MV MAT: 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 MAT
Largest movements
- Tangible fixed assets +€37,248
up €37,248 (+20.9%), from €177,975 to €215,223
of which Leasing and similar rights: +€44,088
- Receivables within one year +€11,955
up €11,955 (+20.5%), from €58,414 to €70,369
of which Trade receivables: +€12,398
- Current portion of long-term debt +€22,420
up €22,420 (+70.7%), from €31,713 to €54,133
- Debts after one year +€19,916
up €19,916 (+22.0%), from €90,365 to €110,280
- Other debts +€7,130
up €7,130 (+6.2%), from €114,986 to €122,116
- Trade debts +€5,630
up €5,630 (+312.3%), from €1,803 to €7,433
- Depreciation +€7,449
up €7,449 (+10.7%), from €69,419 to €76,868
- Gross operating margin -€3,174
down €3,174 (-6.3%), from €50,469 to €47,295
- Financial charges +€2,453
up €2,453 (+34.7%), from €7,078 to €9,531
- Write-downs +€700
new in 2025: €700
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 | €242,926 | €295,981 | +€53,056 | +21.8% |
| Fixed assets | 21/28 | €177,975 | €215,223 | +€37,248 | +20.9% |
| Tangible fixed assets | 22/27 | €177,975 | €215,223 | +€37,248 | +20.9% |
| Furniture and vehicles | 24 | €26,635 | €19,795 | -€6,840 | -25.7% |
| Leasing and similar rights | 25 | €151,340 | €195,428 | +€44,088 | +29.1% |
| Current assets | 29/58 | €64,950 | €80,758 | +€15,808 | +24.3% |
| Amounts receivable within one year | 40/41 | €58,414 | €70,369 | +€11,955 | +20.5% |
| Trade receivables | 40 | €51,344 | €63,742 | +€12,398 | +24.1% |
| Other amounts receivable | 41 | €7,070 | €6,628 | -€443 | -6.3% |
| Cash at bank and in hand | 54/58 | €4,789 | €6,605 | +€1,816 | +37.9% |
| Deferred charges and accrued income | 490/1 | €1,747 | €3,784 | +€2,037 | +116.5% |
| Total equity and liabilities | 10/49 | €242,926 | €295,981 | +€53,056 | +21.8% |
| Equity | 10/15 | €1,454 | €920 | -€534 | -36.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,146 | -€17,680 | -€534 | -3.1% |
| Amounts payable | 17/49 | €241,472 | €295,062 | +€53,590 | +22.2% |
| Amounts payable after more than one year | 17 | €90,365 | €110,280 | +€19,916 | +22.0% |
| Financial debts | 170/4 | €90,365 | €110,280 | +€19,916 | +22.0% |
| Amounts payable within one year | 42/48 | €148,502 | €183,682 | +€35,180 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €31,713 | €54,133 | +€22,420 | +70.7% |
| Trade debts | 44 | €1,803 | €7,433 | +€5,630 | +312.3% |
| Suppliers | 440/4 | €1,803 | €7,433 | +€5,630 | +312.3% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €114,986 | €122,116 | +€7,130 | +6.2% |
| Accrued charges and deferred income | 492/3 | €2,606 | €1,100 | -€1,506 | -57.8% |
| Non-recurring operating income | 76A | €13,000 | €18,000 | +€5,000 | +38.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,419 | €76,868 | +€7,449 | +10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €700 | +€700 | |
| Other operating charges | 640/8 | €275 | €190 | -€85 | -30.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €50,469 | €47,295 | -€3,174 | -6.3% |
| Operating profit (loss) | 9901 | -€19,224 | -€30,463 | -€11,239 | -58.5% |
| Financial income | 75/76B | €1 | €60 | +€59 | +9727.9% |
| Recurring financial income | 75 | €1 | €60 | +€59 | +9727.9% |
| Financial charges | 65/66B | €7,078 | €9,531 | +€2,453 | +34.7% |
| Recurring financial charges | 65 | €7,078 | €9,531 | +€2,453 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | -€26,301 | -€39,934 | -€13,633 | -51.8% |
| Profit (loss) for the period | 9904 | -€26,301 | -€39,934 | -€13,633 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,301 | -€39,934 | -€13,633 | -51.8% |
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 7 October 2026 via checked.be.