MVL GROUP: 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.
MVL GROUP
Largest movements
- Tangible fixed assets -€104,840
down €104,840 (-99.5%), from €105,366 to €526
of which Land and buildings: -€103,840
- Cash +€98,014
up €98,014 (+6,626%), from €1,479 to €99,493
mainly Investment in fixed assets (net) (+€103,911) and Net result for the year (+€37,609)
- Receivables within one year -€9,489
down €9,489 (-78.3%), from €12,119 to €2,630
of which Trade receivables: -€7,689
- Debts after one year -€63,751
no longer reported in 2025 (was €63,751)
- Reserves +€56,752
up €56,752 (+2,270%), from €2,500 to €59,252
of which Tax-exempt reserves: +€56,752
- Profit (loss) carried forward -€19,143
down €19,143, from €12,994 to -€6,150
- Provisions +€18,917
new in 2025: €18,917
- Current portion of long-term debt -€7,721
no longer reported in 2025 (was €7,721)
- Gross operating margin +€50,852
up €50,852 (+329%), from €15,461 to €66,313
- Financial charges -€48,075
down €48,075 (-94.0%), from €51,156 to €3,081
- Depreciation -€7,727
down €7,727 (-88.5%), from €8,727 to €1,000
- Financial income -€7,187
down €7,187 (-98.2%), from €7,320 to €134
- Other operating charges -€7,158
down €7,158 (-54.0%), from €13,250 to €6,092
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.
Derived cash bridge
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 | €119,035 | €102,680 | -€16,355 | -13.7% |
| Fixed assets | 21/28 | €105,437 | €526 | -€104,911 | -99.5% |
| Tangible fixed assets | 22/27 | €105,366 | €526 | -€104,840 | -99.5% |
| Land and buildings | 22 | €103,840 | - | -€103,840 | |
| Furniture and vehicles | 24 | €1,526 | €526 | -€1,000 | -65.5% |
| Financial fixed assets | 28 | €71 | - | -€71 | |
| Current assets | 29/58 | €13,598 | €102,154 | +€88,556 | +651% |
| Amounts receivable within one year | 40/41 | €12,119 | €2,630 | -€9,489 | -78.3% |
| Trade receivables | 40 | €7,689 | - | -€7,689 | |
| Other amounts receivable | 41 | €4,430 | €2,630 | -€1,800 | -40.6% |
| Cash at bank and in hand | 54/58 | €1,479 | €99,493 | +€98,014 | +6,626% |
| Deferred charges and accrued income | 490/1 | - | €31 | +€31 | |
| Total equity and liabilities | 10/49 | €119,035 | €102,680 | -€16,355 | -13.7% |
| Equity | 10/15 | €40,494 | €78,102 | +€37,609 | +92.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €59,252 | +€56,752 | +2,270% |
| Tax-exempt reserves | 132 | - | €56,752 | +€56,752 | |
| Distributable reserves | 133 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,994 | -€6,150 | -€19,143 | |
| Provisions and deferred taxes | 16 | - | €18,917 | +€18,917 | |
| Deferred taxes | 168 | - | €18,917 | +€18,917 | |
| Amounts payable | 17/49 | €78,541 | €5,660 | -€72,881 | -92.8% |
| Amounts payable after more than one year | 17 | €63,751 | - | -€63,751 | |
| Financial debts | 170/4 | €63,751 | - | -€63,751 | |
| Amounts payable within one year | 42/48 | €13,912 | €5,660 | -€8,251 | -59.3% |
| Current portion of amounts payable after more than one year | 42 | €7,721 | - | -€7,721 | |
| Trade debts | 44 | €1,861 | €947 | -€914 | -49.1% |
| Suppliers | 440/4 | €1,861 | €947 | -€914 | -49.1% |
| Taxes, remuneration and social security | 45 | €4,330 | - | -€4,330 | |
| Taxes | 450/3 | €4,330 | - | -€4,330 | |
| Other amounts payable | 47/48 | - | €4,713 | +€4,713 | |
| Accrued charges and deferred income | 492/3 | €879 | - | -€879 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,727 | €1,000 | -€7,727 | -88.5% |
| Other operating charges | 640/8 | €13,250 | €6,092 | -€7,158 | -54.0% |
| Non-recurring operating charges | 66A | €96 | €126 | +€30 | +31.3% |
| Gross operating margin | 9900 | €15,461 | €66,313 | +€50,852 | +329% |
| Operating profit (loss) | 9901 | -€6,612 | €59,095 | +€65,707 | |
| Financial income | 75/76B | €7,320 | €134 | -€7,187 | -98.2% |
| Recurring financial income | 75 | €7,320 | €134 | -€7,187 | -98.2% |
| Financial charges | 65/66B | €51,156 | €3,081 | -€48,075 | -94.0% |
| Recurring financial charges | 65 | €51,156 | €3,081 | -€48,075 | -94.0% |
| Profit (loss) for the period before taxes | 9903 | -€50,448 | €56,148 | +€106,595 | |
| Transfer to deferred taxes | 680 | - | €18,917 | +€18,917 | |
| Income taxes | 67/77 | €1,486 | -€378 | -€1,864 | |
| Profit (loss) for the period | 9904 | -€51,933 | €37,609 | +€89,542 | |
| Transfer to tax-exempt reserves | 689 | - | €56,752 | +€56,752 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,933 | -€19,143 | +€32,790 | +63.1% |
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 25 October 2026 via checked.be.