M.CV.S.: 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.CV.S.
Largest movements
- Cash +€131,037
up €131,037 (+65.8%), from €199,207 to €330,244
mainly Net result for the year (+€103,990) and Trade debts (+€36,754)
- Tangible fixed assets -€30,513
down €30,513 (-8.2%), from €370,508 to €339,995
of which Land and buildings: -€20,556
- Reserves +€90,833
up €90,833 (+16.5%), from €548,962 to €639,795
- Trade debts +€36,754
up €36,754 (+193%), from €19,047 to €55,800
- Debts after one year -€25,729
down €25,729 (-23.3%), from €110,255 to €84,526
- Depreciation -€17,182
down €17,182 (-33.6%), from €51,159 to €33,977
- Financial charges +€8,939
up €8,939 (+308%), from €2,903 to €11,841
- Gross operating margin +€6,769
up €6,769 (+2.6%), from €259,079 to €265,848
- Taxes +€4,749
up €4,749 (+12.4%), from €38,344 to €43,093
- Staff costs +€4,415
up €4,415 (+6.7%), from €66,332 to €70,747
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 | €741,892 | €844,105 | +€102,213 | +13.8% |
| Fixed assets | 21/28 | €370,508 | €339,995 | -€30,513 | -8.2% |
| Tangible fixed assets | 22/27 | €370,508 | €339,995 | -€30,513 | -8.2% |
| Land and buildings | 22 | €355,269 | €334,713 | -€20,556 | -5.8% |
| Plant, machinery and equipment | 23 | €2,511 | €1,041 | -€1,471 | -58.6% |
| Furniture and vehicles | 24 | €12,604 | €4,241 | -€8,363 | -66.4% |
| Other tangible fixed assets | 26 | €123 | €0 | -€123 | -100% |
| Current assets | 29/58 | €371,385 | €504,111 | +€132,726 | +35.7% |
| Stocks and contracts in progress | 3 | €7,800 | €7,800 | = | 0.0% |
| Stocks | 30/36 | €7,800 | €7,800 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €162,379 | €157,106 | -€5,273 | -3.2% |
| Trade receivables | 40 | €139,260 | €135,057 | -€4,202 | -3.0% |
| Other amounts receivable | 41 | €23,119 | €22,048 | -€1,071 | -4.6% |
| Cash at bank and in hand | 54/58 | €199,207 | €330,244 | +€131,037 | +65.8% |
| Deferred charges and accrued income | 490/1 | €1,999 | €8,961 | +€6,962 | +348% |
| Total equity and liabilities | 10/49 | €741,892 | €844,105 | +€102,213 | +13.8% |
| Equity | 10/15 | €568,962 | €659,795 | +€90,833 | +16.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €548,962 | €639,795 | +€90,833 | +16.5% |
| Distributable reserves | 133 | €548,962 | €639,795 | +€90,833 | +16.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €172,930 | €184,311 | +€11,381 | +6.6% |
| Amounts payable after more than one year | 17 | €110,255 | €84,526 | -€25,729 | -23.3% |
| Financial debts | 170/4 | €110,255 | €84,526 | -€25,729 | -23.3% |
| Amounts payable within one year | 42/48 | €60,460 | €97,651 | +€37,191 | +61.5% |
| Current portion of amounts payable after more than one year | 42 | €25,768 | €25,729 | -€39 | -0.2% |
| Trade debts | 44 | €19,047 | €55,800 | +€36,754 | +193% |
| Suppliers | 440/4 | €19,047 | €55,800 | +€36,754 | +193% |
| Taxes, remuneration and social security | 45 | €15,645 | €16,122 | +€477 | +3.0% |
| Taxes | 450/3 | €11,788 | €12,201 | +€413 | +3.5% |
| Remuneration and social security | 454/9 | €3,857 | €3,921 | +€64 | +1.7% |
| Accrued charges and deferred income | 492/3 | €2,215 | €2,133 | -€82 | -3.7% |
| Remuneration, social security and pensions | 62 | €66,332 | €70,747 | +€4,415 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,159 | €33,977 | -€17,182 | -33.6% |
| Other operating charges | 640/8 | €7,156 | €6,600 | -€556 | -7.8% |
| Gross operating margin | 9900 | €259,079 | €265,848 | +€6,769 | +2.6% |
| Operating profit (loss) | 9901 | €134,432 | €154,524 | +€20,092 | +14.9% |
| Financial income | 75/76B | €2,923 | €4,401 | +€1,478 | +50.6% |
| Recurring financial income | 75 | €2,923 | €4,401 | +€1,478 | +50.6% |
| Financial charges | 65/66B | €2,903 | €11,841 | +€8,939 | +308% |
| Recurring financial charges | 65 | €2,903 | €11,841 | +€8,939 | +308% |
| Profit (loss) for the period before taxes | 9903 | €134,452 | €147,083 | +€12,631 | +9.4% |
| Income taxes | 67/77 | €38,344 | €43,093 | +€4,749 | +12.4% |
| Profit (loss) for the period | 9904 | €96,108 | €103,990 | +€7,882 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €96,108 | €103,990 | +€7,882 | +8.2% |
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 17 October 2026 via checked.be.