DR MVH: 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.
DR MVH
Largest movements
- Current investments +€107,500
up €107,500 (+113.2%), from €95,000 to €202,500
- Receivables within one year +€27,462
up €27,462 (+36.5%), from €75,218 to €102,680
of which Trade receivables: +€25,729
- Tangible fixed assets -€12,146
down €12,146 (-31.0%), from €39,125 to €26,978
- Profit (loss) carried forward +€149,734
up €149,734 (+77.4%), from €193,465 to €343,199
- Tax, wage and social debts -€12,285
down €12,285 (-69.3%), from €17,735 to €5,449
- Debts after one year -€11,007
down €11,007 (-40.2%), from €27,411 to €16,404
- Gross operating margin +€69,098
up €69,098 (+40.0%), from €172,945 to €242,043
- Taxes +€17,715
up €17,715 (+49.9%), from €35,486 to €53,201
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 | €250,511 | €376,997 | +€126,486 | +50.5% |
| Fixed assets | 21/28 | €39,125 | €26,978 | -€12,146 | -31.0% |
| Tangible fixed assets | 22/27 | €39,125 | €26,978 | -€12,146 | -31.0% |
| Furniture and vehicles | 24 | €39,125 | €26,978 | -€12,146 | -31.0% |
| Current assets | 29/58 | €211,387 | €350,019 | +€138,632 | +65.6% |
| Amounts receivable within one year | 40/41 | €75,218 | €102,680 | +€27,462 | +36.5% |
| Trade receivables | 40 | €73,901 | €99,630 | +€25,729 | +34.8% |
| Other amounts receivable | 41 | €1,317 | €3,050 | +€1,733 | +131.5% |
| Current investments | 50/53 | €95,000 | €202,500 | +€107,500 | +113.2% |
| Cash at bank and in hand | 54/58 | €40,272 | €43,664 | +€3,392 | +8.4% |
| Deferred charges and accrued income | 490/1 | €896 | €1,175 | +€279 | +31.1% |
| Total equity and liabilities | 10/49 | €250,511 | €376,997 | +€126,486 | +50.5% |
| Equity | 10/15 | €193,565 | €343,299 | +€149,734 | +77.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €193,465 | €343,199 | +€149,734 | +77.4% |
| Amounts payable | 17/49 | €56,946 | €33,698 | -€23,248 | -40.8% |
| Amounts payable after more than one year | 17 | €27,411 | €16,404 | -€11,007 | -40.2% |
| Financial debts | 170/4 | €27,411 | €16,404 | -€11,007 | -40.2% |
| Amounts payable within one year | 42/48 | €29,536 | €17,294 | -€12,242 | -41.4% |
| Current portion of amounts payable after more than one year | 42 | €10,555 | €11,007 | +€452 | +4.3% |
| Trade debts | 44 | €1,246 | €838 | -€408 | -32.7% |
| Suppliers | 440/4 | €1,246 | €838 | -€408 | -32.7% |
| Taxes, remuneration and social security | 45 | €17,735 | €5,449 | -€12,285 | -69.3% |
| Taxes | 450/3 | €17,735 | €5,449 | -€12,285 | -69.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,848 | €12,146 | +€298 | +2.5% |
| Other operating charges | 640/8 | €1,217 | €586 | -€631 | -51.8% |
| Gross operating margin | 9900 | €172,945 | €242,043 | +€69,098 | +40.0% |
| Operating profit (loss) | 9901 | €159,880 | €229,311 | +€69,430 | +43.4% |
| Financial income | 75/76B | - | €123 | +€123 | |
| Recurring financial income | 75 | - | €123 | +€123 | |
| Financial charges | 65/66B | €1,920 | €1,499 | -€421 | -21.9% |
| Recurring financial charges | 65 | €1,920 | €1,499 | -€421 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €157,960 | €227,935 | +€69,975 | +44.3% |
| Income taxes | 67/77 | €35,486 | €53,201 | +€17,715 | +49.9% |
| Profit (loss) for the period | 9904 | €122,474 | €174,734 | +€52,260 | +42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €122,474 | €174,734 | +€52,260 | +42.7% |
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 7 October 2026 via checked.be.