M-VEST: what changed
What changed
M-VEST
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€47,601
2024 · €129,132-€81,531
Equity
€207,859
2024 · €240,258-€32,399
Cash
€128
2024 · €59,338-€59,210
Balance sheet total
€1.2m
2024 · €1.2m-€28,490
Largest movements
Assets
- Cash -€59,210
down €59,210 (-99.8%), from €59,338 to €128
mainly Contributions, distributions and other (-€80,000) and Debts after one year (-€68,576)
- Receivables within one year +€16,455
up €16,455 (+263%), from €6,266 to €22,721
of which Other amounts receivable: +€11,705
Equity and liabilities
- Debts after one year -€68,576
down €68,576 (-14.2%), from €483,459 to €414,883
- Other debts +€66,137
up €66,137 (+18.1%), from €365,084 to €431,221
- Reserves -€32,399
down €32,399 (-13.7%), from €237,258 to €204,859
Income statement
- Gross operating margin -€94,721
down €94,721 (-40.4%), from €234,592 to €139,870
- Taxes -€28,546
down €28,546 (-78.8%), from €36,225 to €7,679
- Financial charges +€9,886
up €9,886 (+44.0%), from €22,494 to €32,380
- Depreciation +€5,986
up €5,986 (+17.7%), from €33,879 to €39,865
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€129,132
Gross operating margin
-€94,721
Depreciation
-€5,986
Other operating charges
+€1,507
Other operating items
-€840
Financial income
-€150
Financial charges
-€9,886
Taxes
+€28,546
Result 2025
€47,601
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€143,320
Investment
-€53,540
Financing
-€148,991
Cash 2024
€59,338
From operations (derived)
+€143,320
Net result for the year
+€47,601
Depreciation
+€39,865
Receivables within one year
-€16,455
Deferred charges and accrued income
-€591
Trade debts
+€6,674
Tax, wage and social debts
+€4,647
Other debts
+€66,137
Accrued charges and deferred income
-€4,558
Investment (derived)
-€53,540
Investment in fixed assets (net)
-€53,540
Financing
-€148,991
Debts after one year
-€68,576
Current portion of long-term debt
-€8,706
Short-term financial debts
+€8,290
Contributions, distributions and other
-€80,000
Cash 2025
€128
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,203,622 | €1,175,132 | -€28,490 | -2.4% |
| Fixed assets | 21/28 | €1,135,502 | €1,149,176 | +€13,675 | +1.2% |
| Tangible fixed assets | 22/27 | €1,135,502 | €1,144,426 | +€8,925 | +0.8% |
| Land and buildings | 22 | €867,629 | €884,182 | +€16,553 | +1.9% |
| Plant, machinery and equipment | 23 | €126,655 | €112,354 | -€14,301 | -11.3% |
| Furniture and vehicles | 24 | €13,316 | €9,389 | -€3,927 | -29.5% |
| Other tangible fixed assets | 26 | €127,902 | €138,502 | +€10,600 | +8.3% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | - | €4,750 | +€4,750 | |
| Current assets | 29/58 | €68,121 | €25,956 | -€42,165 | -61.9% |
| Amounts receivable within one year | 40/41 | €6,266 | €22,721 | +€16,455 | +263% |
| Trade receivables | 40 | €0 | €4,750 | +€4,750 | |
| Other amounts receivable | 41 | €6,266 | €17,971 | +€11,705 | +187% |
| Cash at bank and in hand | 54/58 | €59,338 | €128 | -€59,210 | -99.8% |
| Deferred charges and accrued income | 490/1 | €2,517 | €3,108 | +€591 | +23.5% |
| Total equity and liabilities | 10/49 | €1,203,622 | €1,175,132 | -€28,490 | -2.4% |
| Equity | 10/15 | €240,258 | €207,859 | -€32,399 | -13.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €237,258 | €204,859 | -€32,399 | -13.7% |
| Distributable reserves | 133 | €237,258 | €204,859 | -€32,399 | -13.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €963,365 | €967,274 | +€3,909 | +0.4% |
| Amounts payable after more than one year | 17 | €483,459 | €414,883 | -€68,576 | -14.2% |
| Financial debts | 170/4 | €483,459 | €414,883 | -€68,576 | -14.2% |
| Amounts payable within one year | 42/48 | €475,348 | €552,391 | +€77,043 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €77,959 | €69,253 | -€8,706 | -11.2% |
| Financial debts | 43 | €0 | €8,290 | +€8,290 | |
| Credit institutions | 430/8 | €0 | €8,290 | +€8,290 | |
| Trade debts | 44 | €4,585 | €11,259 | +€6,674 | +146% |
| Suppliers | 440/4 | €4,585 | €11,259 | +€6,674 | +146% |
| Taxes, remuneration and social security | 45 | €27,720 | €32,367 | +€4,647 | +16.8% |
| Taxes | 450/3 | €27,720 | €32,367 | +€4,647 | +16.8% |
| Other amounts payable | 47/48 | €365,084 | €431,221 | +€66,137 | +18.1% |
| Accrued charges and deferred income | 492/3 | €4,558 | €0 | -€4,558 | -100% |
| Non-recurring operating income | 76A | - | €22,513 | +€22,513 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,879 | €39,865 | +€5,986 | +17.7% |
| Other operating charges | 640/8 | €13,013 | €11,506 | -€1,507 | -11.6% |
| Non-recurring operating charges | 66A | - | €840 | +€840 | |
| Gross operating margin | 9900 | €234,592 | €139,870 | -€94,721 | -40.4% |
| Operating profit (loss) | 9901 | €187,700 | €87,660 | -€100,041 | -53.3% |
| Financial income | 75/76B | €150 | €0 | -€150 | -100% |
| Recurring financial income | 75 | €150 | €0 | -€150 | -100% |
| Financial charges | 65/66B | €22,494 | €32,380 | +€9,886 | +44.0% |
| Recurring financial charges | 65 | €22,494 | €32,380 | +€9,886 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | €165,357 | €55,280 | -€110,077 | -66.6% |
| Income taxes | 67/77 | €36,225 | €7,679 | -€28,546 | -78.8% |
| Profit (loss) for the period | 9904 | €129,132 | €47,601 | -€81,531 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €129,132 | €47,601 | -€81,531 | -63.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.