MVO: 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.
MVO
Largest movements
- Cash +€28,516
up €28,516 (+25.4%), from €112,383 to €140,899
mainly Net result for the year (+€40,947) and Tax, wage and social debts (+€13,608)
- Receivables within one year +€26,695
up €26,695 (+127.1%), from €21,003 to €47,698
of which Trade receivables: +€26,695
- Tangible fixed assets -€9,958
down €9,958 (-21.5%), from €46,385 to €36,426
of which Furniture and vehicles: -€9,229
- Reserves +€39,114
up €39,114 (+38.4%), from €101,880 to €140,993
- Tax, wage and social debts +€13,608
up €13,608 (+199.4%), from €6,824 to €20,432
of which Taxes: +€11,437
- Debts after one year -€12,264
down €12,264 (-34.9%), from €35,113 to €22,849
- Gross operating margin +€26,058
up €26,058 (+53.3%), from €48,896 to €74,954
- Taxes +€7,807
up €7,807 (+86.3%), from €9,049 to €16,856
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 | €183,882 | €231,081 | +€47,199 | +25.7% |
| Fixed assets | 21/28 | €46,385 | €36,426 | -€9,958 | -21.5% |
| Tangible fixed assets | 22/27 | €46,385 | €36,426 | -€9,958 | -21.5% |
| Plant, machinery and equipment | 23 | €2,173 | €1,444 | -€729 | -33.5% |
| Furniture and vehicles | 24 | €44,212 | €34,982 | -€9,229 | -20.9% |
| Current assets | 29/58 | €137,498 | €194,655 | +€57,157 | +41.6% |
| Amounts receivable within one year | 40/41 | €21,003 | €47,698 | +€26,695 | +127.1% |
| Trade receivables | 40 | €19,905 | €46,599 | +€26,695 | +134.1% |
| Other amounts receivable | 41 | €1,099 | €1,099 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €112,383 | €140,899 | +€28,516 | +25.4% |
| Deferred charges and accrued income | 490/1 | €4,112 | €6,058 | +€1,946 | +47.3% |
| Total equity and liabilities | 10/49 | €183,882 | €231,081 | +€47,199 | +25.7% |
| Equity | 10/15 | €113,480 | €152,593 | +€39,114 | +34.5% |
| Contributions | 10/11 | €11,600 | €11,600 | = | 0.0% |
| Reserves | 13 | €101,880 | €140,993 | +€39,114 | +38.4% |
| Distributable reserves | 133 | €101,880 | €140,993 | +€39,114 | +38.4% |
| Amounts payable | 17/49 | €70,403 | €78,488 | +€8,085 | +11.5% |
| Amounts payable after more than one year | 17 | €35,113 | €22,849 | -€12,264 | -34.9% |
| Financial debts | 170/4 | €35,113 | €22,849 | -€12,264 | -34.9% |
| Amounts payable within one year | 42/48 | €35,290 | €54,764 | +€19,473 | +55.2% |
| Current portion of amounts payable after more than one year | 42 | €10,075 | €11,621 | +€1,546 | +15.3% |
| Trade debts | 44 | €769 | €2,885 | +€2,116 | +275.1% |
| Suppliers | 440/4 | €769 | €2,885 | +€2,116 | +275.1% |
| Taxes, remuneration and social security | 45 | €6,824 | €20,432 | +€13,608 | +199.4% |
| Taxes | 450/3 | €6,824 | €18,261 | +€11,437 | +167.6% |
| Remuneration and social security | 454/9 | - | €2,171 | +€2,171 | |
| Other amounts payable | 47/48 | €17,622 | €19,825 | +€2,204 | +12.5% |
| Accrued charges and deferred income | 492/3 | - | €876 | +€876 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,547 | €12,273 | -€274 | -2.2% |
| Other operating charges | 640/8 | €2,202 | €2,184 | -€18 | -0.8% |
| Non-recurring operating charges | 66A | €215 | €330 | +€114 | +53.2% |
| Gross operating margin | 9900 | €48,896 | €74,954 | +€26,058 | +53.3% |
| Operating profit (loss) | 9901 | €33,932 | €60,167 | +€26,235 | +77.3% |
| Financial income | 75/76B | €492 | €707 | +€215 | +43.8% |
| Recurring financial income | 75 | €492 | €707 | +€215 | +43.8% |
| Financial charges | 65/66B | €3,444 | €3,072 | -€372 | -10.8% |
| Recurring financial charges | 65 | €3,444 | €3,072 | -€372 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €30,980 | €57,803 | +€26,822 | +86.6% |
| Income taxes | 67/77 | €9,049 | €16,856 | +€7,807 | +86.3% |
| Profit (loss) for the period | 9904 | €21,932 | €40,947 | +€19,015 | +86.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,932 | €40,947 | +€19,015 | +86.7% |
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 9 October 2026 via checked.be.