AP&MVL: 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.
AP&MVL
Largest movements
- Receivables within one year +€92,605
up €92,605 (+128%), from €72,073 to €164,678
of which Trade receivables: +€102,162
- Tangible fixed assets -€74,450
down €74,450 (-4.1%), from €1.8m to €1.8m
of which Land and buildings: -€70,328
- Cash -€27,848
down €27,848 (-28.4%), from €97,898 to €70,050
mainly Contributions, distributions and other (-€160,000) and Receivables within one year (-€92,605)
- Profit (loss) carried forward -€160,000
down €160,000 (-62.7%), from €255,327 to €95,327
- Other debts +€96,812
up €96,812 (+325%), from €29,763 to €126,575
- Reserves +€88,252
up €88,252 (+68.6%), from €128,628 to €216,880
- Debts after one year -€78,112
down €78,112 (-5.1%), from €1.5m to €1.4m
- Tax, wage and social debts +€31,454
up €31,454 (+175%), from €17,957 to €49,411
of which Taxes: +€31,454
- Gross operating margin +€89,026
up €89,026 (+53.1%), from €167,623 to €256,649
- Taxes +€29,385
up €29,385 (+272%), from €10,786 to €40,170
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 | €2,080,548 | €2,070,440 | -€10,108 | -0.5% |
| Fixed assets | 21/28 | €1,904,534 | €1,830,083 | -€74,450 | -3.9% |
| Tangible fixed assets | 22/27 | €1,830,847 | €1,756,397 | -€74,450 | -4.1% |
| Land and buildings | 22 | €1,801,582 | €1,731,254 | -€70,328 | -3.9% |
| Plant, machinery and equipment | 23 | €22,253 | €19,371 | -€2,881 | -12.9% |
| Furniture and vehicles | 24 | €7,012 | €5,771 | -€1,241 | -17.7% |
| Financial fixed assets | 28 | €73,687 | €73,687 | = | 0.0% |
| Current assets | 29/58 | €176,015 | €240,357 | +€64,342 | +36.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €72,073 | €164,678 | +€92,605 | +128% |
| Trade receivables | 40 | €62,516 | €164,678 | +€102,162 | +163% |
| Other amounts receivable | 41 | €9,557 | €0 | -€9,557 | -100% |
| Cash at bank and in hand | 54/58 | €97,898 | €70,050 | -€27,848 | -28.4% |
| Deferred charges and accrued income | 490/1 | €6,044 | €5,629 | -€415 | -6.9% |
| Total equity and liabilities | 10/49 | €2,080,548 | €2,070,440 | -€10,108 | -0.5% |
| Equity | 10/15 | €402,555 | €330,807 | -€71,748 | -17.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €128,628 | €216,880 | +€88,252 | +68.6% |
| Distributable reserves | 133 | €128,628 | €216,880 | +€88,252 | +68.6% |
| Profit (loss) carried forward | 14 | €255,327 | €95,327 | -€160,000 | -62.7% |
| Amounts payable | 17/49 | €1,677,994 | €1,739,633 | +€61,639 | +3.7% |
| Amounts payable after more than one year | 17 | €1,527,020 | €1,448,908 | -€78,112 | -5.1% |
| Financial debts | 170/4 | €1,527,020 | €1,448,908 | -€78,112 | -5.1% |
| Amounts payable within one year | 42/48 | €150,814 | €290,565 | +€139,751 | +92.7% |
| Current portion of amounts payable after more than one year | 42 | €75,971 | €78,112 | +€2,141 | +2.8% |
| Financial debts | 43 | €20,000 | €30,000 | +€10,000 | +50.0% |
| Credit institutions | 430/8 | €20,000 | €30,000 | +€10,000 | +50.0% |
| Trade debts | 44 | €7,124 | €6,468 | -€656 | -9.2% |
| Suppliers | 440/4 | €7,124 | €6,468 | -€656 | -9.2% |
| Taxes, remuneration and social security | 45 | €17,957 | €49,411 | +€31,454 | +175% |
| Taxes | 450/3 | €13,025 | €44,480 | +€31,454 | +241% |
| Remuneration and social security | 454/9 | €4,931 | €4,931 | = | 0.0% |
| Other amounts payable | 47/48 | €29,763 | €126,575 | +€96,812 | +325% |
| Accrued charges and deferred income | 492/3 | €160 | €160 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,551 | €76,231 | +€1,680 | +2.3% |
| Other operating charges | 640/8 | €1,691 | €3,321 | +€1,629 | +96.3% |
| Gross operating margin | 9900 | €167,623 | €256,649 | +€89,026 | +53.1% |
| Operating profit (loss) | 9901 | €91,381 | €177,097 | +€85,717 | +93.8% |
| Financial income | 75/76B | €69 | €0 | -€69 | -100% |
| Recurring financial income | 75 | €69 | €0 | -€69 | -100% |
| Financial charges | 65/66B | €49,954 | €48,675 | -€1,279 | -2.6% |
| Recurring financial charges | 65 | €49,954 | €48,675 | -€1,279 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €41,496 | €128,423 | +€86,927 | +209% |
| Income taxes | 67/77 | €10,786 | €40,170 | +€29,385 | +272% |
| Profit (loss) for the period | 9904 | €30,710 | €88,252 | +€57,542 | +187% |
| Profit (loss) for the period to be appropriated | 9905 | €30,710 | €88,252 | +€57,542 | +187% |
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 14 October 2026 via checked.be.