MVP KINE: 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.
MVP KINE
Largest movements
- Receivables within one year +€29,196
up €29,196 (+212%), from €13,751 to €42,947
of which Trade receivables: +€30,856
- Tangible fixed assets -€24,341
down €24,341 (-2.3%), from €1.1m to €1.1m
of which Land and buildings: -€36,922
- Debts after one year -€39,980
down €39,980 (-4.5%), from €879,767 to €839,787
of which Financial debts: -€39,980
- Short-term financial debts +€31,493
new in 2025: €31,493
- Trade debts +€11,824
up €11,824 (+72.9%), from €16,209 to €28,033
- Current portion of long-term debt -€11,427
down €11,427 (-13.7%), from €83,187 to €71,760
- Gross operating margin +€56,873
up €56,873 (+50.6%), from €112,382 to €169,256
- Depreciation +€45,956
up €45,956 (+77.1%), from €59,589 to €105,545
- Financial charges +€4,624
up €4,624 (+31.5%), from €14,680 to €19,304
- Other operating charges -€2,308
down €2,308 (-29.6%), from €7,790 to €5,482
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,134,195 | €1,127,845 | -€6,350 | -0.6% |
| Fixed assets | 21/28 | €1,120,444 | €1,084,802 | -€35,641 | -3.2% |
| Intangible fixed assets | 21 | €44,258 | €32,958 | -€11,300 | -25.5% |
| Tangible fixed assets | 22/27 | €1,076,185 | €1,051,844 | -€24,341 | -2.3% |
| Land and buildings | 22 | €1,032,962 | €996,041 | -€36,922 | -3.6% |
| Plant, machinery and equipment | 23 | €41,543 | €54,779 | +€13,236 | +31.9% |
| Furniture and vehicles | 24 | €1,680 | €1,025 | -€655 | -39.0% |
| Current assets | 29/58 | €13,751 | €43,042 | +€29,291 | +213% |
| Amounts receivable within one year | 40/41 | €13,751 | €42,947 | +€29,196 | +212% |
| Trade receivables | 40 | €7,460 | €38,315 | +€30,856 | +414% |
| Other amounts receivable | 41 | €6,291 | €4,632 | -€1,659 | -26.4% |
| Deferred charges and accrued income | 490/1 | - | €95 | +€95 | |
| Total equity and liabilities | 10/49 | €1,134,195 | €1,127,845 | -€6,350 | -0.6% |
| Equity | 10/15 | €65,788 | €68,323 | +€2,535 | +3.9% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,488 | €62,023 | +€2,535 | +4.3% |
| Amounts payable | 17/49 | €1,068,407 | €1,059,522 | -€8,885 | -0.8% |
| Amounts payable after more than one year | 17 | €879,767 | €839,787 | -€39,980 | -4.5% |
| Financial debts | 170/4 | €837,767 | €797,787 | -€39,980 | -4.8% |
| Other amounts payable | 178/9 | €42,000 | €42,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €188,640 | €219,735 | +€31,095 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €83,187 | €71,760 | -€11,427 | -13.7% |
| Financial debts | 43 | - | €31,493 | +€31,493 | |
| Credit institutions | 430/8 | - | €31,493 | +€31,493 | |
| Trade debts | 44 | €16,209 | €28,033 | +€11,824 | +72.9% |
| Suppliers | 440/4 | €16,209 | €28,033 | +€11,824 | +72.9% |
| Taxes, remuneration and social security | 45 | €7,327 | €6,215 | -€1,112 | -15.2% |
| Taxes | 450/3 | €1,951 | €1,732 | -€219 | -11.2% |
| Remuneration and social security | 454/9 | €5,376 | €4,483 | -€893 | -16.6% |
| Other amounts payable | 47/48 | €81,917 | €82,234 | +€317 | +0.4% |
| Remuneration, social security and pensions | 62 | €34,904 | €36,047 | +€1,143 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,589 | €105,545 | +€45,956 | +77.1% |
| Other operating charges | 640/8 | €7,790 | €5,482 | -€2,308 | -29.6% |
| Gross operating margin | 9900 | €112,382 | €169,256 | +€56,873 | +50.6% |
| Operating profit (loss) | 9901 | €10,098 | €22,181 | +€12,083 | +120% |
| Financial income | 75/76B | €10 | €29 | +€19 | +198% |
| Recurring financial income | 75 | €10 | €29 | +€19 | +198% |
| Financial charges | 65/66B | €14,680 | €19,304 | +€4,624 | +31.5% |
| Recurring financial charges | 65 | €14,680 | €19,304 | +€4,624 | +31.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,572 | €2,906 | +€7,478 | |
| Income taxes | 67/77 | - | €371 | +€371 | |
| Profit (loss) for the period | 9904 | -€4,572 | €2,535 | +€7,107 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,572 | €2,535 | +€7,107 |
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 26 October 2026 via checked.be.