MAVERX: 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.
MAVERX
Largest movements
- Cash +€58,090
up €58,090 (+77.7%), from €74,800 to €132,890
mainly Net result for the year (+€75,193) and Other debts (+€64,296)
- Receivables within one year -€22,553
down €22,553 (-40.4%), from €55,861 to €33,308
of which Trade receivables: -€30,000
- Receivables after one year -€7,500
no longer reported in 2025 (was €7,500)
- Tangible fixed assets -€7,171
down €7,171 (-2.3%), from €315,036 to €307,865
of which Land and buildings: -€4,852
- Other debts +€64,296
up €64,296 (+84.9%), from €75,704 to €140,000
- Reserves -€32,943
down €32,943 (-30.5%), from €108,136 to €75,193
- Debts after one year -€12,215
down €12,215 (-6.1%), from €198,803 to €186,588
- Tax, wage and social debts +€4,803
up €4,803 (+16.6%), from €28,985 to €33,788
of which Taxes: +€7,383
- Gross operating margin +€11,227
up €11,227 (+9.5%), from €118,717 to €129,943
- Other operating charges +€2,127
up €2,127 (+48.0%), from €4,429 to €6,556
- Financial charges -€1,753
down €1,753 (-18.7%), from €9,376 to €7,623
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 | €456,158 | €478,811 | +€22,652 | +5.0% |
| Fixed assets | 21/28 | €317,997 | €310,826 | -€7,171 | -2.3% |
| Tangible fixed assets | 22/27 | €315,036 | €307,865 | -€7,171 | -2.3% |
| Land and buildings | 22 | €295,806 | €290,954 | -€4,852 | -1.6% |
| Plant, machinery and equipment | 23 | €3,146 | €2,773 | -€372 | -11.8% |
| Furniture and vehicles | 24 | €5,325 | €4,468 | -€857 | -16.1% |
| Other tangible fixed assets | 26 | €10,760 | €9,670 | -€1,090 | -10.1% |
| Financial fixed assets | 28 | €2,961 | €2,961 | = | 0.0% |
| Current assets | 29/58 | €138,161 | €167,984 | +€29,824 | +21.6% |
| Amounts receivable after more than one year | 29 | €7,500 | - | -€7,500 | |
| Other amounts receivable | 291 | €7,500 | - | -€7,500 | |
| Amounts receivable within one year | 40/41 | €55,861 | €33,308 | -€22,553 | -40.4% |
| Trade receivables | 40 | €55,045 | €25,045 | -€30,000 | -54.5% |
| Other amounts receivable | 41 | €816 | €8,263 | +€7,447 | +913% |
| Cash at bank and in hand | 54/58 | €74,800 | €132,890 | +€58,090 | +77.7% |
| Deferred charges and accrued income | 490/1 | - | €1,787 | +€1,787 | |
| Total equity and liabilities | 10/49 | €456,158 | €478,811 | +€22,652 | +5.0% |
| Equity | 10/15 | €126,736 | €93,793 | -€32,943 | -26.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €108,136 | €75,193 | -€32,943 | -30.5% |
| Distributable reserves | 133 | €108,136 | €75,193 | -€32,943 | -30.5% |
| Amounts payable | 17/49 | €329,423 | €385,018 | +€55,595 | +16.9% |
| Amounts payable after more than one year | 17 | €198,803 | €186,588 | -€12,215 | -6.1% |
| Financial debts | 170/4 | €198,803 | €186,588 | -€12,215 | -6.1% |
| Amounts payable within one year | 42/48 | €130,164 | €197,518 | +€67,354 | +51.7% |
| Current portion of amounts payable after more than one year | 42 | €12,055 | €12,215 | +€160 | +1.3% |
| Financial debts | 43 | €3,407 | €4,850 | +€1,444 | +42.4% |
| Credit institutions | 430/8 | €3,407 | €4,850 | +€1,444 | +42.4% |
| Trade debts | 44 | €10,014 | €6,665 | -€3,348 | -33.4% |
| Suppliers | 440/4 | €10,014 | €6,665 | -€3,348 | -33.4% |
| Taxes, remuneration and social security | 45 | €28,985 | €33,788 | +€4,803 | +16.6% |
| Taxes | 450/3 | €23,126 | €30,508 | +€7,383 | +31.9% |
| Remuneration and social security | 454/9 | €5,859 | €3,279 | -€2,580 | -44.0% |
| Other amounts payable | 47/48 | €75,704 | €140,000 | +€64,296 | +84.9% |
| Accrued charges and deferred income | 492/3 | €456 | €912 | +€456 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,561 | €11,171 | +€610 | +5.8% |
| Other operating charges | 640/8 | €4,429 | €6,556 | +€2,127 | +48.0% |
| Non-recurring operating charges | 66A | - | €7,500 | +€7,500 | |
| Gross operating margin | 9900 | €118,717 | €129,943 | +€11,227 | +9.5% |
| Operating profit (loss) | 9901 | €103,726 | €104,715 | +€989 | +1.0% |
| Financial income | 75/76B | €869 | €1,390 | +€521 | +60.0% |
| Recurring financial income | 75 | €869 | €1,390 | +€521 | +60.0% |
| Financial charges | 65/66B | €9,376 | €7,623 | -€1,753 | -18.7% |
| Recurring financial charges | 65 | €9,376 | €7,623 | -€1,753 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €95,219 | €98,483 | +€3,264 | +3.4% |
| Income taxes | 67/77 | €24,130 | €23,290 | -€840 | -3.5% |
| Profit (loss) for the period | 9904 | €71,089 | €75,193 | +€4,104 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €71,089 | €75,193 | +€4,104 | +5.8% |
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.