MVG: 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.
MVG
Largest movements
- Cash +€36,621
up €36,621 (+209.6%), from €17,470 to €54,091
mainly Short-term financial debts (+€50,326) and Depreciation (+€24,808)
- Tangible fixed assets +€20,763
up €20,763 (+20.7%), from €100,255 to €121,018
of which Plant, machinery and equipment: +€32,289
- Deferred charges and accrued income -€12,761
down €12,761 (-37.1%), from €34,424 to €21,663
- Receivables within one year +€10,752
up €10,752 (+40.7%), from €26,391 to €37,143
of which Other amounts receivable: +€9,536
- Short-term financial debts +€50,326
up €50,326 (+655.1%), from €7,682 to €58,008
- Tax, wage and social debts -€11,157
down €11,157 (-71.3%), from €15,657 to €4,500
of which Remuneration and social security: -€8,784
- Other debts +€10,060
up €10,060 (+239.1%), from €4,208 to €14,267
- Debts after one year -€7,928
down €7,928 (-29.7%), from €26,703 to €18,775
- Profit (loss) carried forward +€7,105
up €7,105 (+27.3%), from -€26,006 to -€18,901
- Gross operating margin +€50,350
up €50,350, from -€14,274 to €36,076
- Depreciation +€13,152
up €13,152 (+112.8%), from €11,656 to €24,808
- Financial income -€2,156
down €2,156 (-95.3%), from €2,261 to €106
- Financial charges +€1,384
up €1,384 (+84.3%), from €1,643 to €3,027
- Other operating charges +€543
up €543 (+95.9%), from €566 to €1,110
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 | €181,789 | €237,165 | +€55,375 | +30.5% |
| Fixed assets | 21/28 | €100,255 | €121,018 | +€20,763 | +20.7% |
| Tangible fixed assets | 22/27 | €100,255 | €121,018 | +€20,763 | +20.7% |
| Land and buildings | 22 | €4,842 | €4,332 | -€511 | -10.5% |
| Plant, machinery and equipment | 23 | €34,814 | €67,103 | +€32,289 | +92.7% |
| Furniture and vehicles | 24 | €44,756 | €36,946 | -€7,810 | -17.4% |
| Other tangible fixed assets | 26 | €15,842 | €12,637 | -€3,206 | -20.2% |
| Current assets | 29/58 | €81,535 | €116,147 | +€34,612 | +42.5% |
| Amounts receivable within one year | 40/41 | €26,391 | €37,143 | +€10,752 | +40.7% |
| Trade receivables | 40 | - | €1,217 | +€1,217 | |
| Other amounts receivable | 41 | €26,391 | €35,926 | +€9,536 | +36.1% |
| Current investments | 50/53 | €3,250 | €3,250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,470 | €54,091 | +€36,621 | +209.6% |
| Deferred charges and accrued income | 490/1 | €34,424 | €21,663 | -€12,761 | -37.1% |
| Total equity and liabilities | 10/49 | €181,789 | €237,165 | +€55,375 | +30.5% |
| Equity | 10/15 | €125,661 | €132,766 | +€7,105 | +5.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €139,267 | €139,267 | = | 0.0% |
| Distributable reserves | 133 | €139,267 | €139,267 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,006 | -€18,901 | +€7,105 | +27.3% |
| Amounts payable | 17/49 | €56,129 | €104,399 | +€48,270 | +86.0% |
| Amounts payable after more than one year | 17 | €26,703 | €18,775 | -€7,928 | -29.7% |
| Financial debts | 170/4 | €26,703 | €18,775 | -€7,928 | -29.7% |
| Amounts payable within one year | 42/48 | €29,426 | €85,623 | +€56,198 | +191.0% |
| Financial debts | 43 | €7,682 | €58,008 | +€50,326 | +655.1% |
| Credit institutions | 430/8 | €7,682 | €58,008 | +€50,326 | +655.1% |
| Trade debts | 44 | €1,879 | €8,848 | +€6,969 | +370.9% |
| Suppliers | 440/4 | €1,879 | €8,848 | +€6,969 | +370.9% |
| Taxes, remuneration and social security | 45 | €15,657 | €4,500 | -€11,157 | -71.3% |
| Taxes | 450/3 | €2,373 | €0 | -€2,373 | -100.0% |
| Remuneration and social security | 454/9 | €13,284 | €4,500 | -€8,784 | -66.1% |
| Other amounts payable | 47/48 | €4,208 | €14,267 | +€10,060 | +239.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,656 | €24,808 | +€13,152 | +112.8% |
| Other operating charges | 640/8 | €566 | €1,110 | +€543 | +95.9% |
| Gross operating margin | 9900 | -€14,274 | €36,076 | +€50,350 | |
| Operating profit (loss) | 9901 | -€26,497 | €10,158 | +€36,655 | |
| Financial income | 75/76B | €2,261 | €106 | -€2,156 | -95.3% |
| Recurring financial income | 75 | €2,261 | €106 | -€2,156 | -95.3% |
| Financial charges | 65/66B | €1,643 | €3,027 | +€1,384 | +84.3% |
| Recurring financial charges | 65 | €1,643 | €3,027 | +€1,384 | +84.3% |
| Profit (loss) for the period before taxes | 9903 | -€25,878 | €7,237 | +€33,115 | |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€26,006 | €7,105 | +€33,111 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,006 | €7,105 | +€33,111 |
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.