M.P.V.E.: 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.P.V.E.
Largest movements
- Tangible fixed assets +€41,439
up €41,439 (+5.5%), from €751,279 to €792,717
of which Land and buildings: +€40,421
- Receivables within one year +€38,072
up €38,072 (+25.1%), from €151,606 to €189,678
of which Other amounts receivable: +€35,899
- Reserves +€47,626
up €47,626 (+17.8%), from €267,470 to €315,096
of which Tax-exempt reserves: +€34,626
- Debts after one year +€35,082
up €35,082 (+5.5%), from €639,687 to €674,769
of which Financial debts: +€46,767
- Other debts -€16,048
down €16,048 (-90.3%), from €17,766 to €1,718
- Short-term financial debts +€15,000
new in 2025: €15,000
- Tax, wage and social debts +€12,517
up €12,517 (+38.0%), from €32,981 to €45,498
of which Remuneration and social security: +€12,290
- Staff costs +€180,581
up €180,581 (+46.4%), from €389,586 to €570,167
- Gross operating margin +€90,246
up €90,246 (+13.7%), from €656,383 to €746,629
- Depreciation -€61,435
down €61,435 (-47.0%), from €130,693 to €69,258
- Other operating charges -€10,025
down €10,025 (-71.5%), from €14,020 to €3,994
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 | €1,103,405 | €1,183,586 | +€80,181 | +7.3% |
| Fixed assets | 21/28 | €751,279 | €801,062 | +€49,783 | +6.6% |
| Intangible fixed assets | 21 | - | €8,344 | +€8,344 | |
| Tangible fixed assets | 22/27 | €751,279 | €792,717 | +€41,439 | +5.5% |
| Land and buildings | 22 | €558,635 | €599,056 | +€40,421 | +7.2% |
| Plant, machinery and equipment | 23 | €44,380 | €31,988 | -€12,391 | -27.9% |
| Furniture and vehicles | 24 | €148,265 | €161,673 | +€13,409 | +9.0% |
| Current assets | 29/58 | €352,126 | €382,525 | +€30,399 | +8.6% |
| Amounts receivable after more than one year | 29 | €23,022 | €23,022 | = | 0.0% |
| Other amounts receivable | 291 | €23,022 | €23,022 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,975 | €4,975 | +€2,000 | +67.2% |
| Stocks | 30/36 | €2,975 | €4,975 | +€2,000 | +67.2% |
| Amounts receivable within one year | 40/41 | €151,606 | €189,678 | +€38,072 | +25.1% |
| Trade receivables | 40 | €127,570 | €129,744 | +€2,174 | +1.7% |
| Other amounts receivable | 41 | €24,036 | €59,934 | +€35,899 | +149.4% |
| Cash at bank and in hand | 54/58 | €159,683 | €157,113 | -€2,570 | -1.6% |
| Deferred charges and accrued income | 490/1 | €14,841 | €7,736 | -€7,104 | -47.9% |
| Total equity and liabilities | 10/49 | €1,103,405 | €1,183,586 | +€80,181 | +7.3% |
| Equity | 10/15 | €271,390 | €318,236 | +€46,846 | +17.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €267,470 | €315,096 | +€47,626 | +17.8% |
| Tax-exempt reserves | 132 | €28,524 | €63,150 | +€34,626 | +121.4% |
| Distributable reserves | 133 | €238,946 | €251,946 | +€13,000 | +5.4% |
| Profit (loss) carried forward | 14 | €920 | €140 | -€779 | -84.7% |
| Amounts payable | 17/49 | €832,015 | €865,350 | +€33,335 | +4.0% |
| Amounts payable after more than one year | 17 | €639,687 | €674,769 | +€35,082 | +5.5% |
| Financial debts | 170/4 | €591,073 | €637,840 | +€46,767 | +7.9% |
| Other amounts payable | 178/9 | €48,614 | €36,928 | -€11,685 | -24.0% |
| Amounts payable within one year | 42/48 | €189,057 | €187,573 | -€1,484 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €95,034 | €84,918 | -€10,115 | -10.6% |
| Financial debts | 43 | - | €15,000 | +€15,000 | |
| Credit institutions | 430/8 | - | €15,000 | +€15,000 | |
| Trade debts | 44 | €43,277 | €40,439 | -€2,838 | -6.6% |
| Suppliers | 440/4 | €43,277 | €40,439 | -€2,838 | -6.6% |
| Taxes, remuneration and social security | 45 | €32,981 | €45,498 | +€12,517 | +38.0% |
| Taxes | 450/3 | €929 | €1,156 | +€227 | +24.4% |
| Remuneration and social security | 454/9 | €32,052 | €44,342 | +€12,290 | +38.3% |
| Other amounts payable | 47/48 | €17,766 | €1,718 | -€16,048 | -90.3% |
| Accrued charges and deferred income | 492/3 | €3,271 | €3,009 | -€262 | -8.0% |
| Non-recurring operating income | 76A | - | €978 | +€978 | |
| Remuneration, social security and pensions | 62 | €389,586 | €570,167 | +€180,581 | +46.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,693 | €69,258 | -€61,435 | -47.0% |
| Other operating charges | 640/8 | €14,020 | €3,994 | -€10,025 | -71.5% |
| Non-recurring operating charges | 66A | - | €3,115 | +€3,115 | |
| Gross operating margin | 9900 | €656,383 | €746,629 | +€90,246 | +13.7% |
| Operating profit (loss) | 9901 | €122,085 | €100,095 | -€21,990 | -18.0% |
| Financial income | 75/76B | €1,154 | €1,023 | -€131 | -11.4% |
| Recurring financial income | 75 | €1,154 | €1,023 | -€131 | -11.4% |
| Financial charges | 65/66B | €26,671 | €31,212 | +€4,541 | +17.0% |
| Recurring financial charges | 65 | €26,671 | €31,212 | +€4,541 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | €96,568 | €69,906 | -€26,662 | -27.6% |
| Income taxes | 67/77 | €21,703 | €21,342 | -€361 | -1.7% |
| Profit (loss) for the period | 9904 | €74,865 | €48,564 | -€26,301 | -35.1% |
| Transfer to tax-exempt reserves | 689 | €28,524 | €34,626 | +€6,101 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,341 | €13,939 | -€32,402 | -69.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.