MVD: 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.
MVD
Largest movements
- Tangible fixed assets -€33,314
down €33,314 (-25.9%), from €128,429 to €95,114
- Receivables within one year +€6,820
up €6,820 (+16.8%), from €40,660 to €47,480
of which Trade receivables: +€6,646
- Cash -€4,732
down €4,732 (-47.5%), from €9,968 to €5,237
mainly Debts after one year (-€17,095) and Tax, wage and social debts (-€16,353)
- Deferred charges and accrued income +€3,750
new in 2025: €3,750
- Debts after one year -€17,095
down €17,095 (-14.5%), from €118,200 to €101,105
of which Other amounts payable: -€17,095
- Tax, wage and social debts -€16,353
down €16,353 (-60.9%), from €26,868 to €10,514
of which Taxes: -€16,897
- Accrued charges and deferred income +€12,333
up €12,333 (+246.7%), from €5,000 to €17,333
- Profit (loss) carried forward -€7,162
down €7,162 (-5.2%), from -€136,927 to -€144,089
- Gross operating margin +€52,726
up €52,726 (+47.2%), from €111,826 to €164,552
- Staff costs +€3,811
up €3,811 (+10.5%), from €36,180 to €39,990
- Other operating charges +€3,405
up €3,405 (+5.8%), from €58,283 to €61,689
- Financial income -€3,327
down €3,327 (-92.1%), from €3,611 to €284
- Financial charges -€3,002
down €3,002 (-7.5%), from €40,176 to €37,174
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 | €181,557 | €154,081 | -€27,476 | -15.1% |
| Fixed assets | 21/28 | €130,929 | €97,614 | -€33,314 | -25.4% |
| Tangible fixed assets | 22/27 | €128,429 | €95,114 | -€33,314 | -25.9% |
| Other tangible fixed assets | 26 | €128,429 | €95,114 | -€33,314 | -25.9% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €50,628 | €56,467 | +€5,839 | +11.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €40,660 | €47,480 | +€6,820 | +16.8% |
| Trade receivables | 40 | €40,644 | €47,289 | +€6,646 | +16.4% |
| Other amounts receivable | 41 | €16 | €191 | +€175 | +1073.6% |
| Cash at bank and in hand | 54/58 | €9,968 | €5,237 | -€4,732 | -47.5% |
| Deferred charges and accrued income | 490/1 | - | €3,750 | +€3,750 | |
| Total equity and liabilities | 10/49 | €181,557 | €154,081 | -€27,476 | -15.1% |
| Equity | 10/15 | -€26,027 | -€33,189 | -€7,162 | -27.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €49,400 | €49,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €43,250 | €43,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€136,927 | -€144,089 | -€7,162 | -5.2% |
| Amounts payable | 17/49 | €207,584 | €187,270 | -€20,314 | -9.8% |
| Amounts payable after more than one year | 17 | €118,200 | €101,105 | -€17,095 | -14.5% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €118,200 | €101,105 | -€17,095 | -14.5% |
| Amounts payable within one year | 42/48 | €84,384 | €68,833 | -€15,552 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €41,383 | €42,185 | +€801 | +1.9% |
| Suppliers | 440/4 | €41,383 | €42,185 | +€801 | +1.9% |
| Taxes, remuneration and social security | 45 | €26,868 | €10,514 | -€16,353 | -60.9% |
| Taxes | 450/3 | €19,050 | €2,153 | -€16,897 | -88.7% |
| Remuneration and social security | 454/9 | €7,817 | €8,361 | +€544 | +7.0% |
| Other amounts payable | 47/48 | €16,133 | €16,133 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,000 | €17,333 | +€12,333 | +246.7% |
| Remuneration, social security and pensions | 62 | €36,180 | €39,990 | +€3,811 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,941 | €33,145 | +€204 | +0.6% |
| Other operating charges | 640/8 | €58,283 | €61,689 | +€3,405 | +5.8% |
| Gross operating margin | 9900 | €111,826 | €164,552 | +€52,726 | +47.2% |
| Operating profit (loss) | 9901 | -€15,578 | €29,728 | +€45,306 | |
| Financial income | 75/76B | €3,611 | €284 | -€3,327 | -92.1% |
| Recurring financial income | 75 | €3,611 | €284 | -€3,327 | -92.1% |
| Financial charges | 65/66B | €40,176 | €37,174 | -€3,002 | -7.5% |
| Recurring financial charges | 65 | €40,176 | €37,174 | -€3,002 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | -€52,143 | -€7,162 | +€44,981 | +86.3% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100.0% |
| Profit (loss) for the period | 9904 | -€52,143 | -€7,162 | +€44,981 | +86.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,143 | -€7,162 | +€44,981 | +86.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.