M.V.I.: 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.I.
Largest movements
- Tangible fixed assets +€7.9m
up €7.9m (+22.8%), from €34.8m to €42.8m
of which Land and buildings: +€7.8m
- Debts after one year +€6.8m
up €6.8m (+24.6%), from €27.7m to €34.5m
of which Financial debts: +€8.4m
- Current portion of long-term debt +€1.2m
up €1.2m (+73.1%), from €1.7m to €2.9m
- Trade debts -€945,210
down €945,210 (-69.4%), from €1.4m to €417,023
- Reserves +€526,000
up €526,000 (+28.6%), from €1.8m to €2.4m
of which Distributable reserves: +€500,000
- Gross operating margin +€676,300
up €676,300 (+24.0%), from €2.8m to €3.5m
- Depreciation +€601,902
up €601,902 (+37.8%), from €1.6m to €2.2m
- Financial charges +€304,960
up €304,960 (+123.5%), from €246,988 to €551,948
- Taxes -€58,440
down €58,440 (-24.5%), from €238,922 to €180,482
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 | €35,974,710 | €43,667,036 | +€7.7m | +21.4% |
| Fixed assets | 21/28 | €34,833,587 | €42,783,515 | +€7.9m | +22.8% |
| Tangible fixed assets | 22/27 | €34,833,587 | €42,783,515 | +€7.9m | +22.8% |
| Land and buildings | 22 | €33,142,729 | €40,987,637 | +€7.8m | +23.7% |
| Furniture and vehicles | 24 | €189,839 | €128,612 | -€61,226 | -32.3% |
| Leasing and similar rights | 25 | €1,150,451 | €1,284,289 | +€133,838 | +11.6% |
| Other tangible fixed assets | 26 | €350,569 | €382,978 | +€32,408 | +9.2% |
| Current assets | 29/58 | €1,141,123 | €883,521 | -€257,602 | -22.6% |
| Amounts receivable within one year | 40/41 | €547,472 | €610,647 | +€63,175 | +11.5% |
| Trade receivables | 40 | €513,300 | €595,384 | +€82,084 | +16.0% |
| Other amounts receivable | 41 | €34,173 | €15,263 | -€18,909 | -55.3% |
| Cash at bank and in hand | 54/58 | €593,650 | €272,874 | -€320,776 | -54.0% |
| Total equity and liabilities | 10/49 | €35,974,710 | €43,667,036 | +€7.7m | +21.4% |
| Equity | 10/15 | €5,226,380 | €5,744,540 | +€518,159 | +9.9% |
| Contributions | 10/11 | €3,340,000 | €3,340,000 | = | 0.0% |
| Capital | 10 | €3,340,000 | €3,340,000 | = | 0.0% |
| Issued capital | 100 | €3,340,000 | €3,340,000 | = | 0.0% |
| Reserves | 13 | €1,836,000 | €2,362,000 | +€526,000 | +28.6% |
| Non-distributable reserves | 130/1 | €36,000 | €62,000 | +€26,000 | +72.2% |
| Legal reserve | 130 | €36,000 | €62,000 | +€26,000 | +72.2% |
| Distributable reserves | 133 | €1,800,000 | €2,300,000 | +€500,000 | +27.8% |
| Profit (loss) carried forward | 14 | €50,380 | €42,540 | -€7,841 | -15.6% |
| Amounts payable | 17/49 | €30,748,330 | €37,922,496 | +€7.2m | +23.3% |
| Amounts payable after more than one year | 17 | €27,695,610 | €34,498,249 | +€6.8m | +24.6% |
| Financial debts | 170/4 | €10,345,610 | €18,748,249 | +€8.4m | +81.2% |
| Other amounts payable | 178/9 | €17,350,000 | €15,750,000 | -€1.6m | -9.2% |
| Amounts payable within one year | 42/48 | €3,052,719 | €3,424,248 | +€371,529 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €1,690,486 | €2,926,743 | +€1.2m | +73.1% |
| Trade debts | 44 | €1,362,233 | €417,023 | -€945,210 | -69.4% |
| Suppliers | 440/4 | €1,362,233 | €417,023 | -€945,210 | -69.4% |
| Taxes, remuneration and social security | 45 | - | €80,482 | +€80,482 | |
| Taxes | 450/3 | - | €80,482 | +€80,482 | |
| Non-recurring operating income | 76A | €32,408 | €32,408 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,593,418 | €2,195,320 | +€601,902 | +37.8% |
| Other operating charges | 640/8 | €27,645 | €51,881 | +€24,236 | +87.7% |
| Gross operating margin | 9900 | €2,821,490 | €3,497,790 | +€676,300 | +24.0% |
| Operating profit (loss) | 9901 | €1,200,427 | €1,250,589 | +€50,162 | +4.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €246,988 | €551,948 | +€304,960 | +123.5% |
| Recurring financial charges | 65 | €246,988 | €551,948 | +€304,960 | +123.5% |
| Profit (loss) for the period before taxes | 9903 | €953,439 | €698,641 | -€254,797 | -26.7% |
| Income taxes | 67/77 | €238,922 | €180,482 | -€58,440 | -24.5% |
| Profit (loss) for the period | 9904 | €714,517 | €518,159 | -€196,357 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €714,517 | €518,159 | -€196,357 | -27.5% |
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 11 October 2026 via checked.be.