M.V.M.: 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.
What changed
M.V.M.
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€97,318
2024 · €50,416+€46,902
Equity
€3.5m
2024 · €3.4m+€97,318
Cash
€18,488
2024 · €22,055-€3,566
Balance sheet total
€4.1m
2024 · €4.1m+€16,576
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Reserves +€97,318
up €97,318 (+3.0%), from €3.2m to €3.3m
of which Distributable reserves: +€97,318
- Debts after one year -€68,764
down €68,764 (-14.6%), from €469,672 to €400,907
of which Financial debts: -€69,026
Income statement
- Financial charges -€140,579
down €140,579 (-90.3%), from €155,759 to €15,180
of which Non-recurring financial charges: -€137,907
- Financial income -€81,668
down €81,668 (-40.5%), from €201,406 to €119,739
of which Non-recurring financial income: -€74,353
- Turnover -€70,372
down €70,372 (-17.3%), from €406,751 to €336,379
- Services and other goods -€25,095
down €25,095 (-7.2%), from €349,363 to €324,269
- Staff costs -€23,320
down €23,320, from €23,297 to -€23
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.
Result 2024
€50,416
Turnover
-€70,372
Other operating income
+€2,567
Services and other goods
+€25,095
Staff costs
+€23,320
Depreciation
+€7,107
Other operating charges
+€131
Financial income
-€81,668
Financial charges
+€140,579
Taxes
+€143
Result 2025
€97,318
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.
From operations
+€123,002
Investment
-€59,715
Financing
-€66,854
Cash 2024
€22,055
From operations (derived)
+€123,002
Net result for the year
+€97,318
Depreciation
+€25,847
Receivables within one year
+€13,495
Smaller working-capital items
+€87
Trade debts
+€2,083
Advances received
-€13,853
Accrued charges and deferred income
-€1,974
Investment (derived)
-€59,715
Investment in fixed assets (net)
-€59,715
Financing
-€66,854
Debts after one year
-€68,764
Current portion of long-term debt
+€1,911
Cash 2025
€18,488
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,065,120 | €4,081,697 | +€16,576 | +0.4% |
| Fixed assets | 21/28 | €3,911,864 | €3,945,732 | +€33,869 | +0.9% |
| Intangible fixed assets | 21 | €55,231 | €50,064 | -€5,167 | -9.4% |
| Tangible fixed assets | 22/27 | €4,692 | €43,728 | +€39,036 | +831.9% |
| Furniture and vehicles | 24 | €448 | €22 | -€426 | -95.1% |
| Leasing and similar rights | 25 | €4,244 | €43,706 | +€39,461 | +929.8% |
| Financial fixed assets | 28 | €3,851,941 | €3,851,941 | = | 0.0% |
| Affiliated companies | 280/1 | €3,851,941 | €3,851,941 | = | 0.0% |
| Participating interests | 280 | €3,851,941 | €3,851,941 | = | 0.0% |
| Current assets | 29/58 | €153,256 | €135,964 | -€17,292 | -11.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €129,949 | €116,454 | -€13,495 | -10.4% |
| Trade receivables | 40 | €124,332 | €111,625 | -€12,707 | -10.2% |
| Other amounts receivable | 41 | €5,617 | €4,829 | -€788 | -14.0% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €22,055 | €18,488 | -€3,566 | -16.2% |
| Deferred charges and accrued income | 490/1 | €1,253 | €1,022 | -€231 | -18.4% |
| Total equity and liabilities | 10/49 | €4,065,120 | €4,081,697 | +€16,576 | +0.4% |
| Equity | 10/15 | €3,377,168 | €3,474,485 | +€97,318 | +2.9% |
| Contributions | 10/11 | €166,050 | €166,050 | = | 0.0% |
| Capital | 10 | €166,050 | €166,050 | = | 0.0% |
| Issued capital | 100 | €166,050 | €166,050 | = | 0.0% |
| Reserves | 13 | €3,211,117 | €3,308,435 | +€97,318 | +3.0% |
| Non-distributable reserves | 130/1 | €16,605 | €16,605 | = | 0.0% |
| Legal reserve | 130 | €16,605 | €16,605 | = | 0.0% |
| Tax-exempt reserves | 132 | €92,988 | €92,988 | = | 0.0% |
| Distributable reserves | 133 | €3,101,524 | €3,198,842 | +€97,318 | +3.1% |
| Amounts payable | 17/49 | €687,953 | €607,211 | -€80,741 | -11.7% |
| Amounts payable after more than one year | 17 | €469,672 | €400,907 | -€68,764 | -14.6% |
| Financial debts | 170/4 | €353,330 | €284,304 | -€69,026 | -19.5% |
| Leasing and similar obligations | 172 | €0 | €34,777 | +€34,777 | |
| Credit institutions | 173 | €353,330 | €249,527 | -€103,803 | -29.4% |
| Other amounts payable | 178/9 | €116,341 | €116,603 | +€262 | +0.2% |
| Amounts payable within one year | 42/48 | €211,263 | €201,260 | -€10,003 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €111,136 | €113,046 | +€1,911 | +1.7% |
| Trade debts | 44 | €22,468 | €24,551 | +€2,083 | +9.3% |
| Suppliers | 440/4 | €22,468 | €24,551 | +€2,083 | +9.3% |
| Advances received on contracts in progress | 46 | €76,768 | €62,914 | -€13,853 | -18.0% |
| Taxes, remuneration and social security | 45 | €549 | €405 | -€143 | -26.1% |
| Taxes | 450/3 | €549 | €405 | -€143 | -26.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €343 | €343 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,018 | €5,044 | -€1,974 | -28.1% |
| Operating income | 70/76A | €413,432 | €345,627 | -€67,805 | -16.4% |
| Turnover | 70 | €406,751 | €336,379 | -€70,372 | -17.3% |
| Other operating income | 74 | €6,681 | €9,248 | +€2,567 | +38.4% |
| Operating charges | 60/66A | €408,114 | €352,462 | -€55,653 | -13.6% |
| Services and other goods | 61 | €349,363 | €324,269 | -€25,095 | -7.2% |
| Remuneration, social security and pensions | 62 | €23,297 | -€23 | -€23,320 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,953 | €25,847 | -€7,107 | -21.6% |
| Other operating charges | 640/8 | €2,500 | €2,369 | -€131 | -5.2% |
| Operating profit (loss) | 9901 | €5,317 | -€6,835 | -€12,153 | |
| Financial income | 75/76B | €201,406 | €119,739 | -€81,668 | -40.5% |
| Recurring financial income | 75 | €127,053 | €119,739 | -€7,314 | -5.8% |
| Income from financial fixed assets | 750 | €119,738 | €119,738 | = | 0.0% |
| Other financial income | 752/9 | €7,315 | €0 | -€7,314 | -100.0% |
| Non-recurring financial income | 76B | €74,353 | €0 | -€74,353 | -100.0% |
| Financial charges | 65/66B | €155,759 | €15,180 | -€140,579 | -90.3% |
| Recurring financial charges | 65 | €17,852 | €15,180 | -€2,672 | -15.0% |
| Debt charges | 650 | €17,842 | €15,165 | -€2,677 | -15.0% |
| Other financial charges | 652/9 | €10 | €15 | +€5 | +51.8% |
| Non-recurring financial charges | 66B | €137,907 | €0 | -€137,907 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €50,965 | €97,723 | +€46,758 | +91.7% |
| Income taxes | 67/77 | €549 | €406 | -€143 | -26.1% |
| Taxes | 670/3 | €549 | €406 | -€143 | -26.1% |
| Profit (loss) for the period | 9904 | €50,416 | €97,318 | +€46,902 | +93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,416 | €97,318 | +€46,902 | +93.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.