MVH2: 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.
MVH2
Largest movements
- Stocks and contracts +€124,227
up €124,227 (+4340.9%), from €2,862 to €127,089
- Tangible fixed assets +€9,833
up €9,833 (+1.5%), from €638,527 to €648,361
- Other debts +€151,152
up €151,152 (+83.8%), from €180,350 to €331,502
- Debts after one year -€26,222
down €26,222 (-5.2%), from €507,014 to €480,793
- Profit (loss) carried forward +€12,381
up €12,381 (+17.1%), from -€72,292 to -€59,911
- Gross operating margin +€5,065
up €5,065 (+13.4%), from €37,721 to €42,787
- Financial charges -€993
down €993 (-16.7%), from €5,929 to €4,936
- Depreciation +€865
up €865 (+3.9%), from €22,419 to €23,283
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 | €654,350 | €787,330 | +€132,980 | +20.3% |
| Fixed assets | 21/28 | €638,527 | €648,361 | +€9,833 | +1.5% |
| Tangible fixed assets | 22/27 | €638,527 | €648,361 | +€9,833 | +1.5% |
| Land and buildings | 22 | €638,527 | €648,361 | +€9,833 | +1.5% |
| Current assets | 29/58 | €15,823 | €138,969 | +€123,147 | +778.3% |
| Stocks and contracts in progress | 3 | €2,862 | €127,089 | +€124,227 | +4340.9% |
| Stocks | 30/36 | €2,862 | €127,089 | +€124,227 | +4340.9% |
| Amounts receivable within one year | 40/41 | €2,155 | €0 | -€2,155 | -100.0% |
| Other amounts receivable | 41 | €2,155 | €0 | -€2,155 | -100.0% |
| Cash at bank and in hand | 54/58 | €8,490 | €9,771 | +€1,281 | +15.1% |
| Deferred charges and accrued income | 490/1 | €2,316 | €2,109 | -€207 | -8.9% |
| Total equity and liabilities | 10/49 | €654,350 | €787,330 | +€132,980 | +20.3% |
| Equity | 10/15 | -€66,292 | -€53,911 | +€12,381 | +18.7% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,292 | -€59,911 | +€12,381 | +17.1% |
| Amounts payable | 17/49 | €720,642 | €841,241 | +€120,599 | +16.7% |
| Amounts payable after more than one year | 17 | €507,014 | €480,793 | -€26,222 | -5.2% |
| Financial debts | 170/4 | €507,014 | €480,793 | -€26,222 | -5.2% |
| Amounts payable within one year | 42/48 | €213,627 | €360,448 | +€146,821 | +68.7% |
| Current portion of amounts payable after more than one year | 42 | €25,919 | €26,222 | +€302 | +1.2% |
| Trade debts | 44 | €7,358 | €2,724 | -€4,634 | -63.0% |
| Suppliers | 440/4 | €7,358 | €2,724 | -€4,634 | -63.0% |
| Other amounts payable | 47/48 | €180,350 | €331,502 | +€151,152 | +83.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,419 | €23,283 | +€865 | +3.9% |
| Other operating charges | 640/8 | €2,254 | €2,224 | -€30 | -1.3% |
| Gross operating margin | 9900 | €37,721 | €42,787 | +€5,065 | +13.4% |
| Operating profit (loss) | 9901 | €13,049 | €17,279 | +€4,231 | +32.4% |
| Financial income | 75/76B | €12 | €38 | +€26 | +215.3% |
| Recurring financial income | 75 | €12 | €38 | +€26 | +215.3% |
| Financial charges | 65/66B | €5,929 | €4,936 | -€993 | -16.7% |
| Recurring financial charges | 65 | €5,929 | €4,936 | -€993 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €7,132 | €12,381 | +€5,249 | +73.6% |
| Profit (loss) for the period | 9904 | €7,132 | €12,381 | +€5,249 | +73.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,132 | €12,381 | +€5,249 | +73.6% |
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 29 September 2026 via checked.be.