MNVL: 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.
MNVL
Largest movements
- Receivables within one year +€69,740
up €69,740 (+324%), from €21,513 to €91,253
of which Other amounts receivable: +€53,170
- Cash -€10,889
down €10,889 (-15.0%), from €72,468 to €61,579
mainly Receivables within one year (-€69,740) and Tax, wage and social debts (-€1,310)
- Reserves +€54,000
up €54,000 (+52.2%), from €103,500 to €157,500
- Advances received +€3,946
new in 2025: €3,946
- Trade debts +€3,780
new in 2025: €3,780
- Taxes +€6,041
up €6,041 (+42.2%), from €14,323 to €20,364
- Gross operating margin +€4,585
up €4,585 (+6.6%), from €69,325 to €73,910
- Financial income +€1,594
new in 2025: €1,594
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 | €194,210 | €253,556 | +€59,346 | +30.6% |
| Fixed assets | 21/28 | €84,229 | €84,064 | -€166 | -0.2% |
| Tangible fixed assets | 22/27 | €229 | €64 | -€166 | -72.3% |
| Furniture and vehicles | 24 | €229 | €64 | -€166 | -72.3% |
| Financial fixed assets | 28 | €84,000 | €84,000 | = | 0.0% |
| Current assets | 29/58 | €109,981 | €169,493 | +€59,512 | +54.1% |
| Amounts receivable within one year | 40/41 | €21,513 | €91,253 | +€69,740 | +324% |
| Trade receivables | 40 | €13,613 | €30,183 | +€16,571 | +122% |
| Other amounts receivable | 41 | €7,900 | €61,070 | +€53,170 | +673% |
| Current investments | 50/53 | €16,000 | €16,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €72,468 | €61,579 | -€10,889 | -15.0% |
| Deferred charges and accrued income | 490/1 | - | €660 | +€660 | |
| Total equity and liabilities | 10/49 | €194,210 | €253,556 | +€59,346 | +30.6% |
| Equity | 10/15 | €161,665 | €215,673 | +€54,008 | +33.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €103,500 | €157,500 | +€54,000 | +52.2% |
| Distributable reserves | 133 | €103,500 | €157,500 | +€54,000 | +52.2% |
| Profit (loss) carried forward | 14 | €55,165 | €55,173 | +€8 | 0.0% |
| Amounts payable | 17/49 | €32,545 | €37,883 | +€5,338 | +16.4% |
| Amounts payable within one year | 42/48 | €32,545 | €37,883 | +€5,338 | +16.4% |
| Trade debts | 44 | - | €3,780 | +€3,780 | |
| Suppliers | 440/4 | - | €3,780 | +€3,780 | |
| Advances received on contracts in progress | 46 | - | €3,946 | +€3,946 | |
| Taxes, remuneration and social security | 45 | €31,467 | €30,157 | -€1,310 | -4.2% |
| Taxes | 450/3 | €31,467 | €30,157 | -€1,310 | -4.2% |
| Other amounts payable | 47/48 | €1,078 | - | -€1,078 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €248 | €166 | -€82 | -33.1% |
| Other operating charges | 640/8 | - | €179 | +€179 | |
| Gross operating margin | 9900 | €69,325 | €73,910 | +€4,585 | +6.6% |
| Operating profit (loss) | 9901 | €69,078 | €73,565 | +€4,488 | +6.5% |
| Financial income | 75/76B | - | €1,594 | +€1,594 | |
| Recurring financial income | 75 | - | €1,594 | +€1,594 | |
| Financial charges | 65/66B | €219 | €787 | +€569 | +260% |
| Recurring financial charges | 65 | €219 | €787 | +€569 | +260% |
| Profit (loss) for the period before taxes | 9903 | €68,859 | €74,372 | +€5,513 | +8.0% |
| Income taxes | 67/77 | €14,323 | €20,364 | +€6,041 | +42.2% |
| Profit (loss) for the period | 9904 | €54,536 | €54,008 | -€527 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,536 | €54,008 | -€527 | -1.0% |
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 24 October 2026 via checked.be.