M.V.R.: 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.R.
Largest movements
- Receivables within one year +€117,764
up €117,764 (+43.7%), from €269,665 to €387,429
of which Trade receivables: +€152,321
- Tangible fixed assets -€37,166
down €37,166 (-26.7%), from €139,063 to €101,897
of which Plant, machinery and equipment: -€36,640
- Debts after one year +€66,931
up €66,931 (+28.7%), from €233,608 to €300,538
of which Other amounts payable: +€95,489
- Tax, wage and social debts +€18,409
up €18,409 (+1,443%), from €1,276 to €19,685
of which Taxes: +€18,409
- Current portion of long-term debt -€9,138
down €9,138 (-24.2%), from €37,697 to €28,558
- Gross operating margin -€35,412
down €35,412 (-35.5%), from €99,841 to €64,429
- Depreciation -€8,279
down €8,279 (-18.2%), from €45,445 to €37,166
- Staff costs +€7,966
up €7,966, from -€2,237 to €5,730
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 | €411,682 | €489,659 | +€77,977 | +18.9% |
| Fixed assets | 21/28 | €139,087 | €101,922 | -€37,166 | -26.7% |
| Tangible fixed assets | 22/27 | €139,063 | €101,897 | -€37,166 | -26.7% |
| Land and buildings | 22 | €34,322 | €33,797 | -€525 | -1.5% |
| Plant, machinery and equipment | 23 | €104,740 | €68,100 | -€36,640 | -35.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €272,595 | €387,738 | +€115,143 | +42.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €269,665 | €387,429 | +€117,764 | +43.7% |
| Trade receivables | 40 | €235,108 | €387,429 | +€152,321 | +64.8% |
| Other amounts receivable | 41 | €34,557 | €0 | -€34,557 | -100% |
| Cash at bank and in hand | 54/58 | €2,930 | €309 | -€2,621 | -89.5% |
| Total equity and liabilities | 10/49 | €411,682 | €489,659 | +€77,977 | +18.9% |
| Equity | 10/15 | €135,128 | €137,671 | +€2,543 | +1.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €116,536 | €119,079 | +€2,543 | +2.2% |
| Distributable reserves | 133 | €116,536 | €119,079 | +€2,543 | +2.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €276,554 | €351,988 | +€75,434 | +27.3% |
| Amounts payable after more than one year | 17 | €233,608 | €300,538 | +€66,931 | +28.7% |
| Financial debts | 170/4 | €203,558 | €175,000 | -€28,558 | -14.0% |
| Other amounts payable | 178/9 | €30,049 | €125,538 | +€95,489 | +318% |
| Amounts payable within one year | 42/48 | €42,947 | €51,450 | +€8,503 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €37,697 | €28,558 | -€9,138 | -24.2% |
| Trade debts | 44 | €2,055 | €3,207 | +€1,152 | +56.0% |
| Suppliers | 440/4 | €2,055 | €3,207 | +€1,152 | +56.0% |
| Taxes, remuneration and social security | 45 | €1,276 | €19,685 | +€18,409 | +1,443% |
| Taxes | 450/3 | €1,276 | €19,685 | +€18,409 | +1,443% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,919 | €0 | -€1,919 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | -€2,237 | €5,730 | +€7,966 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,445 | €37,166 | -€8,279 | -18.2% |
| Other operating charges | 640/8 | €3,093 | €3,436 | +€343 | +11.1% |
| Non-recurring operating charges | 66A | €12,179 | €0 | -€12,179 | -100% |
| Gross operating margin | 9900 | €99,841 | €64,429 | -€35,412 | -35.5% |
| Operating profit (loss) | 9901 | €41,361 | €18,098 | -€23,263 | -56.2% |
| Financial income | 75/76B | €616 | €124 | -€493 | -80.0% |
| Recurring financial income | 75 | €616 | €124 | -€493 | -80.0% |
| Financial charges | 65/66B | €15,741 | €14,753 | -€988 | -6.3% |
| Recurring financial charges | 65 | €15,741 | €14,753 | -€988 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €26,237 | €3,469 | -€22,768 | -86.8% |
| Income taxes | 67/77 | €1,276 | €926 | -€350 | -27.4% |
| Profit (loss) for the period | 9904 | €24,961 | €2,543 | -€22,418 | -89.8% |
| Profit (loss) for the period to be appropriated | 9905 | €24,961 | €2,543 | -€22,418 | -89.8% |
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 27 October 2026 via checked.be.