MVR: 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.
MVR
Largest movements
- Receivables within one year -€12,854
down €12,854 (-29.0%), from €44,252 to €31,398
of which Trade receivables: -€22,654
- Cash +€7,893
up €7,893 (+643.2%), from €1,227 to €9,120
mainly Net result for the year (+€22,842) and Receivables within one year (+€12,854)
- Stocks and contracts -€6,489
down €6,489 (-28.5%), from €22,750 to €16,261
of which Contracts in progress: -€4,423
- Tangible fixed assets +€1,515
up €1,515 (+42.7%), from €3,546 to €5,061
of which Furniture and vehicles: +€1,165
- Reserves +€24,442
up €24,442 (+128.5%), from €19,023 to €43,466
- Trade debts -€15,576
down €15,576 (-92.2%), from €16,886 to €1,310
- Tax, wage and social debts -€5,663
down €5,663 (-71.3%), from €7,947 to €2,284
- Advances received -€5,352
no longer reported in 2025 (was €5,352)
- Current portion of long-term debt -€4,175
no longer reported in 2025 (was €4,175)
- Gross operating margin +€32,396
up €32,396, from -€4,388 to €28,008
- Depreciation -€7,861
down €7,861 (-89.8%), from €8,758 to €897
- Taxes +€2,284
new in 2025: €2,284
- Other operating charges +€767
up €767 (+104.3%), from €736 to €1,503
- Financial charges +€637
up €637 (+135.1%), from €472 to €1,109
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 | €76,033 | €65,660 | -€10,373 | -13.6% |
| Fixed assets | 21/28 | €3,546 | €5,061 | +€1,515 | +42.7% |
| Tangible fixed assets | 22/27 | €3,546 | €5,061 | +€1,515 | +42.7% |
| Plant, machinery and equipment | 23 | €357 | €1,244 | +€887 | +248.3% |
| Furniture and vehicles | 24 | - | €1,165 | +€1,165 | |
| Other tangible fixed assets | 26 | €3,189 | €2,652 | -€537 | -16.8% |
| Current assets | 29/58 | €72,486 | €60,599 | -€11,888 | -16.4% |
| Stocks and contracts in progress | 3 | €22,750 | €16,261 | -€6,489 | -28.5% |
| Stocks | 30/36 | €18,327 | €16,261 | -€2,066 | -11.3% |
| Contracts in progress | 37 | €4,423 | - | -€4,423 | |
| Amounts receivable within one year | 40/41 | €44,252 | €31,398 | -€12,854 | -29.0% |
| Trade receivables | 40 | €36,986 | €14,333 | -€22,654 | -61.2% |
| Other amounts receivable | 41 | €7,266 | €17,066 | +€9,800 | +134.9% |
| Cash at bank and in hand | 54/58 | €1,227 | €9,120 | +€7,893 | +643.2% |
| Deferred charges and accrued income | 490/1 | €4,257 | €3,819 | -€438 | -10.3% |
| Total equity and liabilities | 10/49 | €76,033 | €65,660 | -€10,373 | -13.6% |
| Equity | 10/15 | €37,623 | €62,066 | +€24,442 | +65.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,023 | €43,466 | +€24,442 | +128.5% |
| Distributable reserves | 133 | €19,023 | €43,466 | +€24,442 | +128.5% |
| Amounts payable | 17/49 | €38,409 | €3,594 | -€34,815 | -90.6% |
| Amounts payable within one year | 42/48 | €38,409 | €3,594 | -€34,815 | -90.6% |
| Current portion of amounts payable after more than one year | 42 | €4,175 | - | -€4,175 | |
| Trade debts | 44 | €16,886 | €1,310 | -€15,576 | -92.2% |
| Suppliers | 440/4 | €16,886 | €1,310 | -€15,576 | -92.2% |
| Advances received on contracts in progress | 46 | €5,352 | - | -€5,352 | |
| Taxes, remuneration and social security | 45 | €7,947 | €2,284 | -€5,663 | -71.3% |
| Taxes | 450/3 | €7,947 | €2,284 | -€5,663 | -71.3% |
| Other amounts payable | 47/48 | €4,048 | - | -€4,048 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,758 | €897 | -€7,861 | -89.8% |
| Other operating charges | 640/8 | €736 | €1,503 | +€767 | +104.3% |
| Gross operating margin | 9900 | -€4,388 | €28,008 | +€32,396 | |
| Operating profit (loss) | 9901 | -€13,881 | €25,608 | +€39,489 | |
| Financial income | 75/76B | €18 | €627 | +€610 | +3440.5% |
| Recurring financial income | 75 | €18 | €627 | +€610 | +3440.5% |
| Financial charges | 65/66B | €472 | €1,109 | +€637 | +135.1% |
| Recurring financial charges | 65 | €472 | €1,109 | +€637 | +135.1% |
| Profit (loss) for the period before taxes | 9903 | -€14,335 | €25,127 | +€39,462 | |
| Income taxes | 67/77 | - | €2,284 | +€2,284 | |
| Profit (loss) for the period | 9904 | -€14,335 | €22,842 | +€37,177 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,335 | €22,842 | +€37,177 |
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 11 October 2026 via checked.be.