MAVAN: what changed
What changed
MAVAN
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€230,219
2024 · €135,837+€94,382
Equity
€6.5m
2024 · €6.3m+€185,219
Cash
€72,863
2024 · €38,412+€34,450
Balance sheet total
€6.6m
2024 · €6.3m+€247,477
Largest movements
Assets
- Receivables within one year +€183,552
up €183,552 (+3.7%), from €4.9m to €5.1m
of which Other amounts receivable: +€170,082
Equity and liabilities
- Reserves +€185,219
up €185,219 (+3.5%), from €5.2m to €5.4m
of which Distributable reserves: +€191,748
Income statement
- Financial income +€149,149
up €149,149 (+108%), from €138,491 to €287,639
- Write-downs +€69,962
up €69,962, from -€69,962 to €0
- Financial charges -€16,346
down €16,346 (-93.1%), from €17,554 to €1,207
of which Non-recurring financial charges: -€16,412
- Taxes +€7,204
up €7,204 (+160%), from €4,497 to €11,701
- Gross operating margin +€7,081
up €7,081 (+71.9%), from -€9,844 to -€2,764
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€135,837
Gross operating margin
+€7,081
Depreciation
-€1,379
Write-downs
-€69,962
Other operating charges
+€351
Financial income
+€149,149
Financial charges
+€16,346
Taxes
-€7,204
Result 2025
€230,219
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€142,822
Investment
-€63,372
Financing
-€45,000
Cash 2024
€38,412
From operations (derived)
+€142,822
Net result for the year
+€230,219
Depreciation
+€34,371
Receivables within one year
-€183,552
Deferred charges and accrued income
-€474
Provisions
-€3,264
Trade debts
+€24,859
Tax, wage and social debts
-€4,336
Other debts
+€45,000
Investment (derived)
-€63,372
Investment in fixed assets (net)
-€63,372
Financing
-€45,000
Contributions, distributions and other
-€45,000
Cash 2025
€72,863
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,322,417 | €6,569,894 | +€247,477 | +3.9% |
| Fixed assets | 21/28 | €1,339,746 | €1,368,746 | +€29,001 | +2.2% |
| Tangible fixed assets | 22/27 | €957,986 | €986,987 | +€29,001 | +3.0% |
| Land and buildings | 22 | €957,986 | €986,987 | +€29,001 | +3.0% |
| Financial fixed assets | 28 | €381,760 | €381,760 | = | 0.0% |
| Current assets | 29/58 | €4,982,671 | €5,201,148 | +€218,476 | +4.4% |
| Amounts receivable within one year | 40/41 | €4,912,227 | €5,095,779 | +€183,552 | +3.7% |
| Trade receivables | 40 | €4,687 | €18,158 | +€13,470 | +287% |
| Other amounts receivable | 41 | €4,907,540 | €5,077,622 | +€170,082 | +3.5% |
| Cash at bank and in hand | 54/58 | €38,412 | €72,863 | +€34,450 | +89.7% |
| Deferred charges and accrued income | 490/1 | €32,032 | €32,505 | +€474 | +1.5% |
| Total equity and liabilities | 10/49 | €6,322,417 | €6,569,894 | +€247,477 | +3.9% |
| Equity | 10/15 | €6,281,779 | €6,466,998 | +€185,219 | +2.9% |
| Contributions | 10/11 | €1,037,975 | €1,037,975 | = | 0.0% |
| Capital | 10 | €1,037,975 | €1,037,975 | = | 0.0% |
| Issued capital | 100 | €1,037,975 | €1,037,975 | = | 0.0% |
| Reserves | 13 | €5,243,805 | €5,429,023 | +€185,219 | +3.5% |
| Non-distributable reserves | 130/1 | €103,797 | €103,797 | = | 0.0% |
| Legal reserve | 130 | €103,797 | €103,797 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,759 | €17,230 | -€6,529 | -27.5% |
| Distributable reserves | 133 | €5,116,249 | €5,307,996 | +€191,748 | +3.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €12,331 | €9,067 | -€3,264 | -26.5% |
| Deferred taxes | 168 | €12,331 | €9,067 | -€3,264 | -26.5% |
| Amounts payable | 17/49 | €28,307 | €93,829 | +€65,522 | +231% |
| Amounts payable within one year | 42/48 | €28,254 | €93,777 | +€65,522 | +232% |
| Trade debts | 44 | €23,301 | €48,159 | +€24,859 | +107% |
| Suppliers | 440/4 | €23,301 | €48,159 | +€24,859 | +107% |
| Taxes, remuneration and social security | 45 | €4,953 | €617 | -€4,336 | -87.5% |
| Taxes | 450/3 | €4,953 | €617 | -€4,336 | -87.5% |
| Other amounts payable | 47/48 | - | €45,000 | +€45,000 | |
| Accrued charges and deferred income | 492/3 | €53 | €53 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,992 | €34,371 | +€1,379 | +4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€69,962 | €0 | +€69,962 | |
| Other operating charges | 640/8 | €10,992 | €10,641 | -€351 | -3.2% |
| Gross operating margin | 9900 | -€9,844 | -€2,764 | +€7,081 | +71.9% |
| Operating profit (loss) | 9901 | €16,133 | -€47,776 | -€63,909 | |
| Financial income | 75/76B | €138,491 | €287,639 | +€149,149 | +108% |
| Recurring financial income | 75 | €138,491 | €287,639 | +€149,149 | +108% |
| Financial charges | 65/66B | €17,554 | €1,207 | -€16,346 | -93.1% |
| Recurring financial charges | 65 | €44 | €109 | +€66 | +152% |
| Non-recurring financial charges | 66B | €17,510 | €1,098 | -€16,412 | -93.7% |
| Profit (loss) for the period before taxes | 9903 | €137,070 | €238,656 | +€101,586 | +74.1% |
| Transfer from deferred taxes | 780 | €3,264 | €3,264 | = | 0.0% |
| Income taxes | 67/77 | €4,497 | €11,701 | +€7,204 | +160% |
| Profit (loss) for the period | 9904 | €135,837 | €230,219 | +€94,382 | +69.5% |
| Transfer from tax-exempt reserves | 789 | €6,529 | €6,529 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €142,366 | €236,748 | +€94,382 | +66.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.