MAVU: 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.
MAVU
Largest movements
- Stocks and contracts +€414,771
up €414,771 (+200.2%), from €207,197 to €621,968
of which Stocks: +€621,968
- Receivables within one year +€20,630
up €20,630 (+379.4%), from €5,438 to €26,068
of which Trade receivables: +€20,866
- Deferred charges and accrued income -€9,824
no longer reported in 2025 (was €9,824)
- Debts after one year +€326,361
up €326,361 (+159.7%), from €204,298 to €530,659
- Other debts +€95,000
up €95,000 (+500.0%), from €19,000 to €114,000
- Financial charges +€17,085
up €17,085 (+7373.9%), from €232 to €17,316
- Gross operating margin +€15,316
up €15,316 (+541.2%), from €2,830 to €18,146
- Other operating charges -€772
down €772 (-92.6%), from €834 to €62
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 | €225,348 | €650,060 | +€424,712 | +188.5% |
| Current assets | 29/58 | €225,348 | €650,060 | +€424,712 | +188.5% |
| Stocks and contracts in progress | 3 | €207,197 | €621,968 | +€414,771 | +200.2% |
| Stocks | 30/36 | - | €621,968 | +€621,968 | |
| Contracts in progress | 37 | €207,197 | - | -€207,197 | |
| Amounts receivable within one year | 40/41 | €5,438 | €26,068 | +€20,630 | +379.4% |
| Trade receivables | 40 | €5,000 | €25,866 | +€20,866 | +417.3% |
| Other amounts receivable | 41 | €438 | €202 | -€236 | -53.9% |
| Cash at bank and in hand | 54/58 | €2,888 | €2,024 | -€864 | -29.9% |
| Deferred charges and accrued income | 490/1 | €9,824 | - | -€9,824 | |
| Total equity and liabilities | 10/49 | €225,348 | €650,060 | +€424,712 | +188.5% |
| Equity | 10/15 | €2,050 | €2,818 | +€768 | +37.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,950 | -€2,182 | +€768 | +26.0% |
| Amounts payable | 17/49 | €223,298 | €647,242 | +€423,944 | +189.9% |
| Amounts payable after more than one year | 17 | €204,298 | €530,659 | +€326,361 | +159.7% |
| Financial debts | 170/4 | €204,298 | €530,659 | +€326,361 | +159.7% |
| Amounts payable within one year | 42/48 | €19,000 | €116,583 | +€97,583 | +513.6% |
| Trade debts | 44 | - | €2,584 | +€2,584 | |
| Suppliers | 440/4 | - | €2,584 | +€2,584 | |
| Other amounts payable | 47/48 | €19,000 | €114,000 | +€95,000 | +500.0% |
| Other operating charges | 640/8 | €834 | €62 | -€772 | -92.6% |
| Gross operating margin | 9900 | €2,830 | €18,146 | +€15,316 | +541.2% |
| Operating profit (loss) | 9901 | €1,996 | €18,084 | +€16,088 | +805.8% |
| Financial charges | 65/66B | €232 | €17,316 | +€17,085 | +7373.9% |
| Recurring financial charges | 65 | €232 | €17,316 | +€17,085 | +7373.9% |
| Profit (loss) for the period before taxes | 9903 | €1,765 | €768 | -€997 | -56.5% |
| Profit (loss) for the period | 9904 | €1,765 | €768 | -€997 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,765 | €768 | -€997 | -56.5% |
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 11 October 2026 via checked.be.