M.V.C.: what changed
Two fiscal 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.C.
Largest movements
- Tangible fixed assets -€37,005
down €37,005 (-14.9%), from €248,391 to €211,386
of which Land and buildings: -€20,307
- Cash -€14,301
down €14,301 (-5.1%), from €280,926 to €266,625
mainly Contributions, distributions and other (-€68,421) and Debts after one year (-€25,016)
- Reserves -€40,191
down €40,191 (-8.8%), from €456,463 to €416,272
- Debts after one year -€25,016
down €25,016 (-14.7%), from €170,713 to €145,697
- Other debts +€6,467
up €6,467 (+77.4%), from €8,354 to €14,821
- Gross operating margin +€4,501
up €4,501 (+5.7%), from €78,570 to €83,071
- Purchases and services -€4,186
down €4,186 (-5.5%), from €75,975 to €71,789
- Taxes +€2,116
up €2,116 (+22.4%), from €9,435 to €11,551
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 | €604,162 | €552,406 | -€51,756 | -8.6% |
| Fixed assets | 21/28 | €248,391 | €211,386 | -€37,005 | -14.9% |
| Tangible fixed assets | 22/27 | €248,391 | €211,386 | -€37,005 | -14.9% |
| Land and buildings | 22 | €190,757 | €170,450 | -€20,307 | -10.6% |
| Plant, machinery and equipment | 23 | €11,659 | €8,115 | -€3,544 | -30.4% |
| Furniture and vehicles | 24 | €45,975 | €32,821 | -€13,154 | -28.6% |
| Current assets | 29/58 | €355,771 | €341,020 | -€14,751 | -4.1% |
| Amounts receivable within one year | 40/41 | €35,488 | €35,308 | -€180 | -0.5% |
| Trade receivables | 40 | €31,524 | €33,171 | +€1,647 | +5.2% |
| Other amounts receivable | 41 | €3,964 | €2,137 | -€1,827 | -46.1% |
| Cash at bank and in hand | 54/58 | €280,926 | €266,625 | -€14,301 | -5.1% |
| Deferred charges and accrued income | 490/1 | €39,357 | €39,087 | -€270 | -0.7% |
| Total equity and liabilities | 10/49 | €604,162 | €552,406 | -€51,756 | -8.6% |
| Equity | 10/15 | €388,539 | €348,348 | -€40,191 | -10.3% |
| Reserves | 13 | €456,463 | €416,272 | -€40,191 | -8.8% |
| Distributable reserves | 133 | €456,463 | €416,272 | -€40,191 | -8.8% |
| Profit (loss) carried forward | 14 | -€67,924 | -€67,924 | = | 0.0% |
| Amounts payable | 17/49 | €215,623 | €204,058 | -€11,565 | -5.4% |
| Amounts payable after more than one year | 17 | €170,713 | €145,697 | -€25,016 | -14.7% |
| Financial debts | 170/4 | €170,713 | €145,697 | -€25,016 | -14.7% |
| Amounts payable within one year | 42/48 | €44,910 | €58,361 | +€13,451 | +30.0% |
| Current portion of amounts payable after more than one year | 42 | €24,023 | €25,269 | +€1,246 | +5.2% |
| Trade debts | 44 | €4,703 | €9,934 | +€5,231 | +111.2% |
| Suppliers | 440/4 | €4,703 | €9,934 | +€5,231 | +111.2% |
| Taxes, remuneration and social security | 45 | €7,830 | €8,337 | +€507 | +6.5% |
| Taxes | 450/3 | €7,830 | €8,337 | +€507 | +6.5% |
| Other amounts payable | 47/48 | €8,354 | €14,821 | +€6,467 | +77.4% |
| Turnover | 70 | €148,510 | €149,563 | +€1,053 | +0.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €75,975 | €71,789 | -€4,186 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,199 | €37,005 | -€194 | -0.5% |
| Other operating charges | 640/8 | €2,301 | €2,504 | +€203 | +8.8% |
| Gross operating margin | 9900 | €78,570 | €83,071 | +€4,501 | +5.7% |
| Operating profit (loss) | 9901 | €39,070 | €43,562 | +€4,492 | +11.5% |
| Financial income | 75/76B | €1,538 | €2,332 | +€794 | +51.6% |
| Recurring financial income | 75 | €1,538 | €2,332 | +€794 | +51.6% |
| Financial charges | 65/66B | €6,110 | €6,113 | +€3 | 0.0% |
| Recurring financial charges | 65 | €6,110 | €6,113 | +€3 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €34,498 | €39,781 | +€5,283 | +15.3% |
| Income taxes | 67/77 | €9,435 | €11,551 | +€2,116 | +22.4% |
| Profit (loss) for the period | 9904 | €25,063 | €28,230 | +€3,167 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,063 | €28,230 | +€3,167 | +12.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.