M.V.N.: 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.N.
Largest movements
- Tangible fixed assets -€103,270
down €103,270 (-9.8%), from €1.1m to €952,321
of which Plant, machinery and equipment: -€83,805
- Deferred charges and accrued income +€32,015
up €32,015 (+1,150%), from €2,785 to €34,800
- Receivables within one year +€16,130
up €16,130 (+69.4%), from €23,249 to €39,379
of which Trade receivables: +€32,381
- Cash +€11,517
up €11,517 (+131%), from €8,772 to €20,289
mainly Depreciation (+€104,513) and Net result for the year (+€16,327)
- Debts after one year -€52,034
down €52,034 (-5.1%), from €1.0m to €975,073
- Profit (loss) carried forward +€16,327
up €16,327 (+32.3%), from -€50,532 to -€34,205
- Gross operating margin +€73,867
up €73,867 (+90.9%), from €81,231 to €155,097
- Financial charges +€2,294
up €2,294 (+8.3%), from €27,743 to €30,037
- Depreciation +€1,950
up €1,950 (+1.9%), from €102,563 to €104,513
- Financial income -€1,754
down €1,754 (-100.0%), from €1,754 to €0
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 | €1,090,397 | €1,046,789 | -€43,608 | -4.0% |
| Fixed assets | 21/28 | €1,055,592 | €952,321 | -€103,270 | -9.8% |
| Tangible fixed assets | 22/27 | €1,055,592 | €952,321 | -€103,270 | -9.8% |
| Land and buildings | 22 | €425,000 | €413,667 | -€11,333 | -2.7% |
| Plant, machinery and equipment | 23 | €598,077 | €514,272 | -€83,805 | -14.0% |
| Furniture and vehicles | 24 | €32,515 | €24,382 | -€8,132 | -25.0% |
| Current assets | 29/58 | €34,806 | €94,468 | +€59,662 | +171% |
| Amounts receivable within one year | 40/41 | €23,249 | €39,379 | +€16,130 | +69.4% |
| Trade receivables | 40 | €303 | €32,684 | +€32,381 | +10,705% |
| Other amounts receivable | 41 | €22,946 | €6,695 | -€16,251 | -70.8% |
| Cash at bank and in hand | 54/58 | €8,772 | €20,289 | +€11,517 | +131% |
| Deferred charges and accrued income | 490/1 | €2,785 | €34,800 | +€32,015 | +1,150% |
| Total equity and liabilities | 10/49 | €1,090,397 | €1,046,789 | -€43,608 | -4.0% |
| Equity | 10/15 | -€22,423 | -€6,097 | +€16,327 | +72.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,508 | €9,508 | = | 0.0% |
| Distributable reserves | 133 | €9,508 | €9,508 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,532 | -€34,205 | +€16,327 | +32.3% |
| Amounts payable | 17/49 | €1,112,821 | €1,052,886 | -€59,935 | -5.4% |
| Amounts payable after more than one year | 17 | €1,027,106 | €975,073 | -€52,034 | -5.1% |
| Financial debts | 170/4 | €1,027,106 | €975,073 | -€52,034 | -5.1% |
| Amounts payable within one year | 42/48 | €85,714 | €76,423 | -€9,291 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €50,882 | €52,034 | +€1,152 | +2.3% |
| Financial debts | 43 | €675 | €28 | -€647 | -95.8% |
| Credit institutions | 430/8 | €675 | €28 | -€647 | -95.8% |
| Trade debts | 44 | €3,908 | €2,951 | -€956 | -24.5% |
| Suppliers | 440/4 | €3,908 | €2,951 | -€956 | -24.5% |
| Advances received on contracts in progress | 46 | €10,890 | €0 | -€10,890 | -100% |
| Taxes, remuneration and social security | 45 | €12,011 | €9,303 | -€2,708 | -22.5% |
| Taxes | 450/3 | €12,011 | €9,303 | -€2,708 | -22.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €7,349 | €12,107 | +€4,758 | +64.8% |
| Accrued charges and deferred income | 492/3 | €0 | €1,390 | +€1,390 | |
| Non-recurring operating income | 76A | €11,733 | €0 | -€11,733 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,563 | €104,513 | +€1,950 | +1.9% |
| Other operating charges | 640/8 | €4,046 | €3,535 | -€511 | -12.6% |
| Gross operating margin | 9900 | €81,231 | €155,097 | +€73,867 | +90.9% |
| Operating profit (loss) | 9901 | -€25,379 | €47,049 | +€72,428 | |
| Financial income | 75/76B | €1,754 | €0 | -€1,754 | -100.0% |
| Recurring financial income | 75 | €1,754 | €0 | -€1,754 | -100.0% |
| Financial charges | 65/66B | €27,743 | €30,037 | +€2,294 | +8.3% |
| Recurring financial charges | 65 | €27,743 | €30,037 | +€2,294 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | -€51,368 | €17,012 | +€68,380 | |
| Income taxes | 67/77 | €689 | €685 | -€4 | -0.6% |
| Profit (loss) for the period | 9904 | -€52,058 | €16,327 | +€68,384 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,058 | €16,327 | +€68,384 |
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.