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 +€39,654
up €39,654 (+142.5%), from €27,835 to €67,489
of which Leasing and similar rights: +€50,377
- Cash +€10,065
up €10,065 (+24.6%), from €40,984 to €51,049
mainly Trade debts (+€41,558) and Debts after one year (+€36,920)
- Receivables within one year +€6,467
up €6,467 (+15.6%), from €41,491 to €47,958
of which Trade receivables: +€22,451
- Stocks and contracts -€2,395
down €2,395 (-24.5%), from €9,775 to €7,380
- Trade debts +€41,558
up €41,558 (+381.0%), from €10,907 to €52,465
- Debts after one year +€36,920
new in 2025: €36,920
- Profit (loss) carried forward -€30,740
down €30,740 (-35.1%), from €87,555 to €56,815
- Current portion of long-term debt +€6,728
new in 2025: €6,728
- Tax, wage and social debts -€1,920
down €1,920 (-20.5%), from €9,363 to €7,442
of which Remuneration and social security: -€2,547
- Turnover -€242,143
down €242,143 (-100.0%), from €242,143 to €0
- Purchases and services -€183,877
down €183,877 (-100.0%), from €183,877 to €0
- Gross operating margin -€27,586
down €27,586 (-39.8%), from €69,317 to €41,731
- Staff costs +€5,159
up €5,159 (+9.8%), from €52,726 to €57,885
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 | €120,630 | €175,027 | +€54,398 | +45.1% |
| Fixed assets | 21/28 | €28,068 | €67,722 | +€39,654 | +141.3% |
| Tangible fixed assets | 22/27 | €27,835 | €67,489 | +€39,654 | +142.5% |
| Plant, machinery and equipment | 23 | €9,223 | €4,696 | -€4,527 | -49.1% |
| Furniture and vehicles | 24 | €18,612 | €12,415 | -€6,196 | -33.3% |
| Leasing and similar rights | 25 | - | €50,377 | +€50,377 | |
| Financial fixed assets | 28 | €233 | €233 | = | 0.0% |
| Current assets | 29/58 | €92,561 | €107,305 | +€14,744 | +15.9% |
| Stocks and contracts in progress | 3 | €9,775 | €7,380 | -€2,395 | -24.5% |
| Stocks | 30/36 | €9,775 | €7,380 | -€2,395 | -24.5% |
| Amounts receivable within one year | 40/41 | €41,491 | €47,958 | +€6,467 | +15.6% |
| Trade receivables | 40 | €25,507 | €47,958 | +€22,451 | +88.0% |
| Other amounts receivable | 41 | €15,983 | - | -€15,983 | |
| Cash at bank and in hand | 54/58 | €40,984 | €51,049 | +€10,065 | +24.6% |
| Deferred charges and accrued income | 490/1 | €311 | €918 | +€607 | +194.9% |
| Total equity and liabilities | 10/49 | €120,630 | €175,027 | +€54,398 | +45.1% |
| Equity | 10/15 | €95,615 | €64,875 | -€30,740 | -32.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €87,555 | €56,815 | -€30,740 | -35.1% |
| Amounts payable | 17/49 | €25,014 | €110,152 | +€85,138 | +340.4% |
| Amounts payable after more than one year | 17 | - | €36,920 | +€36,920 | |
| Financial debts | 170/4 | - | €36,920 | +€36,920 | |
| Amounts payable within one year | 42/48 | €24,242 | €71,384 | +€47,141 | +194.5% |
| Current portion of amounts payable after more than one year | 42 | - | €6,728 | +€6,728 | |
| Trade debts | 44 | €10,907 | €52,465 | +€41,558 | +381.0% |
| Suppliers | 440/4 | €10,907 | €52,465 | +€41,558 | +381.0% |
| Taxes, remuneration and social security | 45 | €9,363 | €7,442 | -€1,920 | -20.5% |
| Taxes | 450/3 | €1,200 | €1,827 | +€627 | +52.2% |
| Remuneration and social security | 454/9 | €8,163 | €5,616 | -€2,547 | -31.2% |
| Other amounts payable | 47/48 | €3,973 | €4,748 | +€775 | +19.5% |
| Accrued charges and deferred income | 492/3 | €772 | €1,848 | +€1,076 | +139.5% |
| Turnover | 70 | €242,143 | €0 | -€242,143 | -100.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €183,877 | €0 | -€183,877 | -100.0% |
| Remuneration, social security and pensions | 62 | €52,726 | €57,885 | +€5,159 | +9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,851 | €12,973 | +€1,121 | +9.5% |
| Other operating charges | 640/8 | €766 | €1,011 | +€245 | +31.9% |
| Gross operating margin | 9900 | €69,317 | €41,731 | -€27,586 | -39.8% |
| Operating profit (loss) | 9901 | €3,973 | -€30,137 | -€34,111 | |
| Financial income | 75/76B | €130 | €48 | -€82 | -62.9% |
| Recurring financial income | 75 | €130 | €48 | -€82 | -62.9% |
| Financial charges | 65/66B | €446 | €651 | +€205 | +45.9% |
| Recurring financial charges | 65 | €446 | €651 | +€205 | +45.9% |
| Profit (loss) for the period before taxes | 9903 | €3,657 | -€30,740 | -€34,397 | |
| Profit (loss) for the period | 9904 | €3,657 | -€30,740 | -€34,397 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,657 | -€30,740 | -€34,397 |
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 29 September 2026 via checked.be.