Dr. M.V.: 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. M.V.
Largest movements
- Receivables within one year -€95,000
down €95,000 (-70.1%), from €135,520 to €40,520
- Cash +€29,605
up €29,605 (+11,350%), from €261 to €29,866
mainly Receivables within one year (+€95,000) and Depreciation (+€12,925)
- Receivables after one year +€5,745
up €5,745 (+2.8%), from €205,178 to €210,923
- Profit (loss) carried forward -€37,883
down €37,883 (-35.6%), from -€106,535 to -€144,418
- Other debts -€13,907
down €13,907 (-10.1%), from €137,788 to €123,881
- Trade debts -€8,624
down €8,624 (-23.9%), from €36,049 to €27,425
- Gross operating margin -€11,472
down €11,472 (-127%), from -€9,036 to -€20,508
- Depreciation +€360
up €360 (+2.9%), from €12,565 to €12,925
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 | €394,801 | €333,339 | -€61,462 | -15.6% |
| Fixed assets | 21/28 | €53,340 | €52,030 | -€1,311 | -2.5% |
| Tangible fixed assets | 22/27 | €53,340 | €52,030 | -€1,311 | -2.5% |
| Land and buildings | 22 | €53,340 | €40,775 | -€12,565 | -23.6% |
| Plant, machinery and equipment | 23 | - | €11,254 | +€11,254 | |
| Current assets | 29/58 | €341,461 | €281,309 | -€60,151 | -17.6% |
| Amounts receivable after more than one year | 29 | €205,178 | €210,923 | +€5,745 | +2.8% |
| Trade receivables | 290 | €205,178 | €210,923 | +€5,745 | +2.8% |
| Amounts receivable within one year | 40/41 | €135,520 | €40,520 | -€95,000 | -70.1% |
| Trade receivables | 40 | €135,520 | €40,520 | -€95,000 | -70.1% |
| Current investments | 50/53 | €21 | €0 | -€21 | -100% |
| Cash at bank and in hand | 54/58 | €261 | €29,866 | +€29,605 | +11,350% |
| Deferred charges and accrued income | 490/1 | €480 | - | -€480 | |
| Total equity and liabilities | 10/49 | €394,801 | €333,339 | -€61,462 | -15.6% |
| Equity | 10/15 | €219,916 | €182,033 | -€37,883 | -17.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €307,859 | €307,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,859 | €31,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Other | 1319 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €276,000 | €276,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€106,535 | -€144,418 | -€37,883 | -35.6% |
| Amounts payable | 17/49 | €174,885 | €151,306 | -€23,579 | -13.5% |
| Amounts payable within one year | 42/48 | €174,885 | €151,306 | -€23,579 | -13.5% |
| Financial debts | 43 | €1,047 | - | -€1,047 | |
| Other loans | 439 | €1,047 | - | -€1,047 | |
| Trade debts | 44 | €36,049 | €27,425 | -€8,624 | -23.9% |
| Suppliers | 440/4 | €36,049 | €27,425 | -€8,624 | -23.9% |
| Other amounts payable | 47/48 | €137,788 | €123,881 | -€13,907 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,565 | €12,925 | +€360 | +2.9% |
| Other operating charges | 640/8 | €1,825 | €1,778 | -€46 | -2.5% |
| Non-recurring operating charges | 66A | - | €8,215 | +€8,215 | |
| Gross operating margin | 9900 | -€9,036 | -€20,508 | -€11,472 | -127% |
| Operating profit (loss) | 9901 | -€23,426 | -€43,426 | -€20,000 | -85.4% |
| Financial income | 75/76B | €5,589 | €5,745 | +€156 | +2.8% |
| Recurring financial income | 75 | €5,589 | €5,745 | +€156 | +2.8% |
| Financial charges | 65/66B | €129 | €202 | +€73 | +56.4% |
| Recurring financial charges | 65 | €129 | €202 | +€73 | +56.4% |
| Profit (loss) for the period before taxes | 9903 | -€17,966 | -€37,883 | -€19,916 | -111% |
| Profit (loss) for the period | 9904 | -€17,966 | -€37,883 | -€19,916 | -111% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,966 | -€37,883 | -€19,916 | -111% |
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 16 October 2026 via checked.be.