16,230,499 | €17,194,720 | +€964,221 | +5.9% |
| Tangible fixed assets | 22/27 | €904 | €572 | -€333 | -36.8% |
| Furniture and vehicles | 24 | €904 | €572 | -€333 | -36.8% |
| Financial fixed assets | 28 | €16,229,594 | €17,194,148 | +€964,554 | +5.9% |
| Current assets | 29/58 | €3,591,592 | €3,539,091 | -€52,502 | -1.5% |
| Amounts receivable within one year | 40/41 | €349,812 | €353,093 | +€3,281 | +0.9% |
| Other amounts receivable | 41 | €349,812 | €353,093 | +€3,281 | +0.9% |
| Current investments | 50/53 | €2,560,012 | €2,930,667 | +€370,655 | +14.5% |
| Cash at bank and in hand | 54/58 | €572,850 | €122,179 | -€450,671 | -78.7% |
| Deferred charges and accrued income | 490/1 | €108,918 | €133,151 | +€24,233 | +22.2% |
| Total equity and liabilities | 10/49 | €19,822,091 | €20,733,811 | +€911,719 | +4.6% |
| Equity | 10/15 | €18,988,646 | €19,392,303 | +€403,657 | +2.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,492,561 | €3,896,218 | +€403,657 | +11.6% |
| Non-distributable reserves | 130/1 | €148,105 | €148,105 | = | 0.0% |
| Legal reserve | 130 | €148,105 | €148,105 | = | 0.0% |
| Distributable reserves | 133 | €3,344,456 | €3,748,113 | +€403,657 | +12.1% |
| Profit (loss) carried forward | 14 | €15,434,085 | €15,434,085 | = | 0.0% |
| Amounts payable | 17/49 | €833,445 | €1,341,508 | +€508,063 | +61.0% |
| Amounts payable after more than one year | 17 | €48,230 | €100,353 | +€52,123 | +108% |
| Financial debts | 170/4 | €48,230 | €100,353 | +€52,123 | +108% |
| Amounts payable within one year | 42/48 | €772,578 | €1,233,976 | +€461,399 | +59.7% |
| Trade debts | 44 | €614 | €2,596 | +€1,982 | +323% |
| Suppliers | 440/4 | €614 | €2,596 | +€1,982 | +323% |
| Other amounts payable | 47/48 | €771,964 | €1,231,380 | +€459,416 | +59.5% |
| Accrued charges and deferred income | 492/3 | €12,637 | €7,179 | -€5,459 | -43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €584 | €333 | -€251 | -42.9% |
| Other operating charges | 640/8 | €6,310 | €6,131 | -€179 | -2.8% |
| Gross operating margin | 9900 | -€33,662 | -€38,561 | -€4,899 | -14.6% |
| Operating profit (loss) | 9901 | -€40,556 | -€45,025 | -€4,469 | -11.0% |
| Financial income | 75/76B | €773,934 | €647,821 | -€126,113 | -16.3% |
| Recurring financial income | 75 | €773,934 | €647,821 | -€126,113 | -16.3% |
| Financial charges | 65/66B | €20,513 | €10,766 | -€9,747 | -47.5% |
| Recurring financial charges | 65 | €20,513 | €10,766 | -€9,747 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €712,865 | €592,030 | -€120,835 | -17.0% |
| Income taxes | 67/77 | €199,870 | €188,373 | -€11,496 | -5.8% |
| Profit (loss) for the period | 9904 | €512,995 | €403,657 | -€109,339 | -21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €512,995 | €403,657 | -€109,339 | -21.3% |
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 24 October 2026 via checked.be.