MVH Security: 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.
MVH Security
Largest movements
- Tangible fixed assets -€251,723
down €251,723 (-19.4%), from €1.3m to €1.0m
- Cash +€130,687
up €130,687 (+49.6%), from €263,284 to €393,971
mainly Depreciation (+€273,866) and Tax, wage and social debts (+€141,341)
- Stocks and contracts +€79,629
up €79,629 (+22.4%), from €354,762 to €434,391
of which Stocks: +€109,081
- Intangible fixed assets +€28,627
up €28,627 (+378.0%), from €7,572 to €36,199
- Receivables within one year +€28,377
up €28,377 (+10.0%), from €283,345 to €311,722
of which Trade receivables: +€21,772
- Debts after one year -€203,246
down €203,246 (-20.6%), from €988,280 to €785,034
- Tax, wage and social debts +€141,341
up €141,341 (+113.8%), from €124,198 to €265,539
of which Remuneration and social security: +€90,775
- Trade debts +€78,663
up €78,663 (+80.9%), from €97,236 to €175,899
- Reserves +€41,000
up €41,000 (+13.1%), from €313,670 to €354,670
of which Distributable reserves: +€41,000
- Other debts -€35,714
down €35,714 (-20.4%), from €174,979 to €139,265
- Gross operating margin +€294,758
up €294,758 (+22.3%), from €1.3m to €1.6m
- Staff costs +€196,318
up €196,318 (+18.9%), from €1.0m to €1.2m
- Depreciation -€30,091
down €30,091 (-9.9%), from €303,957 to €273,866
- Taxes +€29,096
up €29,096 (+1983.5%), from €1,467 to €30,563
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 | €2,223,643 | €2,257,582 | +€33,939 | +1.5% |
| Fixed assets | 21/28 | €1,305,633 | €1,096,336 | -€209,297 | -16.0% |
| Intangible fixed assets | 21 | €7,572 | €36,199 | +€28,627 | +378.0% |
| Tangible fixed assets | 22/27 | €1,297,727 | €1,046,004 | -€251,723 | -19.4% |
| Land and buildings | 22 | €676,178 | €591,656 | -€84,522 | -12.5% |
| Plant, machinery and equipment | 23 | €260,226 | €212,608 | -€47,618 | -18.3% |
| Furniture and vehicles | 24 | €361,324 | €241,741 | -€119,583 | -33.1% |
| Financial fixed assets | 28 | €334 | €14,133 | +€13,799 | +4136.1% |
| Current assets | 29/58 | €918,010 | €1,161,247 | +€243,236 | +26.5% |
| Stocks and contracts in progress | 3 | €354,762 | €434,391 | +€79,629 | +22.4% |
| Stocks | 30/36 | €325,310 | €434,391 | +€109,081 | +33.5% |
| Contracts in progress | 37 | €29,452 | - | -€29,452 | |
| Amounts receivable within one year | 40/41 | €283,345 | €311,722 | +€28,377 | +10.0% |
| Trade receivables | 40 | €235,047 | €256,819 | +€21,772 | +9.3% |
| Other amounts receivable | 41 | €48,298 | €54,903 | +€6,605 | +13.7% |
| Cash at bank and in hand | 54/58 | €263,284 | €393,971 | +€130,687 | +49.6% |
| Deferred charges and accrued income | 490/1 | €16,619 | €21,162 | +€4,544 | +27.3% |
| Total equity and liabilities | 10/49 | €2,223,643 | €2,257,582 | +€33,939 | +1.5% |
| Equity | 10/15 | €595,407 | €649,483 | +€54,076 | +9.1% |
| Contributions | 10/11 | €294,000 | €294,000 | = | 0.0% |
| Reserves | 13 | €313,670 | €354,670 | +€41,000 | +13.1% |
| Tax-exempt reserves | 132 | €19,170 | €19,170 | = | 0.0% |
| Distributable reserves | 133 | €294,500 | €335,500 | +€41,000 | +13.9% |
| Profit (loss) carried forward | 14 | -€12,263 | €813 | +€13,076 | |
| Amounts payable | 17/49 | €1,628,236 | €1,608,099 | -€20,137 | -1.2% |
| Amounts payable after more than one year | 17 | €988,280 | €785,034 | -€203,246 | -20.6% |
| Financial debts | 170/4 | €988,280 | €785,034 | -€203,246 | -20.6% |
| Amounts payable within one year | 42/48 | €638,958 | €822,204 | +€183,246 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €242,545 | €241,501 | -€1,044 | -0.4% |
| Trade debts | 44 | €97,236 | €175,899 | +€78,663 | +80.9% |
| Suppliers | 440/4 | €97,236 | €175,899 | +€78,663 | +80.9% |
| Taxes, remuneration and social security | 45 | €124,198 | €265,539 | +€141,341 | +113.8% |
| Taxes | 450/3 | €11,365 | €61,930 | +€50,565 | +444.9% |
| Remuneration and social security | 454/9 | €112,833 | €203,609 | +€90,775 | +80.5% |
| Other amounts payable | 47/48 | €174,979 | €139,265 | -€35,714 | -20.4% |
| Accrued charges and deferred income | 492/3 | €998 | €861 | -€137 | -13.8% |
| Non-recurring operating income | 76A | €2,889 | €17,901 | +€15,012 | +519.7% |
| Remuneration, social security and pensions | 62 | €1,037,770 | €1,234,088 | +€196,318 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €303,957 | €273,866 | -€30,091 | -9.9% |
| Other operating charges | 640/8 | €18,144 | €10,107 | -€8,037 | -44.3% |
| Gross operating margin | 9900 | €1,323,759 | €1,618,517 | +€294,758 | +22.3% |
| Operating profit (loss) | 9901 | -€36,112 | €100,456 | +€136,568 | |
| Financial income | 75/76B | €28,041 | €22,029 | -€6,013 | -21.4% |
| Recurring financial income | 75 | €28,041 | €22,029 | -€6,013 | -21.4% |
| Financial charges | 65/66B | €41,240 | €37,845 | -€3,395 | -8.2% |
| Recurring financial charges | 65 | €41,240 | €37,845 | -€3,395 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€49,311 | €84,639 | +€133,950 | |
| Income taxes | 67/77 | €1,467 | €30,563 | +€29,096 | +1983.5% |
| Profit (loss) for the period | 9904 | -€50,778 | €54,076 | +€104,854 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,778 | €54,076 | +€104,854 |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.