M & V Projects: 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 Projects
Largest movements
- Receivables within one year +€139,691
up €139,691 (+19.8%), from €704,753 to €844,444
of which Trade receivables: +€130,807
- Tangible fixed assets -€118,538
down €118,538 (-5.9%), from €2.0m to €1.9m
of which Other tangible fixed assets: -€854,882
- Reserves +€136,358
up €136,358 (+13.1%), from €1.0m to €1.2m
of which Distributable reserves: +€144,342
- Debts after one year -€132,500
down €132,500 (-19.2%), from €688,789 to €556,289
of which Financial debts: -€132,500
- Trade debts +€57,268
up €57,268 (+127%), from €45,177 to €102,445
- Other debts -€33,889
down €33,889 (-18.9%), from €178,895 to €145,006
- Depreciation +€28,130
up €28,130 (+31.1%), from €90,408 to €118,538
- Staff costs -€11,319
down €11,319 (-8.8%), from €128,625 to €117,306
- Gross operating margin -€7,509
down €7,509 (-1.5%), from €494,423 to €486,915
- Financial income +€5,941
up €5,941 (+78.0%), from €7,613 to €13,554
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 | €2,799,230 | €2,828,433 | +€29,203 | +1.0% |
| Fixed assets | 21/28 | €2,017,415 | €1,898,877 | -€118,538 | -5.9% |
| Tangible fixed assets | 22/27 | €2,017,415 | €1,898,877 | -€118,538 | -5.9% |
| Land and buildings | 22 | €672,922 | €1,409,265 | +€736,343 | +109% |
| Other tangible fixed assets | 26 | €1,344,493 | €489,611 | -€854,882 | -63.6% |
| Current assets | 29/58 | €781,815 | €929,556 | +€147,742 | +18.9% |
| Amounts receivable within one year | 40/41 | €704,753 | €844,444 | +€139,691 | +19.8% |
| Trade receivables | 40 | €16,513 | €147,320 | +€130,807 | +792% |
| Other amounts receivable | 41 | €688,240 | €697,123 | +€8,883 | +1.3% |
| Cash at bank and in hand | 54/58 | €31,318 | €55,801 | +€24,483 | +78.2% |
| Deferred charges and accrued income | 490/1 | €45,743 | €29,312 | -€16,432 | -35.9% |
| Total equity and liabilities | 10/49 | €2,799,230 | €2,828,433 | +€29,203 | +1.0% |
| Equity | 10/15 | €1,590,666 | €1,727,024 | +€136,358 | +8.6% |
| Contributions | 10/11 | €548,286 | €548,286 | = | 0.0% |
| Reserves | 13 | €1,042,380 | €1,178,738 | +€136,358 | +13.1% |
| Non-distributable reserves | 130/1 | €21,831 | €21,831 | = | 0.0% |
| Reserves not available under the articles | 1311 | €21,831 | €21,831 | = | 0.0% |
| Tax-exempt reserves | 132 | €432,750 | €424,766 | -€7,984 | -1.8% |
| Distributable reserves | 133 | €587,799 | €732,141 | +€144,342 | +24.6% |
| Provisions and deferred taxes | 16 | €95,133 | €92,472 | -€2,661 | -2.8% |
| Deferred taxes | 168 | €95,133 | €92,472 | -€2,661 | -2.8% |
| Amounts payable | 17/49 | €1,113,431 | €1,008,937 | -€104,494 | -9.4% |
| Amounts payable after more than one year | 17 | €688,789 | €556,289 | -€132,500 | -19.2% |
| Financial debts | 170/4 | €556,250 | €423,750 | -€132,500 | -23.8% |
| Other amounts payable | 178/9 | €132,539 | €132,539 | = | 0.0% |
| Amounts payable within one year | 42/48 | €404,610 | €415,173 | +€10,563 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €138,034 | €112,500 | -€25,534 | -18.5% |
| Trade debts | 44 | €45,177 | €102,445 | +€57,268 | +127% |
| Suppliers | 440/4 | €45,177 | €102,445 | +€57,268 | +127% |
| Taxes, remuneration and social security | 45 | €42,505 | €55,222 | +€12,718 | +29.9% |
| Taxes | 450/3 | €22,701 | €34,635 | +€11,934 | +52.6% |
| Remuneration and social security | 454/9 | €19,804 | €20,587 | +€784 | +4.0% |
| Other amounts payable | 47/48 | €178,895 | €145,006 | -€33,889 | -18.9% |
| Accrued charges and deferred income | 492/3 | €20,032 | €37,475 | +€17,443 | +87.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €128,625 | €117,306 | -€11,319 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,408 | €118,538 | +€28,130 | +31.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €56,717 | €55,704 | -€1,013 | -1.8% |
| Gross operating margin | 9900 | €494,423 | €486,915 | -€7,509 | -1.5% |
| Operating profit (loss) | 9901 | €218,672 | €195,366 | -€23,306 | -10.7% |
| Financial income | 75/76B | €7,613 | €13,554 | +€5,941 | +78.0% |
| Recurring financial income | 75 | €7,613 | €13,554 | +€5,941 | +78.0% |
| Financial charges | 65/66B | €31,127 | €27,493 | -€3,634 | -11.7% |
| Recurring financial charges | 65 | €31,127 | €27,493 | -€3,634 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €195,159 | €181,428 | -€13,731 | -7.0% |
| Transfer from deferred taxes | 780 | €229 | €2,661 | +€2,432 | +1,062% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €49,268 | €47,731 | -€1,537 | -3.1% |
| Profit (loss) for the period | 9904 | €146,120 | €136,358 | -€9,762 | -6.7% |
| Transfer from tax-exempt reserves | 789 | €687 | €7,984 | +€7,297 | +1,062% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €146,807 | €144,342 | -€2,465 | -1.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.