M.V.G.: 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.G.
Largest movements
- Receivables within one year +€53,515
up €53,515 (+36.3%), from €147,267 to €200,781
of which Other amounts receivable: +€27,182
- Cash -€34,861
down €34,861 (-9.6%), from €364,310 to €329,449
mainly Receivables within one year (-€53,515) and Investment in fixed assets (net) (-€49,396)
- Tangible fixed assets +€13,964
up €13,964 (+10.4%), from €134,281 to €148,245
of which Furniture and vehicles: +€30,514
- Stocks and contracts +€11,301
up €11,301 (+113%), from €9,978 to €21,278
- Reserves +€25,840
up €25,840 (+21.7%), from €118,867 to €144,708
- Debts after one year +€15,404
up €15,404 (+310%), from €4,969 to €20,373
- Trade debts -€10,965
down €10,965 (-10.4%), from €105,111 to €94,146
- Current portion of long-term debt +€7,400
up €7,400 (+296%), from €2,500 to €9,900
- Staff costs +€80,728
up €80,728 (+23.5%), from €342,835 to €423,563
- Gross operating margin -€53,297
down €53,297 (-9.4%), from €568,650 to €515,352
- Taxes -€44,010
down €44,010 (-80.7%), from €54,513 to €10,504
- Depreciation +€10,076
up €10,076 (+39.7%), from €25,356 to €35,431
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 | €673,679 | €715,944 | +€42,265 | +6.3% |
| Fixed assets | 21/28 | €142,950 | €156,914 | +€13,964 | +9.8% |
| Tangible fixed assets | 22/27 | €134,281 | €148,245 | +€13,964 | +10.4% |
| Plant, machinery and equipment | 23 | €126,606 | €110,057 | -€16,549 | -13.1% |
| Furniture and vehicles | 24 | €7,675 | €38,189 | +€30,514 | +398% |
| Financial fixed assets | 28 | €8,669 | €8,669 | = | 0.0% |
| Current assets | 29/58 | €530,729 | €559,029 | +€28,301 | +5.3% |
| Stocks and contracts in progress | 3 | €9,978 | €21,278 | +€11,301 | +113% |
| Stocks | 30/36 | €9,978 | €21,278 | +€11,301 | +113% |
| Amounts receivable within one year | 40/41 | €147,267 | €200,781 | +€53,515 | +36.3% |
| Trade receivables | 40 | €44,571 | €70,903 | +€26,332 | +59.1% |
| Other amounts receivable | 41 | €102,696 | €129,878 | +€27,182 | +26.5% |
| Cash at bank and in hand | 54/58 | €364,310 | €329,449 | -€34,861 | -9.6% |
| Deferred charges and accrued income | 490/1 | €9,175 | €7,521 | -€1,653 | -18.0% |
| Total equity and liabilities | 10/49 | €673,679 | €715,944 | +€42,265 | +6.3% |
| Equity | 10/15 | €431,710 | €457,550 | +€25,840 | +6.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €118,867 | €144,708 | +€25,840 | +21.7% |
| Distributable reserves | 133 | €118,867 | €144,708 | +€25,840 | +21.7% |
| Profit (loss) carried forward | 14 | €292,382 | €292,382 | = | 0.0% |
| Amounts payable | 17/49 | €241,969 | €258,394 | +€16,425 | +6.8% |
| Amounts payable after more than one year | 17 | €4,969 | €20,373 | +€15,404 | +310% |
| Financial debts | 170/4 | €4,969 | €20,373 | +€15,404 | +310% |
| Amounts payable within one year | 42/48 | €237,000 | €237,726 | +€726 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €2,500 | €9,900 | +€7,400 | +296% |
| Financial debts | 43 | €60,000 | €60,000 | = | 0.0% |
| Credit institutions | 430/8 | €60,000 | €60,000 | = | 0.0% |
| Trade debts | 44 | €105,111 | €94,146 | -€10,965 | -10.4% |
| Suppliers | 440/4 | €105,111 | €94,146 | -€10,965 | -10.4% |
| Taxes, remuneration and social security | 45 | €59,390 | €60,788 | +€1,399 | +2.4% |
| Taxes | 450/3 | €18,198 | €17,452 | -€746 | -4.1% |
| Remuneration and social security | 454/9 | €41,191 | €43,336 | +€2,145 | +5.2% |
| Other amounts payable | 47/48 | €10,000 | €12,892 | +€2,892 | +28.9% |
| Accrued charges and deferred income | 492/3 | - | €295 | +€295 | |
| Remuneration, social security and pensions | 62 | €342,835 | €423,563 | +€80,728 | +23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,356 | €35,431 | +€10,076 | +39.7% |
| Other operating charges | 640/8 | €9,238 | €10,564 | +€1,326 | +14.4% |
| Gross operating margin | 9900 | €568,650 | €515,352 | -€53,297 | -9.4% |
| Operating profit (loss) | 9901 | €191,222 | €45,794 | -€145,428 | -76.1% |
| Financial income | 75/76B | €930 | €1 | -€929 | -99.9% |
| Recurring financial income | 75 | €930 | €1 | -€929 | -99.9% |
| Financial charges | 65/66B | €8,771 | €9,451 | +€680 | +7.8% |
| Recurring financial charges | 65 | €8,771 | €9,451 | +€680 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €183,381 | €36,344 | -€147,037 | -80.2% |
| Income taxes | 67/77 | €54,513 | €10,504 | -€44,010 | -80.7% |
| Profit (loss) for the period | 9904 | €128,867 | €25,840 | -€103,027 | -79.9% |
| Profit (loss) for the period to be appropriated | 9905 | €128,867 | €25,840 | -€103,027 | -79.9% |
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 19 October 2026 via checked.be.