MVHA: 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.
MVHA
Largest movements
- Current investments +€402,273
up €402,273 (+16.9%), from €2.4m to €2.8m
- Cash +€98,455
up €98,455 (+157.0%), from €62,714 to €161,169
mainly Net result for the year (+€589,494) and Receivables within one year (+€37,907)
- Receivables within one year -€37,907
down €37,907 (-65.0%), from €58,295 to €20,388
of which Other amounts receivable: -€19,638
- Reserves +€589,988
up €589,988 (+25.0%), from €2.4m to €3.0m
- Other debts -€160,398
down €160,398 (-100.0%), from €160,398 to €0
- Financial income +€314,577
up €314,577 (+90.0%), from €349,535 to €664,112
- Financial charges -€75,470
down €75,470 (-99.8%), from €75,621 to €151
of which Non-recurring financial charges: -€75,000
- Write-downs -€70,000
down €70,000 (-100.0%), from €70,000 to €0
- Taxes +€42,122
up €42,122 (+246.3%), from €17,101 to €59,223
- Gross operating margin +€7,566
up €7,566 (+445.6%), from €1,698 to €9,264
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,570,825 | €3,010,347 | +€439,522 | +17.1% |
| Fixed assets | 21/28 | €65,980 | €42,681 | -€23,299 | -35.3% |
| Tangible fixed assets | 22/27 | €65,980 | €42,681 | -€23,299 | -35.3% |
| Furniture and vehicles | 24 | €65,980 | €42,681 | -€23,299 | -35.3% |
| Current assets | 29/58 | €2,504,845 | €2,967,666 | +€462,821 | +18.5% |
| Amounts receivable within one year | 40/41 | €58,295 | €20,388 | -€37,907 | -65.0% |
| Trade receivables | 40 | €18,269 | €0 | -€18,269 | -100.0% |
| Other amounts receivable | 41 | €40,026 | €20,388 | -€19,638 | -49.1% |
| Current investments | 50/53 | €2,383,836 | €2,786,109 | +€402,273 | +16.9% |
| Cash at bank and in hand | 54/58 | €62,714 | €161,169 | +€98,455 | +157.0% |
| Total equity and liabilities | 10/49 | €2,570,825 | €3,010,347 | +€439,522 | +17.1% |
| Equity | 10/15 | €2,382,118 | €2,971,611 | +€589,493 | +24.7% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €2,360,623 | €2,950,611 | +€589,988 | +25.0% |
| Distributable reserves | 133 | €2,360,623 | €2,950,611 | +€589,988 | +25.0% |
| Profit (loss) carried forward | 14 | €495 | €0 | -€495 | -100.0% |
| Amounts payable | 17/49 | €188,707 | €38,736 | -€149,971 | -79.5% |
| Amounts payable within one year | 42/48 | €188,707 | €38,736 | -€149,971 | -79.5% |
| Trade debts | 44 | €859 | €596 | -€263 | -30.6% |
| Suppliers | 440/4 | €859 | €596 | -€263 | -30.6% |
| Taxes, remuneration and social security | 45 | €27,450 | €38,140 | +€10,690 | +38.9% |
| Taxes | 450/3 | €27,450 | €38,140 | +€10,690 | +38.9% |
| Other amounts payable | 47/48 | €160,398 | €0 | -€160,398 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,775 | €23,299 | -€476 | -2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €70,000 | €0 | -€70,000 | -100.0% |
| Other operating charges | 640/8 | - | €1,209 | +€1,209 | |
| Gross operating margin | 9900 | €1,698 | €9,264 | +€7,566 | +445.6% |
| Operating profit (loss) | 9901 | -€92,077 | -€15,244 | +€76,833 | +83.4% |
| Financial income | 75/76B | €349,535 | €664,112 | +€314,577 | +90.0% |
| Recurring financial income | 75 | €349,535 | €664,112 | +€314,577 | +90.0% |
| Financial charges | 65/66B | €75,621 | €151 | -€75,470 | -99.8% |
| Recurring financial charges | 65 | €621 | €151 | -€470 | -75.7% |
| Non-recurring financial charges | 66B | €75,000 | €0 | -€75,000 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €181,837 | €648,717 | +€466,880 | +256.8% |
| Income taxes | 67/77 | €17,101 | €59,223 | +€42,122 | +246.3% |
| Profit (loss) for the period | 9904 | €164,736 | €589,494 | +€424,758 | +257.8% |
| Profit (loss) for the period to be appropriated | 9905 | €164,736 | €589,494 | +€424,758 | +257.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.