MVM Project: 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 Project
Largest movements
- Receivables within one year -€25,683
down €25,683 (-97.0%), from €26,473 to €790
of which Trade receivables: -€26,049
- Deferred charges and accrued income +€7,016
up €7,016 (+147.1%), from €4,769 to €11,785
- Cash +€5,453
up €5,453 (+43.4%), from €12,557 to €18,010
mainly Net result for the year (+€99,961) and Receivables within one year (+€25,683)
- Tangible fixed assets +€4,352
up €4,352 (+13.2%), from €32,856 to €37,208
of which Furniture and vehicles: +€5,587
- Profit (loss) carried forward -€42,586
down €42,586 (-47.4%), from €89,846 to €47,260
- Other debts +€25,441
up €25,441 (+78.1%), from €32,560 to €58,001
- Tax, wage and social debts +€21,173
up €21,173 (+115.8%), from €18,280 to €39,453
of which Taxes: +€21,173
- Debts after one year -€20,712
down €20,712 (-52.8%), from €39,243 to €18,531
- Current portion of long-term debt +€9,070
up €9,070 (+41.9%), from €21,657 to €30,727
- Financial income +€45,010
new in 2025: €45,010
- Gross operating margin +€24,254
up €24,254 (+38.9%), from €62,415 to €86,669
- Taxes +€4,783
up €4,783 (+40.8%), from €11,720 to €16,503
- Depreciation +€1,878
up €1,878 (+21.3%), from €8,806 to €10,684
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 | €226,655 | €217,793 | -€8,862 | -3.9% |
| Fixed assets | 21/28 | €182,856 | €187,208 | +€4,352 | +2.4% |
| Tangible fixed assets | 22/27 | €32,856 | €37,208 | +€4,352 | +13.2% |
| Furniture and vehicles | 24 | €11,647 | €17,234 | +€5,587 | +48.0% |
| Other tangible fixed assets | 26 | €21,209 | €19,973 | -€1,236 | -5.8% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €43,799 | €30,585 | -€13,214 | -30.2% |
| Amounts receivable within one year | 40/41 | €26,473 | €790 | -€25,683 | -97.0% |
| Trade receivables | 40 | €26,288 | €238 | -€26,049 | -99.1% |
| Other amounts receivable | 41 | €185 | €551 | +€366 | +197.9% |
| Cash at bank and in hand | 54/58 | €12,557 | €18,010 | +€5,453 | +43.4% |
| Deferred charges and accrued income | 490/1 | €4,769 | €11,785 | +€7,016 | +147.1% |
| Total equity and liabilities | 10/49 | €226,655 | €217,793 | -€8,862 | -3.9% |
| Equity | 10/15 | €97,906 | €55,320 | -€42,586 | -43.5% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €89,846 | €47,260 | -€42,586 | -47.4% |
| Amounts payable | 17/49 | €128,749 | €162,473 | +€33,724 | +26.2% |
| Amounts payable after more than one year | 17 | €39,243 | €18,531 | -€20,712 | -52.8% |
| Financial debts | 170/4 | €39,243 | €18,531 | -€20,712 | -52.8% |
| Amounts payable within one year | 42/48 | €89,506 | €143,044 | +€53,539 | +59.8% |
| Current portion of amounts payable after more than one year | 42 | €21,657 | €30,727 | +€9,070 | +41.9% |
| Trade debts | 44 | €17,008 | €14,863 | -€2,145 | -12.6% |
| Suppliers | 440/4 | €17,008 | €14,863 | -€2,145 | -12.6% |
| Taxes, remuneration and social security | 45 | €18,280 | €39,453 | +€21,173 | +115.8% |
| Taxes | 450/3 | €14,383 | €35,556 | +€21,173 | +147.2% |
| Remuneration and social security | 454/9 | €3,898 | €3,897 | -€1 | 0.0% |
| Other amounts payable | 47/48 | €32,560 | €58,001 | +€25,441 | +78.1% |
| Accrued charges and deferred income | 492/3 | €0 | €897 | +€897 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,806 | €10,684 | +€1,878 | +21.3% |
| Other operating charges | 640/8 | €1,563 | €2,335 | +€771 | +49.3% |
| Non-recurring operating charges | 66A | €92 | €0 | -€92 | -100.0% |
| Gross operating margin | 9900 | €62,415 | €86,669 | +€24,254 | +38.9% |
| Operating profit (loss) | 9901 | €51,954 | €73,651 | +€21,697 | +41.8% |
| Financial income | 75/76B | - | €45,010 | +€45,010 | |
| Recurring financial income | 75 | - | €45,010 | +€45,010 | |
| Financial charges | 65/66B | €2,767 | €2,196 | -€571 | -20.6% |
| Recurring financial charges | 65 | €2,767 | €2,196 | -€571 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €49,187 | €116,465 | +€67,278 | +136.8% |
| Income taxes | 67/77 | €11,720 | €16,503 | +€4,783 | +40.8% |
| Profit (loss) for the period | 9904 | €37,467 | €99,961 | +€62,495 | +166.8% |
| Profit (loss) for the period to be appropriated | 9905 | €37,467 | €99,961 | +€62,495 | +166.8% |
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 1 October 2026 via checked.be.