M.V.F.: 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.F.
Largest movements
- Cash +€4,856
up €4,856 (+86.8%), from €5,595 to €10,451
mainly Net result for the year (+€9,050) and Depreciation (+€196)
- Receivables within one year +€3,283
up €3,283 (+23.9%), from €13,736 to €17,019
- Stocks and contracts +€423
up €423 (+232%), from €182 to €606
- Profit (loss) carried forward +€9,050
up €9,050, from -€8,603 to €447
- Trade debts -€362
down €362 (-69.9%), from €518 to €156
- Tax, wage and social debts -€322
down €322 (-24.5%), from €1,312 to €990
of which Remuneration and social security: -€936
- Gross operating margin -€9,982
down €9,982 (-48.6%), from €20,554 to €10,573
- Staff costs -€7,484
down €7,484 (-93.2%), from €8,034 to €550
- Financial charges -€779
down €779 (-87.6%), from €890 to €110
of which Non-recurring financial charges: -€733
- Financial income +€479
up €479 (+80.1%), from €599 to €1,078
of which Financial income: +€265
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 | €19,862 | €28,228 | +€8,366 | +42.1% |
| Fixed assets | 21/28 | €348 | €152 | -€196 | -56.3% |
| Tangible fixed assets | 22/27 | €348 | €152 | -€196 | -56.3% |
| Plant, machinery and equipment | 23 | €348 | €152 | -€196 | -56.3% |
| Current assets | 29/58 | €19,513 | €28,075 | +€8,562 | +43.9% |
| Stocks and contracts in progress | 3 | €182 | €606 | +€423 | +232% |
| Stocks | 30/36 | €182 | €606 | +€423 | +232% |
| Amounts receivable within one year | 40/41 | €13,736 | €17,019 | +€3,283 | +23.9% |
| Other amounts receivable | 41 | €13,736 | €17,019 | +€3,283 | +23.9% |
| Cash at bank and in hand | 54/58 | €5,595 | €10,451 | +€4,856 | +86.8% |
| Total equity and liabilities | 10/49 | €19,862 | €28,228 | +€8,366 | +42.1% |
| Equity | 10/15 | €18,032 | €27,082 | +€9,050 | +50.2% |
| Contributions | 10/11 | €17,705 | €17,705 | = | 0.0% |
| Reserves | 13 | €6,430 | €6,430 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €4,570 | €4,570 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,603 | €447 | +€9,050 | |
| Investment grants | 15 | €2,500 | €2,500 | = | 0.0% |
| Amounts payable | 17/49 | €1,829 | €1,146 | -€684 | -37.4% |
| Amounts payable within one year | 42/48 | €1,829 | €1,146 | -€684 | -37.4% |
| Trade debts | 44 | €518 | €156 | -€362 | -69.9% |
| Suppliers | 440/4 | €518 | €156 | -€362 | -69.9% |
| Taxes, remuneration and social security | 45 | €1,312 | €990 | -€322 | -24.5% |
| Taxes | 450/3 | €376 | €990 | +€614 | +163% |
| Remuneration and social security | 454/9 | €936 | - | -€936 | |
| Remuneration, social security and pensions | 62 | €8,034 | €550 | -€7,484 | -93.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €269 | €196 | -€73 | -27.1% |
| Other operating charges | 640/8 | €1,573 | €1,485 | -€88 | -5.6% |
| Gross operating margin | 9900 | €20,554 | €10,573 | -€9,982 | -48.6% |
| Operating profit (loss) | 9901 | €10,678 | €8,341 | -€2,337 | -21.9% |
| Financial income | 75/76B | €599 | €1,078 | +€479 | +80.1% |
| Recurring financial income | 75 | €599 | €864 | +€265 | +44.3% |
| Non-recurring financial income | 76B | - | €214 | +€214 | |
| Financial charges | 65/66B | €890 | €110 | -€779 | -87.6% |
| Recurring financial charges | 65 | €157 | €110 | -€46 | -29.7% |
| Non-recurring financial charges | 66B | €733 | - | -€733 | |
| Profit (loss) for the period before taxes | 9903 | €10,387 | €9,309 | -€1,078 | -10.4% |
| Income taxes | 67/77 | €244 | €260 | +€16 | +6.4% |
| Profit (loss) for the period | 9904 | €10,143 | €9,050 | -€1,094 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,143 | €9,050 | -€1,094 | -10.8% |
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 30 October 2026 via checked.be.