MVDN: 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.
MVDN
Largest movements
- Cash -€98,292
down €98,292 (-92.7%), from €106,050 to €7,758
mainly Contributions, distributions and other (-€69,860) and Tax, wage and social debts (-€35,842)
- Receivables within one year +€6,228
up €6,228 (+7.8%), from €79,907 to €86,135
of which Trade receivables: +€4,686
- Deferred charges and accrued income +€3,136
up €3,136 (+408.3%), from €768 to €3,904
- Tax, wage and social debts -€35,842
down €35,842 (-79.4%), from €45,118 to €9,276
- Reserves -€33,768
down €33,768 (-99.7%), from €33,860 to €92
- Other debts -€30,295
down €30,295 (-26.4%), from €114,642 to €84,347
- Trade debts +€9,214
up €9,214 (+109.3%), from €8,432 to €17,646
- Gross operating margin +€1,672
up €1,672 (+3.3%), from €50,553 to €52,225
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 | €202,717 | €112,007 | -€90,711 | -44.7% |
| Fixed assets | 21/28 | €15,993 | €14,211 | -€1,782 | -11.1% |
| Tangible fixed assets | 22/27 | €15,993 | €14,211 | -€1,782 | -11.1% |
| Plant, machinery and equipment | 23 | €2,740 | €2,559 | -€181 | -6.6% |
| Furniture and vehicles | 24 | €5,242 | €3,642 | -€1,601 | -30.5% |
| Other tangible fixed assets | 26 | €8,010 | €8,010 | = | 0.0% |
| Current assets | 29/58 | €186,725 | €97,796 | -€88,929 | -47.6% |
| Amounts receivable within one year | 40/41 | €79,907 | €86,135 | +€6,228 | +7.8% |
| Trade receivables | 40 | €74,850 | €79,536 | +€4,686 | +6.3% |
| Other amounts receivable | 41 | €5,056 | €6,598 | +€1,542 | +30.5% |
| Cash at bank and in hand | 54/58 | €106,050 | €7,758 | -€98,292 | -92.7% |
| Deferred charges and accrued income | 490/1 | €768 | €3,904 | +€3,136 | +408.3% |
| Total equity and liabilities | 10/49 | €202,717 | €112,007 | -€90,711 | -44.7% |
| Equity | 10/15 | €34,360 | €592 | -€33,768 | -98.3% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €33,860 | €92 | -€33,768 | -99.7% |
| Distributable reserves | 133 | €33,860 | €92 | -€33,768 | -99.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €168,357 | €111,415 | -€56,942 | -33.8% |
| Amounts payable within one year | 42/48 | €168,357 | €111,415 | -€56,942 | -33.8% |
| Financial debts | 43 | €165 | €146 | -€19 | -11.4% |
| Credit institutions | 430/8 | €165 | €146 | -€19 | -11.4% |
| Trade debts | 44 | €8,432 | €17,646 | +€9,214 | +109.3% |
| Suppliers | 440/4 | €8,432 | €17,646 | +€9,214 | +109.3% |
| Taxes, remuneration and social security | 45 | €45,118 | €9,276 | -€35,842 | -79.4% |
| Taxes | 450/3 | €45,118 | €9,276 | -€35,842 | -79.4% |
| Other amounts payable | 47/48 | €114,642 | €84,347 | -€30,295 | -26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,846 | €3,682 | -€164 | -4.3% |
| Other operating charges | 640/8 | €1,518 | €1,157 | -€361 | -23.8% |
| Gross operating margin | 9900 | €50,553 | €52,225 | +€1,672 | +3.3% |
| Operating profit (loss) | 9901 | €45,189 | €47,386 | +€2,197 | +4.9% |
| Financial income | 75/76B | €19 | €1 | -€18 | -93.7% |
| Recurring financial income | 75 | €19 | €1 | -€18 | -93.7% |
| Financial charges | 65/66B | €1,404 | €1,242 | -€162 | -11.5% |
| Recurring financial charges | 65 | €1,404 | €1,242 | -€162 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €43,804 | €46,145 | +€2,341 | +5.3% |
| Income taxes | 67/77 | €9,944 | €10,053 | +€110 | +1.1% |
| Profit (loss) for the period | 9904 | €33,860 | €36,092 | +€2,232 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,860 | €36,092 | +€2,232 | +6.6% |
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 5 October 2026 via checked.be.