MVB PROJECT: 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.
MVB PROJECT
Largest movements
- Cash +€69,738
up €69,738 (+60.3%), from €115,578 to €185,316
mainly Net result for the year (+€88,263) and Tax, wage and social debts (+€10,960)
- Receivables within one year +€31,547
up €31,547 (+50.5%), from €62,477 to €94,024
of which Trade receivables: +€24,268
- Tangible fixed assets +€4,537
up €4,537 (+15.6%), from €29,118 to €33,655
of which Furniture and vehicles: +€9,082
- Reserves +€88,263
up €88,263 (+90.5%), from €97,483 to €185,746
- Tax, wage and social debts +€10,960
up €10,960 (+26.7%), from €41,107 to €52,066
of which Taxes: +€10,960
- Trade debts +€9,646
up €9,646 (+25.4%), from €38,039 to €47,685
- Debts after one year -€6,113
down €6,113 (-79.8%), from €7,665 to €1,552
- Advances received +€4,661
up €4,661, from €0 to €4,661
- Gross operating margin -€19,159
down €19,159 (-9.8%), from €194,516 to €175,357
- Other operating charges -€18,884
down €18,884 (-64.4%), from €29,331 to €10,446
- Staff costs -€2,989
down €2,989 (-10.0%), from €29,761 to €26,772
- Depreciation +€1,971
up €1,971 (+43.1%), from €4,577 to €6,547
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 | €210,766 | €316,248 | +€105,483 | +50.0% |
| Fixed assets | 21/28 | €32,257 | €36,194 | +€3,937 | +12.2% |
| Intangible fixed assets | 21 | €3,139 | €2,539 | -€600 | -19.1% |
| Tangible fixed assets | 22/27 | €29,118 | €33,655 | +€4,537 | +15.6% |
| Plant, machinery and equipment | 23 | €17,787 | €14,387 | -€3,400 | -19.1% |
| Furniture and vehicles | 24 | €273 | €9,355 | +€9,082 | +3324.5% |
| Other tangible fixed assets | 26 | €11,059 | €9,913 | -€1,145 | -10.4% |
| Current assets | 29/58 | €178,509 | €280,054 | +€101,546 | +56.9% |
| Amounts receivable within one year | 40/41 | €62,477 | €94,024 | +€31,547 | +50.5% |
| Trade receivables | 40 | €52,690 | €76,958 | +€24,268 | +46.1% |
| Other amounts receivable | 41 | €9,787 | €17,066 | +€7,279 | +74.4% |
| Cash at bank and in hand | 54/58 | €115,578 | €185,316 | +€69,738 | +60.3% |
| Deferred charges and accrued income | 490/1 | €454 | €714 | +€260 | +57.3% |
| Total equity and liabilities | 10/49 | €210,766 | €316,248 | +€105,483 | +50.0% |
| Equity | 10/15 | €107,483 | €195,746 | +€88,263 | +82.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €97,483 | €185,746 | +€88,263 | +90.5% |
| Distributable reserves | 133 | €97,483 | €185,746 | +€88,263 | +90.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €103,283 | €120,503 | +€17,220 | +16.7% |
| Amounts payable after more than one year | 17 | €7,665 | €1,552 | -€6,113 | -79.8% |
| Financial debts | 170/4 | €7,665 | €1,552 | -€6,113 | -79.8% |
| Amounts payable within one year | 42/48 | €91,880 | €118,951 | +€27,071 | +29.5% |
| Current portion of amounts payable after more than one year | 42 | €5,962 | €6,113 | +€151 | +2.5% |
| Financial debts | 43 | €6,772 | €8,426 | +€1,654 | +24.4% |
| Credit institutions | 430/8 | €6,772 | €8,426 | +€1,654 | +24.4% |
| Trade debts | 44 | €38,039 | €47,685 | +€9,646 | +25.4% |
| Suppliers | 440/4 | €38,039 | €47,685 | +€9,646 | +25.4% |
| Advances received on contracts in progress | 46 | €0 | €4,661 | +€4,661 | |
| Taxes, remuneration and social security | 45 | €41,107 | €52,066 | +€10,960 | +26.7% |
| Taxes | 450/3 | €41,107 | €52,066 | +€10,960 | +26.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,738 | €0 | -€3,738 | -100.0% |
| Remuneration, social security and pensions | 62 | €29,761 | €26,772 | -€2,989 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,577 | €6,547 | +€1,971 | +43.1% |
| Other operating charges | 640/8 | €29,331 | €10,446 | -€18,884 | -64.4% |
| Gross operating margin | 9900 | €194,516 | €175,357 | -€19,159 | -9.8% |
| Operating profit (loss) | 9901 | €130,847 | €131,591 | +€744 | +0.6% |
| Financial income | 75/76B | €496 | €732 | +€236 | +47.6% |
| Recurring financial income | 75 | €496 | €732 | +€236 | +47.6% |
| Financial charges | 65/66B | €2,155 | €2,277 | +€122 | +5.7% |
| Recurring financial charges | 65 | €2,155 | €2,277 | +€122 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €129,188 | €130,045 | +€857 | +0.7% |
| Income taxes | 67/77 | €42,019 | €41,783 | -€236 | -0.6% |
| Profit (loss) for the period | 9904 | €87,169 | €88,263 | +€1,093 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €87,169 | €88,263 | +€1,093 | +1.3% |
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 9 October 2026 via checked.be.