MAVIC: 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.
MAVIC
Largest movements
- Tangible fixed assets +€16,514
up €16,514 (+6.4%), from €259,001 to €275,515
- Receivables within one year -€10,457
no longer reported in 2025 (was €10,457)
of which Trade receivables: -€10,185
- Debts after one year -€14,419
down €14,419 (-5.9%), from €245,998 to €231,579
- Reserves +€10,835
up €10,835 (+128.2%), from €8,454 to €19,289
- Other debts +€10,109
up €10,109 (+51.2%), from €19,729 to €29,838
- Depreciation -€23,457
down €23,457 (-61.1%), from €38,378 to €14,921
- Gross operating margin -€13,232
down €13,232 (-25.6%), from €51,592 to €38,359
- Financial charges +€7,054
up €7,054 (+405.7%), from €1,739 to €8,792
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 | €301,999 | €307,207 | +€5,208 | +1.7% |
| Fixed assets | 21/28 | €259,001 | €275,515 | +€16,514 | +6.4% |
| Tangible fixed assets | 22/27 | €259,001 | €275,515 | +€16,514 | +6.4% |
| Land and buildings | 22 | €259,001 | €275,515 | +€16,514 | +6.4% |
| Current assets | 29/58 | €42,998 | €31,692 | -€11,306 | -26.3% |
| Amounts receivable within one year | 40/41 | €10,457 | - | -€10,457 | |
| Trade receivables | 40 | €10,185 | - | -€10,185 | |
| Other amounts receivable | 41 | €272 | - | -€272 | |
| Cash at bank and in hand | 54/58 | €32,234 | €30,893 | -€1,341 | -4.2% |
| Deferred charges and accrued income | 490/1 | €307 | €798 | +€492 | +160.4% |
| Total equity and liabilities | 10/49 | €301,999 | €307,207 | +€5,208 | +1.7% |
| Equity | 10/15 | €11,954 | €22,789 | +€10,835 | +90.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €8,454 | €19,289 | +€10,835 | +128.2% |
| Distributable reserves | 133 | €8,454 | €19,289 | +€10,835 | +128.2% |
| Amounts payable | 17/49 | €290,045 | €284,418 | -€5,627 | -1.9% |
| Amounts payable after more than one year | 17 | €245,998 | €231,579 | -€14,419 | -5.9% |
| Financial debts | 170/4 | €245,998 | €231,579 | -€14,419 | -5.9% |
| Amounts payable within one year | 42/48 | €42,552 | €51,344 | +€8,792 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €14,002 | €14,419 | +€417 | +3.0% |
| Trade debts | 44 | - | €508 | +€508 | |
| Suppliers | 440/4 | - | €508 | +€508 | |
| Taxes, remuneration and social security | 45 | €8,821 | €6,579 | -€2,242 | -25.4% |
| Taxes | 450/3 | €8,821 | €6,579 | -€2,242 | -25.4% |
| Other amounts payable | 47/48 | €19,729 | €29,838 | +€10,109 | +51.2% |
| Accrued charges and deferred income | 492/3 | €1,495 | €1,495 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,378 | €14,921 | -€23,457 | -61.1% |
| Other operating charges | 640/8 | €534 | €909 | +€375 | +70.3% |
| Gross operating margin | 9900 | €51,592 | €38,359 | -€13,232 | -25.6% |
| Operating profit (loss) | 9901 | €12,680 | €22,529 | +€9,849 | +77.7% |
| Financial charges | 65/66B | €1,739 | €8,792 | +€7,054 | +405.7% |
| Recurring financial charges | 65 | €1,739 | €8,792 | +€7,054 | +405.7% |
| Profit (loss) for the period before taxes | 9903 | €10,942 | €13,737 | +€2,796 | +25.6% |
| Income taxes | 67/77 | €2,487 | €2,903 | +€416 | +16.7% |
| Profit (loss) for the period | 9904 | €8,454 | €10,835 | +€2,380 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,454 | €10,835 | +€2,380 | +28.2% |
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 8 October 2026 via checked.be.