M.V.S.B.: 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.S.B.
Largest movements
- Financial fixed assets +€434,217
up €434,217 (+311%), from €139,502 to €573,719
- Cash +€24,435
up €24,435 (+202%), from €12,073 to €36,508
mainly Debts after one year (+€333,499) and Current portion of long-term debt (+€29,931)
- Receivables within one year -€11,717
no longer reported in 2025 (was €11,717)
- Current investments -€11,483
down €11,483 (-69.6%), from €16,500 to €5,017
- Debts after one year +€333,499
up €333,499 (+366%), from €91,180 to €424,679
- Current portion of long-term debt +€29,931
new in 2025: €29,931
- Other debts +€29,648
up €29,648 (+105%), from €28,164 to €57,812
- Reserves +€22,794
up €22,794 (+51.6%), from €44,206 to €67,000
- Tax, wage and social debts +€13,474
up €13,474 (+78.8%), from €17,107 to €30,581
- Gross operating margin -€15,948
down €15,948 (-26.3%), from €60,601 to €44,653
- Financial charges +€12,318
up €12,318 (+583%), from €2,114 to €14,432
- Financial income +€7,352
up €7,352 (+4,313%), from €170 to €7,522
- Depreciation +€643
up €643 (+96.3%), from €668 to €1,311
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 | €185,319 | €619,632 | +€434,313 | +234% |
| Fixed assets | 21/28 | €144,758 | €577,665 | +€432,906 | +299% |
| Tangible fixed assets | 22/27 | €5,257 | €3,946 | -€1,311 | -24.9% |
| Plant, machinery and equipment | 23 | €3,697 | €3,111 | -€587 | -15.9% |
| Furniture and vehicles | 24 | €1,560 | €835 | -€724 | -46.4% |
| Financial fixed assets | 28 | €139,502 | €573,719 | +€434,217 | +311% |
| Current assets | 29/58 | €40,561 | €41,968 | +€1,407 | +3.5% |
| Amounts receivable within one year | 40/41 | €11,717 | - | -€11,717 | |
| Trade receivables | 40 | €11,717 | - | -€11,717 | |
| Current investments | 50/53 | €16,500 | €5,017 | -€11,483 | -69.6% |
| Cash at bank and in hand | 54/58 | €12,073 | €36,508 | +€24,435 | +202% |
| Deferred charges and accrued income | 490/1 | €271 | €443 | +€171 | +63.2% |
| Total equity and liabilities | 10/49 | €185,319 | €619,632 | +€434,313 | +234% |
| Equity | 10/15 | €48,206 | €71,798 | +€23,592 | +48.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €44,206 | €67,000 | +€22,794 | +51.6% |
| Distributable reserves | 133 | €44,206 | €67,000 | +€22,794 | +51.6% |
| Profit (loss) carried forward | 14 | - | €798 | +€798 | |
| Amounts payable | 17/49 | €137,113 | €547,834 | +€410,721 | +300% |
| Amounts payable after more than one year | 17 | €91,180 | €424,679 | +€333,499 | +366% |
| Financial debts | 170/4 | €91,180 | €424,679 | +€333,499 | +366% |
| Amounts payable within one year | 42/48 | €45,553 | €121,022 | +€75,469 | +166% |
| Current portion of amounts payable after more than one year | 42 | - | €29,931 | +€29,931 | |
| Trade debts | 44 | €282 | €2,698 | +€2,416 | +858% |
| Suppliers | 440/4 | €282 | €2,698 | +€2,416 | +858% |
| Taxes, remuneration and social security | 45 | €17,107 | €30,581 | +€13,474 | +78.8% |
| Taxes | 450/3 | €17,107 | €30,581 | +€13,474 | +78.8% |
| Other amounts payable | 47/48 | €28,164 | €57,812 | +€29,648 | +105% |
| Accrued charges and deferred income | 492/3 | €380 | €2,132 | +€1,753 | +461% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €668 | €1,311 | +€643 | +96.3% |
| Other operating charges | 640/8 | €1,549 | €1,207 | -€342 | -22.1% |
| Gross operating margin | 9900 | €60,601 | €44,653 | -€15,948 | -26.3% |
| Operating profit (loss) | 9901 | €58,384 | €42,135 | -€16,249 | -27.8% |
| Financial income | 75/76B | €170 | €7,522 | +€7,352 | +4,313% |
| Recurring financial income | 75 | €170 | €7,522 | +€7,352 | +4,313% |
| Financial charges | 65/66B | €2,114 | €14,432 | +€12,318 | +583% |
| Recurring financial charges | 65 | €2,114 | €14,432 | +€12,318 | +583% |
| Profit (loss) for the period before taxes | 9903 | €56,440 | €35,225 | -€21,216 | -37.6% |
| Income taxes | 67/77 | €11,755 | €11,632 | -€123 | -1.0% |
| Profit (loss) for the period | 9904 | €44,685 | €23,592 | -€21,093 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €44,685 | €23,592 | -€21,093 | -47.2% |
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 25 October 2026 via checked.be.