MVOrtho: 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.
MVOrtho
Largest movements
- Tangible fixed assets -€960,922
down €960,922 (-71.5%), from €1.3m to €382,458
of which Other tangible fixed assets: -€727,355
- Receivables within one year -€224,936
down €224,936 (-53.5%), from €420,152 to €195,216
of which Other amounts receivable: -€220,374
- Cash -€157,443
down €157,443 (-36.5%), from €431,807 to €274,364
mainly Advances received (-€640,063) and Debts after one year (-€436,892)
- Advances received -€640,063
down €640,063 (-85.0%), from €753,128 to €113,065
- Debts after one year -€436,892
down €436,892 (-71.2%), from €613,885 to €176,993
- Trade debts -€177,028
down €177,028 (-97.0%), from €182,419 to €5,392
- Current portion of long-term debt -€66,361
down €66,361 (-48.6%), from €136,499 to €70,138
- Tax, wage and social debts -€37,115
down €37,115 (-23.0%), from €161,175 to €124,061
of which Remuneration and social security: -€48,186
- Staff costs -€387,178
down €387,178 (-53.2%), from €727,263 to €340,086
- Other operating charges +€275,107
up €275,107 (+2,435%), from €11,299 to €286,406
- Depreciation -€184,380
down €184,380 (-59.0%), from €312,748 to €128,368
- Gross operating margin -€183,791
down €183,791 (-12.1%), from €1.5m to €1.3m
- Financial charges -€21,702
down €21,702 (-55.7%), from €38,993 to €17,292
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.
Derived cash bridge
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 | €2,196,260 | €856,436 | -€1.3m | -61.0% |
| Fixed assets | 21/28 | €1,344,030 | €382,458 | -€961,572 | -71.5% |
| Tangible fixed assets | 22/27 | €1,343,380 | €382,458 | -€960,922 | -71.5% |
| Plant, machinery and equipment | 23 | €35,615 | €23,712 | -€11,903 | -33.4% |
| Furniture and vehicles | 24 | €293,549 | €97,676 | -€195,874 | -66.7% |
| Leasing and similar rights | 25 | €25,791 | - | -€25,791 | |
| Other tangible fixed assets | 26 | €988,425 | €261,070 | -€727,355 | -73.6% |
| Financial fixed assets | 28 | €650 | - | -€650 | |
| Current assets | 29/58 | €852,230 | €473,979 | -€378,252 | -44.4% |
| Amounts receivable within one year | 40/41 | €420,152 | €195,216 | -€224,936 | -53.5% |
| Trade receivables | 40 | €41,294 | €36,732 | -€4,562 | -11.0% |
| Other amounts receivable | 41 | €378,858 | €158,485 | -€220,374 | -58.2% |
| Cash at bank and in hand | 54/58 | €431,807 | €274,364 | -€157,443 | -36.5% |
| Deferred charges and accrued income | 490/1 | €271 | €4,399 | +€4,128 | +1,523% |
| Total equity and liabilities | 10/49 | €2,196,260 | €856,436 | -€1.3m | -61.0% |
| Equity | 10/15 | €21,154 | €33,724 | +€12,571 | +59.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €694 | €13,264 | +€12,571 | +1,812% |
| Amounts payable | 17/49 | €2,175,106 | €822,712 | -€1.4m | -62.2% |
| Amounts payable after more than one year | 17 | €613,885 | €176,993 | -€436,892 | -71.2% |
| Financial debts | 170/4 | €613,885 | €176,993 | -€436,892 | -71.2% |
| Amounts payable within one year | 42/48 | €1,561,221 | €642,912 | -€918,309 | -58.8% |
| Current portion of amounts payable after more than one year | 42 | €136,499 | €70,138 | -€66,361 | -48.6% |
| Trade debts | 44 | €182,419 | €5,392 | -€177,028 | -97.0% |
| Suppliers | 440/4 | €182,419 | €5,392 | -€177,028 | -97.0% |
| Advances received on contracts in progress | 46 | €753,128 | €113,065 | -€640,063 | -85.0% |
| Taxes, remuneration and social security | 45 | €161,175 | €124,061 | -€37,115 | -23.0% |
| Taxes | 450/3 | €73,488 | €84,559 | +€11,071 | +15.1% |
| Remuneration and social security | 454/9 | €87,687 | €39,502 | -€48,186 | -55.0% |
| Other amounts payable | 47/48 | €328,000 | €330,258 | +€2,258 | +0.7% |
| Accrued charges and deferred income | 492/3 | - | €2,806 | +€2,806 | |
| Remuneration, social security and pensions | 62 | €727,263 | €340,086 | -€387,178 | -53.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €312,748 | €128,368 | -€184,380 | -59.0% |
| Other operating charges | 640/8 | €11,299 | €286,406 | +€275,107 | +2,435% |
| Non-recurring operating charges | 66A | €6,043 | €40,560 | +€34,517 | +571% |
| Gross operating margin | 9900 | €1,522,857 | €1,339,066 | -€183,791 | -12.1% |
| Operating profit (loss) | 9901 | €465,504 | €543,646 | +€78,143 | +16.8% |
| Financial income | 75/76B | €279 | - | -€279 | |
| Recurring financial income | 75 | €279 | - | -€279 | |
| Financial charges | 65/66B | €38,993 | €17,292 | -€21,702 | -55.7% |
| Recurring financial charges | 65 | €38,993 | €17,292 | -€21,702 | -55.7% |
| Profit (loss) for the period before taxes | 9903 | €426,790 | €526,355 | +€99,565 | +23.3% |
| Income taxes | 67/77 | €124,675 | €138,784 | +€14,109 | +11.3% |
| Profit (loss) for the period | 9904 | €302,115 | €387,571 | +€85,456 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €302,115 | €387,571 | +€85,456 | +28.3% |
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 15 October 2026 via checked.be.