MVDB: 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.
MVDB
Largest movements
- Current investments +€167,931
up €167,931 (+72.9%), from €230,274 to €398,205
- Cash -€90,685
down €90,685 (-75.4%), from €120,344 to €29,658
mainly Current investments (-€167,931) and Investment in fixed assets (net) (-€37,819)
- Tangible fixed assets +€34,501
up €34,501 (+1850.2%), from €1,865 to €36,365
- Reserves +€105,044
up €105,044 (+37.8%), from €278,029 to €383,072
- Other debts +€23,953
up €23,953 (+75.8%), from €31,617 to €55,570
- Tax, wage and social debts -€7,752
down €7,752 (-17.1%), from €45,275 to €37,523
- Gross operating margin +€51,588
up €51,588 (+40.0%), from €128,952 to €180,540
- Taxes +€14,407
up €14,407 (+32.5%), from €44,374 to €58,782
- Depreciation +€2,549
up €2,549 (+331.5%), from €769 to €3,318
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 | €378,161 | €494,206 | +€116,045 | +30.7% |
| Fixed assets | 21/28 | €1,865 | €36,365 | +€34,501 | +1850.2% |
| Tangible fixed assets | 22/27 | €1,865 | €36,365 | +€34,501 | +1850.2% |
| Furniture and vehicles | 24 | €1,865 | €36,365 | +€34,501 | +1850.2% |
| Current assets | 29/58 | €376,296 | €457,841 | +€81,544 | +21.7% |
| Amounts receivable within one year | 40/41 | €19,762 | €22,936 | +€3,175 | +16.1% |
| Trade receivables | 40 | €19,762 | €22,936 | +€3,175 | +16.1% |
| Current investments | 50/53 | €230,274 | €398,205 | +€167,931 | +72.9% |
| Cash at bank and in hand | 54/58 | €120,344 | €29,658 | -€90,685 | -75.4% |
| Deferred charges and accrued income | 490/1 | €5,917 | €7,041 | +€1,124 | +19.0% |
| Total equity and liabilities | 10/49 | €378,161 | €494,206 | +€116,045 | +30.7% |
| Equity | 10/15 | €290,429 | €395,472 | +€105,044 | +36.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €278,029 | €383,072 | +€105,044 | +37.8% |
| Distributable reserves | 133 | €278,029 | €383,072 | +€105,044 | +37.8% |
| Amounts payable | 17/49 | €87,732 | €98,734 | +€11,002 | +12.5% |
| Amounts payable within one year | 42/48 | €81,431 | €94,047 | +€12,617 | +15.5% |
| Trade debts | 44 | €4,538 | €954 | -€3,584 | -79.0% |
| Suppliers | 440/4 | €4,538 | €954 | -€3,584 | -79.0% |
| Taxes, remuneration and social security | 45 | €45,275 | €37,523 | -€7,752 | -17.1% |
| Taxes | 450/3 | €45,275 | €37,523 | -€7,752 | -17.1% |
| Other amounts payable | 47/48 | €31,617 | €55,570 | +€23,953 | +75.8% |
| Accrued charges and deferred income | 492/3 | €6,302 | €4,687 | -€1,615 | -25.6% |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €769 | €3,318 | +€2,549 | +331.5% |
| Other operating charges | 640/8 | €2,269 | €1,947 | -€322 | -14.2% |
| Gross operating margin | 9900 | €128,952 | €180,540 | +€51,588 | +40.0% |
| Operating profit (loss) | 9901 | €125,914 | €175,275 | +€49,361 | +39.2% |
| Financial income | 75/76B | €15,537 | €14,497 | -€1,040 | -6.7% |
| Recurring financial income | 75 | €15,537 | €14,497 | -€1,040 | -6.7% |
| Financial charges | 65/66B | €4,871 | €3,386 | -€1,484 | -30.5% |
| Recurring financial charges | 65 | €4,871 | €3,386 | -€1,484 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €136,580 | €186,385 | +€49,805 | +36.5% |
| Income taxes | 67/77 | €44,374 | €58,782 | +€14,407 | +32.5% |
| Profit (loss) for the period | 9904 | €92,206 | €127,604 | +€35,397 | +38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €92,206 | €127,604 | +€35,397 | +38.4% |
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 7 October 2026 via checked.be.