MVGO: what changed
Two financial 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.
MVGO
Largest movements
- Cash +€53,296
up €53,296 (+38.5%), from €138,588 to €191,884
mainly Net result for the year (+€76,552) and Other debts (+€52,455)
- Current investments +€8,846
up €8,846 (+2.9%), from €307,111 to €315,957
- Other debts +€52,455
up €52,455 (+156.9%), from €33,431 to €85,886
- Reserves +€14,716
up €14,716 (+3.9%), from €380,536 to €395,252
of which Distributable reserves: +€14,716
- Gross operating margin -€36,239
down €36,239 (-26.3%), from €138,003 to €101,764
- Taxes -€10,380
down €10,380 (-25.7%), from €40,435 to €30,055
- Financial income +€4,423
up €4,423 (+150.8%), from €2,933 to €7,356
- Depreciation -€1,663
down €1,663 (-60.6%), from €2,744 to €1,081
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 | €453,316 | €521,180 | +€67,864 | +15.0% |
| Fixed assets | 21/28 | €3,564 | €2,483 | -€1,081 | -30.3% |
| Tangible fixed assets | 22/27 | €3,514 | €2,433 | -€1,081 | -30.8% |
| Furniture and vehicles | 24 | €3,514 | €2,433 | -€1,081 | -30.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €449,752 | €518,697 | +€68,945 | +15.3% |
| Amounts receivable within one year | 40/41 | - | €3,964 | +€3,964 | |
| Other amounts receivable | 41 | - | €3,964 | +€3,964 | |
| Current investments | 50/53 | €307,111 | €315,957 | +€8,846 | +2.9% |
| Cash at bank and in hand | 54/58 | €138,588 | €191,884 | +€53,296 | +38.5% |
| Deferred charges and accrued income | 490/1 | €4,053 | €6,892 | +€2,839 | +70.0% |
| Total equity and liabilities | 10/49 | €453,316 | €521,180 | +€67,864 | +15.0% |
| Equity | 10/15 | €399,136 | €413,852 | +€14,716 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €380,536 | €395,252 | +€14,716 | +3.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €378,676 | €393,392 | +€14,716 | +3.9% |
| Amounts payable | 17/49 | €54,180 | €107,328 | +€53,148 | +98.1% |
| Amounts payable within one year | 42/48 | €54,180 | €107,328 | +€53,148 | +98.1% |
| Trade debts | 44 | €7,324 | €4,177 | -€3,147 | -43.0% |
| Suppliers | 440/4 | €7,324 | €4,177 | -€3,147 | -43.0% |
| Taxes, remuneration and social security | 45 | €13,425 | €17,265 | +€3,840 | +28.6% |
| Taxes | 450/3 | €13,425 | €17,265 | +€3,840 | +28.6% |
| Other amounts payable | 47/48 | €33,431 | €85,886 | +€52,455 | +156.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,744 | €1,081 | -€1,663 | -60.6% |
| Other operating charges | 640/8 | €1,486 | €1,249 | -€237 | -15.9% |
| Gross operating margin | 9900 | €138,003 | €101,764 | -€36,239 | -26.3% |
| Operating profit (loss) | 9901 | €133,773 | €99,434 | -€34,339 | -25.7% |
| Financial income | 75/76B | €2,933 | €7,356 | +€4,423 | +150.8% |
| Recurring financial income | 75 | €2,933 | €7,356 | +€4,423 | +150.8% |
| Financial charges | 65/66B | €174 | €183 | +€9 | +5.2% |
| Recurring financial charges | 65 | €174 | €183 | +€9 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €136,532 | €106,607 | -€29,925 | -21.9% |
| Income taxes | 67/77 | €40,435 | €30,055 | -€10,380 | -25.7% |
| Profit (loss) for the period | 9904 | €96,097 | €76,552 | -€19,545 | -20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €96,097 | €76,552 | -€19,545 | -20.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.