M L 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.
M L V
Largest movements
- Cash -€357,212
down €357,212 (-96.3%), from €371,009 to €13,797
mainly Receivables within one year (-€337,821) and Debts after one year (-€115,605)
- Receivables within one year +€337,821
up €337,821 (+16.9%), from €2.0m to €2.3m
of which Other amounts receivable: +€280,422
- Debts after one year -€115,605
down €115,605 (-47.3%), from €244,195 to €128,590
of which Other amounts payable: -€100,000
- Reserves +€103,700
up €103,700 (+4.7%), from €2.2m to €2.3m
- Other debts -€36,652
down €36,652 (-100%), from €36,652 to €0
- Gross operating margin +€96,736
up €96,736 (+193%), from €49,998 to €146,735
- Taxes +€23,028
up €23,028 (+126%), from €18,272 to €41,301
- Financial income -€14,509
down €14,509 (-32.1%), from €45,193 to €30,684
- Financial charges -€4,744
down €4,744 (-36.9%), from €12,870 to €8,126
- Other operating charges -€3,287
down €3,287 (-46.8%), from €7,018 to €3,731
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 | €2,676,855 | €2,631,686 | -€45,169 | -1.7% |
| Fixed assets | 21/28 | €285,253 | €279,180 | -€6,073 | -2.1% |
| Tangible fixed assets | 22/27 | €285,253 | €279,180 | -€6,073 | -2.1% |
| Land and buildings | 22 | €273,674 | €271,589 | -€2,085 | -0.8% |
| Plant, machinery and equipment | 23 | €945 | €497 | -€448 | -47.4% |
| Furniture and vehicles | 24 | €10,633 | €7,094 | -€3,539 | -33.3% |
| Current assets | 29/58 | €2,391,602 | €2,352,506 | -€39,096 | -1.6% |
| Amounts receivable within one year | 40/41 | €2,000,847 | €2,338,668 | +€337,821 | +16.9% |
| Trade receivables | 40 | €26,180 | €83,580 | +€57,399 | +219% |
| Other amounts receivable | 41 | €1,974,666 | €2,255,088 | +€280,422 | +14.2% |
| Cash at bank and in hand | 54/58 | €371,009 | €13,797 | -€357,212 | -96.3% |
| Deferred charges and accrued income | 490/1 | €19,747 | €42 | -€19,705 | -99.8% |
| Total equity and liabilities | 10/49 | €2,676,855 | €2,631,686 | -€45,169 | -1.7% |
| Equity | 10/15 | €2,341,411 | €2,445,117 | +€103,706 | +4.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,199,510 | €2,303,210 | +€103,700 | +4.7% |
| Distributable reserves | 133 | €2,199,510 | €2,303,210 | +€103,700 | +4.7% |
| Profit (loss) carried forward | 14 | €129,501 | €129,507 | +€6 | 0.0% |
| Amounts payable | 17/49 | €335,444 | €186,569 | -€148,875 | -44.4% |
| Amounts payable after more than one year | 17 | €244,195 | €128,590 | -€115,605 | -47.3% |
| Financial debts | 170/4 | €144,195 | €128,590 | -€15,605 | -10.8% |
| Other amounts payable | 178/9 | €100,000 | €0 | -€100,000 | -100% |
| Amounts payable within one year | 42/48 | €85,019 | €57,979 | -€27,040 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €15,089 | €15,605 | +€516 | +3.4% |
| Trade debts | 44 | €737 | €175 | -€562 | -76.2% |
| Suppliers | 440/4 | €737 | €175 | -€562 | -76.2% |
| Taxes, remuneration and social security | 45 | €32,541 | €42,199 | +€9,658 | +29.7% |
| Taxes | 450/3 | €29,541 | €42,199 | +€12,658 | +42.8% |
| Remuneration and social security | 454/9 | €3,000 | €0 | -€3,000 | -100% |
| Other amounts payable | 47/48 | €36,652 | €0 | -€36,652 | -100% |
| Accrued charges and deferred income | 492/3 | €6,230 | €0 | -€6,230 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,454 | €20,556 | +€101 | +0.5% |
| Other operating charges | 640/8 | €7,018 | €3,731 | -€3,287 | -46.8% |
| Gross operating margin | 9900 | €49,998 | €146,735 | +€96,736 | +193% |
| Operating profit (loss) | 9901 | €22,526 | €122,448 | +€99,922 | +444% |
| Financial income | 75/76B | €45,193 | €30,684 | -€14,509 | -32.1% |
| Recurring financial income | 75 | €45,193 | €30,684 | -€14,509 | -32.1% |
| Financial charges | 65/66B | €12,870 | €8,126 | -€4,744 | -36.9% |
| Recurring financial charges | 65 | €12,870 | €8,126 | -€4,744 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | €54,849 | €145,006 | +€90,157 | +164% |
| Income taxes | 67/77 | €18,272 | €41,301 | +€23,028 | +126% |
| Profit (loss) for the period | 9904 | €36,577 | €103,706 | +€67,129 | +184% |
| Profit (loss) for the period to be appropriated | 9905 | €36,577 | €103,706 | +€67,129 | +184% |
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 18 October 2026 via checked.be.