MVDL: 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.
MVDL
Largest movements
- Cash -€21,084
down €21,084 (-18.9%), from €111,672 to €90,588
mainly Investment in fixed assets (net) (-€46,700) and Other debts (-€25,415)
- Reserves +€32,000
up €32,000 (+24.8%), from €129,000 to €161,000
- Other debts -€25,415
down €25,415 (-5.6%), from €456,147 to €430,731
- Debts after one year -€13,762
down €13,762 (-3.8%), from €360,660 to €346,898
- Gross operating margin -€14,986
down €14,986 (-13.4%), from €111,643 to €96,656
- Taxes +€5,800
up €5,800 (+256.2%), from €2,264 to €8,065
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 | €979,102 | €970,681 | -€8,421 | -0.9% |
| Fixed assets | 21/28 | €857,787 | €864,331 | +€6,544 | +0.8% |
| Tangible fixed assets | 22/27 | €857,787 | €864,331 | +€6,544 | +0.8% |
| Land and buildings | 22 | €853,764 | €815,014 | -€38,750 | -4.5% |
| Plant, machinery and equipment | 23 | €4,023 | €2,847 | -€1,176 | -29.2% |
| Furniture and vehicles | 24 | - | €46,470 | +€46,470 | |
| Current assets | 29/58 | €121,315 | €106,350 | -€14,965 | -12.3% |
| Amounts receivable within one year | 40/41 | €8,470 | €14,567 | +€6,097 | +72.0% |
| Trade receivables | 40 | €8,470 | €8,470 | = | 0.0% |
| Other amounts receivable | 41 | - | €6,097 | +€6,097 | |
| Cash at bank and in hand | 54/58 | €111,672 | €90,588 | -€21,084 | -18.9% |
| Deferred charges and accrued income | 490/1 | €1,173 | €1,195 | +€23 | +1.9% |
| Total equity and liabilities | 10/49 | €979,102 | €970,681 | -€8,421 | -0.9% |
| Equity | 10/15 | €131,447 | €163,048 | +€31,601 | +24.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €129,000 | €161,000 | +€32,000 | +24.8% |
| Distributable reserves | 133 | €129,000 | €161,000 | +€32,000 | +24.8% |
| Profit (loss) carried forward | 14 | €447 | €48 | -€399 | -89.3% |
| Amounts payable | 17/49 | €847,655 | €807,633 | -€40,021 | -4.7% |
| Amounts payable after more than one year | 17 | €360,660 | €346,898 | -€13,762 | -3.8% |
| Financial debts | 170/4 | €360,660 | €346,898 | -€13,762 | -3.8% |
| Amounts payable within one year | 42/48 | €486,995 | €460,735 | -€26,260 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €15,534 | €14,937 | -€598 | -3.8% |
| Trade debts | 44 | €1,836 | €243 | -€1,593 | -86.8% |
| Suppliers | 440/4 | €1,836 | €243 | -€1,593 | -86.8% |
| Taxes, remuneration and social security | 45 | €13,477 | €14,824 | +€1,346 | +10.0% |
| Taxes | 450/3 | €13,477 | €14,824 | +€1,346 | +10.0% |
| Other amounts payable | 47/48 | €456,147 | €430,731 | -€25,415 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,926 | €40,156 | +€230 | +0.6% |
| Other operating charges | 640/8 | €1,531 | €2,139 | +€608 | +39.7% |
| Gross operating margin | 9900 | €111,643 | €96,656 | -€14,986 | -13.4% |
| Operating profit (loss) | 9901 | €70,186 | €54,361 | -€15,825 | -22.5% |
| Financial charges | 65/66B | €13,921 | €14,696 | +€775 | +5.6% |
| Recurring financial charges | 65 | €13,921 | €14,696 | +€775 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €56,265 | €39,665 | -€16,600 | -29.5% |
| Income taxes | 67/77 | €2,264 | €8,065 | +€5,800 | +256.2% |
| Profit (loss) for the period | 9904 | €54,001 | €31,601 | -€22,400 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €54,001 | €31,601 | -€22,400 | -41.5% |
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 8 October 2026 via checked.be.