MVP²: 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.
MVP²
Largest movements
- Cash -€67,225
down €67,225 (-35.8%), from €187,922 to €120,698
mainly Investment in fixed assets (net) (-€129,842) and Contributions, distributions and other (-€53,778)
- Tangible fixed assets +€64,370
up €64,370 (+11.9%), from €540,161 to €604,531
of which Furniture and vehicles: +€66,510
- Profit (loss) carried forward -€53,778
no longer reported in 2025 (was €53,778)
- Reserves +€48,392
up €48,392 (+14.9%), from €325,470 to €373,862
- Debts after one year -€20,784
no longer reported in 2025 (was €20,784)
- Other debts +€15,774
up €15,774 (+4.8%), from €331,612 to €347,386
- Gross operating margin -€32,818
down €32,818 (-17.1%), from €192,366 to €159,548
- Taxes -€14,573
down €14,573 (-44.8%), from €32,522 to €17,949
- Depreciation +€14,433
up €14,433 (+28.3%), from €51,039 to €65,472
- Other operating charges +€5,657
up €5,657 (+164.7%), from €3,436 to €9,092
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 | €784,802 | €785,662 | +€861 | +0.1% |
| Fixed assets | 21/28 | €540,211 | €604,581 | +€64,370 | +11.9% |
| Tangible fixed assets | 22/27 | €540,161 | €604,531 | +€64,370 | +11.9% |
| Land and buildings | 22 | €116,600 | €133,186 | +€16,586 | +14.2% |
| Furniture and vehicles | 24 | €44,031 | €110,541 | +€66,510 | +151.1% |
| Other tangible fixed assets | 26 | €379,530 | €360,804 | -€18,725 | -4.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €244,591 | €181,081 | -€63,509 | -26.0% |
| Amounts receivable within one year | 40/41 | €45,693 | €49,549 | +€3,856 | +8.4% |
| Trade receivables | 40 | €150 | €250 | +€100 | +66.7% |
| Other amounts receivable | 41 | €45,543 | €49,299 | +€3,756 | +8.2% |
| Current investments | 50/53 | €7,103 | €9,345 | +€2,242 | +31.6% |
| Cash at bank and in hand | 54/58 | €187,922 | €120,698 | -€67,225 | -35.8% |
| Deferred charges and accrued income | 490/1 | €3,872 | €1,489 | -€2,383 | -61.5% |
| Total equity and liabilities | 10/49 | €784,802 | €785,662 | +€861 | +0.1% |
| Equity | 10/15 | €386,248 | €380,862 | -€5,386 | -1.4% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €325,470 | €373,862 | +€48,392 | +14.9% |
| Distributable reserves | 133 | €325,470 | €373,862 | +€48,392 | +14.9% |
| Profit (loss) carried forward | 14 | €53,778 | - | -€53,778 | |
| Amounts payable | 17/49 | €398,554 | €404,800 | +€6,246 | +1.6% |
| Amounts payable after more than one year | 17 | €20,784 | - | -€20,784 | |
| Financial debts | 170/4 | €20,784 | - | -€20,784 | |
| Amounts payable within one year | 42/48 | €357,955 | €380,251 | +€22,295 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €18,897 | €20,784 | +€1,886 | +10.0% |
| Trade debts | 44 | €4,446 | €4,281 | -€165 | -3.7% |
| Suppliers | 440/4 | €4,446 | €4,281 | -€165 | -3.7% |
| Taxes, remuneration and social security | 45 | €3,000 | €7,800 | +€4,800 | +160.0% |
| Taxes | 450/3 | €3,000 | €7,800 | +€4,800 | +160.0% |
| Other amounts payable | 47/48 | €331,612 | €347,386 | +€15,774 | +4.8% |
| Accrued charges and deferred income | 492/3 | €19,815 | €24,550 | +€4,735 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,039 | €65,472 | +€14,433 | +28.3% |
| Other operating charges | 640/8 | €3,436 | €9,092 | +€5,657 | +164.7% |
| Gross operating margin | 9900 | €192,366 | €159,548 | -€32,818 | -17.1% |
| Operating profit (loss) | 9901 | €137,891 | €84,984 | -€52,907 | -38.4% |
| Financial income | 75/76B | €791 | €1,016 | +€226 | +28.5% |
| Recurring financial income | 75 | €791 | €1,016 | +€226 | +28.5% |
| Financial charges | 65/66B | €18,347 | €19,659 | +€1,312 | +7.1% |
| Recurring financial charges | 65 | €18,347 | €19,659 | +€1,312 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €120,335 | €66,341 | -€53,994 | -44.9% |
| Income taxes | 67/77 | €32,522 | €17,949 | -€14,573 | -44.8% |
| Profit (loss) for the period | 9904 | €87,813 | €48,393 | -€39,421 | -44.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,813 | €48,393 | -€39,421 | -44.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.