M.V.L. MANAGEMENT: 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.L. MANAGEMENT
Largest movements
- Tangible fixed assets -€70,603
down €70,603 (-3.0%), from €2.4m to €2.3m
- Cash +€60,572
up €60,572 (+44.8%), from €135,339 to €195,910
mainly Net result for the year (+€137,079) and Depreciation (+€87,504)
- Debts after one year -€166,629
down €166,629 (-14.2%), from €1.2m to €1.0m
of which Financial debts: -€166,629
- Profit (loss) carried forward +€137,079
up €137,079 (+15.8%), from €865,007 to €1.0m
- Provisions +€22,000
no longer reported in 2025 (was -€22,000)
- Gross operating margin +€8,420
up €8,420 (+2.8%), from €299,596 to €308,016
- Depreciation -€5,937
down €5,937 (-6.4%), from €93,441 to €87,504
- Financial charges -€5,262
down €5,262 (-20.6%), from €25,596 to €20,334
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 | €2,544,569 | €2,522,477 | -€22,092 | -0.9% |
| Fixed assets | 21/28 | €2,366,235 | €2,295,632 | -€70,603 | -3.0% |
| Tangible fixed assets | 22/27 | €2,360,015 | €2,289,412 | -€70,603 | -3.0% |
| Land and buildings | 22 | €2,360,015 | €2,289,412 | -€70,603 | -3.0% |
| Financial fixed assets | 28 | €6,220 | €6,220 | = | 0.0% |
| Current assets | 29/58 | €178,334 | €226,845 | +€48,511 | +27.2% |
| Amounts receivable within one year | 40/41 | €32,486 | €27,011 | -€5,475 | -16.9% |
| Trade receivables | 40 | €25,909 | €27,011 | +€1,103 | +4.3% |
| Other amounts receivable | 41 | €6,577 | - | -€6,577 | |
| Cash at bank and in hand | 54/58 | €135,339 | €195,910 | +€60,572 | +44.8% |
| Deferred charges and accrued income | 490/1 | €10,510 | €3,923 | -€6,586 | -62.7% |
| Total equity and liabilities | 10/49 | €2,544,569 | €2,522,477 | -€22,092 | -0.9% |
| Equity | 10/15 | €1,161,196 | €1,298,275 | +€137,079 | +11.8% |
| Contributions | 10/11 | €269,263 | €269,263 | = | 0.0% |
| Capital | 10 | €269,263 | €269,263 | = | 0.0% |
| Issued capital | 100 | €269,263 | €269,263 | = | 0.0% |
| Reserves | 13 | €26,926 | €26,926 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,926 | €26,926 | = | 0.0% |
| Legal reserve | 130 | €26,926 | €26,926 | = | 0.0% |
| Profit (loss) carried forward | 14 | €865,007 | €1,002,085 | +€137,079 | +15.8% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Amounts payable | 17/49 | €1,383,373 | €1,224,202 | -€159,171 | -11.5% |
| Amounts payable after more than one year | 17 | €1,173,572 | €1,006,943 | -€166,629 | -14.2% |
| Financial debts | 170/4 | €1,147,543 | €980,914 | -€166,629 | -14.5% |
| Other amounts payable | 178/9 | €26,029 | €26,029 | = | 0.0% |
| Amounts payable within one year | 42/48 | €203,445 | €207,931 | +€4,486 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €171,805 | €174,592 | +€2,787 | +1.6% |
| Financial debts | 43 | €17,821 | €13,308 | -€4,513 | -25.3% |
| Credit institutions | 430/8 | €17,821 | €13,308 | -€4,513 | -25.3% |
| Trade debts | 44 | €3,469 | €3,426 | -€43 | -1.2% |
| Suppliers | 440/4 | €3,469 | €3,426 | -€43 | -1.2% |
| Taxes, remuneration and social security | 45 | - | €6,254 | +€6,254 | |
| Taxes | 450/3 | - | €6,254 | +€6,254 | |
| Other amounts payable | 47/48 | €10,350 | €10,350 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €6,356 | €9,328 | +€2,972 | +46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,441 | €87,504 | -€5,937 | -6.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€22,000 | - | +€22,000 | |
| Other operating charges | 640/8 | €16,859 | €17,377 | +€518 | +3.1% |
| Gross operating margin | 9900 | €299,596 | €308,016 | +€8,420 | +2.8% |
| Operating profit (loss) | 9901 | €211,297 | €203,135 | -€8,162 | -3.9% |
| Financial income | 75/76B | €54 | €45 | -€9 | -16.8% |
| Recurring financial income | 75 | €54 | €45 | -€9 | -16.8% |
| Financial charges | 65/66B | €25,596 | €20,334 | -€5,262 | -20.6% |
| Recurring financial charges | 65 | €25,596 | €20,334 | -€5,262 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €185,756 | €182,847 | -€2,909 | -1.6% |
| Income taxes | 67/77 | €45,939 | €45,768 | -€171 | -0.4% |
| Profit (loss) for the period | 9904 | €139,817 | €137,079 | -€2,738 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €139,817 | €137,079 | -€2,738 | -2.0% |
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 28 October 2026 via checked.be.