M-VISION: what changed
Two fiscal 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-VISION
Largest movements
- Cash +€552,944
up €552,944 (+1009.5%), from €54,776 to €607,720
mainly Other debts (+€421,609) and Net result for the year (+€380,617)
- Current investments -€228,537
down €228,537 (-9.3%), from €2.5m to €2.2m
- Receivables within one year +€46,520
up €46,520 (+16217.5%), from €287 to €46,807
- Other debts +€421,609
up €421,609 (+7722.1%), from €5,460 to €427,069
- Turnover -€175,471
down €175,471 (-18.6%), from €941,933 to €766,462
- Gross operating margin -€174,451
down €174,451 (-20.2%), from €862,371 to €687,920
- Taxes -€57,090
down €57,090 (-21.1%), from €270,279 to €213,189
- Financial charges +€37,970
up €37,970 (+54.1%), from €70,150 to €108,120
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 | €3,707,476 | €4,058,373 | +€350,897 | +9.5% |
| Fixed assets | 21/28 | €1,128,843 | €1,106,005 | -€22,838 | -2.0% |
| Tangible fixed assets | 22/27 | €646,903 | €624,066 | -€22,838 | -3.5% |
| Land and buildings | 22 | €646,903 | €623,291 | -€23,612 | -3.7% |
| Furniture and vehicles | 24 | - | €774 | +€774 | |
| Financial fixed assets | 28 | €481,939 | €481,939 | = | 0.0% |
| Current assets | 29/58 | €2,578,633 | €2,952,368 | +€373,735 | +14.5% |
| Amounts receivable within one year | 40/41 | €287 | €46,807 | +€46,520 | +16217.5% |
| Other amounts receivable | 41 | €287 | €46,807 | +€46,520 | +16217.5% |
| Current investments | 50/53 | €2,470,133 | €2,241,596 | -€228,537 | -9.3% |
| Cash at bank and in hand | 54/58 | €54,776 | €607,720 | +€552,944 | +1009.5% |
| Deferred charges and accrued income | 490/1 | €53,437 | €56,245 | +€2,808 | +5.3% |
| Total equity and liabilities | 10/49 | €3,707,476 | €4,058,373 | +€350,897 | +9.5% |
| Equity | 10/15 | €3,564,500 | €3,525,118 | -€39,383 | -1.1% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €2,834,660 | €2,794,660 | -€40,000 | -1.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €547,300 | €547,300 | = | 0.0% |
| Distributable reserves | 133 | €2,285,500 | €2,245,500 | -€40,000 | -1.8% |
| Profit (loss) carried forward | 14 | €717,340 | €717,958 | +€617 | +0.1% |
| Amounts payable | 17/49 | €142,975 | €533,255 | +€390,280 | +273.0% |
| Amounts payable within one year | 42/48 | €131,336 | €523,816 | +€392,480 | +298.8% |
| Trade debts | 44 | €3,407 | €8,722 | +€5,315 | +156.0% |
| Suppliers | 440/4 | €3,407 | €8,722 | +€5,315 | +156.0% |
| Taxes, remuneration and social security | 45 | €122,469 | €88,025 | -€34,444 | -28.1% |
| Taxes | 450/3 | €122,469 | €88,025 | -€34,444 | -28.1% |
| Other amounts payable | 47/48 | €5,460 | €427,069 | +€421,609 | +7722.1% |
| Accrued charges and deferred income | 492/3 | €11,640 | €9,439 | -€2,200 | -18.9% |
| Turnover | 70 | €941,933 | €766,462 | -€175,471 | -18.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €79,561 | €78,542 | -€1,019 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,125 | €25,640 | +€514 | +2.0% |
| Other operating charges | 640/8 | €5,552 | €6,005 | +€453 | +8.2% |
| Gross operating margin | 9900 | €862,371 | €687,920 | -€174,451 | -20.2% |
| Operating profit (loss) | 9901 | €831,694 | €656,276 | -€175,418 | -21.1% |
| Financial income | 75/76B | €40,686 | €45,650 | +€4,965 | +12.2% |
| Recurring financial income | 75 | €40,686 | €45,650 | +€4,965 | +12.2% |
| Financial charges | 65/66B | €70,150 | €108,120 | +€37,970 | +54.1% |
| Recurring financial charges | 65 | €70,150 | €108,120 | +€37,970 | +54.1% |
| Profit (loss) for the period before taxes | 9903 | €802,230 | €593,807 | -€208,424 | -26.0% |
| Income taxes | 67/77 | €270,279 | €213,189 | -€57,090 | -21.1% |
| Profit (loss) for the period | 9904 | €531,951 | €380,617 | -€151,334 | -28.4% |
| Transfer from tax-exempt reserves | 789 | €142,400 | - | -€142,400 | |
| Transfer to tax-exempt reserves | 689 | €336,800 | - | -€336,800 | |
| Profit (loss) for the period to be appropriated | 9905 | €337,551 | €380,617 | +€43,066 | +12.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.