MVO IMMO: 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 IMMO
Largest movements
- Tangible fixed assets +€3.2m
up €3.2m (+79.8%), from €4.0m to €7.2m
of which Land and buildings: +€3.2m
- Receivables within one year +€1.2m
up €1.2m (+1,087%), from €108,188 to €1.3m
of which Other amounts receivable: +€1.2m
- Cash +€423,524
up €423,524 (+884%), from €47,892 to €471,417
mainly Debts after one year (+€2.6m) and Contributions, distributions and other (+€2.2m)
- Debts after one year +€2.6m
new in 2025: €2.6m
- Profit (loss) carried forward +€1.2m
up €1.2m (+130%), from €902,368 to €2.1m
- Other debts -€1.0m
down €1.0m (-63.5%), from €1.6m to €576,601
- Reserves +€629,267
up €629,267 (+353%), from €178,205 to €807,473
of which Distributable reserves: +€572,044
- Contributions +€457,837
up €457,837 (+326%), from €140,537 to €598,374
- Gross operating margin +€92,366
up €92,366 (+69.0%), from €133,835 to €226,201
- Depreciation +€90,126
up €90,126 (+115%), from €78,136 to €168,262
- Financial charges +€37,753
up €37,753 (+28,971%), from €130 to €37,883
- Other operating charges -€3,632
down €3,632 (-11.9%), from €30,618 to €26,986
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,221,070 | €8,943,872 | +€4.7m | +112% |
| Fixed assets | 21/28 | €3,992,249 | €7,176,120 | +€3.2m | +79.8% |
| Tangible fixed assets | 22/27 | €3,992,249 | €7,176,120 | +€3.2m | +79.8% |
| Land and buildings | 22 | €2,935,549 | €6,093,283 | +€3.2m | +108% |
| Plant, machinery and equipment | 23 | €377,992 | €375,796 | -€2,196 | -0.6% |
| Furniture and vehicles | 24 | €3,956 | €2,926 | -€1,030 | -26.0% |
| Other tangible fixed assets | 26 | €674,753 | €696,572 | +€21,819 | +3.2% |
| Assets under construction and advance payments | 27 | - | €7,542 | +€7,542 | |
| Current assets | 29/58 | €228,821 | €1,767,752 | +€1.5m | +673% |
| Amounts receivable within one year | 40/41 | €108,188 | €1,284,477 | +€1.2m | +1,087% |
| Trade receivables | 40 | €5,146 | €11,109 | +€5,963 | +116% |
| Other amounts receivable | 41 | €103,042 | €1,273,368 | +€1.2m | +1,136% |
| Cash at bank and in hand | 54/58 | €47,892 | €471,417 | +€423,524 | +884% |
| Deferred charges and accrued income | 490/1 | €72,740 | €11,858 | -€60,883 | -83.7% |
| Total equity and liabilities | 10/49 | €4,221,070 | €8,943,872 | +€4.7m | +112% |
| Equity | 10/15 | €2,417,720 | €4,677,385 | +€2.3m | +93.5% |
| Contributions | 10/11 | €140,537 | €598,374 | +€457,837 | +326% |
| Revaluation surpluses | 12 | €1,196,610 | €1,196,610 | = | 0.0% |
| Reserves | 13 | €178,205 | €807,473 | +€629,267 | +353% |
| Non-distributable reserves | 130/1 | €1,161 | €1,161 | = | 0.0% |
| Other | 1319 | €1,161 | €1,161 | = | 0.0% |
| Tax-exempt reserves | 132 | €73,515 | €130,739 | +€57,224 | +77.8% |
| Distributable reserves | 133 | €103,530 | €675,573 | +€572,044 | +553% |
| Profit (loss) carried forward | 14 | €902,368 | €2,074,928 | +€1.2m | +130% |
| Provisions and deferred taxes | 16 | €37,855 | €482,035 | +€444,181 | +1,173% |
| Deferred taxes | 168 | €37,855 | €482,035 | +€444,181 | +1,173% |
| Amounts payable | 17/49 | €1,765,495 | €3,784,451 | +€2.0m | +114% |
| Amounts payable after more than one year | 17 | - | €2,601,567 | +€2.6m | |
| Financial debts | 170/4 | - | €2,601,567 | +€2.6m | |
| Amounts payable within one year | 42/48 | €1,765,495 | €1,170,413 | -€595,082 | -33.7% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €222,877 | +€162,877 | +271% |
| Trade debts | 44 | €92,094 | €359,965 | +€267,871 | +291% |
| Suppliers | 440/4 | €92,094 | €359,965 | +€267,871 | +291% |
| Taxes, remuneration and social security | 45 | €32,173 | €10,970 | -€21,203 | -65.9% |
| Taxes | 450/3 | €32,173 | €10,970 | -€21,203 | -65.9% |
| Other amounts payable | 47/48 | €1,581,228 | €576,601 | -€1.0m | -63.5% |
| Accrued charges and deferred income | 492/3 | - | €12,471 | +€12,471 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,136 | €168,262 | +€90,126 | +115% |
| Other operating charges | 640/8 | €30,618 | €26,986 | -€3,632 | -11.9% |
| Gross operating margin | 9900 | €133,835 | €226,201 | +€92,366 | +69.0% |
| Operating profit (loss) | 9901 | €25,081 | €30,952 | +€5,872 | +23.4% |
| Financial income | 75/76B | €367 | €0 | -€367 | -100% |
| Recurring financial income | 75 | €367 | €0 | -€367 | -100% |
| Financial charges | 65/66B | €130 | €37,883 | +€37,753 | +28,971% |
| Recurring financial charges | 65 | €130 | €37,883 | +€37,753 | +28,971% |
| Profit (loss) for the period before taxes | 9903 | €25,318 | -€6,931 | -€32,248 | |
| Transfer from deferred taxes | 780 | €6,722 | €22,762 | +€16,040 | +239% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | €32,040 | €15,832 | -€16,208 | -50.6% |
| Transfer from tax-exempt reserves | 789 | €13,055 | €16,430 | +€3,375 | +25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €45,095 | €32,261 | -€12,834 | -28.5% |
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 16 October 2026 via checked.be.