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 -€7,776
down €7,776 (-83.8%), from €9,281 to €1,506
of which Trade receivables: -€7,762
- Cash -€1,788
no longer reported in 2025 (was €1,788)
mainly Net result for the year (-€9,395) and Investment in fixed assets (net) (-€8,571)
- Tangible fixed assets +€1,785
up €1,785 (+2.7%), from €65,377 to €67,162
of which Other tangible fixed assets: +€8,502
- Profit (loss) carried forward -€9,395
down €9,395 (-42.4%), from -€22,145 to -€31,540
- Other debts +€8,602
up €8,602 (+198%), from €4,342 to €12,944
- Trade debts -€8,056
down €8,056 (-99.2%), from €8,121 to €65
- Short-term financial debts +€7,790
up €7,790 (+78.6%), from €9,915 to €17,705
- Debts after one year -€6,802
down €6,802 (-26.9%), from €25,253 to €18,452
- Gross operating margin -€3,390
down €3,390 (-72.4%), from €4,684 to €1,294
- Financial charges +€86
up €86 (+2.6%), from €3,340 to €3,426
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 | €76,772 | €69,001 | -€7,771 | -10.1% |
| Fixed assets | 21/28 | €65,377 | €67,162 | +€1,785 | +2.7% |
| Tangible fixed assets | 22/27 | €65,377 | €67,162 | +€1,785 | +2.7% |
| Land and buildings | 22 | €62,483 | €56,121 | -€6,362 | -10.2% |
| Plant, machinery and equipment | 23 | €2,484 | €2,129 | -€356 | -14.3% |
| Other tangible fixed assets | 26 | €409 | €8,912 | +€8,502 | +2,077% |
| Current assets | 29/58 | €11,395 | €1,839 | -€9,556 | -83.9% |
| Amounts receivable within one year | 40/41 | €9,281 | €1,506 | -€7,776 | -83.8% |
| Trade receivables | 40 | €9,254 | €1,493 | -€7,762 | -83.9% |
| Other amounts receivable | 41 | €27 | €13 | -€14 | -51.9% |
| Cash at bank and in hand | 54/58 | €1,788 | - | -€1,788 | |
| Deferred charges and accrued income | 490/1 | €326 | €334 | +€8 | +2.4% |
| Total equity and liabilities | 10/49 | €76,772 | €69,001 | -€7,771 | -10.1% |
| Equity | 10/15 | €22,423 | €13,027 | -€9,395 | -41.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €25,975 | €25,975 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,090 | €14,090 | = | 0.0% |
| Distributable reserves | 133 | €11,885 | €11,885 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,145 | -€31,540 | -€9,395 | -42.4% |
| Amounts payable | 17/49 | €54,349 | €55,974 | +€1,625 | +3.0% |
| Amounts payable after more than one year | 17 | €25,253 | €18,452 | -€6,802 | -26.9% |
| Financial debts | 170/4 | €25,253 | €18,452 | -€6,802 | -26.9% |
| Amounts payable within one year | 42/48 | €29,096 | €37,522 | +€8,426 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €6,493 | €6,802 | +€308 | +4.8% |
| Financial debts | 43 | €9,915 | €17,705 | +€7,790 | +78.6% |
| Credit institutions | 430/8 | €9,915 | €17,705 | +€7,790 | +78.6% |
| Trade debts | 44 | €8,121 | €65 | -€8,056 | -99.2% |
| Suppliers | 440/4 | €8,121 | €65 | -€8,056 | -99.2% |
| Taxes, remuneration and social security | 45 | €225 | €6 | -€218 | -97.1% |
| Taxes | 450/3 | €225 | €6 | -€218 | -97.1% |
| Other amounts payable | 47/48 | €4,342 | €12,944 | +€8,602 | +198% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,786 | €6,786 | = | 0.0% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €4,684 | €1,294 | -€3,390 | -72.4% |
| Operating profit (loss) | 9901 | -€2,608 | -€6,012 | -€3,404 | -131% |
| Financial income | 75/76B | €90 | €44 | -€46 | -51.7% |
| Recurring financial income | 75 | €90 | €44 | -€46 | -51.7% |
| Financial charges | 65/66B | €3,340 | €3,426 | +€86 | +2.6% |
| Recurring financial charges | 65 | €3,340 | €3,426 | +€86 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,859 | -€9,395 | -€3,537 | -60.4% |
| Profit (loss) for the period | 9904 | -€5,859 | -€9,395 | -€3,537 | -60.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,859 | -€9,395 | -€3,537 | -60.4% |
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 23 October 2026 via checked.be.