M.VGB: 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.VGB
Largest movements
- Receivables within one year -€44,476
down €44,476 (-41.7%), from €106,560 to €62,084
of which Trade receivables: -€49,998
- Cash +€40,658
up €40,658 (+227%), from €17,889 to €58,547
mainly Receivables within one year (+€44,476) and Debts after one year (+€12,980)
- Tangible fixed assets +€13,123
up €13,123 (+161%), from €8,145 to €21,268
of which Plant, machinery and equipment: +€14,496
- Trade debts -€14,358
down €14,358 (-45.7%), from €31,409 to €17,051
- Debts after one year +€12,980
new in 2025: €12,980
- Profit (loss) carried forward +€5,235
up €5,235 (+9.7%), from €53,931 to €59,166
- Current portion of long-term debt +€3,433
new in 2025: €3,433
- Gross operating margin -€5,957
down €5,957 (-24.7%), from €24,149 to €18,192
- Depreciation +€2,532
up €2,532 (+48.3%), from €5,241 to €7,773
- Taxes -€1,672
down €1,672 (-39.2%), from €4,262 to €2,590
- Financial charges +€497
up €497 (+22.6%), from €2,198 to €2,695
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 | €136,521 | €144,994 | +€8,473 | +6.2% |
| Fixed assets | 21/28 | €8,145 | €21,268 | +€13,123 | +161% |
| Tangible fixed assets | 22/27 | €8,145 | €21,268 | +€13,123 | +161% |
| Plant, machinery and equipment | 23 | €6,313 | €20,808 | +€14,496 | +230% |
| Furniture and vehicles | 24 | €1,832 | €460 | -€1,372 | -74.9% |
| Current assets | 29/58 | €128,376 | €123,726 | -€4,651 | -3.6% |
| Amounts receivable within one year | 40/41 | €106,560 | €62,084 | -€44,476 | -41.7% |
| Trade receivables | 40 | €99,368 | €49,370 | -€49,998 | -50.3% |
| Other amounts receivable | 41 | €7,192 | €12,714 | +€5,522 | +76.8% |
| Cash at bank and in hand | 54/58 | €17,889 | €58,547 | +€40,658 | +227% |
| Deferred charges and accrued income | 490/1 | €3,927 | €3,094 | -€833 | -21.2% |
| Total equity and liabilities | 10/49 | €136,521 | €144,994 | +€8,473 | +6.2% |
| Equity | 10/15 | €102,557 | €107,792 | +€5,235 | +5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,026 | €30,026 | = | 0.0% |
| Distributable reserves | 133 | €30,026 | €30,026 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,931 | €59,166 | +€5,235 | +9.7% |
| Amounts payable | 17/49 | €33,964 | €37,201 | +€3,238 | +9.5% |
| Amounts payable after more than one year | 17 | - | €12,980 | +€12,980 | |
| Financial debts | 170/4 | - | €12,980 | +€12,980 | |
| Amounts payable within one year | 42/48 | €33,964 | €24,222 | -€9,742 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | - | €3,433 | +€3,433 | |
| Trade debts | 44 | €31,409 | €17,051 | -€14,358 | -45.7% |
| Suppliers | 440/4 | €31,409 | €17,051 | -€14,358 | -45.7% |
| Advances received on contracts in progress | 46 | - | €1,250 | +€1,250 | |
| Taxes, remuneration and social security | 45 | €2,555 | €2,250 | -€305 | -11.9% |
| Taxes | 450/3 | €2,555 | €2,250 | -€305 | -11.9% |
| Other amounts payable | 47/48 | - | €238 | +€238 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,241 | €7,773 | +€2,532 | +48.3% |
| Other operating charges | 640/8 | €930 | €999 | +€69 | +7.5% |
| Non-recurring operating charges | 66A | €494 | - | -€494 | |
| Gross operating margin | 9900 | €24,149 | €18,192 | -€5,957 | -24.7% |
| Operating profit (loss) | 9901 | €17,484 | €9,420 | -€8,064 | -46.1% |
| Financial income | 75/76B | €1,208 | €1,100 | -€108 | -9.0% |
| Recurring financial income | 75 | €1,208 | €1,100 | -€108 | -9.0% |
| Financial charges | 65/66B | €2,198 | €2,695 | +€497 | +22.6% |
| Recurring financial charges | 65 | €2,198 | €2,695 | +€497 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €16,495 | €7,825 | -€8,670 | -52.6% |
| Income taxes | 67/77 | €4,262 | €2,590 | -€1,672 | -39.2% |
| Profit (loss) for the period | 9904 | €12,233 | €5,235 | -€6,998 | -57.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,233 | €5,235 | -€6,998 | -57.2% |
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 29 October 2026 via checked.be.