MVDM: 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.
MVDM
Largest movements
- Receivables within one year -€13,861
down €13,861 (-59.0%), from €23,483 to €9,622
of which Trade receivables: -€14,944
- Other debts -€17,375
down €17,375 (-50.2%), from €34,614 to €17,239
- Reserves +€8,356
up €8,356 (+1.6%), from €523,371 to €531,727
- Gross operating margin -€42,162
down €42,162 (-45.5%), from €92,631 to €50,469
- Taxes -€11,824
down €11,824 (-37.7%), from €31,336 to €19,512
- Depreciation -€8,487
down €8,487 (-94.1%), from €9,015 to €528
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 | €576,524 | €561,903 | -€14,621 | -2.5% |
| Fixed assets | 21/28 | €713 | €185 | -€528 | -74.1% |
| Tangible fixed assets | 22/27 | €713 | €185 | -€528 | -74.1% |
| Furniture and vehicles | 24 | €713 | €185 | -€528 | -74.1% |
| Current assets | 29/58 | €575,811 | €561,718 | -€14,093 | -2.4% |
| Amounts receivable within one year | 40/41 | €23,483 | €9,622 | -€13,861 | -59.0% |
| Trade receivables | 40 | €23,474 | €8,530 | -€14,944 | -63.7% |
| Other amounts receivable | 41 | €9 | €1,092 | +€1,084 | +12747.1% |
| Current investments | 50/53 | €499,484 | €499,483 | -€1 | 0.0% |
| Cash at bank and in hand | 54/58 | €52,845 | €52,286 | -€559 | -1.1% |
| Deferred charges and accrued income | 490/1 | - | €327 | +€327 | |
| Total equity and liabilities | 10/49 | €576,524 | €561,903 | -€14,621 | -2.5% |
| Equity | 10/15 | €529,571 | €537,927 | +€8,356 | +1.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €523,371 | €531,727 | +€8,356 | +1.6% |
| Distributable reserves | 133 | €523,371 | €531,727 | +€8,356 | +1.6% |
| Amounts payable | 17/49 | €46,953 | €23,976 | -€22,977 | -48.9% |
| Amounts payable within one year | 42/48 | €46,953 | €23,976 | -€22,977 | -48.9% |
| Trade debts | 44 | €2,958 | €3,028 | +€70 | +2.4% |
| Suppliers | 440/4 | €2,958 | €3,028 | +€70 | +2.4% |
| Taxes, remuneration and social security | 45 | €9,381 | €3,709 | -€5,672 | -60.5% |
| Taxes | 450/3 | €9,381 | €3,709 | -€5,672 | -60.5% |
| Other amounts payable | 47/48 | €34,614 | €17,239 | -€17,375 | -50.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,015 | €528 | -€8,487 | -94.1% |
| Other operating charges | 640/8 | €1,622 | €1,539 | -€83 | -5.1% |
| Gross operating margin | 9900 | €92,631 | €50,469 | -€42,162 | -45.5% |
| Operating profit (loss) | 9901 | €81,994 | €48,402 | -€33,592 | -41.0% |
| Financial income | 75/76B | €5,875 | €5,321 | -€554 | -9.4% |
| Recurring financial income | 75 | €5,875 | €5,321 | -€554 | -9.4% |
| Financial charges | 65/66B | €854 | €855 | +€1 | +0.1% |
| Recurring financial charges | 65 | €854 | €855 | +€1 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €87,014 | €52,868 | -€34,146 | -39.2% |
| Income taxes | 67/77 | €31,336 | €19,512 | -€11,824 | -37.7% |
| Profit (loss) for the period | 9904 | €55,678 | €33,356 | -€22,322 | -40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €55,678 | €33,356 | -€22,322 | -40.1% |
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 6 October 2026 via checked.be.