MAVEST: what changed
Two fiscal 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.
MAVEST
Largest movements
- Cash +€7,977
up €7,977 (+8.8%), from €90,192 to €98,169
mainly Other debts (+€85,854) and Net result for the year (+€47,253)
- Receivables within one year -€4,920
down €4,920 (-40.5%), from €12,138 to €7,218
of which Other amounts receivable: -€4,920
- Tangible fixed assets +€1,092
new in 2025: €1,092
- Other debts +€85,854
new in 2025: €85,854
- Profit (loss) carried forward -€85,324
no longer reported in 2025 (was €85,324)
- Tax, wage and social debts +€2,896
up €2,896 (+18.6%), from €15,587 to €18,483
- Gross operating margin -€4,546
down €4,546 (-6.9%), from €65,528 to €60,982
- Taxes -€1,001
down €1,001 (-7.5%), from €13,283 to €12,282
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.
Cash bridge derived
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 | €103,180 | €107,334 | +€4,154 | +4.0% |
| Fixed assets | 21/28 | - | €1,092 | +€1,092 | |
| Tangible fixed assets | 22/27 | - | €1,092 | +€1,092 | |
| Furniture and vehicles | 24 | - | €1,092 | +€1,092 | |
| Current assets | 29/58 | €103,180 | €106,242 | +€3,062 | +3.0% |
| Amounts receivable within one year | 40/41 | €12,138 | €7,218 | -€4,920 | -40.5% |
| Trade receivables | 40 | €7,000 | €7,000 | = | 0.0% |
| Other amounts receivable | 41 | €5,138 | €218 | -€4,920 | -95.8% |
| Cash at bank and in hand | 54/58 | €90,192 | €98,169 | +€7,977 | +8.8% |
| Deferred charges and accrued income | 490/1 | €850 | €854 | +€5 | +0.5% |
| Total equity and liabilities | 10/49 | €103,180 | €107,334 | +€4,154 | +4.0% |
| Equity | 10/15 | €87,324 | €2,000 | -€85,324 | -97.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €85,324 | - | -€85,324 | |
| Amounts payable | 17/49 | €15,855 | €105,334 | +€89,479 | +564.3% |
| Amounts payable within one year | 42/48 | €15,855 | €105,334 | +€89,479 | +564.3% |
| Trade debts | 44 | €269 | €998 | +€730 | +271.6% |
| Suppliers | 440/4 | €269 | €998 | +€730 | +271.6% |
| Taxes, remuneration and social security | 45 | €15,587 | €18,483 | +€2,896 | +18.6% |
| Taxes | 450/3 | €15,587 | €18,483 | +€2,896 | +18.6% |
| Other amounts payable | 47/48 | - | €85,854 | +€85,854 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €313 | +€313 | |
| Other operating charges | 640/8 | €682 | €737 | +€55 | +8.1% |
| Gross operating margin | 9900 | €65,528 | €60,982 | -€4,546 | -6.9% |
| Operating profit (loss) | 9901 | €64,846 | €59,933 | -€4,913 | -7.6% |
| Financial charges | 65/66B | €622 | €398 | -€224 | -36.1% |
| Recurring financial charges | 65 | €622 | €398 | -€224 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €64,223 | €59,535 | -€4,689 | -7.3% |
| Income taxes | 67/77 | €13,283 | €12,282 | -€1,001 | -7.5% |
| Profit (loss) for the period | 9904 | €50,941 | €47,253 | -€3,688 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €50,941 | €47,253 | -€3,688 | -7.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.