DR. DEMETER M. MBV: 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.
DR. DEMETER M. MBV
Largest movements
- Tangible fixed assets +€90,832
up €90,832 (+195%), from €46,583 to €137,415
of which Furniture and vehicles: +€87,811
- Current investments +€90,456
up €90,456 (+63.4%), from €142,751 to €233,207
- Receivables after one year -€65,000
no longer reported in 2025 (was €65,000)
- Receivables within one year +€44,090
new in 2025: €44,090
of which Other amounts receivable: +€23,590
- Cash +€10,378
up €10,378 (+313%), from €3,318 to €13,696
mainly Net result for the year (+€197,245) and Other debts (+€89,471)
- Other debts +€89,471
up €89,471 (+850%), from €10,529 to €100,000
- Debts after one year +€47,821
new in 2025: €47,821
- Current portion of long-term debt +€18,241
new in 2025: €18,241
- Short-term financial debts +€17,593
new in 2025: €17,593
- Gross operating margin +€28,124
up €28,124 (+11.0%), from €255,338 to €283,463
- Depreciation +€8,411
up €8,411 (+85.1%), from €9,880 to €18,291
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 | €288,938 | €461,878 | +€172,940 | +59.9% |
| Fixed assets | 21/28 | €46,583 | €137,415 | +€90,832 | +195% |
| Tangible fixed assets | 22/27 | €46,583 | €137,415 | +€90,832 | +195% |
| Plant, machinery and equipment | 23 | - | €5,988 | +€5,988 | |
| Furniture and vehicles | 24 | €28,431 | €116,241 | +€87,811 | +309% |
| Other tangible fixed assets | 26 | €18,152 | €15,186 | -€2,966 | -16.3% |
| Current assets | 29/58 | €242,356 | €324,463 | +€82,107 | +33.9% |
| Amounts receivable after more than one year | 29 | €65,000 | - | -€65,000 | |
| Other amounts receivable | 291 | €65,000 | - | -€65,000 | |
| Amounts receivable within one year | 40/41 | - | €44,090 | +€44,090 | |
| Trade receivables | 40 | - | €20,500 | +€20,500 | |
| Other amounts receivable | 41 | - | €23,590 | +€23,590 | |
| Current investments | 50/53 | €142,751 | €233,207 | +€90,456 | +63.4% |
| Cash at bank and in hand | 54/58 | €3,318 | €13,696 | +€10,378 | +313% |
| Deferred charges and accrued income | 490/1 | €31,286 | €33,470 | +€2,184 | +7.0% |
| Total equity and liabilities | 10/49 | €288,938 | €461,878 | +€172,940 | +59.9% |
| Equity | 10/15 | €249,545 | €246,790 | -€2,755 | -1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €229,085 | €226,330 | -€2,755 | -1.2% |
| Amounts payable | 17/49 | €39,394 | €215,088 | +€175,694 | +446% |
| Amounts payable after more than one year | 17 | - | €47,821 | +€47,821 | |
| Financial debts | 170/4 | - | €47,821 | +€47,821 | |
| Amounts payable within one year | 42/48 | €38,722 | €166,574 | +€127,851 | +330% |
| Current portion of amounts payable after more than one year | 42 | - | €18,241 | +€18,241 | |
| Financial debts | 43 | - | €17,593 | +€17,593 | |
| Credit institutions | 430/8 | - | €17,593 | +€17,593 | |
| Trade debts | 44 | €121 | €1,677 | +€1,556 | +1,283% |
| Suppliers | 440/4 | €121 | €1,677 | +€1,556 | +1,283% |
| Taxes, remuneration and social security | 45 | €28,072 | €29,062 | +€990 | +3.5% |
| Taxes | 450/3 | €28,072 | €29,062 | +€990 | +3.5% |
| Other amounts payable | 47/48 | €10,529 | €100,000 | +€89,471 | +850% |
| Accrued charges and deferred income | 492/3 | €671 | €693 | +€22 | +3.2% |
| Non-recurring operating income | 76A | - | €4,507 | +€4,507 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,880 | €18,291 | +€8,411 | +85.1% |
| Other operating charges | 640/8 | €1,625 | €1,849 | +€224 | +13.8% |
| Gross operating margin | 9900 | €255,338 | €283,463 | +€28,124 | +11.0% |
| Operating profit (loss) | 9901 | €243,833 | €263,323 | +€19,489 | +8.0% |
| Financial income | 75/76B | €2,130 | €4,030 | +€1,900 | +89.2% |
| Recurring financial income | 75 | €2,130 | €4,030 | +€1,900 | +89.2% |
| Financial charges | 65/66B | €396 | €2,381 | +€1,984 | +500% |
| Recurring financial charges | 65 | €396 | €2,381 | +€1,984 | +500% |
| Profit (loss) for the period before taxes | 9903 | €245,567 | €264,973 | +€19,406 | +7.9% |
| Income taxes | 67/77 | €65,739 | €67,727 | +€1,989 | +3.0% |
| Profit (loss) for the period | 9904 | €179,828 | €197,245 | +€17,417 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €179,828 | €197,245 | +€17,417 | +9.7% |
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 19 October 2026 via checked.be.