MV: 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.
MV
Largest movements
- Tangible fixed assets -€35,263
down €35,263 (-99.4%), from €35,474 to €211
of which Land and buildings: -€34,986
- Receivables within one year +€9,945
up €9,945 (+229.7%), from €4,329 to €14,273
of which Other amounts receivable: +€12,302
- Cash +€4,345
up €4,345 (+325.9%), from €1,333 to €5,678
mainly Depreciation (+€35,263) and Deferred charges and accrued income (+€2,723)
- Deferred charges and accrued income -€2,723
down €2,723 (-54.4%), from €5,006 to €2,283
- Profit (loss) carried forward -€8,027
down €8,027 (-10.0%), from -€80,464 to -€88,491
- Short-term financial debts -€4,929
no longer reported in 2025 (was €4,929)
- Trade debts -€4,849
down €4,849 (-79.4%), from €6,105 to €1,257
- Current portion of long-term debt -€4,238
down €4,238 (-8.1%), from €52,255 to €48,017
- Tax, wage and social debts -€955
no longer reported in 2025 (was €955)
- Other operating charges +€2,669
up €2,669 (+65.0%), from €4,103 to €6,772
- Financial charges -€1,712
down €1,712 (-22.7%), from €7,541 to €5,829
- Gross operating margin -€1,576
down €1,576 (-3.8%), from €41,411 to €39,836
- Depreciation -€458
down €458 (-1.3%), from €35,721 to €35,263
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 | €50,738 | €27,015 | -€23,723 | -46.8% |
| Fixed assets | 21/28 | €35,474 | €211 | -€35,263 | -99.4% |
| Tangible fixed assets | 22/27 | €35,474 | €211 | -€35,263 | -99.4% |
| Land and buildings | 22 | €34,986 | - | -€34,986 | |
| Plant, machinery and equipment | 23 | €101 | - | -€101 | |
| Furniture and vehicles | 24 | €387 | €211 | -€176 | -45.5% |
| Current assets | 29/58 | €15,264 | €26,804 | +€11,540 | +75.6% |
| Stocks and contracts in progress | 3 | €4,597 | €4,570 | -€27 | -0.6% |
| Stocks | 30/36 | €4,597 | €4,570 | -€27 | -0.6% |
| Amounts receivable within one year | 40/41 | €4,329 | €14,273 | +€9,945 | +229.7% |
| Trade receivables | 40 | €2,357 | - | -€2,357 | |
| Other amounts receivable | 41 | €1,972 | €14,273 | +€12,302 | +623.9% |
| Cash at bank and in hand | 54/58 | €1,333 | €5,678 | +€4,345 | +325.9% |
| Deferred charges and accrued income | 490/1 | €5,006 | €2,283 | -€2,723 | -54.4% |
| Total equity and liabilities | 10/49 | €50,738 | €27,015 | -€23,723 | -46.8% |
| Equity | 10/15 | -€60,004 | -€68,031 | -€8,027 | -13.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,464 | -€88,491 | -€8,027 | -10.0% |
| Amounts payable | 17/49 | €110,742 | €95,046 | -€15,696 | -14.2% |
| Amounts payable after more than one year | 17 | €45,772 | €45,772 | = | 0.0% |
| Financial debts | 170/4 | €45,772 | €45,772 | = | 0.0% |
| Amounts payable within one year | 42/48 | €64,244 | €49,274 | -€14,971 | -23.3% |
| Current portion of amounts payable after more than one year | 42 | €52,255 | €48,017 | -€4,238 | -8.1% |
| Financial debts | 43 | €4,929 | - | -€4,929 | |
| Credit institutions | 430/8 | €4,929 | - | -€4,929 | |
| Trade debts | 44 | €6,105 | €1,257 | -€4,849 | -79.4% |
| Suppliers | 440/4 | €6,105 | €1,257 | -€4,849 | -79.4% |
| Taxes, remuneration and social security | 45 | €955 | - | -€955 | |
| Taxes | 450/3 | €955 | - | -€955 | |
| Accrued charges and deferred income | 492/3 | €725 | - | -€725 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,721 | €35,263 | -€458 | -1.3% |
| Other operating charges | 640/8 | €4,103 | €6,772 | +€2,669 | +65.0% |
| Gross operating margin | 9900 | €41,411 | €39,836 | -€1,576 | -3.8% |
| Operating profit (loss) | 9901 | €1,587 | -€2,199 | -€3,786 | |
| Financial income | 75/76B | €9 | €1 | -€8 | -88.8% |
| Recurring financial income | 75 | €9 | €1 | -€8 | -88.8% |
| Financial charges | 65/66B | €7,541 | €5,829 | -€1,712 | -22.7% |
| Recurring financial charges | 65 | €7,541 | €5,829 | -€1,712 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,945 | -€8,027 | -€2,082 | -35.0% |
| Profit (loss) for the period | 9904 | -€5,945 | -€8,027 | -€2,082 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,945 | -€8,027 | -€2,082 | -35.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.