Axis MVD: what changed
Two fiscal 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.
Axis MVD
Largest movements
- Tangible fixed assets +€137,399
up €137,399 (+42.3%), from €324,605 to €462,004
of which Land and buildings: +€103,951
- Cash -€43,724
down €43,724 (-82.3%), from €53,154 to €9,430
mainly Investment in fixed assets (net) (-€165,156) and Receivables within one year (-€14,618)
- Receivables within one year +€14,618
new in 2025: €14,618
of which Other amounts receivable: +€7,871
- Debts after one year +€63,674
up €63,674 (+24.3%), from €262,433 to €326,108
- Trade debts +€27,398
up €27,398 (+867.5%), from €3,158 to €30,556
- Current portion of long-term debt +€19,406
up €19,406 (+111.3%), from €17,432 to €36,838
- Reserves +€11,811
up €11,811 (+15.3%), from €77,227 to €89,038
- Accrued charges and deferred income -€8,692
down €8,692 (-100.0%), from €8,692 to €0
- Depreciation +€22,599
up €22,599 (+438.2%), from €5,158 to €27,757
- Taxes -€8,063
down €8,063 (-70.7%), from €11,407 to €3,344
- Financial charges +€5,940
up €5,940 (+147.1%), from €4,038 to €9,978
- Gross operating margin +€5,171
up €5,171 (+10.2%), from €50,791 to €55,962
- Other operating charges +€1,678
up €1,678 (+120.3%), from €1,394 to €3,072
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 | €378,287 | €486,978 | +€108,691 | +28.7% |
| Fixed assets | 21/28 | €324,605 | €462,004 | +€137,399 | +42.3% |
| Tangible fixed assets | 22/27 | €324,605 | €462,004 | +€137,399 | +42.3% |
| Land and buildings | 22 | €324,605 | €428,557 | +€103,951 | +32.0% |
| Plant, machinery and equipment | 23 | - | €32,537 | +€32,537 | |
| Furniture and vehicles | 24 | - | €910 | +€910 | |
| Current assets | 29/58 | €53,682 | €24,974 | -€28,708 | -53.5% |
| Amounts receivable within one year | 40/41 | - | €14,618 | +€14,618 | |
| Trade receivables | 40 | - | €6,747 | +€6,747 | |
| Other amounts receivable | 41 | - | €7,871 | +€7,871 | |
| Cash at bank and in hand | 54/58 | €53,154 | €9,430 | -€43,724 | -82.3% |
| Deferred charges and accrued income | 490/1 | €528 | €925 | +€397 | +75.2% |
| Total equity and liabilities | 10/49 | €378,287 | €486,978 | +€108,691 | +28.7% |
| Equity | 10/15 | €80,227 | €92,038 | +€11,811 | +14.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €77,227 | €89,038 | +€11,811 | +15.3% |
| Distributable reserves | 133 | €77,227 | €89,038 | +€11,811 | +15.3% |
| Amounts payable | 17/49 | €298,061 | €394,940 | +€96,880 | +32.5% |
| Amounts payable after more than one year | 17 | €262,433 | €326,108 | +€63,674 | +24.3% |
| Financial debts | 170/4 | €262,433 | €326,108 | +€63,674 | +24.3% |
| Amounts payable within one year | 42/48 | €26,935 | €68,833 | +€41,898 | +155.5% |
| Current portion of amounts payable after more than one year | 42 | €17,432 | €36,838 | +€19,406 | +111.3% |
| Financial debts | 43 | - | €32 | +€32 | |
| Credit institutions | 430/8 | - | €32 | +€32 | |
| Trade debts | 44 | €3,158 | €30,556 | +€27,398 | +867.5% |
| Suppliers | 440/4 | €3,158 | €30,556 | +€27,398 | +867.5% |
| Taxes, remuneration and social security | 45 | €5,982 | €1,407 | -€4,575 | -76.5% |
| Taxes | 450/3 | €5,982 | €1,407 | -€4,575 | -76.5% |
| Other amounts payable | 47/48 | €363 | €0 | -€363 | -100.0% |
| Accrued charges and deferred income | 492/3 | €8,692 | €0 | -€8,692 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,158 | €27,757 | +€22,599 | +438.2% |
| Other operating charges | 640/8 | €1,394 | €3,072 | +€1,678 | +120.3% |
| Gross operating margin | 9900 | €50,791 | €55,962 | +€5,171 | +10.2% |
| Operating profit (loss) | 9901 | €44,239 | €25,133 | -€19,106 | -43.2% |
| Financial charges | 65/66B | €4,038 | €9,978 | +€5,940 | +147.1% |
| Recurring financial charges | 65 | €4,038 | €9,978 | +€5,940 | +147.1% |
| Profit (loss) for the period before taxes | 9903 | €40,201 | €15,155 | -€25,046 | -62.3% |
| Income taxes | 67/77 | €11,407 | €3,344 | -€8,063 | -70.7% |
| Profit (loss) for the period | 9904 | €28,794 | €11,811 | -€16,983 | -59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,794 | €11,811 | -€16,983 | -59.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.