MV-AIR: 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.
MV-AIR
Largest movements
- Current investments +€1.3m
up €1.3m (+36.7%), from €3.5m to €4.8m
- Financial fixed assets -€1.1m
down €1.1m (-68.7%), from €1.7m to €520,015
- Receivables within one year -€823,496
down €823,496 (-70.5%), from €1.2m to €344,653
of which Other amounts receivable: -€832,230
- Cash +€141,133
up €141,133 (+57.2%), from €246,737 to €387,870
mainly Net result for the year (+€1.7m) and Investment in fixed assets (net) (+€1.1m)
- Other debts -€1.2m
down €1.2m (-68.2%), from €1.8m to €583,062
- Reserves +€500,100
up €500,100 (+12.1%), from €4.1m to €4.6m
of which Distributable reserves: +€500,100
- Tax, wage and social debts +€164,090
up €164,090 (+1,587%), from €10,338 to €174,428
- Financial income +€2.7m
up €2.7m (+6,711%), from €40,849 to €2.8m
- Financial charges +€983,175
up €983,175 (+54,084%), from €1,818 to €984,993
of which Non-recurring financial charges: +€976,238
- Taxes +€160,575
up €160,575 (+354%), from €45,308 to €205,883
- Gross operating margin +€29,388
up €29,388 (+23.2%), from €126,598 to €155,986
- Depreciation +€6,663
up €6,663 (+50.9%), from €13,102 to €19,765
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 | €7,076,461 | €6,499,986 | -€576,475 | -8.1% |
| Fixed assets | 21/28 | €1,961,618 | €818,889 | -€1.1m | -58.3% |
| Tangible fixed assets | 22/27 | €299,603 | €298,873 | -€730 | -0.2% |
| Land and buildings | 22 | €292,431 | €276,624 | -€15,806 | -5.4% |
| Plant, machinery and equipment | 23 | €7,172 | €22,249 | +€15,076 | +210% |
| Financial fixed assets | 28 | €1,662,015 | €520,015 | -€1.1m | -68.7% |
| Current assets | 29/58 | €5,114,843 | €5,681,098 | +€566,255 | +11.1% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,168,149 | €344,653 | -€823,496 | -70.5% |
| Trade receivables | 40 | €464 | €9,197 | +€8,733 | +1,882% |
| Other amounts receivable | 41 | €1,167,685 | €335,455 | -€832,230 | -71.3% |
| Current investments | 50/53 | €3,547,534 | €4,848,545 | +€1.3m | +36.7% |
| Cash at bank and in hand | 54/58 | €246,737 | €387,870 | +€141,133 | +57.2% |
| Deferred charges and accrued income | 490/1 | €52,423 | €30 | -€52,393 | -99.9% |
| Total equity and liabilities | 10/49 | €7,076,461 | €6,499,986 | -€576,475 | -8.1% |
| Equity | 10/15 | €4,230,926 | €4,731,073 | +€500,147 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,123,760 | €4,623,860 | +€500,100 | +12.1% |
| Tax-exempt reserves | 132 | €168,400 | €168,400 | = | 0.0% |
| Distributable reserves | 133 | €3,955,360 | €4,455,460 | +€500,100 | +12.6% |
| Profit (loss) carried forward | 14 | €88,566 | €88,613 | +€47 | +0.1% |
| Amounts payable | 17/49 | €2,845,536 | €1,768,913 | -€1.1m | -37.8% |
| Amounts payable after more than one year | 17 | €1,000,000 | €1,000,000 | = | 0.0% |
| Financial debts | 170/4 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,844,568 | €759,030 | -€1.1m | -58.9% |
| Trade debts | 44 | €1,436 | €1,540 | +€104 | +7.3% |
| Suppliers | 440/4 | €1,436 | €1,540 | +€104 | +7.3% |
| Taxes, remuneration and social security | 45 | €10,338 | €174,428 | +€164,090 | +1,587% |
| Taxes | 450/3 | €10,338 | €174,428 | +€164,090 | +1,587% |
| Other amounts payable | 47/48 | €1,832,794 | €583,062 | -€1.2m | -68.2% |
| Accrued charges and deferred income | 492/3 | €968 | €9,884 | +€8,916 | +922% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,102 | €19,765 | +€6,663 | +50.9% |
| Other operating charges | 640/8 | €10,107 | €10,060 | -€47 | -0.5% |
| Gross operating margin | 9900 | €126,598 | €155,986 | +€29,388 | +23.2% |
| Operating profit (loss) | 9901 | €103,389 | €126,161 | +€22,772 | +22.0% |
| Financial income | 75/76B | €40,849 | €2,782,363 | +€2.7m | +6,711% |
| Recurring financial income | 75 | €40,849 | €2,782,363 | +€2.7m | +6,711% |
| Financial charges | 65/66B | €1,818 | €984,993 | +€983,175 | +54,084% |
| Recurring financial charges | 65 | €1,818 | €8,755 | +€6,937 | +382% |
| Non-recurring financial charges | 66B | - | €976,238 | +€976,238 | |
| Profit (loss) for the period before taxes | 9903 | €142,420 | €1,923,530 | +€1.8m | +1,251% |
| Income taxes | 67/77 | €45,308 | €205,883 | +€160,575 | +354% |
| Profit (loss) for the period | 9904 | €97,112 | €1,717,647 | +€1.6m | +1,669% |
| Profit (loss) for the period to be appropriated | 9905 | €97,112 | €1,717,647 | +€1.6m | +1,669% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.