A & A - MMVP: 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.
A & A - MMVP
Largest movements
- Tangible fixed assets +€51,532
up €51,532 (+7.0%), from €740,366 to €791,898
of which Furniture and vehicles: +€55,230
- Receivables within one year +€29,777
up €29,777 (+54.9%), from €54,251 to €84,028
of which Other amounts receivable: +€24,311
- Cash -€20,430
down €20,430 (-71.1%), from €28,752 to €8,322
mainly Investment in fixed assets (net) (-€92,824) and Net result for the year (-€47,641)
- Receivables after one year -€14,912
down €14,912 (-13.6%), from €109,895 to €94,984
- Other debts +€102,247
up €102,247 (+161%), from €63,648 to €165,895
- Reserves -€47,641
down €47,641 (-13.3%), from €359,284 to €311,643
- Tax, wage and social debts +€18,963
up €18,963 (+488%), from €3,888 to €22,851
- Debts after one year -€16,269
down €16,269 (-3.4%), from €473,791 to €457,522
- Trade debts -€15,315
down €15,315 (-91.6%), from €16,724 to €1,410
- Gross operating margin +€97,501
up €97,501, from -€58,852 to €38,649
- Financial charges -€36,103
down €36,103 (-70.2%), from €51,459 to €15,356
of which Non-recurring financial charges: -€37,924
- Other operating charges +€22,004
up €22,004 (+456%), from €4,828 to €26,832
- Depreciation -€8,219
down €8,219 (-16.9%), from €48,711 to €40,492
- Taxes +€3,771
up €3,771 (+135%), from €2,797 to €6,568
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 | €945,280 | €989,615 | +€44,335 | +4.7% |
| Fixed assets | 21/28 | €740,366 | €792,698 | +€52,332 | +7.1% |
| Tangible fixed assets | 22/27 | €740,366 | €791,898 | +€51,532 | +7.0% |
| Land and buildings | 22 | €544,707 | €541,108 | -€3,598 | -0.7% |
| Plant, machinery and equipment | 23 | €600 | €12,203 | +€11,603 | +1,934% |
| Furniture and vehicles | 24 | €24,131 | €79,361 | +€55,230 | +229% |
| Other tangible fixed assets | 26 | €170,928 | €159,226 | -€11,702 | -6.8% |
| Financial fixed assets | 28 | - | €800 | +€800 | |
| Current assets | 29/58 | €204,915 | €196,917 | -€7,997 | -3.9% |
| Amounts receivable after more than one year | 29 | €109,895 | €94,984 | -€14,912 | -13.6% |
| Other amounts receivable | 291 | €109,895 | €94,984 | -€14,912 | -13.6% |
| Amounts receivable within one year | 40/41 | €54,251 | €84,028 | +€29,777 | +54.9% |
| Trade receivables | 40 | €14,749 | €20,215 | +€5,466 | +37.1% |
| Other amounts receivable | 41 | €39,502 | €63,813 | +€24,311 | +61.5% |
| Current investments | 50/53 | €7,700 | €7,700 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,752 | €8,322 | -€20,430 | -71.1% |
| Deferred charges and accrued income | 490/1 | €4,317 | €1,883 | -€2,434 | -56.4% |
| Total equity and liabilities | 10/49 | €945,280 | €989,615 | +€44,335 | +4.7% |
| Equity | 10/15 | €367,503 | €324,669 | -€42,835 | -11.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €359,284 | €311,643 | -€47,641 | -13.3% |
| Distributable reserves | 133 | €359,284 | €311,643 | -€47,641 | -13.3% |
| Investment grants | 15 | €7,219 | €12,026 | +€4,806 | +66.6% |
| Amounts payable | 17/49 | €577,777 | €664,947 | +€87,170 | +15.1% |
| Amounts payable after more than one year | 17 | €473,791 | €457,522 | -€16,269 | -3.4% |
| Financial debts | 170/4 | €473,791 | €457,522 | -€16,269 | -3.4% |
| Amounts payable within one year | 42/48 | €101,298 | €206,425 | +€105,127 | +104% |
| Current portion of amounts payable after more than one year | 42 | €17,038 | €16,269 | -€769 | -4.5% |
| Trade debts | 44 | €16,724 | €1,410 | -€15,315 | -91.6% |
| Suppliers | 440/4 | €16,724 | €1,410 | -€15,315 | -91.6% |
| Taxes, remuneration and social security | 45 | €3,888 | €22,851 | +€18,963 | +488% |
| Taxes | 450/3 | €3,888 | €22,851 | +€18,963 | +488% |
| Other amounts payable | 47/48 | €63,648 | €165,895 | +€102,247 | +161% |
| Accrued charges and deferred income | 492/3 | €2,688 | €1,000 | -€1,688 | -62.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,711 | €40,492 | -€8,219 | -16.9% |
| Other operating charges | 640/8 | €4,828 | €26,832 | +€22,004 | +456% |
| Non-recurring operating charges | 66A | €12,879 | - | -€12,879 | |
| Gross operating margin | 9900 | -€58,852 | €38,649 | +€97,501 | |
| Operating profit (loss) | 9901 | -€125,270 | -€28,675 | +€96,595 | +77.1% |
| Financial income | 75/76B | €1,297 | €2,959 | +€1,662 | +128% |
| Recurring financial income | 75 | €1,297 | €2,959 | +€1,662 | +128% |
| Financial charges | 65/66B | €51,459 | €15,356 | -€36,103 | -70.2% |
| Recurring financial charges | 65 | €13,535 | €15,356 | +€1,821 | +13.5% |
| Non-recurring financial charges | 66B | €37,924 | - | -€37,924 | |
| Profit (loss) for the period before taxes | 9903 | -€175,433 | -€41,072 | +€134,360 | +76.6% |
| Income taxes | 67/77 | €2,797 | €6,568 | +€3,771 | +135% |
| Profit (loss) for the period | 9904 | -€178,230 | -€47,641 | +€130,589 | +73.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€178,230 | -€47,641 | +€130,589 | +73.3% |
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 26 October 2026 via checked.be.