MAVIN: 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.
MAVIN
Largest movements
- Current investments -€67,500
down €67,500 (-47.4%), from €142,500 to €75,000
- Receivables within one year +€36,735
up €36,735 (+12.1%), from €302,826 to €339,560
of which Other amounts receivable: +€34,794
- Tangible fixed assets +€18,799
up €18,799 (+19.2%), from €97,918 to €116,717
of which Furniture and vehicles: +€13,108
- Cash -€12,169
down €12,169 (-46.3%), from €26,267 to €14,098
mainly Contributions, distributions and other (-€160,000) and Receivables within one year (-€36,735)
- Profit (loss) carried forward -€41,863
down €41,863 (-4.3%), from €970,975 to €929,112
- Tax, wage and social debts +€15,913
up €15,913 (+170%), from €9,337 to €25,250
of which Taxes: +€14,379
- Financial income +€15,735
up €15,735 (+56,500%), from €28 to €15,763
- Staff costs +€11,943
up €11,943 (+44.4%), from €26,886 to €38,829
- Gross operating margin -€6,695
down €6,695 (-3.1%), from €214,428 to €207,733
- Depreciation -€3,990
down €3,990 (-19.6%), from €20,326 to €16,336
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 | €1,011,666 | €988,449 | -€23,217 | -2.3% |
| Fixed assets | 21/28 | €532,918 | €551,717 | +€18,799 | +3.5% |
| Tangible fixed assets | 22/27 | €97,918 | €116,717 | +€18,799 | +19.2% |
| Land and buildings | 22 | €45,269 | €40,193 | -€5,076 | -11.2% |
| Plant, machinery and equipment | 23 | €7,268 | €18,035 | +€10,767 | +148% |
| Furniture and vehicles | 24 | €45,381 | €58,489 | +€13,108 | +28.9% |
| Financial fixed assets | 28 | €435,000 | €435,000 | = | 0.0% |
| Current assets | 29/58 | €478,748 | €436,732 | -€42,016 | -8.8% |
| Amounts receivable within one year | 40/41 | €302,826 | €339,560 | +€36,735 | +12.1% |
| Trade receivables | 40 | €350 | €2,291 | +€1,941 | +554% |
| Other amounts receivable | 41 | €302,476 | €337,270 | +€34,794 | +11.5% |
| Current investments | 50/53 | €142,500 | €75,000 | -€67,500 | -47.4% |
| Cash at bank and in hand | 54/58 | €26,267 | €14,098 | -€12,169 | -46.3% |
| Deferred charges and accrued income | 490/1 | €7,156 | €8,074 | +€918 | +12.8% |
| Total equity and liabilities | 10/49 | €1,011,666 | €988,449 | -€23,217 | -2.3% |
| Equity | 10/15 | €979,035 | €937,172 | -€41,863 | -4.3% |
| Reserves | 13 | €8,060 | €8,060 | = | 0.0% |
| Distributable reserves | 133 | €8,060 | €8,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €970,975 | €929,112 | -€41,863 | -4.3% |
| Amounts payable | 17/49 | €32,631 | €51,277 | +€18,646 | +57.1% |
| Amounts payable within one year | 42/48 | €32,631 | €51,277 | +€18,646 | +57.1% |
| Trade debts | 44 | €23,215 | €25,948 | +€2,733 | +11.8% |
| Suppliers | 440/4 | €23,215 | €25,948 | +€2,733 | +11.8% |
| Taxes, remuneration and social security | 45 | €9,337 | €25,250 | +€15,913 | +170% |
| Taxes | 450/3 | €6,186 | €20,565 | +€14,379 | +232% |
| Remuneration and social security | 454/9 | €3,151 | €4,685 | +€1,534 | +48.7% |
| Other amounts payable | 47/48 | €79 | €79 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €26,886 | €38,829 | +€11,943 | +44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,326 | €16,336 | -€3,990 | -19.6% |
| Other operating charges | 640/8 | €1,986 | €1,844 | -€142 | -7.2% |
| Gross operating margin | 9900 | €214,428 | €207,733 | -€6,695 | -3.1% |
| Operating profit (loss) | 9901 | €165,230 | €150,723 | -€14,507 | -8.8% |
| Financial income | 75/76B | €28 | €15,763 | +€15,735 | +56,500% |
| Recurring financial income | 75 | €28 | €15,763 | +€15,735 | +56,500% |
| Financial charges | 65/66B | €3,095 | €3,863 | +€767 | +24.8% |
| Recurring financial charges | 65 | €3,095 | €3,863 | +€767 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | €162,163 | €162,624 | +€461 | +0.3% |
| Income taxes | 67/77 | €44,376 | €44,486 | +€110 | +0.2% |
| Profit (loss) for the period | 9904 | €117,787 | €118,137 | +€350 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €117,787 | €118,137 | +€350 | +0.3% |
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 30 October 2026 via checked.be.