MVDH Security: what changed
What changed
MVDH Security
NACE 43.211, General electrical installation work
filed annual accounts (NBB)
Net result for the year
€522,170
2024 · €590,845-€68,675
Equity
€422,854
2024 · €390,523+€32,331
Cash
€216,733
2024 · €339,648-€122,915
Balance sheet total
€1.0m
2024 · €985,141+€43,247
Largest movements
Assets
- Current investments +€250,000
new in 2025: €250,000
- Cash -€122,915
down €122,915 (-36.2%), from €339,648 to €216,733
mainly Contributions, distributions and other (-€489,839) and Current investments (-€250,000)
- Receivables within one year -€56,284
down €56,284 (-23.8%), from €236,483 to €180,198
of which Trade receivables: -€41,157
- Intangible fixed assets -€29,923
down €29,923 (-16.6%), from €179,908 to €149,985
Equity and liabilities
- Trade debts +€65,099
up €65,099 (+2,702%), from €2,410 to €67,508
- Current portion of long-term debt -€50,414
down €50,414 (-76.3%), from €66,116 to €15,702
- Reserves +€32,331
up €32,331 (+9.5%), from €340,523 to €372,854
- Debts after one year -€15,702
down €15,702 (-49.4%), from €31,818 to €16,115
- Advances received +€13,080
up €13,080 (+195%), from €6,700 to €19,780
Income statement
- Staff costs +€52,323
up €52,323 (+16.1%), from €324,489 to €376,812
- Taxes -€26,222
down €26,222 (-31.3%), from €83,683 to €57,461
- Gross operating margin -€25,203
down €25,203 (-2.3%), from €1.1m to €1.1m
- Write-downs +€20,847
up €20,847 (+6,723%), from €310 to €21,157
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.
Result 2024
€590,845
Gross operating margin
-€25,203
Staff costs
-€52,323
Depreciation
+€4,034
Write-downs
-€20,847
Other operating charges
+€1,542
Financial income
-€8,309
Financial charges
+€6,210
Taxes
+€26,222
Result 2025
€522,170
raises the resultlowers the result
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.
From operations
+€729,186
Investment
-€296,385
Financing
-€555,716
Cash 2024
€339,648
From operations (derived)
+€729,186
Net result for the year
+€522,170
Depreciation
+€76,839
Smaller working-capital items
+€483
Receivables within one year
+€56,284
Deferred charges and accrued income
-€2,953
Trade debts
+€65,099
Tax, wage and social debts
-€1,815
Advances received
+€13,080
Investment (derived)
-€296,385
Investment in fixed assets (net)
-€46,385
Current investments
-€250,000
Financing
-€555,716
Debts after one year
-€15,702
Current portion of long-term debt
-€50,414
Short-term financial debts
+€239
Contributions, distributions and other
-€489,839
Cash 2025
€216,733
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €985,141 | €1,028,388 | +€43,247 | +4.4% |
| Fixed assets | 21/28 | €343,773 | €313,319 | -€30,454 | -8.9% |
| Intangible fixed assets | 21 | €179,908 | €149,985 | -€29,923 | -16.6% |
| Tangible fixed assets | 22/27 | €163,865 | €163,334 | -€531 | -0.3% |
| Plant, machinery and equipment | 23 | €9,954 | €2,142 | -€7,812 | -78.5% |
| Furniture and vehicles | 24 | €90,317 | €59,334 | -€30,983 | -34.3% |
| Other tangible fixed assets | 26 | €63,594 | €101,858 | +€38,263 | +60.2% |
| Current assets | 29/58 | €641,369 | €715,069 | +€73,701 | +11.5% |
| Stocks and contracts in progress | 3 | €53,478 | €53,425 | -€53 | -0.1% |
| Stocks | 30/36 | €53,478 | €53,425 | -€53 | -0.1% |
| Amounts receivable within one year | 40/41 | €236,483 | €180,198 | -€56,284 | -23.8% |
| Trade receivables | 40 | €188,060 | €146,903 | -€41,157 | -21.9% |
| Other amounts receivable | 41 | €48,423 | €33,296 | -€15,127 | -31.2% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €339,648 | €216,733 | -€122,915 | -36.2% |
| Deferred charges and accrued income | 490/1 | €11,759 | €14,713 | +€2,953 | +25.1% |
| Total equity and liabilities | 10/49 | €985,141 | €1,028,388 | +€43,247 | +4.4% |
| Equity | 10/15 | €390,523 | €422,854 | +€32,331 | +8.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €340,523 | €372,854 | +€32,331 | +9.5% |
| Distributable reserves | 133 | €340,523 | €372,854 | +€32,331 | +9.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €594,619 | €605,535 | +€10,916 | +1.8% |
| Amounts payable after more than one year | 17 | €31,818 | €16,115 | -€15,702 | -49.4% |
| Financial debts | 170/4 | €31,818 | €16,115 | -€15,702 | -49.4% |
| Amounts payable within one year | 42/48 | €562,801 | €588,920 | +€26,119 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €66,116 | €15,702 | -€50,414 | -76.3% |
| Financial debts | 43 | - | €239 | +€239 | |
| Credit institutions | 430/8 | - | €239 | +€239 | |
| Trade debts | 44 | €2,410 | €67,508 | +€65,099 | +2,702% |
| Suppliers | 440/4 | €2,410 | €67,508 | +€65,099 | +2,702% |
| Advances received on contracts in progress | 46 | €6,700 | €19,780 | +€13,080 | +195% |
| Taxes, remuneration and social security | 45 | €42,505 | €40,690 | -€1,815 | -4.3% |
| Taxes | 450/3 | €18,281 | €8,267 | -€10,014 | -54.8% |
| Remuneration and social security | 454/9 | €24,224 | €32,423 | +€8,199 | +33.8% |
| Other amounts payable | 47/48 | €445,070 | €445,000 | -€70 | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €324,489 | €376,812 | +€52,323 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,872 | €76,839 | -€4,034 | -5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €310 | €21,157 | +€20,847 | +6,723% |
| Other operating charges | 640/8 | €5,669 | €4,128 | -€1,542 | -27.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,085,255 | €1,060,053 | -€25,203 | -2.3% |
| Operating profit (loss) | 9901 | €673,915 | €581,118 | -€92,797 | -13.8% |
| Financial income | 75/76B | €9,822 | €1,512 | -€8,309 | -84.6% |
| Recurring financial income | 75 | €9,822 | €1,512 | -€8,309 | -84.6% |
| Financial charges | 65/66B | €9,209 | €2,999 | -€6,210 | -67.4% |
| Recurring financial charges | 65 | €9,209 | €2,999 | -€6,210 | -67.4% |
| Profit (loss) for the period before taxes | 9903 | €674,528 | €579,631 | -€94,897 | -14.1% |
| Income taxes | 67/77 | €83,683 | €57,461 | -€26,222 | -31.3% |
| Profit (loss) for the period | 9904 | €590,845 | €522,170 | -€68,675 | -11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €590,845 | €522,170 | -€68,675 | -11.6% |
Next steps
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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 3 November 2026 via checked.be.