M. V. W.: 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. W.
Largest movements
- Tangible fixed assets -€56,050
down €56,050 (-19.8%), from €282,663 to €226,613
- Cash +€17,830
up €17,830 (+302.7%), from €5,891 to €23,721
mainly Depreciation (+€69,886) and Trade debts (+€37,492)
- Receivables within one year +€11,133
up €11,133 (+5.9%), from €190,248 to €201,381
of which Trade receivables: +€57,231
- Debts after one year -€122,362
down €122,362 (-30.1%), from €406,207 to €283,845
- Profit (loss) carried forward +€78,799
up €78,799 (+30.2%), from -€261,232 to -€182,433
- Reserves -€43,276
down €43,276 (-63.7%), from €67,976 to €24,700
of which Distributable reserves: -€43,276
- Trade debts +€37,492
up €37,492 (+36.1%), from €103,759 to €141,251
- Tax, wage and social debts +€8,408
up €8,408 (+65.5%), from €12,839 to €21,247
of which Taxes: +€12,257
- Gross operating margin +€54,360
up €54,360 (+37.1%), from €146,709 to €201,070
- Staff costs -€34,186
down €34,186 (-33.6%), from €101,701 to €67,515
- Depreciation -€25,761
down €25,761 (-26.9%), from €95,646 to €69,886
- Financial income +€4,513
up €4,513 (+245.4%), from €1,839 to €6,352
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 | €689,849 | €661,798 | -€28,051 | -4.1% |
| Fixed assets | 21/28 | €284,162 | €227,676 | -€56,485 | -19.9% |
| Intangible fixed assets | 21 | €1,374 | €939 | -€436 | -31.7% |
| Tangible fixed assets | 22/27 | €282,663 | €226,613 | -€56,050 | -19.8% |
| Land and buildings | 22 | €222,410 | €195,023 | -€27,387 | -12.3% |
| Plant, machinery and equipment | 23 | €25,230 | €16,331 | -€8,899 | -35.3% |
| Furniture and vehicles | 24 | €3,171 | €5,679 | +€2,508 | +79.1% |
| Leasing and similar rights | 25 | €31,852 | €9,580 | -€22,272 | -69.9% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €405,687 | €434,121 | +€28,434 | +7.0% |
| Stocks and contracts in progress | 3 | €209,549 | €207,816 | -€1,733 | -0.8% |
| Stocks | 30/36 | €138,072 | €119,252 | -€18,820 | -13.6% |
| Contracts in progress | 37 | €71,477 | €88,564 | +€17,087 | +23.9% |
| Amounts receivable within one year | 40/41 | €190,248 | €201,381 | +€11,133 | +5.9% |
| Trade receivables | 40 | €45,953 | €103,184 | +€57,231 | +124.5% |
| Other amounts receivable | 41 | €144,295 | €98,197 | -€46,098 | -31.9% |
| Cash at bank and in hand | 54/58 | €5,891 | €23,721 | +€17,830 | +302.7% |
| Deferred charges and accrued income | 490/1 | - | €1,203 | +€1,203 | |
| Total equity and liabilities | 10/49 | €689,849 | €661,798 | -€28,051 | -4.1% |
| Equity | 10/15 | €53,755 | €89,278 | +€35,524 | +66.1% |
| Contributions | 10/11 | €247,011 | €247,011 | = | 0.0% |
| Capital | 10 | €247,000 | €247,000 | = | 0.0% |
| Issued capital | 100 | €247,000 | €247,000 | = | 0.0% |
| Contributions outside capital | 11 | €11 | €11 | = | 0.0% |
| Share premium | 1100/10 | €11 | €11 | = | 0.0% |
| Reserves | 13 | €67,976 | €24,700 | -€43,276 | -63.7% |
| Non-distributable reserves | 130/1 | €24,700 | €24,700 | = | 0.0% |
| Legal reserve | 130 | €24,700 | €24,700 | = | 0.0% |
| Distributable reserves | 133 | €43,276 | €0 | -€43,276 | -100.0% |
| Profit (loss) carried forward | 14 | -€261,232 | -€182,433 | +€78,799 | +30.2% |
| Amounts payable | 17/49 | €636,095 | €572,519 | -€63,575 | -10.0% |
| Amounts payable after more than one year | 17 | €406,207 | €283,845 | -€122,362 | -30.1% |
| Financial debts | 170/4 | €406,207 | €283,845 | -€122,362 | -30.1% |
| Amounts payable within one year | 42/48 | €229,888 | €288,642 | +€58,755 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €113,290 | €118,074 | +€4,784 | +4.2% |
| Trade debts | 44 | €103,759 | €141,251 | +€37,492 | +36.1% |
| Suppliers | 440/4 | €103,759 | €141,251 | +€37,492 | +36.1% |
| Taxes, remuneration and social security | 45 | €12,839 | €21,247 | +€8,408 | +65.5% |
| Taxes | 450/3 | €2,852 | €15,109 | +€12,257 | +429.7% |
| Remuneration and social security | 454/9 | €9,986 | €6,138 | -€3,848 | -38.5% |
| Other amounts payable | 47/48 | - | €8,070 | +€8,070 | |
| Accrued charges and deferred income | 492/3 | - | €32 | +€32 | |
| Remuneration, social security and pensions | 62 | €101,701 | €67,515 | -€34,186 | -33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,646 | €69,886 | -€25,761 | -26.9% |
| Other operating charges | 640/8 | €6,344 | €6,139 | -€206 | -3.2% |
| Gross operating margin | 9900 | €146,709 | €201,070 | +€54,360 | +37.1% |
| Operating profit (loss) | 9901 | -€56,982 | €57,530 | +€114,512 | |
| Financial income | 75/76B | €1,839 | €6,352 | +€4,513 | +245.4% |
| Recurring financial income | 75 | €1,839 | €6,352 | +€4,513 | +245.4% |
| Financial charges | 65/66B | €29,162 | €28,121 | -€1,041 | -3.6% |
| Recurring financial charges | 65 | €29,162 | €28,121 | -€1,041 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | -€84,305 | €35,762 | +€120,066 | |
| Income taxes | 67/77 | €159 | €238 | +€78 | +49.1% |
| Profit (loss) for the period | 9904 | -€84,464 | €35,524 | +€119,988 | |
| Profit (loss) for the period to be appropriated | 9905 | -€84,464 | €35,524 | +€119,988 |
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 9 October 2026 via checked.be.