M.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.V.B.
Largest movements
- Receivables within one year +€22,246
up €22,246 (+44.6%), from €49,891 to €72,137
of which Trade receivables: +€20,413
- Cash -€7,949
down €7,949 (-30.5%), from €26,042 to €18,093
mainly Receivables within one year (-€22,246) and Debts after one year (-€4,725)
- Tangible fixed assets -€6,215
down €6,215 (-57.2%), from €10,863 to €4,648
of which Furniture and vehicles: -€5,850
- Reserves +€11,298
up €11,298 (+17.5%), from €64,726 to €76,024
- Debts after one year -€4,725
down €4,725 (-100%), from €4,725 to €0
- Other debts +€1,446
up €1,446 (+6.9%), from €21,017 to €22,463
- Trade debts +€1,306
up €1,306 (+221%), from €590 to €1,896
- Gross operating margin -€1,454
down €1,454 (-3.6%), from €40,273 to €38,818
- Other operating charges +€1,377
up €1,377 (+93.3%), from €1,475 to €2,852
- Taxes +€710
up €710 (+15.4%), from €4,602 to €5,312
- Depreciation -€608
down €608 (-8.9%), from €6,823 to €6,215
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 | €99,432 | €107,247 | +€7,815 | +7.9% |
| Fixed assets | 21/28 | €10,863 | €4,648 | -€6,215 | -57.2% |
| Tangible fixed assets | 22/27 | €10,863 | €4,648 | -€6,215 | -57.2% |
| Plant, machinery and equipment | 23 | €365 | €0 | -€365 | -100% |
| Furniture and vehicles | 24 | €10,498 | €4,648 | -€5,850 | -55.7% |
| Current assets | 29/58 | €88,568 | €102,599 | +€14,030 | +15.8% |
| Stocks and contracts in progress | 3 | €12,636 | €12,370 | -€266 | -2.1% |
| Stocks | 30/36 | €12,636 | €12,370 | -€266 | -2.1% |
| Amounts receivable within one year | 40/41 | €49,891 | €72,137 | +€22,246 | +44.6% |
| Trade receivables | 40 | €46,680 | €67,093 | +€20,413 | +43.7% |
| Other amounts receivable | 41 | €3,211 | €5,044 | +€1,833 | +57.1% |
| Cash at bank and in hand | 54/58 | €26,042 | €18,093 | -€7,949 | -30.5% |
| Total equity and liabilities | 10/49 | €99,432 | €107,247 | +€7,815 | +7.9% |
| Equity | 10/15 | €67,226 | €78,524 | +€11,298 | +16.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €64,726 | €76,024 | +€11,298 | +17.5% |
| Distributable reserves | 133 | €64,726 | €76,024 | +€11,298 | +17.5% |
| Amounts payable | 17/49 | €32,205 | €28,722 | -€3,483 | -10.8% |
| Amounts payable after more than one year | 17 | €4,725 | €0 | -€4,725 | -100% |
| Financial debts | 170/4 | €4,725 | €0 | -€4,725 | -100% |
| Amounts payable within one year | 42/48 | €27,481 | €28,722 | +€1,242 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €4,660 | €4,298 | -€363 | -7.8% |
| Trade debts | 44 | €590 | €1,896 | +€1,306 | +221% |
| Suppliers | 440/4 | €590 | €1,896 | +€1,306 | +221% |
| Advances received on contracts in progress | 46 | €213 | €0 | -€213 | -100% |
| Taxes, remuneration and social security | 45 | €1,000 | €65 | -€935 | -93.5% |
| Taxes | 450/3 | €0 | €65 | +€65 | |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100% |
| Other amounts payable | 47/48 | €21,017 | €22,463 | +€1,446 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,823 | €6,215 | -€608 | -8.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,803 | €12,803 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,475 | €2,852 | +€1,377 | +93.3% |
| Gross operating margin | 9900 | €40,273 | €38,818 | -€1,454 | -3.6% |
| Operating profit (loss) | 9901 | €19,171 | €16,948 | -€2,223 | -11.6% |
| Financial income | 75/76B | €0 | €52 | +€52 | +515,500% |
| Recurring financial income | 75 | €0 | €52 | +€52 | +515,500% |
| Financial charges | 65/66B | €454 | €389 | -€65 | -14.4% |
| Recurring financial charges | 65 | €454 | €389 | -€65 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €18,717 | €16,610 | -€2,106 | -11.3% |
| Income taxes | 67/77 | €4,602 | €5,312 | +€710 | +15.4% |
| Profit (loss) for the period | 9904 | €14,114 | €11,298 | -€2,816 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,114 | €11,298 | -€2,816 | -20.0% |
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 21 October 2026 via checked.be.