MV PROJECT: 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 PROJECT
Largest movements
- Cash +€20,972
up €20,972 (+26.2%), from €80,047 to €101,019
mainly Net result for the year (+€40,619) and Depreciation (+€20,001)
- Intangible fixed assets -€15,000
down €15,000 (-13.3%), from €112,397 to €97,397
- Receivables within one year +€11,670
up €11,670 (+49.0%), from €23,841 to €35,512
of which Trade receivables: +€11,971
- Tangible fixed assets +€6,920
up €6,920 (+40.9%), from €16,936 to €23,856
of which Furniture and vehicles: +€7,706
- Stocks and contracts +€3,017
new in 2025: €3,017
- Reserves +€30,343
up €30,343 (+22.2%), from €136,598 to €166,941
- Debts after one year -€18,647
down €18,647 (-62.7%), from €29,745 to €11,098
- Tax, wage and social debts +€7,969
up €7,969 (+44.5%), from €17,917 to €25,887
of which Taxes: +€7,948
- Trade debts +€6,095
up €6,095 (+106.6%), from €5,720 to €11,816
- Gross operating margin +€9,641
up €9,641 (+13.4%), from €71,993 to €81,633
- Taxes +€2,823
up €2,823 (+20.4%), from €13,829 to €16,652
- Depreciation +€1,041
up €1,041 (+5.5%), from €18,960 to €20,001
- Financial charges -€916
down €916 (-35.0%), from €2,615 to €1,699
- Other operating charges -€846
down €846 (-20.1%), from €4,217 to €3,371
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 | €234,427 | €262,079 | +€27,651 | +11.8% |
| Fixed assets | 21/28 | €129,334 | €121,253 | -€8,081 | -6.2% |
| Intangible fixed assets | 21 | €112,397 | €97,397 | -€15,000 | -13.3% |
| Tangible fixed assets | 22/27 | €16,936 | €23,856 | +€6,920 | +40.9% |
| Plant, machinery and equipment | 23 | €2,417 | €2,113 | -€304 | -12.6% |
| Furniture and vehicles | 24 | €10,017 | €17,723 | +€7,706 | +76.9% |
| Other tangible fixed assets | 26 | €4,503 | €4,020 | -€483 | -10.7% |
| Current assets | 29/58 | €105,094 | €140,825 | +€35,732 | +34.0% |
| Stocks and contracts in progress | 3 | - | €3,017 | +€3,017 | |
| Stocks | 30/36 | - | €3,017 | +€3,017 | |
| Amounts receivable within one year | 40/41 | €23,841 | €35,512 | +€11,670 | +49.0% |
| Trade receivables | 40 | €23,315 | €35,286 | +€11,971 | +51.3% |
| Other amounts receivable | 41 | €526 | €226 | -€300 | -57.1% |
| Cash at bank and in hand | 54/58 | €80,047 | €101,019 | +€20,972 | +26.2% |
| Deferred charges and accrued income | 490/1 | €1,206 | €1,278 | +€72 | +6.0% |
| Total equity and liabilities | 10/49 | €234,427 | €262,079 | +€27,651 | +11.8% |
| Equity | 10/15 | €148,998 | €179,341 | +€30,343 | +20.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €136,598 | €166,941 | +€30,343 | +22.2% |
| Distributable reserves | 133 | €136,598 | €166,941 | +€30,343 | +22.2% |
| Amounts payable | 17/49 | €85,429 | €82,738 | -€2,691 | -3.2% |
| Amounts payable after more than one year | 17 | €29,745 | €11,098 | -€18,647 | -62.7% |
| Financial debts | 170/4 | €29,745 | €11,098 | -€18,647 | -62.7% |
| Amounts payable within one year | 42/48 | €55,684 | €71,640 | +€15,956 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €18,181 | €18,647 | +€466 | +2.6% |
| Financial debts | 43 | €2,535 | €3,702 | +€1,166 | +46.0% |
| Credit institutions | 430/8 | €2,535 | €3,702 | +€1,166 | +46.0% |
| Trade debts | 44 | €5,720 | €11,816 | +€6,095 | +106.6% |
| Suppliers | 440/4 | €5,720 | €11,816 | +€6,095 | +106.6% |
| Taxes, remuneration and social security | 45 | €17,917 | €25,887 | +€7,969 | +44.5% |
| Taxes | 450/3 | €12,692 | €20,640 | +€7,948 | +62.6% |
| Remuneration and social security | 454/9 | €5,225 | €5,246 | +€21 | +0.4% |
| Other amounts payable | 47/48 | €11,330 | €11,588 | +€259 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,960 | €20,001 | +€1,041 | +5.5% |
| Other operating charges | 640/8 | €4,217 | €3,371 | -€846 | -20.1% |
| Gross operating margin | 9900 | €71,993 | €81,633 | +€9,641 | +13.4% |
| Operating profit (loss) | 9901 | €48,816 | €58,262 | +€9,446 | +19.4% |
| Financial income | 75/76B | €477 | €709 | +€232 | +48.5% |
| Recurring financial income | 75 | €477 | €709 | +€232 | +48.5% |
| Financial charges | 65/66B | €2,615 | €1,699 | -€916 | -35.0% |
| Recurring financial charges | 65 | €2,615 | €1,699 | -€916 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | €46,678 | €57,271 | +€10,594 | +22.7% |
| Income taxes | 67/77 | €13,829 | €16,652 | +€2,823 | +20.4% |
| Profit (loss) for the period | 9904 | €32,848 | €40,619 | +€7,771 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €32,848 | €40,619 | +€7,771 | +23.7% |
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.