MAVILEC: 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.
What changed
MAVILEC
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€17,197
2024 · €16,434+€763
Equity
€1.1m
2024 · €1.1m-€15,963
Cash
€32,916
2024 · €36,919-€4,003
Balance sheet total
€1.6m
2024 · €1.6m-€32,077
Largest movements
Assets
- Tangible fixed assets -€29,767
down €29,767 (-3.5%), from €847,210 to €817,443
Equity and liabilities
- Debts after one year -€40,042
down €40,042 (-11.9%), from €337,580 to €297,538
- Other debts +€33,160
new in 2025: €33,160
Income statement
- Financial income -€15,397
down €15,397 (-73.2%), from €21,025 to €5,627
- Gross operating margin +€13,960
up €13,960 (+30.8%), from €45,345 to €59,305
- Financial charges -€2,699
down €2,699 (-45.8%), from €5,889 to €3,191
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.
Result 2024
€16,434
Gross operating margin
+€13,960
Other operating charges
-€149
Financial income
-€15,397
Financial charges
+€2,699
Taxes
-€350
Result 2025
€17,197
raises the resultlowers the result
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.
From operations
+€68,848
Investment
€0
Financing
-€72,851
Cash 2024
€36,919
From operations (derived)
+€68,848
Net result for the year
+€17,197
Depreciation
+€29,767
Receivables within one year
-€1,694
Smaller working-capital items
-€27
Provisions
-€4,246
Tax, wage and social debts
-€5,309
Other debts
+€33,160
Financing
-€72,851
Debts after one year
-€40,042
Current portion of long-term debt
+€352
Contributions, distributions and other
-€33,160
Cash 2025
€32,916
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,604,278 | €1,572,200 | -€32,077 | -2.0% |
| Fixed assets | 21/28 | €847,210 | €817,443 | -€29,767 | -3.5% |
| Tangible fixed assets | 22/27 | €847,210 | €817,443 | -€29,767 | -3.5% |
| Land and buildings | 22 | €847,210 | €817,443 | -€29,767 | -3.5% |
| Current assets | 29/58 | €757,068 | €754,757 | -€2,310 | -0.3% |
| Amounts receivable within one year | 40/41 | €1,024 | €2,719 | +€1,694 | +165% |
| Trade receivables | 40 | €1,024 | - | -€1,024 | |
| Other amounts receivable | 41 | - | €2,719 | +€2,719 | |
| Current investments | 50/53 | €716,211 | €716,211 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,919 | €32,916 | -€4,003 | -10.8% |
| Deferred charges and accrued income | 490/1 | €2,913 | €2,912 | -€2 | -0.1% |
| Total equity and liabilities | 10/49 | €1,604,278 | €1,572,200 | -€32,077 | -2.0% |
| Equity | 10/15 | €1,119,877 | €1,103,914 | -€15,963 | -1.4% |
| Contributions | 10/11 | €317,368 | €317,368 | = | 0.0% |
| Capital | 10 | €317,368 | €317,368 | = | 0.0% |
| Issued capital | 100 | €317,368 | €317,368 | = | 0.0% |
| Reserves | 13 | €474,350 | €458,387 | -€15,963 | -3.4% |
| Non-distributable reserves | 130/1 | €31,737 | €31,737 | = | 0.0% |
| Legal reserve | 130 | €31,737 | €31,737 | = | 0.0% |
| Tax-exempt reserves | 132 | €323,374 | €310,637 | -€12,737 | -3.9% |
| Distributable reserves | 133 | €119,239 | €116,013 | -€3,226 | -2.7% |
| Profit (loss) carried forward | 14 | €328,159 | €328,159 | = | 0.0% |
| Provisions and deferred taxes | 16 | €101,541 | €97,296 | -€4,246 | -4.2% |
| Deferred taxes | 168 | €101,541 | €97,296 | -€4,246 | -4.2% |
| Amounts payable | 17/49 | €382,860 | €370,991 | -€11,868 | -3.1% |
| Amounts payable after more than one year | 17 | €337,580 | €297,538 | -€40,042 | -11.9% |
| Financial debts | 170/4 | €337,580 | €297,538 | -€40,042 | -11.9% |
| Amounts payable within one year | 42/48 | €45,000 | €73,203 | +€28,203 | +62.7% |
| Current portion of amounts payable after more than one year | 42 | €39,691 | €40,042 | +€352 | +0.9% |
| Taxes, remuneration and social security | 45 | €5,309 | - | -€5,309 | |
| Taxes | 450/3 | €5,309 | - | -€5,309 | |
| Other amounts payable | 47/48 | - | €33,160 | +€33,160 | |
| Accrued charges and deferred income | 492/3 | €280 | €251 | -€29 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,767 | €29,767 | = | 0.0% |
| Other operating charges | 640/8 | €4,905 | €5,054 | +€149 | +3.0% |
| Gross operating margin | 9900 | €45,345 | €59,305 | +€13,960 | +30.8% |
| Operating profit (loss) | 9901 | €10,673 | €24,484 | +€13,811 | +129% |
| Financial income | 75/76B | €21,025 | €5,627 | -€15,397 | -73.2% |
| Recurring financial income | 75 | €21,025 | €5,627 | -€15,397 | -73.2% |
| Financial charges | 65/66B | €5,889 | €3,191 | -€2,699 | -45.8% |
| Recurring financial charges | 65 | €5,889 | €3,191 | -€2,699 | -45.8% |
| Profit (loss) for the period before taxes | 9903 | €25,809 | €26,921 | +€1,113 | +4.3% |
| Transfer from deferred taxes | 780 | €4,246 | €4,246 | = | 0.0% |
| Income taxes | 67/77 | €13,620 | €13,969 | +€350 | +2.6% |
| Profit (loss) for the period | 9904 | €16,434 | €17,197 | +€763 | +4.6% |
| Transfer from tax-exempt reserves | 789 | €12,737 | €12,737 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,171 | €29,934 | +€763 | +2.6% |
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 14 October 2026 via checked.be.