Bhāvam means nature also. Just like we call nature, sva-bhāva, sva-bhāva. So mad-bhāvam... This is one nature, this material nature... This is also Kṛṣṇa's bhāvam, means Kṛṣṇa's nature. Nothing is beyond Kṛṣṇa, but this is external nature. Bhūmir āpo 'nalo vāyuḥ... (BG 7.4). bhinnā me prakṛtir aṣṭadhā. Bhinnā means separated energy. The energy is working. Although it is Kṛṣṇa's nature, still, it is separated nature.
Just like I am speaking, it is being recorded. When it will be replayed, you will hear the same sound, but still, it is separated from me. Similarly, this material nature is also Kṛṣṇa's nature.