M/V PLUS: what changed
Two fiscal 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 PLUS
Largest movements
- Financial fixed assets -€360,000
down €360,000 (-54.5%), from €660,000 to €300,000
- Receivables within one year +€190,730
up €190,730 (+130.1%), from €146,632 to €337,362
of which Other amounts receivable: +€142,912
- Receivables after one year -€105,366
down €105,366 (-17.6%), from €599,166 to €493,800
- Other debts -€264,085
down €264,085 (-50.7%), from €520,593 to €256,508
- Tax, wage and social debts +€70,710
up €70,710 (+8100.0%), from €873 to €71,583
- Current portion of long-term debt -€49,911
no longer reported in 2025 (was €49,911)
- Trade debts -€40,649
down €40,649 (-76.8%), from €52,962 to €12,313
- Gross operating margin +€81,981
up €81,981 (+68.3%), from €120,104 to €202,084
- Taxes +€33,331
up €33,331 (+79.5%), from €41,910 to €75,241
- Financial income +€3,834
up €3,834 (+19.2%), from €20,003 to €23,837
- Financial charges -€2,952
down €2,952 (-72.7%), from €4,061 to €1,109
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 | €1,419,635 | €1,137,814 | -€281,820 | -19.9% |
| Fixed assets | 21/28 | €667,538 | €302,008 | -€365,530 | -54.8% |
| Tangible fixed assets | 22/27 | €7,538 | €2,008 | -€5,530 | -73.4% |
| Plant, machinery and equipment | 23 | €1,543 | €1,225 | -€318 | -20.6% |
| Furniture and vehicles | 24 | €5,995 | €783 | -€5,212 | -86.9% |
| Financial fixed assets | 28 | €660,000 | €300,000 | -€360,000 | -54.5% |
| Current assets | 29/58 | €752,097 | €835,807 | +€83,710 | +11.1% |
| Amounts receivable after more than one year | 29 | €599,166 | €493,800 | -€105,366 | -17.6% |
| Other amounts receivable | 291 | €599,166 | €493,800 | -€105,366 | -17.6% |
| Amounts receivable within one year | 40/41 | €146,632 | €337,362 | +€190,730 | +130.1% |
| Trade receivables | 40 | €2,071 | €49,889 | +€47,818 | +2309.3% |
| Other amounts receivable | 41 | €144,561 | €287,473 | +€142,912 | +98.9% |
| Current investments | 50/53 | €2,169 | €2,169 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,419 | €1,163 | -€1,256 | -51.9% |
| Deferred charges and accrued income | 490/1 | €1,711 | €1,312 | -€398 | -23.3% |
| Total equity and liabilities | 10/49 | €1,419,635 | €1,137,814 | -€281,820 | -19.9% |
| Equity | 10/15 | €705,226 | €707,411 | +€2,185 | +0.3% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Outside capital | 11 | €12,500 | €12,500 | = | 0.0% |
| Other | 1109/19 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €692,726 | €694,911 | +€2,185 | +0.3% |
| Distributable reserves | 133 | €692,726 | €694,911 | +€2,185 | +0.3% |
| Provisions and deferred taxes | 16 | €90,000 | €90,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €90,000 | €90,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €90,000 | €90,000 | = | 0.0% |
| Amounts payable | 17/49 | €624,409 | €340,403 | -€284,005 | -45.5% |
| Amounts payable within one year | 42/48 | €624,339 | €340,403 | -€283,936 | -45.5% |
| Current portion of amounts payable after more than one year | 42 | €49,911 | - | -€49,911 | |
| Trade debts | 44 | €52,962 | €12,313 | -€40,649 | -76.8% |
| Suppliers | 440/4 | €52,962 | €12,313 | -€40,649 | -76.8% |
| Taxes, remuneration and social security | 45 | €873 | €71,583 | +€70,710 | +8100.0% |
| Taxes | 450/3 | €873 | €71,583 | +€70,710 | +8100.0% |
| Other amounts payable | 47/48 | €520,593 | €256,508 | -€264,085 | -50.7% |
| Accrued charges and deferred income | 492/3 | €70 | - | -€70 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,272 | €5,530 | +€258 | +4.9% |
| Other operating charges | 640/8 | €2,675 | €2,619 | -€56 | -2.1% |
| Gross operating margin | 9900 | €120,104 | €202,084 | +€81,981 | +68.3% |
| Operating profit (loss) | 9901 | €112,157 | €193,935 | +€81,778 | +72.9% |
| Financial income | 75/76B | €20,003 | €23,837 | +€3,834 | +19.2% |
| Recurring financial income | 75 | €20,003 | €23,837 | +€3,834 | +19.2% |
| Financial charges | 65/66B | €4,061 | €1,109 | -€2,952 | -72.7% |
| Recurring financial charges | 65 | €4,061 | €1,109 | -€2,952 | -72.7% |
| Profit (loss) for the period before taxes | 9903 | €128,100 | €216,663 | +€88,564 | +69.1% |
| Income taxes | 67/77 | €41,910 | €75,241 | +€33,331 | +79.5% |
| Profit (loss) for the period | 9904 | €86,189 | €141,422 | +€55,233 | +64.1% |
| Profit (loss) for the period to be appropriated | 9905 | €86,189 | €141,422 | +€55,233 | +64.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.