MAVIC: 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.
MAVIC
Largest movements
- Cash +€124,805
up €124,805 (+18.9%), from €659,527 to €784,333
mainly Depreciation (+€71,269) and Net result for the year (+€47,943)
- Tangible fixed assets -€61,837
down €61,837 (-19.9%), from €311,043 to €249,206
of which Plant, machinery and equipment: -€40,097
- Reserves +€47,943
up €47,943 (+5.5%), from €872,901 to €920,844
- Tax, wage and social debts +€21,383
up €21,383 (+22.3%), from €95,787 to €117,170
of which Taxes: +€21,004
- Gross operating margin -€172,817
down €172,817 (-51.1%), from €338,442 to €165,624
- Taxes -€57,438
down €57,438 (-69.7%), from €82,397 to €24,959
- Depreciation +€10,399
up €10,399 (+17.1%), from €60,870 to €71,269
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 | €971,752 | €1,043,336 | +€71,583 | +7.4% |
| Fixed assets | 21/28 | €311,043 | €258,768 | -€52,275 | -16.8% |
| Tangible fixed assets | 22/27 | €311,043 | €249,206 | -€61,837 | -19.9% |
| Plant, machinery and equipment | 23 | €220,712 | €180,615 | -€40,097 | -18.2% |
| Furniture and vehicles | 24 | €90,331 | €68,591 | -€21,740 | -24.1% |
| Financial fixed assets | 28 | - | €9,563 | +€9,563 | |
| Current assets | 29/58 | €660,709 | €784,568 | +€123,858 | +18.7% |
| Amounts receivable within one year | 40/41 | €1,182 | - | -€1,182 | |
| Other amounts receivable | 41 | €1,182 | - | -€1,182 | |
| Cash at bank and in hand | 54/58 | €659,527 | €784,333 | +€124,805 | +18.9% |
| Deferred charges and accrued income | 490/1 | - | €235 | +€235 | |
| Total equity and liabilities | 10/49 | €971,752 | €1,043,336 | +€71,583 | +7.4% |
| Equity | 10/15 | €875,901 | €923,844 | +€47,943 | +5.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | €3,000 | €3,000 | = | 0.0% |
| Issued capital | 100 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €872,901 | €920,844 | +€47,943 | +5.5% |
| Distributable reserves | 133 | €872,901 | €920,844 | +€47,943 | +5.5% |
| Amounts payable | 17/49 | €95,851 | €119,492 | +€23,641 | +24.7% |
| Amounts payable within one year | 42/48 | €95,851 | €119,492 | +€23,641 | +24.7% |
| Trade debts | 44 | €65 | €2,004 | +€1,939 | +3,005% |
| Suppliers | 440/4 | €65 | €2,004 | +€1,939 | +3,005% |
| Taxes, remuneration and social security | 45 | €95,787 | €117,170 | +€21,383 | +22.3% |
| Taxes | 450/3 | €94,989 | €115,993 | +€21,004 | +22.1% |
| Remuneration and social security | 454/9 | €798 | €1,177 | +€379 | +47.5% |
| Other amounts payable | 47/48 | - | €318 | +€318 | |
| Remuneration, social security and pensions | 62 | €17,549 | €20,186 | +€2,637 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,870 | €71,269 | +€10,399 | +17.1% |
| Other operating charges | 640/8 | €1,031 | €400 | -€631 | -61.2% |
| Gross operating margin | 9900 | €338,442 | €165,624 | -€172,817 | -51.1% |
| Operating profit (loss) | 9901 | €258,991 | €73,769 | -€185,222 | -71.5% |
| Financial charges | 65/66B | €44 | €868 | +€824 | +1,884% |
| Recurring financial charges | 65 | €44 | €868 | +€824 | +1,884% |
| Profit (loss) for the period before taxes | 9903 | €258,948 | €72,902 | -€186,046 | -71.8% |
| Income taxes | 67/77 | €82,397 | €24,959 | -€57,438 | -69.7% |
| Profit (loss) for the period | 9904 | €176,550 | €47,943 | -€128,608 | -72.8% |
| Profit (loss) for the period to be appropriated | 9905 | €176,550 | €47,943 | -€128,608 | -72.8% |
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 13 October 2026 via checked.be.