MAVI3: 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.
MAVI3
Largest movements
- Tangible fixed assets -€299,466
down €299,466 (-17.3%), from €1.7m to €1.4m
- Debts after one year -€459,274
down €459,274 (-60.0%), from €765,019 to €305,745
of which Trade debts: -€438,184
- Profit (loss) carried forward +€185,439
up €185,439 (+42.6%), from €434,954 to €620,393
- Gross operating margin +€198,639
up €198,639 (+495.5%), from €40,092 to €238,731
- Financial charges -€17,102
down €17,102 (-59.7%), from €28,650 to €11,548
- Depreciation -€12,335
down €12,335 (-17.2%), from €71,726 to €59,391
- Taxes -€11,762
down €11,762, from €30 to -€11,732
- Financial income +€10,210
up €10,210 (+10210.0%), from €100 to €10,310
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 | €1,744,403 | €1,459,764 | -€284,639 | -16.3% |
| Fixed assets | 21/28 | €1,737,647 | €1,438,907 | -€298,740 | -17.2% |
| Tangible fixed assets | 22/27 | €1,735,147 | €1,435,681 | -€299,466 | -17.3% |
| Land and buildings | 22 | €1,735,147 | €1,435,681 | -€299,466 | -17.3% |
| Financial fixed assets | 28 | €2,500 | €3,226 | +€726 | +29.0% |
| Current assets | 29/58 | €6,756 | €20,857 | +€14,101 | +208.7% |
| Cash at bank and in hand | 54/58 | €2,283 | €2,672 | +€389 | +17.0% |
| Deferred charges and accrued income | 490/1 | €4,473 | €18,185 | +€13,712 | +306.6% |
| Total equity and liabilities | 10/49 | €1,744,403 | €1,459,764 | -€284,639 | -16.3% |
| Equity | 10/15 | €484,774 | €670,213 | +€185,439 | +38.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €31,220 | €31,220 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,507 | €20,507 | = | 0.0% |
| Reserves not available under the articles | 1311 | €744 | €744 | = | 0.0% |
| Other | 1319 | €19,763 | €19,763 | = | 0.0% |
| Distributable reserves | 133 | €10,713 | €10,713 | = | 0.0% |
| Profit (loss) carried forward | 14 | €434,954 | €620,393 | +€185,439 | +42.6% |
| Amounts payable | 17/49 | €1,259,629 | €789,551 | -€470,078 | -37.3% |
| Amounts payable after more than one year | 17 | €765,019 | €305,745 | -€459,274 | -60.0% |
| Financial debts | 170/4 | €51,695 | €30,605 | -€21,090 | -40.8% |
| Trade debts | 175 | €713,324 | €275,140 | -€438,184 | -61.4% |
| Amounts payable within one year | 42/48 | €494,610 | €483,806 | -€10,804 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €25,597 | €25,345 | -€252 | -1.0% |
| Trade debts | 44 | €218,950 | €212,915 | -€6,035 | -2.8% |
| Suppliers | 440/4 | €218,950 | €212,915 | -€6,035 | -2.8% |
| Taxes, remuneration and social security | 45 | €10,414 | €8,849 | -€1,565 | -15.0% |
| Taxes | 450/3 | €10,414 | €8,849 | -€1,565 | -15.0% |
| Other amounts payable | 47/48 | €239,649 | €236,697 | -€2,952 | -1.2% |
| Non-recurring operating income | 76A | - | €198,230 | +€198,230 | |
| Goods, raw materials, services and sundry goods | 60/61 | €25,869 | €20,226 | -€5,643 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,726 | €59,391 | -€12,335 | -17.2% |
| Other operating charges | 640/8 | €4,102 | €4,395 | +€293 | +7.1% |
| Gross operating margin | 9900 | €40,092 | €238,731 | +€198,639 | +495.5% |
| Operating profit (loss) | 9901 | -€35,736 | €174,945 | +€210,681 | |
| Financial income | 75/76B | €100 | €10,310 | +€10,210 | +10210.0% |
| Recurring financial income | 75 | €100 | €10,310 | +€10,210 | +10210.0% |
| Financial charges | 65/66B | €28,650 | €11,548 | -€17,102 | -59.7% |
| Recurring financial charges | 65 | €28,650 | €11,548 | -€17,102 | -59.7% |
| Profit (loss) for the period before taxes | 9903 | -€64,286 | €173,707 | +€237,993 | |
| Income taxes | 67/77 | €30 | -€11,732 | -€11,762 | |
| Profit (loss) for the period | 9904 | -€64,316 | €185,439 | +€249,755 | |
| Profit (loss) for the period to be appropriated | 9905 | -€64,316 | €185,439 | +€249,755 |
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 3 October 2026 via checked.be.