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
- Cash +€45,151
up €45,151 (+36.7%), from €122,942 to €168,093
mainly Net result for the year (+€120,155) and Other debts (+€78,730)
- Receivables within one year +€36,294
up €36,294 (+23.4%), from €155,380 to €191,674
of which Trade receivables: +€31,955
- Tangible fixed assets -€10,806
down €10,806 (-3.6%), from €296,433 to €285,627
of which Furniture and vehicles: -€5,418
- Other debts +€78,730
up €78,730 (+58.7%), from €134,056 to €212,786
- Trade debts -€9,699
down €9,699 (-14.4%), from €67,432 to €57,733
- Gross operating margin +€57,183
up €57,183 (+46.8%), from €122,274 to €179,457
- Taxes +€16,111
up €16,111 (+67.0%), from €24,028 to €40,139
- Depreciation -€2,875
down €2,875 (-14.0%), from €20,480 to €17,605
- Financial income +€1,995
new in 2025: €1,995
- Financial charges -€1,883
down €1,883 (-53.6%), from €3,514 to €1,632
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 | €578,652 | €646,197 | +€67,546 | +11.7% |
| Fixed assets | 21/28 | €296,730 | €285,923 | -€10,806 | -3.6% |
| Tangible fixed assets | 22/27 | €296,433 | €285,627 | -€10,806 | -3.6% |
| Land and buildings | 22 | €270,908 | €265,519 | -€5,388 | -2.0% |
| Furniture and vehicles | 24 | €25,526 | €20,108 | -€5,418 | -21.2% |
| Financial fixed assets | 28 | €296 | €296 | = | 0.0% |
| Current assets | 29/58 | €281,922 | €360,274 | +€78,352 | +27.8% |
| Stocks and contracts in progress | 3 | €3,600 | - | -€3,600 | |
| Stocks | 30/36 | €3,600 | - | -€3,600 | |
| Amounts receivable within one year | 40/41 | €155,380 | €191,674 | +€36,294 | +23.4% |
| Trade receivables | 40 | €148,854 | €180,809 | +€31,955 | +21.5% |
| Other amounts receivable | 41 | €6,526 | €10,865 | +€4,339 | +66.5% |
| Cash at bank and in hand | 54/58 | €122,942 | €168,093 | +€45,151 | +36.7% |
| Deferred charges and accrued income | 490/1 | - | €507 | +€507 | |
| Total equity and liabilities | 10/49 | €578,652 | €646,197 | +€67,546 | +11.7% |
| Equity | 10/15 | €298,573 | €298,573 | = | 0.0% |
| Contributions | 10/11 | €210,622 | €210,622 | = | 0.0% |
| Reserves | 13 | €87,951 | €87,951 | = | 0.0% |
| Distributable reserves | 133 | €87,951 | €87,951 | = | 0.0% |
| Amounts payable | 17/49 | €280,079 | €347,624 | +€67,546 | +24.1% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Financial debts | 170/4 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €201,488 | €270,519 | +€69,031 | +34.3% |
| Trade debts | 44 | €67,432 | €57,733 | -€9,699 | -14.4% |
| Suppliers | 440/4 | €67,432 | €57,733 | -€9,699 | -14.4% |
| Other amounts payable | 47/48 | €134,056 | €212,786 | +€78,730 | +58.7% |
| Accrued charges and deferred income | 492/3 | €3,591 | €2,106 | -€1,485 | -41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,480 | €17,605 | -€2,875 | -14.0% |
| Other operating charges | 640/8 | €1,049 | €1,922 | +€872 | +83.1% |
| Gross operating margin | 9900 | €122,274 | €179,457 | +€57,183 | +46.8% |
| Operating profit (loss) | 9901 | €100,745 | €159,930 | +€59,185 | +58.7% |
| Financial income | 75/76B | - | €1,995 | +€1,995 | |
| Recurring financial income | 75 | - | €1,995 | +€1,995 | |
| Financial charges | 65/66B | €3,514 | €1,632 | -€1,883 | -53.6% |
| Recurring financial charges | 65 | €3,514 | €1,632 | -€1,883 | -53.6% |
| Profit (loss) for the period before taxes | 9903 | €97,231 | €160,294 | +€63,063 | +64.9% |
| Income taxes | 67/77 | €24,028 | €40,139 | +€16,111 | +67.0% |
| Profit (loss) for the period | 9904 | €73,203 | €120,155 | +€46,952 | +64.1% |
| Profit (loss) for the period to be appropriated | 9905 | €73,203 | €120,155 | +€46,952 | +64.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.