M.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.
What changed
M.M.V.
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€343,283
2024 · €445,221-€101,938
Equity
€13.5m
2024 · €13.1m+€343,283
Cash
€67,023
2024 · €636,665-€569,643
Balance sheet total
€15.9m
2024 · €15.5m+€371,053
Largest movements
Assets
- Receivables within one year +€915,618
up €915,618 (+101%), from €907,139 to €1.8m
of which Trade receivables: +€1.0m
- Cash -€569,643
down €569,643 (-89.5%), from €636,665 to €67,023
mainly Receivables within one year (-€915,618) and Investment in fixed assets (net) (-€77,686)
Equity and liabilities
- Profit (loss) carried forward +€343,283
up €343,283 (+4.0%), from €8.5m to €8.8m
Income statement
- Services and other goods +€154,831
up €154,831 (+18.0%), from €858,746 to €1.0m
- Turnover +€106,466
up €106,466 (+6.4%), from €1.7m to €1.8m
- Financial income -€92,116
down €92,116 (-22.6%), from €408,331 to €316,216
- Staff costs -€51,205
down €51,205 (-7.8%), from €656,258 to €605,053
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.
Result 2024
€445,221
Turnover
+€106,466
Other operating income
-€5,180
Services and other goods
-€154,831
Staff costs
+€51,205
Depreciation
-€7,165
Other operating charges
+€909
Financial income
-€92,116
Financial charges
-€1,548
Taxes
+€322
Result 2025
€343,283
raises the resultlowers the result
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.
From operations
-€491,956
Investment
-€77,686
Financing
€0
Cash 2024
€636,665
From operations (derived)
-€491,956
Net result for the year
+€343,283
Depreciation
+€35,880
Receivables within one year
-€915,618
Deferred charges and accrued income
+€16,730
Trade debts
+€47,867
Tax, wage and social debts
-€20,101
Accrued charges and deferred income
+€4
Investment (derived)
-€77,686
Investment in fixed assets (net)
-€77,686
Cash 2025
€67,023
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,506,630 | €15,877,683 | +€371,053 | +2.4% |
| Fixed assets | 21/28 | €13,343,235 | €13,385,041 | +€41,807 | +0.3% |
| Intangible fixed assets | 21 | €21,424 | €12,783 | -€8,642 | -40.3% |
| Tangible fixed assets | 22/27 | €43,174 | €93,623 | +€50,448 | +117% |
| Plant, machinery and equipment | 23 | €43,174 | €93,623 | +€50,448 | +117% |
| Financial fixed assets | 28 | €13,278,636 | €13,278,636 | = | 0.0% |
| Affiliated companies | 280/1 | €13,278,636 | €13,278,636 | = | 0.0% |
| Participating interests | 280 | €13,278,636 | €13,278,636 | = | 0.0% |
| Current assets | 29/58 | €2,163,396 | €2,492,642 | +€329,246 | +15.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €907,139 | €1,822,757 | +€915,618 | +101% |
| Trade receivables | 40 | €475,311 | €1,478,062 | +€1.0m | +211% |
| Other amounts receivable | 41 | €431,828 | €344,696 | -€87,133 | -20.2% |
| Current investments | 50/53 | €550,000 | €550,000 | = | 0.0% |
| Other investments | 51/53 | €550,000 | €550,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €636,665 | €67,023 | -€569,643 | -89.5% |
| Deferred charges and accrued income | 490/1 | €69,591 | €52,861 | -€16,730 | -24.0% |
| Total equity and liabilities | 10/49 | €15,506,630 | €15,877,683 | +€371,053 | +2.4% |
| Equity | 10/15 | €13,144,470 | €13,487,754 | +€343,283 | +2.6% |
| Contributions | 10/11 | €4,504,946 | €4,504,946 | = | 0.0% |
| Reserves | 13 | €160,000 | €160,000 | = | 0.0% |
| Distributable reserves | 133 | €160,000 | €160,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,479,524 | €8,822,808 | +€343,283 | +4.0% |
| Amounts payable | 17/49 | €2,362,160 | €2,389,929 | +€27,769 | +1.2% |
| Amounts payable after more than one year | 17 | €2,000,000 | €2,000,000 | = | 0.0% |
| Financial debts | 170/4 | €2,000,000 | €2,000,000 | = | 0.0% |
| Other loans | 174 | €2,000,000 | €2,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €362,125 | €389,890 | +€27,766 | +7.7% |
| Trade debts | 44 | €179,878 | €227,745 | +€47,867 | +26.6% |
| Suppliers | 440/4 | €179,878 | €227,745 | +€47,867 | +26.6% |
| Taxes, remuneration and social security | 45 | €182,247 | €162,145 | -€20,101 | -11.0% |
| Taxes | 450/3 | €10,495 | €21,503 | +€11,009 | +105% |
| Remuneration and social security | 454/9 | €171,752 | €140,642 | -€31,110 | -18.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €35 | €39 | +€4 | +10.1% |
| Operating income | 70/76A | €1,672,551 | €1,773,837 | +€101,286 | +6.1% |
| Turnover | 70 | €1,665,861 | €1,772,328 | +€106,466 | +6.4% |
| Other operating income | 74 | €6,690 | €1,509 | -€5,180 | -77.4% |
| Operating charges | 60/66A | €1,546,362 | €1,656,244 | +€109,882 | +7.1% |
| Services and other goods | 61 | €858,746 | €1,013,577 | +€154,831 | +18.0% |
| Remuneration, social security and pensions | 62 | €656,258 | €605,053 | -€51,205 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,714 | €35,880 | +€7,165 | +25.0% |
| Other operating charges | 640/8 | €2,644 | €1,735 | -€909 | -34.4% |
| Operating profit (loss) | 9901 | €126,189 | €117,593 | -€8,596 | -6.8% |
| Financial income | 75/76B | €408,331 | €316,216 | -€92,116 | -22.6% |
| Recurring financial income | 75 | €408,331 | €316,216 | -€92,116 | -22.6% |
| Income from financial fixed assets | 750 | €400,000 | €300,000 | -€100,000 | -25.0% |
| Income from current assets | 751 | €8,218 | €16,183 | +€7,965 | +96.9% |
| Other financial income | 752/9 | €114 | €32 | -€81 | -71.4% |
| Financial charges | 65/66B | €87,568 | €89,116 | +€1,548 | +1.8% |
| Recurring financial charges | 65 | €87,568 | €89,116 | +€1,548 | +1.8% |
| Debt charges | 650 | €87,115 | €88,677 | +€1,563 | +1.8% |
| Other financial charges | 652/9 | €454 | €439 | -€15 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €446,952 | €344,692 | -€102,260 | -22.9% |
| Income taxes | 67/77 | €1,731 | €1,409 | -€322 | -18.6% |
| Taxes | 670/3 | €1,731 | €1,455 | -€276 | -15.9% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €46 | +€46 | |
| Profit (loss) for the period | 9904 | €445,221 | €343,283 | -€101,938 | -22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €445,221 | €343,283 | -€101,938 | -22.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.