MVMW: 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.
MVMW
Largest movements
- Receivables within one year -€79,953
down €79,953 (-17.3%), from €461,817 to €381,864
of which Other amounts receivable: -€80,692
- Cash +€32,982
up €32,982 (+408.9%), from €8,067 to €41,048
mainly Receivables within one year (+€79,953) and Other debts (+€51,239)
- Tangible fixed assets +€17,321
up €17,321 (+1154.7%), from €1,500 to €18,821
of which Other tangible fixed assets: +€9,750
- Deferred charges and accrued income +€4,983
new in 2025: €4,983
- Other debts +€51,239
up €51,239 (+473.5%), from €10,822 to €62,061
- Tax, wage and social debts -€38,417
down €38,417 (-75.3%), from €51,048 to €12,631
of which Taxes: -€25,580
- Trade debts -€32,535
down €32,535 (-99.0%), from €32,872 to €337
- Profit (loss) carried forward -€14,070
down €14,070 (-19.5%), from €72,125 to €58,055
- Debts after one year +€6,484
new in 2025: €6,484
- Gross operating margin -€126,452
down €126,452, from €101,322 to -€25,130
- Taxes -€24,192
down €24,192 (-89.8%), from €26,935 to €2,743
- Financial income -€5,511
down €5,511 (-17.9%), from €30,717 to €25,206
- Financial charges -€5,155
down €5,155 (-56.3%), from €9,159 to €4,004
- Other operating charges -€2,298
down €2,298 (-25.4%), from €9,057 to €6,758
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 | €471,504 | €446,836 | -€24,668 | -5.2% |
| Fixed assets | 21/28 | €1,620 | €18,941 | +€17,321 | +1069.2% |
| Tangible fixed assets | 22/27 | €1,500 | €18,821 | +€17,321 | +1154.7% |
| Furniture and vehicles | 24 | €1,500 | €0 | -€1,500 | -100.0% |
| Leasing and similar rights | 25 | - | €9,071 | +€9,071 | |
| Other tangible fixed assets | 26 | - | €9,750 | +€9,750 | |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €469,884 | €427,895 | -€41,989 | -8.9% |
| Amounts receivable within one year | 40/41 | €461,817 | €381,864 | -€79,953 | -17.3% |
| Trade receivables | 40 | €32,793 | €33,532 | +€739 | +2.3% |
| Other amounts receivable | 41 | €429,025 | €348,333 | -€80,692 | -18.8% |
| Cash at bank and in hand | 54/58 | €8,067 | €41,048 | +€32,982 | +408.9% |
| Deferred charges and accrued income | 490/1 | - | €4,983 | +€4,983 | |
| Total equity and liabilities | 10/49 | €471,504 | €446,836 | -€24,668 | -5.2% |
| Equity | 10/15 | €339,536 | €325,466 | -€14,070 | -4.1% |
| Contributions | 10/11 | €5,178 | €5,178 | = | 0.0% |
| Reserves | 13 | €262,233 | €262,233 | = | 0.0% |
| Non-distributable reserves | 130/1 | €518 | €518 | = | 0.0% |
| Reserves not available under the articles | 1311 | €518 | €518 | = | 0.0% |
| Tax-exempt reserves | 132 | €112,686 | €112,686 | = | 0.0% |
| Distributable reserves | 133 | €149,029 | €149,029 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,125 | €58,055 | -€14,070 | -19.5% |
| Provisions and deferred taxes | 16 | €37,225 | €37,225 | = | 0.0% |
| Deferred taxes | 168 | €37,225 | €37,225 | = | 0.0% |
| Amounts payable | 17/49 | €94,742 | €84,145 | -€10,598 | -11.2% |
| Amounts payable after more than one year | 17 | - | €6,484 | +€6,484 | |
| Financial debts | 170/4 | - | €6,484 | +€6,484 | |
| Amounts payable within one year | 42/48 | €94,742 | €77,661 | -€17,082 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | - | €2,631 | +€2,631 | |
| Trade debts | 44 | €32,872 | €337 | -€32,535 | -99.0% |
| Suppliers | 440/4 | €32,872 | €337 | -€32,535 | -99.0% |
| Taxes, remuneration and social security | 45 | €51,048 | €12,631 | -€38,417 | -75.3% |
| Taxes | 450/3 | €38,091 | €12,511 | -€25,580 | -67.2% |
| Remuneration and social security | 454/9 | €12,957 | €120 | -€12,837 | -99.1% |
| Other amounts payable | 47/48 | €10,822 | €62,061 | +€51,239 | +473.5% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €310 | €640 | +€330 | +106.3% |
| Other operating charges | 640/8 | €9,057 | €6,758 | -€2,298 | -25.4% |
| Gross operating margin | 9900 | €101,322 | -€25,130 | -€126,452 | |
| Operating profit (loss) | 9901 | €91,955 | -€32,529 | -€124,484 | |
| Financial income | 75/76B | €30,717 | €25,206 | -€5,511 | -17.9% |
| Recurring financial income | 75 | €30,717 | €25,206 | -€5,511 | -17.9% |
| Financial charges | 65/66B | €9,159 | €4,004 | -€5,155 | -56.3% |
| Recurring financial charges | 65 | €9,159 | €4,004 | -€5,155 | -56.3% |
| Profit (loss) for the period before taxes | 9903 | €113,513 | -€11,327 | -€124,839 | |
| Income taxes | 67/77 | €26,935 | €2,743 | -€24,192 | -89.8% |
| Profit (loss) for the period | 9904 | €86,577 | -€14,070 | -€100,647 | |
| Profit (loss) for the period to be appropriated | 9905 | €86,577 | -€14,070 | -€100,647 |
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 5 October 2026 via checked.be.