MVCS: 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.
MVCS
Largest movements
- Receivables within one year -€16,262
down €16,262 (-44.5%), from €36,514 to €20,252
of which Other amounts receivable: -€17,822
- Cash -€6,495
down €6,495 (-4.5%), from €143,421 to €136,926
mainly Contributions, distributions and other (-€228,576) and Investment in fixed assets (net) (-€15,563)
- Deferred charges and accrued income +€3,583
up €3,583 (+59.7%), from €6,001 to €9,584
- Tangible fixed assets -€2,913
down €2,913 (-3.8%), from €75,753 to €72,840
of which Furniture and vehicles: -€15,438
- Reserves -€171,269
down €171,269 (-100.0%), from €171,269 to €0
- Other debts +€167,791
new in 2025: €167,791
- Debts after one year -€14,602
down €14,602 (-33.9%), from €43,069 to €28,467
- Gross operating margin -€5,604
down €5,604 (-5.2%), from €108,720 to €103,116
- Depreciation +€5,267
up €5,267 (+39.9%), from €13,209 to €18,476
- Taxes +€3,403
up €3,403 (+16.0%), from €21,277 to €24,680
- Other operating charges -€2,216
down €2,216 (-66.8%), from €3,319 to €1,103
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 | €261,689 | €239,602 | -€22,086 | -8.4% |
| Fixed assets | 21/28 | €75,753 | €72,840 | -€2,913 | -3.8% |
| Tangible fixed assets | 22/27 | €75,753 | €72,840 | -€2,913 | -3.8% |
| Land and buildings | 22 | €8,836 | €0 | -€8,836 | -100.0% |
| Plant, machinery and equipment | 23 | €724 | €573 | -€151 | -20.9% |
| Furniture and vehicles | 24 | €66,193 | €50,755 | -€15,438 | -23.3% |
| Other tangible fixed assets | 26 | - | €21,512 | +€21,512 | |
| Current assets | 29/58 | €185,936 | €166,763 | -€19,173 | -10.3% |
| Amounts receivable within one year | 40/41 | €36,514 | €20,252 | -€16,262 | -44.5% |
| Trade receivables | 40 | €8,235 | €9,795 | +€1,560 | +18.9% |
| Other amounts receivable | 41 | €28,279 | €10,457 | -€17,822 | -63.0% |
| Cash at bank and in hand | 54/58 | €143,421 | €136,926 | -€6,495 | -4.5% |
| Deferred charges and accrued income | 490/1 | €6,001 | €9,584 | +€3,583 | +59.7% |
| Total equity and liabilities | 10/49 | €261,689 | €239,602 | -€22,086 | -8.4% |
| Equity | 10/15 | €172,769 | €1,500 | -€171,269 | -99.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €171,269 | €0 | -€171,269 | -100.0% |
| Distributable reserves | 133 | €171,269 | €0 | -€171,269 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €88,920 | €238,102 | +€149,183 | +167.8% |
| Amounts payable after more than one year | 17 | €43,069 | €28,467 | -€14,602 | -33.9% |
| Financial debts | 170/4 | €43,069 | €28,467 | -€14,602 | -33.9% |
| Amounts payable within one year | 42/48 | €45,851 | €209,635 | +€163,785 | +357.2% |
| Current portion of amounts payable after more than one year | 42 | €14,078 | €14,602 | +€525 | +3.7% |
| Trade debts | 44 | €6,624 | €4,540 | -€2,084 | -31.5% |
| Suppliers | 440/4 | €6,624 | €4,540 | -€2,084 | -31.5% |
| Taxes, remuneration and social security | 45 | €25,149 | €22,702 | -€2,448 | -9.7% |
| Taxes | 450/3 | €23,605 | €22,702 | -€903 | -3.8% |
| Remuneration and social security | 454/9 | €1,544 | €0 | -€1,544 | -100.0% |
| Other amounts payable | 47/48 | - | €167,791 | +€167,791 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,209 | €18,476 | +€5,267 | +39.9% |
| Other operating charges | 640/8 | €3,319 | €1,103 | -€2,216 | -66.8% |
| Gross operating margin | 9900 | €108,720 | €103,116 | -€5,604 | -5.2% |
| Operating profit (loss) | 9901 | €92,192 | €83,536 | -€8,655 | -9.4% |
| Financial income | 75/76B | €701 | €512 | -€188 | -26.9% |
| Recurring financial income | 75 | €701 | €512 | -€188 | -26.9% |
| Financial charges | 65/66B | €2,290 | €2,061 | -€229 | -10.0% |
| Recurring financial charges | 65 | €2,290 | €2,061 | -€229 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €90,602 | €81,988 | -€8,614 | -9.5% |
| Income taxes | 67/77 | €21,277 | €24,680 | +€3,403 | +16.0% |
| Profit (loss) for the period | 9904 | €69,325 | €57,307 | -€12,018 | -17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €69,325 | €57,307 | -€12,018 | -17.3% |
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 30 September 2026 via checked.be.