MVO PROJECTS: 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.
MVO PROJECTS
Largest movements
- Receivables within one year +€180,889
up €180,889 (+291.8%), from €62,001 to €242,889
of which Trade receivables: +€159,452
- Cash -€132,433
down €132,433 (-65.6%), from €201,953 to €69,520
mainly Receivables within one year (-€180,889) and Trade debts (-€128,055)
- Tangible fixed assets -€48,123
down €48,123 (-29.7%), from €162,161 to €114,037
of which Furniture and vehicles: -€34,000
- Trade debts -€128,055
down €128,055 (-84.7%), from €151,254 to €23,199
- Other debts +€54,418
up €54,418 (+232.4%), from €23,420 to €77,838
- Debts after one year +€32,226
up €32,226 (+46.9%), from €68,774 to €100,999
- Advances received +€30,000
up €30,000 (+29.9%), from €100,348 to €130,348
- Tax, wage and social debts -€19,947
down €19,947 (-59.4%), from €33,575 to €13,628
- Gross operating margin +€62,372
up €62,372 (+118.7%), from €52,542 to €114,914
- Other operating charges -€14,194
down €14,194 (-79.8%), from €17,795 to €3,600
- Financial charges +€11,454
up €11,454 (+309.5%), from €3,701 to €15,155
- Depreciation +€4,215
up €4,215 (+21.7%), from €19,420 to €23,635
- Taxes +€2,088
up €2,088 (+43.4%), from €4,807 to €6,894
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 | €547,043 | €547,047 | +€4 | 0.0% |
| Fixed assets | 21/28 | €162,761 | €114,637 | -€48,123 | -29.6% |
| Tangible fixed assets | 22/27 | €162,161 | €114,037 | -€48,123 | -29.7% |
| Furniture and vehicles | 24 | €141,931 | €107,932 | -€34,000 | -24.0% |
| Other tangible fixed assets | 26 | €20,229 | €6,106 | -€14,124 | -69.8% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €384,282 | €432,409 | +€48,127 | +12.5% |
| Stocks and contracts in progress | 3 | €120,328 | €120,000 | -€328 | -0.3% |
| Stocks | 30/36 | €120,328 | €120,000 | -€328 | -0.3% |
| Amounts receivable within one year | 40/41 | €62,001 | €242,889 | +€180,889 | +291.8% |
| Trade receivables | 40 | €54,082 | €213,534 | +€159,452 | +294.8% |
| Other amounts receivable | 41 | €7,918 | €29,355 | +€21,437 | +270.7% |
| Cash at bank and in hand | 54/58 | €201,953 | €69,520 | -€132,433 | -65.6% |
| Total equity and liabilities | 10/49 | €547,043 | €547,047 | +€4 | 0.0% |
| Equity | 10/15 | €78,815 | €96,282 | +€17,467 | +22.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €41,016 | €58,482 | +€17,467 | +42.6% |
| Distributable reserves | 133 | €41,016 | €58,482 | +€17,467 | +42.6% |
| Profit (loss) carried forward | 14 | €36,799 | €36,799 | = | 0.0% |
| Amounts payable | 17/49 | €468,228 | €450,765 | -€17,463 | -3.7% |
| Amounts payable after more than one year | 17 | €68,774 | €100,999 | +€32,226 | +46.9% |
| Financial debts | 170/4 | €68,774 | €100,999 | +€32,226 | +46.9% |
| Amounts payable within one year | 42/48 | €399,454 | €349,766 | -€49,689 | -12.4% |
| Current portion of amounts payable after more than one year | 42 | €17,686 | €31,787 | +€14,101 | +79.7% |
| Financial debts | 43 | €73,171 | €72,965 | -€206 | -0.3% |
| Credit institutions | 430/8 | €73,171 | €72,965 | -€206 | -0.3% |
| Trade debts | 44 | €151,254 | €23,199 | -€128,055 | -84.7% |
| Suppliers | 440/4 | €151,254 | €23,199 | -€128,055 | -84.7% |
| Advances received on contracts in progress | 46 | €100,348 | €130,348 | +€30,000 | +29.9% |
| Taxes, remuneration and social security | 45 | €33,575 | €13,628 | -€19,947 | -59.4% |
| Taxes | 450/3 | €33,575 | €13,628 | -€19,947 | -59.4% |
| Other amounts payable | 47/48 | €23,420 | €77,838 | +€54,418 | +232.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,420 | €23,635 | +€4,215 | +21.7% |
| Other operating charges | 640/8 | €17,795 | €3,600 | -€14,194 | -79.8% |
| Non-recurring operating charges | 66A | - | €38,532 | +€38,532 | |
| Gross operating margin | 9900 | €52,542 | €114,914 | +€62,372 | +118.7% |
| Operating profit (loss) | 9901 | €15,328 | €49,147 | +€33,819 | +220.6% |
| Financial income | 75/76B | €278 | €369 | +€91 | +32.8% |
| Recurring financial income | 75 | €278 | €369 | +€91 | +32.8% |
| Financial charges | 65/66B | €3,701 | €15,155 | +€11,454 | +309.5% |
| Recurring financial charges | 65 | €3,701 | €15,155 | +€11,454 | +309.5% |
| Profit (loss) for the period before taxes | 9903 | €11,905 | €34,361 | +€22,456 | +188.6% |
| Income taxes | 67/77 | €4,807 | €6,894 | +€2,088 | +43.4% |
| Profit (loss) for the period | 9904 | €7,098 | €27,467 | +€20,368 | +286.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,098 | €27,467 | +€20,368 | +286.9% |
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 8 October 2026 via checked.be.