MaVeRo: 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.
MaVeRo
Largest movements
- Tangible fixed assets -€73,722
down €73,722 (-5.9%), from €1.3m to €1.2m
of which Land and buildings: -€52,291
- Receivables within one year -€47,471
down €47,471 (-15.9%), from €297,858 to €250,387
of which Trade receivables: -€58,800
- Cash -€19,642
down €19,642 (-33.6%), from €58,493 to €38,852
mainly Debts after one year (-€71,944) and Current portion of long-term debt (-€40,390)
- Debts after one year -€71,944
down €71,944 (-8.4%), from €858,400 to €786,456
- Current portion of long-term debt -€40,390
down €40,390 (-31.8%), from €127,038 to €86,648
- Trade debts -€32,339
down €32,339 (-57.9%), from €55,839 to €23,500
- Tax, wage and social debts -€24,346
down €24,346 (-67.1%), from €36,305 to €11,960
of which Remuneration and social security: -€13,200
- Financial charges -€6,165
down €6,165 (-34.2%), from €18,004 to €11,839
- Gross operating margin +€3,024
up €3,024 (+2.9%), from €103,390 to €106,413
- Taxes +€2,813
up €2,813 (+232%), from €1,215 to €4,027
- Other operating charges -€1,421
down €1,421 (-17.6%), from €8,069 to €6,648
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 | €1,620,621 | €1,482,235 | -€138,386 | -8.5% |
| Fixed assets | 21/28 | €1,259,264 | €1,185,542 | -€73,722 | -5.9% |
| Tangible fixed assets | 22/27 | €1,258,964 | €1,185,242 | -€73,722 | -5.9% |
| Land and buildings | 22 | €1,181,879 | €1,129,588 | -€52,291 | -4.4% |
| Plant, machinery and equipment | 23 | €7,085 | €5,095 | -€1,990 | -28.1% |
| Furniture and vehicles | 24 | €70,001 | €50,559 | -€19,441 | -27.8% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €361,357 | €296,693 | -€64,664 | -17.9% |
| Amounts receivable within one year | 40/41 | €297,858 | €250,387 | -€47,471 | -15.9% |
| Trade receivables | 40 | €244,570 | €185,770 | -€58,800 | -24.0% |
| Other amounts receivable | 41 | €53,288 | €64,617 | +€11,329 | +21.3% |
| Cash at bank and in hand | 54/58 | €58,493 | €38,852 | -€19,642 | -33.6% |
| Deferred charges and accrued income | 490/1 | €5,006 | €7,455 | +€2,449 | +48.9% |
| Total equity and liabilities | 10/49 | €1,620,621 | €1,482,235 | -€138,386 | -8.5% |
| Equity | 10/15 | €517,107 | €527,339 | +€10,231 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €435,088 | €445,320 | +€10,231 | +2.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €433,228 | €443,460 | +€10,231 | +2.4% |
| Profit (loss) carried forward | 14 | €63,419 | €63,419 | = | 0.0% |
| Amounts payable | 17/49 | €1,103,514 | €954,896 | -€148,617 | -13.5% |
| Amounts payable after more than one year | 17 | €858,400 | €786,456 | -€71,944 | -8.4% |
| Financial debts | 170/4 | €858,400 | €786,456 | -€71,944 | -8.4% |
| Amounts payable within one year | 42/48 | €243,106 | €168,440 | -€74,665 | -30.7% |
| Current portion of amounts payable after more than one year | 42 | €127,038 | €86,648 | -€40,390 | -31.8% |
| Financial debts | 43 | - | €3,587 | +€3,587 | |
| Credit institutions | 430/8 | - | €3,587 | +€3,587 | |
| Trade debts | 44 | €55,839 | €23,500 | -€32,339 | -57.9% |
| Suppliers | 440/4 | €55,839 | €23,500 | -€32,339 | -57.9% |
| Advances received on contracts in progress | 46 | €19,680 | €31,353 | +€11,673 | +59.3% |
| Taxes, remuneration and social security | 45 | €36,305 | €11,960 | -€24,346 | -67.1% |
| Taxes | 450/3 | €23,105 | €11,960 | -€11,146 | -48.2% |
| Remuneration and social security | 454/9 | €13,200 | - | -€13,200 | |
| Other amounts payable | 47/48 | €4,243 | €11,392 | +€7,149 | +168% |
| Accrued charges and deferred income | 492/3 | €2,008 | - | -€2,008 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,727 | €73,722 | -€1,005 | -1.3% |
| Other operating charges | 640/8 | €8,069 | €6,648 | -€1,421 | -17.6% |
| Gross operating margin | 9900 | €103,390 | €106,413 | +€3,024 | +2.9% |
| Operating profit (loss) | 9901 | €20,594 | €26,043 | +€5,450 | +26.5% |
| Financial income | 75/76B | €21 | €54 | +€33 | +158% |
| Recurring financial income | 75 | €21 | €54 | +€33 | +158% |
| Financial charges | 65/66B | €18,004 | €11,839 | -€6,165 | -34.2% |
| Recurring financial charges | 65 | €18,004 | €11,839 | -€6,165 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | €2,611 | €14,259 | +€11,648 | +446% |
| Income taxes | 67/77 | €1,215 | €4,027 | +€2,813 | +232% |
| Profit (loss) for the period | 9904 | €1,396 | €10,231 | +€8,835 | +633% |
| Profit (loss) for the period to be appropriated | 9905 | €1,396 | €10,231 | +€8,835 | +633% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.