MVD PROJECTS: what changed
MVD PROJECTS
Largest movements
- Current investments +€62,975
up €62,975 (+13.3%), from €472,540 to €535,516
- Cash +€26,105
up €26,105 (+36.6%), from €71,329 to €97,433
mainly Net result for the year (+€84,404) and Receivables within one year (+€14,957)
- Receivables within one year -€14,957
down €14,957 (-39.0%), from €38,396 to €23,438
of which Trade receivables: -€14,866
- Reserves +€84,404
up €84,404 (+15.6%), from €540,645 to €625,049
of which Distributable reserves: +€86,259
- Tax, wage and social debts -€14,758
down €14,758 (-40.5%), from €36,409 to €21,651
of which Taxes: -€12,758
- Taxes +€4,582
up €4,582 (+12.7%), from €35,991 to €40,573
- Financial income +€4,169
up €4,169 (+38.9%), from €10,710 to €14,879
- Financial charges -€1,320
down €1,320 (-54.3%), from €2,430 to €1,110
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €594,223 | €664,326 | +€70,103 | +11.8% |
| Fixed assets | 21/28 | €9,992 | €5,778 | -€4,214 | -42.2% |
| Tangible fixed assets | 22/27 | €9,742 | €5,528 | -€4,214 | -43.3% |
| Plant, machinery and equipment | 23 | €4,663 | €3,686 | -€976 | -20.9% |
| Furniture and vehicles | 24 | €5,079 | €1,842 | -€3,237 | -63.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €584,231 | €658,548 | +€74,316 | +12.7% |
| Amounts receivable within one year | 40/41 | €38,396 | €23,438 | -€14,957 | -39.0% |
| Trade receivables | 40 | €36,776 | €21,910 | -€14,866 | -40.4% |
| Other amounts receivable | 41 | €1,619 | €1,528 | -€91 | -5.6% |
| Current investments | 50/53 | €472,540 | €535,516 | +€62,975 | +13.3% |
| Cash at bank and in hand | 54/58 | €71,329 | €97,433 | +€26,105 | +36.6% |
| Deferred charges and accrued income | 490/1 | €1,967 | €2,160 | +€194 | +9.9% |
| Total equity and liabilities | 10/49 | €594,223 | €664,326 | +€70,103 | +11.8% |
| Equity | 10/15 | €553,045 | €637,449 | +€84,404 | +15.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €540,645 | €625,049 | +€84,404 | +15.6% |
| Non-distributable reserves | 130/1 | €1,855 | - | -€1,855 | |
| Reserves not available under the articles | 1311 | €1,855 | - | -€1,855 | |
| Distributable reserves | 133 | €538,790 | €625,049 | +€86,259 | +16.0% |
| Amounts payable | 17/49 | €41,178 | €26,877 | -€14,301 | -34.7% |
| Amounts payable within one year | 42/48 | €40,405 | €26,877 | -€13,528 | -33.5% |
| Trade debts | 44 | €1,193 | €852 | -€340 | -28.5% |
| Suppliers | 440/4 | €1,193 | €852 | -€340 | -28.5% |
| Taxes, remuneration and social security | 45 | €36,409 | €21,651 | -€14,758 | -40.5% |
| Taxes | 450/3 | €34,409 | €21,651 | -€12,758 | -37.1% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €2,804 | €4,373 | +€1,570 | +56.0% |
| Accrued charges and deferred income | 492/3 | €773 | - | -€773 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,830 | €4,214 | +€384 | +10.0% |
| Other operating charges | 640/8 | €779 | €961 | +€183 | +23.5% |
| Gross operating margin | 9900 | €116,407 | €116,384 | -€24 | 0.0% |
| Operating profit (loss) | 9901 | €111,799 | €111,208 | -€590 | -0.5% |
| Financial income | 75/76B | €10,710 | €14,879 | +€4,169 | +38.9% |
| Recurring financial income | 75 | €10,710 | €14,879 | +€4,169 | +38.9% |
| Financial charges | 65/66B | €2,430 | €1,110 | -€1,320 | -54.3% |
| Recurring financial charges | 65 | €2,430 | €1,110 | -€1,320 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €120,078 | €124,977 | +€4,899 | +4.1% |
| Income taxes | 67/77 | €35,991 | €40,573 | +€4,582 | +12.7% |
| Profit (loss) for the period | 9904 | €84,087 | €84,404 | +€317 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €84,087 | €84,404 | +€317 | +0.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.