M.B.V.B.: 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.
M.B.V.B.
Largest movements
- Cash +€123,836
up €123,836 (+18.2%), from €681,734 to €805,570
mainly Depreciation (+€252,054) and Other debts (+€149,300)
- Receivables within one year +€121,536
up €121,536 (+17.0%), from €713,403 to €834,938
of which Other amounts receivable: +€99,406
- Other debts +€149,300
up €149,300 (+4.4%), from €3.4m to €3.5m
- Financial income +€149,811
up €149,811 (+901%), from €16,626 to €166,437
of which Non-recurring financial income: +€125,528
- Gross operating margin -€54,453
down €54,453 (-12.4%), from €440,527 to €386,074
- Financial charges +€37,387
up €37,387 (+18.6%), from €200,848 to €238,235
- Purchases and services +€35,386
up €35,386 (+61.8%), from €57,300 to €92,686
- Turnover -€17,749
down €17,749 (-3.6%), from €496,510 to €478,760
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 | €7,392,683 | €7,578,758 | +€186,075 | +2.5% |
| Fixed assets | 21/28 | €5,997,547 | €5,938,250 | -€59,296 | -1.0% |
| Intangible fixed assets | 21 | €314,212 | €285,648 | -€28,565 | -9.1% |
| Tangible fixed assets | 22/27 | €4,972,934 | €4,942,203 | -€30,732 | -0.6% |
| Land and buildings | 22 | €4,626,835 | €4,449,381 | -€177,454 | -3.8% |
| Furniture and vehicles | 24 | €45,064 | €34,239 | -€10,825 | -24.0% |
| Other tangible fixed assets | 26 | €3,357 | €15,031 | +€11,673 | +348% |
| Assets under construction and advance payments | 27 | €297,678 | €443,552 | +€145,874 | +49.0% |
| Financial fixed assets | 28 | €710,400 | €710,400 | = | 0.0% |
| Current assets | 29/58 | €1,395,136 | €1,640,508 | +€245,371 | +17.6% |
| Amounts receivable within one year | 40/41 | €713,403 | €834,938 | +€121,536 | +17.0% |
| Trade receivables | 40 | €68,438 | €90,568 | +€22,130 | +32.3% |
| Other amounts receivable | 41 | €644,965 | €744,371 | +€99,406 | +15.4% |
| Cash at bank and in hand | 54/58 | €681,734 | €805,570 | +€123,836 | +18.2% |
| Total equity and liabilities | 10/49 | €7,392,683 | €7,578,758 | +€186,075 | +2.5% |
| Equity | 10/15 | €4,011,303 | €4,047,831 | +€36,528 | +0.9% |
| Contributions | 10/11 | €3,767,106 | €3,767,106 | = | 0.0% |
| Capital | 10 | €3,767,106 | - | -€3.8m | |
| Issued capital | 100 | €3,767,106 | - | -€3.8m | |
| Reserves | 13 | €244,197 | €280,725 | +€36,528 | +15.0% |
| Non-distributable reserves | 130/1 | €53,000 | - | -€53,000 | |
| Legal reserve | 130 | €53,000 | - | -€53,000 | |
| Distributable reserves | 133 | €191,197 | €280,725 | +€89,528 | +46.8% |
| Amounts payable | 17/49 | €3,381,380 | €3,530,927 | +€149,547 | +4.4% |
| Amounts payable after more than one year | 17 | €9,480 | - | -€9,480 | |
| Other amounts payable | 178/9 | €9,480 | - | -€9,480 | |
| Amounts payable within one year | 42/48 | €3,371,900 | €3,530,927 | +€159,027 | +4.7% |
| Trade debts | 44 | - | €139 | +€139 | |
| Suppliers | 440/4 | - | €139 | +€139 | |
| Taxes, remuneration and social security | 45 | - | €9,588 | +€9,588 | |
| Taxes | 450/3 | - | €9,588 | +€9,588 | |
| Other amounts payable | 47/48 | €3,371,900 | €3,521,200 | +€149,300 | +4.4% |
| Turnover | 70 | €496,510 | €478,760 | -€17,749 | -3.6% |
| Non-recurring operating income | 76A | €1,317 | - | -€1,317 | |
| Goods, raw materials, services and sundry goods | 60/61 | €57,300 | €92,686 | +€35,386 | +61.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €240,651 | €252,054 | +€11,402 | +4.7% |
| Other operating charges | 640/8 | €2,330 | €8,389 | +€6,059 | +260% |
| Gross operating margin | 9900 | €440,527 | €386,074 | -€54,453 | -12.4% |
| Operating profit (loss) | 9901 | €197,546 | €125,631 | -€71,914 | -36.4% |
| Financial income | 75/76B | €16,626 | €166,437 | +€149,811 | +901% |
| Recurring financial income | 75 | €16,626 | €40,909 | +€24,283 | +146% |
| Non-recurring financial income | 76B | - | €125,528 | +€125,528 | |
| Financial charges | 65/66B | €200,848 | €238,235 | +€37,387 | +18.6% |
| Recurring financial charges | 65 | €200,848 | €238,235 | +€37,387 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €13,323 | €53,833 | +€40,509 | +304% |
| Income taxes | 67/77 | €5,062 | €17,305 | +€12,243 | +242% |
| Profit (loss) for the period | 9904 | €8,261 | €36,528 | +€28,267 | +342% |
| Profit (loss) for the period to be appropriated | 9905 | €8,261 | €36,528 | +€28,267 | +342% |
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 23 October 2026 via checked.be.