M-VEST: 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-VEST
Largest movements
- Tangible fixed assets +€270,908
up €270,908 (+3,559%), from €7,612 to €278,520
of which Land and buildings: +€265,733
- Current investments -€214,247
down €214,247 (-42.0%), from €510,421 to €296,174
- Receivables within one year +€29,731
up €29,731 (+129%), from €23,083 to €52,814
of which Other amounts receivable: +€48,737
- Cash -€27,195
down €27,195 (-37.7%), from €72,206 to €45,010
mainly Investment in fixed assets (net) (-€277,376) and Other debts (-€92,078)
- Debts after one year +€159,273
up €159,273 (+57.0%), from €279,248 to €438,521
- Other debts -€92,078
down €92,078 (-43.3%), from €212,500 to €120,422
- Tax, wage and social debts -€40,233
down €40,233 (-84.5%), from €47,616 to €7,382
- Current portion of long-term debt +€17,154
up €17,154 (+72.8%), from €23,573 to €40,727
- Short-term financial debts +€12,000
new in 2025: €12,000
- Gross operating margin -€12,827
down €12,827 (-15.1%), from €85,212 to €72,384
- Taxes -€9,078
down €9,078 (-58.4%), from €15,545 to €6,467
- Depreciation +€1,883
up €1,883 (+41.1%), from €4,585 to €6,468
- Financial income -€1,532
down €1,532 (-52.4%), from €2,924 to €1,391
- Other operating charges +€1,266
up €1,266 (+136%), from €930 to €2,196
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 | €613,829 | €673,001 | +€59,172 | +9.6% |
| Fixed assets | 21/28 | €7,612 | €278,520 | +€270,908 | +3,559% |
| Tangible fixed assets | 22/27 | €7,612 | €278,520 | +€270,908 | +3,559% |
| Land and buildings | 22 | - | €265,733 | +€265,733 | |
| Plant, machinery and equipment | 23 | €903 | €817 | -€86 | -9.5% |
| Furniture and vehicles | 24 | €5,548 | €8,537 | +€2,990 | +53.9% |
| Other tangible fixed assets | 26 | €1,162 | €3,432 | +€2,271 | +195% |
| Current assets | 29/58 | €606,217 | €394,481 | -€211,736 | -34.9% |
| Amounts receivable within one year | 40/41 | €23,083 | €52,814 | +€29,731 | +129% |
| Trade receivables | 40 | €20,000 | €995 | -€19,006 | -95.0% |
| Other amounts receivable | 41 | €3,083 | €51,819 | +€48,737 | +1,581% |
| Current investments | 50/53 | €510,421 | €296,174 | -€214,247 | -42.0% |
| Cash at bank and in hand | 54/58 | €72,206 | €45,010 | -€27,195 | -37.7% |
| Deferred charges and accrued income | 490/1 | €508 | €482 | -€25 | -5.0% |
| Total equity and liabilities | 10/49 | €613,829 | €673,001 | +€59,172 | +9.6% |
| Equity | 10/15 | €50,069 | €52,859 | +€2,790 | +5.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €47,069 | €49,859 | +€2,790 | +5.9% |
| Distributable reserves | 133 | €47,069 | €49,859 | +€2,790 | +5.9% |
| Amounts payable | 17/49 | €563,760 | €620,141 | +€56,381 | +10.0% |
| Amounts payable after more than one year | 17 | €279,248 | €438,521 | +€159,273 | +57.0% |
| Financial debts | 170/4 | €279,248 | €438,521 | +€159,273 | +57.0% |
| Amounts payable within one year | 42/48 | €283,801 | €181,444 | -€102,357 | -36.1% |
| Current portion of amounts payable after more than one year | 42 | €23,573 | €40,727 | +€17,154 | +72.8% |
| Financial debts | 43 | - | €12,000 | +€12,000 | |
| Credit institutions | 430/8 | - | €12,000 | +€12,000 | |
| Trade debts | 44 | €112 | €913 | +€801 | +714% |
| Suppliers | 440/4 | €112 | €913 | +€801 | +714% |
| Taxes, remuneration and social security | 45 | €47,616 | €7,382 | -€40,233 | -84.5% |
| Taxes | 450/3 | €47,616 | €7,382 | -€40,233 | -84.5% |
| Other amounts payable | 47/48 | €212,500 | €120,422 | -€92,078 | -43.3% |
| Accrued charges and deferred income | 492/3 | €711 | €176 | -€535 | -75.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,585 | €6,468 | +€1,883 | +41.1% |
| Other operating charges | 640/8 | €930 | €2,196 | +€1,266 | +136% |
| Gross operating margin | 9900 | €85,212 | €72,384 | -€12,827 | -15.1% |
| Operating profit (loss) | 9901 | €79,697 | €63,721 | -€15,976 | -20.0% |
| Financial income | 75/76B | €2,924 | €1,391 | -€1,532 | -52.4% |
| Recurring financial income | 75 | €2,924 | €1,391 | -€1,532 | -52.4% |
| Financial charges | 65/66B | €11,393 | €10,855 | -€538 | -4.7% |
| Recurring financial charges | 65 | €11,393 | €10,855 | -€538 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €71,228 | €54,257 | -€16,971 | -23.8% |
| Income taxes | 67/77 | €15,545 | €6,467 | -€9,078 | -58.4% |
| Profit (loss) for the period | 9904 | €55,683 | €47,790 | -€7,893 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,683 | €47,790 | -€7,893 | -14.2% |
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 21 October 2026 via checked.be.