MAVOR: 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.
MAVOR
Largest movements
- Tangible fixed assets +€625,176
up €625,176 (+52.5%), from €1.2m to €1.8m
of which Land and buildings: +€627,793
- Reserves -€1.5m
down €1.5m (-31.9%), from €4.9m to €3.3m
- Other debts +€1.5m
up €1.5m (+12,048%), from €12,294 to €1.5m
- Debts after one year +€715,387
up €715,387 (+140%), from €509,416 to €1.2m
- Contributions -€170,200
down €170,200 (-5.4%), from €3.2m to €3.0m
- Financial income -€432,702
down €432,702 (-46.9%), from €923,188 to €490,486
- Gross operating margin -€137,057
down €137,057, from €35,943 to -€101,114
- Taxes -€60,468
down €60,468 (-74.2%), from €81,458 to €20,990
- Financial charges +€11,096
up €11,096 (+179%), from €6,200 to €17,296
- Depreciation +€7,980
up €7,980 (+15.3%), from €52,150 to €60,130
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 | €8,714,544 | €9,289,845 | +€575,302 | +6.6% |
| Fixed assets | 21/28 | €6,517,144 | €7,142,319 | +€625,176 | +9.6% |
| Tangible fixed assets | 22/27 | €1,191,944 | €1,817,119 | +€625,176 | +52.5% |
| Land and buildings | 22 | €1,180,471 | €1,808,264 | +€627,793 | +53.2% |
| Furniture and vehicles | 24 | €11,473 | €8,855 | -€2,617 | -22.8% |
| Financial fixed assets | 28 | €5,325,200 | €5,325,200 | = | 0.0% |
| Current assets | 29/58 | €2,197,400 | €2,147,526 | -€49,874 | -2.3% |
| Amounts receivable within one year | 40/41 | €20,686 | €6,240 | -€14,446 | -69.8% |
| Trade receivables | 40 | €6,240 | €6,240 | = | 0.0% |
| Other amounts receivable | 41 | €14,446 | €0 | -€14,446 | -100% |
| Current investments | 50/53 | €2,030,837 | €2,056,927 | +€26,090 | +1.3% |
| Cash at bank and in hand | 54/58 | €141,257 | €84,359 | -€56,897 | -40.3% |
| Deferred charges and accrued income | 490/1 | €4,620 | €0 | -€4,620 | -100% |
| Total equity and liabilities | 10/49 | €8,714,544 | €9,289,845 | +€575,302 | +6.6% |
| Equity | 10/15 | €8,020,372 | €6,304,165 | -€1.7m | -21.4% |
| Contributions | 10/11 | €3,170,200 | €3,000,000 | -€170,200 | -5.4% |
| Reserves | 13 | €4,850,172 | €3,304,165 | -€1.5m | -31.9% |
| Distributable reserves | 133 | €4,850,172 | €3,304,165 | -€1.5m | -31.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €694,171 | €2,985,680 | +€2.3m | +330% |
| Amounts payable after more than one year | 17 | €509,416 | €1,224,804 | +€715,387 | +140% |
| Financial debts | 170/4 | €509,416 | €1,224,804 | +€715,387 | +140% |
| Amounts payable within one year | 42/48 | €184,755 | €1,760,876 | +€1.6m | +853% |
| Current portion of amounts payable after more than one year | 42 | €83,846 | €84,613 | +€767 | +0.9% |
| Trade debts | 44 | €3,067 | €9,474 | +€6,407 | +209% |
| Suppliers | 440/4 | €3,067 | €9,474 | +€6,407 | +209% |
| Taxes, remuneration and social security | 45 | €85,548 | €173,275 | +€87,727 | +103% |
| Taxes | 450/3 | €85,548 | €173,275 | +€87,727 | +103% |
| Other amounts payable | 47/48 | €12,294 | €1,493,514 | +€1.5m | +12,048% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,150 | €60,130 | +€7,980 | +15.3% |
| Other operating charges | 640/8 | €4,742 | €1,846 | -€2,895 | -61.1% |
| Non-recurring operating charges | 66A | - | €79,200 | +€79,200 | |
| Gross operating margin | 9900 | €35,943 | -€101,114 | -€137,057 | |
| Operating profit (loss) | 9901 | -€20,949 | -€242,291 | -€221,341 | -1,057% |
| Financial income | 75/76B | €923,188 | €490,486 | -€432,702 | -46.9% |
| Recurring financial income | 75 | €923,188 | €490,486 | -€432,702 | -46.9% |
| Financial charges | 65/66B | €6,200 | €17,296 | +€11,096 | +179% |
| Recurring financial charges | 65 | €6,200 | €17,296 | +€11,096 | +179% |
| Profit (loss) for the period before taxes | 9903 | €896,039 | €230,899 | -€665,140 | -74.2% |
| Income taxes | 67/77 | €81,458 | €20,990 | -€60,468 | -74.2% |
| Profit (loss) for the period | 9904 | €814,581 | €209,909 | -€604,671 | -74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €814,581 | €209,909 | -€604,671 | -74.2% |
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 16 October 2026 via checked.be.