MVC: 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.
MVC
Largest movements
- Tangible fixed assets -€36,058
down €36,058 (-6.7%), from €542,158 to €506,100
of which Land and buildings: -€22,546
- Receivables within one year -€24,711
down €24,711 (-100.0%), from €24,711 to €0
of which Other amounts receivable: -€24,711
- Profit (loss) carried forward -€73,233
down €73,233 (-20.8%), from €352,891 to €279,658
- Trade debts +€8,224
up €8,224 (+7600.4%), from €108 to €8,333
- Other debts +€6,209
up €6,209 (+32.8%), from €18,923 to €25,132
- Gross operating margin +€34,106
up €34,106 (+55.6%), from -€61,380 to -€27,274
- Depreciation +€6,829
up €6,829 (+23.7%), from €28,847 to €35,677
- Other operating charges +€4,082
up €4,082 (+69.2%), from €5,896 to €9,978
- Financial charges -€728
down €728 (-84.6%), from €860 to €133
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 | €569,046 | €510,220 | -€58,826 | -10.3% |
| Fixed assets | 21/28 | €542,158 | €506,100 | -€36,058 | -6.7% |
| Tangible fixed assets | 22/27 | €542,158 | €506,100 | -€36,058 | -6.7% |
| Land and buildings | 22 | €501,194 | €478,648 | -€22,546 | -4.5% |
| Furniture and vehicles | 24 | €29,918 | €18,056 | -€11,862 | -39.6% |
| Other tangible fixed assets | 26 | €11,046 | €9,396 | -€1,650 | -14.9% |
| Current assets | 29/58 | €26,889 | €4,120 | -€22,768 | -84.7% |
| Amounts receivable within one year | 40/41 | €24,711 | €0 | -€24,711 | -100.0% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €24,711 | €0 | -€24,711 | -100.0% |
| Cash at bank and in hand | 54/58 | €2,178 | €3,214 | +€1,036 | +47.6% |
| Deferred charges and accrued income | 490/1 | €0 | €907 | +€907 | |
| Total equity and liabilities | 10/49 | €569,046 | €510,220 | -€58,826 | -10.3% |
| Equity | 10/15 | €549,721 | €476,489 | -€73,233 | -13.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €178,239 | €178,239 | = | 0.0% |
| Distributable reserves | 133 | €178,239 | €178,239 | = | 0.0% |
| Profit (loss) carried forward | 14 | €352,891 | €279,658 | -€73,233 | -20.8% |
| Amounts payable | 17/49 | €19,325 | €33,732 | +€14,407 | +74.5% |
| Amounts payable within one year | 42/48 | €19,325 | €33,732 | +€14,407 | +74.5% |
| Trade debts | 44 | €108 | €8,333 | +€8,224 | +7600.4% |
| Suppliers | 440/4 | €108 | €8,333 | +€8,224 | +7600.4% |
| Taxes, remuneration and social security | 45 | €294 | €267 | -€27 | -9.2% |
| Taxes | 450/3 | €294 | €267 | -€27 | -9.2% |
| Other amounts payable | 47/48 | €18,923 | €25,132 | +€6,209 | +32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,847 | €35,677 | +€6,829 | +23.7% |
| Other operating charges | 640/8 | €5,896 | €9,978 | +€4,082 | +69.2% |
| Gross operating margin | 9900 | -€61,380 | -€27,274 | +€34,106 | +55.6% |
| Operating profit (loss) | 9901 | -€96,123 | -€72,929 | +€23,194 | +24.1% |
| Financial income | 75/76B | €41 | €95 | +€54 | +131.5% |
| Recurring financial income | 75 | €41 | €95 | +€54 | +131.5% |
| Financial charges | 65/66B | €860 | €133 | -€728 | -84.6% |
| Recurring financial charges | 65 | €860 | €133 | -€728 | -84.6% |
| Profit (loss) for the period before taxes | 9903 | -€96,942 | -€72,966 | +€23,976 | +24.7% |
| Income taxes | 67/77 | €294 | €267 | -€27 | -9.2% |
| Profit (loss) for the period | 9904 | -€97,236 | -€73,233 | +€24,003 | +24.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€97,236 | -€73,233 | +€24,003 | +24.7% |
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 1 October 2026 via checked.be.