MVM: 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.
MVM
Largest movements
- Receivables within one year -€72,632
down €72,632 (-46.9%), from €154,804 to €82,171
of which Other amounts receivable: -€91,038
- Cash -€15,102
down €15,102 (-95.3%), from €15,846 to €744
mainly Contributions, distributions and other (-€128,000) and Debts after one year (-€17,671)
- Tangible fixed assets -€9,499
down €9,499 (-2.6%), from €369,918 to €360,419
of which Land and buildings: -€15,971
- Reserves -€63,462
down €63,462 (-20.0%), from €318,000 to €254,538
- Debts after one year -€17,671
down €17,671 (-7.5%), from €236,646 to €218,975
- Tax, wage and social debts -€8,751
down €8,751 (-9.7%), from €90,287 to €81,536
of which Taxes: -€7,898
- Gross operating margin -€52,115
down €52,115 (-19.0%), from €274,646 to €222,531
- Taxes -€15,577
down €15,577 (-37.3%), from €41,774 to €26,197
- Staff costs -€10,037
down €10,037 (-8.8%), from €113,539 to €103,503
- Other operating charges -€3,400
down €3,400 (-51.9%), from €6,552 to €3,152
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 | €682,359 | €583,334 | -€99,025 | -14.5% |
| Fixed assets | 21/28 | €369,918 | €360,419 | -€9,499 | -2.6% |
| Tangible fixed assets | 22/27 | €369,918 | €360,419 | -€9,499 | -2.6% |
| Land and buildings | 22 | €355,788 | €339,817 | -€15,971 | -4.5% |
| Plant, machinery and equipment | 23 | €7,517 | €14,436 | +€6,919 | +92.0% |
| Furniture and vehicles | 24 | €6,613 | €6,166 | -€447 | -6.8% |
| Current assets | 29/58 | €312,441 | €222,916 | -€89,525 | -28.7% |
| Amounts receivable after more than one year | 29 | €140,000 | €140,000 | = | 0.0% |
| Other amounts receivable | 291 | €140,000 | €140,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €154,804 | €82,171 | -€72,632 | -46.9% |
| Trade receivables | 40 | - | €18,405 | +€18,405 | |
| Other amounts receivable | 41 | €154,804 | €63,766 | -€91,038 | -58.8% |
| Cash at bank and in hand | 54/58 | €15,846 | €744 | -€15,102 | -95.3% |
| Deferred charges and accrued income | 490/1 | €1,791 | - | -€1,791 | |
| Total equity and liabilities | 10/49 | €682,359 | €583,334 | -€99,025 | -14.5% |
| Equity | 10/15 | €324,637 | €259,538 | -€65,099 | -20.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €318,000 | €254,538 | -€63,462 | -20.0% |
| Distributable reserves | 133 | €318,000 | €254,538 | -€63,462 | -20.0% |
| Profit (loss) carried forward | 14 | €1,637 | - | -€1,637 | |
| Amounts payable | 17/49 | €357,722 | €323,796 | -€33,926 | -9.5% |
| Amounts payable after more than one year | 17 | €236,646 | €218,975 | -€17,671 | -7.5% |
| Financial debts | 170/4 | €236,646 | €218,975 | -€17,671 | -7.5% |
| Amounts payable within one year | 42/48 | €121,076 | €104,821 | -€16,255 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €18,260 | €17,671 | -€589 | -3.2% |
| Financial debts | 43 | - | €1,505 | +€1,505 | |
| Credit institutions | 430/8 | - | €1,505 | +€1,505 | |
| Trade debts | 44 | €7,529 | €4,110 | -€3,419 | -45.4% |
| Suppliers | 440/4 | €7,529 | €4,110 | -€3,419 | -45.4% |
| Advances received on contracts in progress | 46 | €5,000 | - | -€5,000 | |
| Taxes, remuneration and social security | 45 | €90,287 | €81,536 | -€8,751 | -9.7% |
| Taxes | 450/3 | €85,059 | €77,161 | -€7,898 | -9.3% |
| Remuneration and social security | 454/9 | €5,227 | €4,374 | -€853 | -16.3% |
| Remuneration, social security and pensions | 62 | €113,539 | €103,503 | -€10,037 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,270 | €21,419 | +€2,149 | +11.2% |
| Other operating charges | 640/8 | €6,552 | €3,152 | -€3,400 | -51.9% |
| Gross operating margin | 9900 | €274,646 | €222,531 | -€52,115 | -19.0% |
| Operating profit (loss) | 9901 | €135,285 | €94,457 | -€40,828 | -30.2% |
| Financial income | 75/76B | €12,090 | €9,961 | -€2,129 | -17.6% |
| Recurring financial income | 75 | €12,090 | €9,961 | -€2,129 | -17.6% |
| Financial charges | 65/66B | €13,087 | €15,320 | +€2,233 | +17.1% |
| Recurring financial charges | 65 | €13,087 | €15,320 | +€2,233 | +17.1% |
| Profit (loss) for the period before taxes | 9903 | €134,287 | €89,097 | -€45,190 | -33.7% |
| Income taxes | 67/77 | €41,774 | €26,197 | -€15,577 | -37.3% |
| Profit (loss) for the period | 9904 | €92,513 | €62,901 | -€29,613 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €92,513 | €62,901 | -€29,613 | -32.0% |
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 3 October 2026 via checked.be.