MAVEX: 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.
MAVEX
Largest movements
- Cash +€30,193
up €30,193 (+39.3%), from €76,857 to €107,050
mainly Net result for the year (+€23,193) and Depreciation (+€21,063)
- Tangible fixed assets -€19,532
down €19,532 (-13.1%), from €149,497 to €129,965
of which Furniture and vehicles: -€14,191
- Receivables within one year -€17,102
down €17,102 (-47.3%), from €36,142 to €19,040
of which Other amounts receivable: -€10,706
- Reserves +€23,193
up €23,193 (+11.6%), from €199,446 to €222,639
of which Distributable reserves: +€23,193
- Other debts -€14,026
down €14,026 (-100.0%), from €14,026 to €0
- Debts after one year -€8,542
down €8,542 (-100.0%), from €8,542 to €0
- Short-term financial debts -€6,722
down €6,722 (-57.1%), from €11,771 to €5,049
- Trade debts +€5,099
up €5,099 (+8616.8%), from €59 to €5,159
- Gross operating margin -€29,272
down €29,272 (-32.1%), from €91,280 to €62,008
- Taxes -€9,180
down €9,180 (-37.5%), from €24,478 to €15,298
- Depreciation +€1,495
up €1,495 (+7.6%), from €19,568 to €21,063
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 | €265,959 | €259,359 | -€6,600 | -2.5% |
| Fixed assets | 21/28 | €149,992 | €130,460 | -€19,532 | -13.0% |
| Tangible fixed assets | 22/27 | €149,497 | €129,965 | -€19,532 | -13.1% |
| Land and buildings | 22 | €38,606 | €36,741 | -€1,865 | -4.8% |
| Plant, machinery and equipment | 23 | €2,600 | €2,410 | -€191 | -7.3% |
| Furniture and vehicles | 24 | €23,541 | €9,350 | -€14,191 | -60.3% |
| Other tangible fixed assets | 26 | €84,749 | €81,464 | -€3,285 | -3.9% |
| Financial fixed assets | 28 | €495 | €495 | = | 0.0% |
| Current assets | 29/58 | €115,967 | €128,899 | +€12,932 | +11.2% |
| Amounts receivable within one year | 40/41 | €36,142 | €19,040 | -€17,102 | -47.3% |
| Trade receivables | 40 | €12,500 | €6,104 | -€6,395 | -51.2% |
| Other amounts receivable | 41 | €23,642 | €12,936 | -€10,706 | -45.3% |
| Cash at bank and in hand | 54/58 | €76,857 | €107,050 | +€30,193 | +39.3% |
| Deferred charges and accrued income | 490/1 | €2,968 | €2,809 | -€159 | -5.4% |
| Total equity and liabilities | 10/49 | €265,959 | €259,359 | -€6,600 | -2.5% |
| Equity | 10/15 | €211,846 | €235,039 | +€23,193 | +10.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €199,446 | €222,639 | +€23,193 | +11.6% |
| Non-distributable reserves | 130/1 | €8,800 | €8,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €8,800 | €8,800 | = | 0.0% |
| Distributable reserves | 133 | €190,646 | €213,839 | +€23,193 | +12.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,113 | €24,320 | -€29,793 | -55.1% |
| Amounts payable after more than one year | 17 | €8,542 | €0 | -€8,542 | -100.0% |
| Financial debts | 170/4 | €8,542 | €0 | -€8,542 | -100.0% |
| Amounts payable within one year | 42/48 | €45,523 | €23,348 | -€22,175 | -48.7% |
| Current portion of amounts payable after more than one year | 42 | €10,139 | €8,542 | -€1,597 | -15.8% |
| Financial debts | 43 | €11,771 | €5,049 | -€6,722 | -57.1% |
| Credit institutions | 430/8 | €11,771 | €5,049 | -€6,722 | -57.1% |
| Trade debts | 44 | €59 | €5,159 | +€5,099 | +8616.8% |
| Suppliers | 440/4 | €59 | €5,159 | +€5,099 | +8616.8% |
| Taxes, remuneration and social security | 45 | €9,528 | €4,598 | -€4,929 | -51.7% |
| Taxes | 450/3 | €9,528 | €4,598 | -€4,929 | -51.7% |
| Other amounts payable | 47/48 | €14,026 | €0 | -€14,026 | -100.0% |
| Accrued charges and deferred income | 492/3 | €48 | €972 | +€924 | +1914.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,568 | €21,063 | +€1,495 | +7.6% |
| Other operating charges | 640/8 | €3,373 | €2,942 | -€431 | -12.8% |
| Gross operating margin | 9900 | €91,280 | €62,008 | -€29,272 | -32.1% |
| Operating profit (loss) | 9901 | €68,339 | €38,003 | -€30,335 | -44.4% |
| Financial income | 75/76B | €731 | €1,202 | +€470 | +64.3% |
| Recurring financial income | 75 | €731 | €1,202 | +€470 | +64.3% |
| Financial charges | 65/66B | €950 | €714 | -€236 | -24.8% |
| Recurring financial charges | 65 | €950 | €714 | -€236 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €68,120 | €38,491 | -€29,629 | -43.5% |
| Income taxes | 67/77 | €24,478 | €15,298 | -€9,180 | -37.5% |
| Profit (loss) for the period | 9904 | €43,642 | €23,193 | -€20,449 | -46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,642 | €23,193 | -€20,449 | -46.9% |
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 12 October 2026 via checked.be.