MAVI: 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.
MAVI
Largest movements
- Tangible fixed assets +€59,133
up €59,133 (+2,615%), from €2,262 to €61,395
of which Furniture and vehicles: +€59,688
- Cash -€12,704
down €12,704 (-15.0%), from €84,507 to €71,803
mainly Investment in fixed assets (net) (-€62,748) and Contributions, distributions and other (-€8,137)
- Debts after one year +€26,802
new in 2025: €26,802
- Reserves +€7,401
up €7,401 (+8.5%), from €87,293 to €94,694
- Other debts +€7,040
up €7,040 (+600%), from €1,173 to €8,213
- Current portion of long-term debt +€6,587
new in 2025: €6,587
- Tax, wage and social debts -€3,553
down €3,553 (-42.1%), from €8,444 to €4,891
of which Taxes: -€2,503
- Gross operating margin +€8,948
up €8,948 (+12.5%), from €71,601 to €80,549
- Staff costs -€4,272
down €4,272 (-7.6%), from €56,555 to €52,283
- Taxes +€4,003
up €4,003 (+83.6%), from €4,790 to €8,793
- Depreciation +€3,102
up €3,102 (+606%), from €512 to €3,615
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 | €138,617 | €184,567 | +€45,950 | +33.1% |
| Fixed assets | 21/28 | €37,262 | €96,395 | +€59,133 | +159% |
| Tangible fixed assets | 22/27 | €2,262 | €61,395 | +€59,133 | +2,615% |
| Plant, machinery and equipment | 23 | €2,262 | €1,707 | -€555 | -24.5% |
| Furniture and vehicles | 24 | - | €59,688 | +€59,688 | |
| Financial fixed assets | 28 | €35,000 | €35,000 | = | 0.0% |
| Current assets | 29/58 | €101,356 | €88,173 | -€13,183 | -13.0% |
| Amounts receivable within one year | 40/41 | €15,490 | €16,370 | +€880 | +5.7% |
| Trade receivables | 40 | €15,280 | €16,370 | +€1,090 | +7.1% |
| Other amounts receivable | 41 | €210 | - | -€210 | |
| Cash at bank and in hand | 54/58 | €84,507 | €71,803 | -€12,704 | -15.0% |
| Deferred charges and accrued income | 490/1 | €1,359 | - | -€1,359 | |
| Total equity and liabilities | 10/49 | €138,617 | €184,567 | +€45,950 | +33.1% |
| Equity | 10/15 | €127,660 | €135,061 | +€7,401 | +5.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €87,293 | €94,694 | +€7,401 | +8.5% |
| Distributable reserves | 133 | €87,293 | €94,694 | +€7,401 | +8.5% |
| Profit (loss) carried forward | 14 | €34,167 | €34,167 | = | 0.0% |
| Amounts payable | 17/49 | €10,958 | €49,507 | +€38,549 | +352% |
| Amounts payable after more than one year | 17 | - | €26,802 | +€26,802 | |
| Financial debts | 170/4 | - | €26,802 | +€26,802 | |
| Amounts payable within one year | 42/48 | €9,617 | €21,838 | +€12,220 | +127% |
| Current portion of amounts payable after more than one year | 42 | - | €6,587 | +€6,587 | |
| Trade debts | 44 | - | €2,147 | +€2,147 | |
| Suppliers | 440/4 | - | €2,147 | +€2,147 | |
| Taxes, remuneration and social security | 45 | €8,444 | €4,891 | -€3,553 | -42.1% |
| Taxes | 450/3 | €6,317 | €3,814 | -€2,503 | -39.6% |
| Remuneration and social security | 454/9 | €2,127 | €1,077 | -€1,050 | -49.4% |
| Other amounts payable | 47/48 | €1,173 | €8,213 | +€7,040 | +600% |
| Accrued charges and deferred income | 492/3 | €1,340 | €867 | -€473 | -35.3% |
| Remuneration, social security and pensions | 62 | €56,555 | €52,283 | -€4,272 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €512 | €3,615 | +€3,102 | +606% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €71,601 | €80,549 | +€8,948 | +12.5% |
| Operating profit (loss) | 9901 | €14,416 | €24,532 | +€10,116 | +70.2% |
| Financial income | 75/76B | €195 | €438 | +€243 | +125% |
| Recurring financial income | 75 | €195 | €438 | +€243 | +125% |
| Financial charges | 65/66B | €134 | €639 | +€505 | +378% |
| Recurring financial charges | 65 | €134 | €639 | +€505 | +378% |
| Profit (loss) for the period before taxes | 9903 | €14,477 | €24,331 | +€9,854 | +68.1% |
| Income taxes | 67/77 | €4,790 | €8,793 | +€4,003 | +83.6% |
| Profit (loss) for the period | 9904 | €9,687 | €15,538 | +€5,851 | +60.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,687 | €15,538 | +€5,851 | +60.4% |
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 13 October 2026 via checked.be.