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.
What changed
MVR
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€87,974
2024 · €89,029-€1,055
Equity
€469,678
2024 · €381,703+€87,974
Cash
€8,918
2024 · €32,403-€23,486
Balance sheet total
€4.7m
2024 · €3.2m+€1.5m
Largest movements
Assets
- Receivables within one year +€1.5m
up €1.5m (+260%), from €570,451 to €2.1m
of which Other amounts receivable: +€1.6m
Equity and liabilities
- Other debts +€1.1m
up €1.1m (+620%), from €182,770 to €1.3m
- Short-term financial debts +€500,000
new in 2025: €500,000
- Debts after one year -€260,153
down €260,153 (-11.3%), from €2.3m to €2.0m
- Reserves +€87,974
up €87,974 (+29.4%), from €299,703 to €387,678
Income statement
- Gross operating margin +€118,009
up €118,009 (+172%), from €68,726 to €186,735
- Staff costs +€99,081
up €99,081 (+206%), from €48,116 to €147,197
- Financial income +€39,308
up €39,308 (+23.1%), from €170,000 to €209,308
- Financial charges +€28,705
up €28,705 (+33.9%), from €84,795 to €113,500
- Depreciation +€12,919
up €12,919 (+90.9%), from €14,207 to €27,126
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.
Result 2024
€89,029
Gross operating margin
+€118,009
Staff costs
-€99,081
Depreciation
-€12,919
Other operating charges
+€1,005
Other operating items
-€18,387
Financial income
+€39,308
Financial charges
-€28,705
Taxes
-€284
Result 2025
€87,974
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€237,691
Investment
-€23,460
Financing
+€237,666
Cash 2024
€32,403
From operations (derived)
-€237,691
Net result for the year
+€87,974
Depreciation
+€27,126
Receivables within one year
-€1.5m
Deferred charges and accrued income
-€22,268
Trade debts
-€11,731
Tax, wage and social debts
+€13,916
Other debts
+€1.1m
Accrued charges and deferred income
+€17,598
Investment (derived)
-€23,460
Investment in fixed assets (net)
-€23,460
Financing
+€237,666
Debts after one year
-€260,153
Current portion of long-term debt
-€2,182
Short-term financial debts
+€500,000
Cash 2025
€8,918
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,184,336 | €4,663,311 | +€1.5m | +46.4% |
| Fixed assets | 21/28 | €2,578,052 | €2,574,386 | -€3,665 | -0.1% |
| Tangible fixed assets | 22/27 | €328,052 | €309,486 | -€18,565 | -5.7% |
| Plant, machinery and equipment | 23 | €326,048 | €308,267 | -€17,781 | -5.5% |
| Furniture and vehicles | 24 | €2,004 | €1,219 | -€784 | -39.1% |
| Financial fixed assets | 28 | €2,250,000 | €2,264,900 | +€14,900 | +0.7% |
| Current assets | 29/58 | €606,284 | €2,088,925 | +€1.5m | +245% |
| Amounts receivable within one year | 40/41 | €570,451 | €2,054,309 | +€1.5m | +260% |
| Trade receivables | 40 | €150,170 | €37,312 | -€112,858 | -75.2% |
| Other amounts receivable | 41 | €420,281 | €2,016,997 | +€1.6m | +380% |
| Cash at bank and in hand | 54/58 | €32,403 | €8,918 | -€23,486 | -72.5% |
| Deferred charges and accrued income | 490/1 | €3,430 | €25,699 | +€22,268 | +649% |
| Total equity and liabilities | 10/49 | €3,184,336 | €4,663,311 | +€1.5m | +46.4% |
| Equity | 10/15 | €381,703 | €469,678 | +€87,974 | +23.0% |
| Contributions | 10/11 | €82,000 | €82,000 | = | 0.0% |
| Reserves | 13 | €299,703 | €387,678 | +€87,974 | +29.4% |
| Distributable reserves | 133 | €299,703 | €387,678 | +€87,974 | +29.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,802,633 | €4,193,633 | +€1.4m | +49.6% |
| Amounts payable after more than one year | 17 | €2,300,433 | €2,040,281 | -€260,153 | -11.3% |
| Financial debts | 170/4 | €2,300,433 | €2,040,281 | -€260,153 | -11.3% |
| Amounts payable within one year | 42/48 | €499,292 | €2,132,847 | +€1.6m | +327% |
| Current portion of amounts payable after more than one year | 42 | €264,687 | €262,505 | -€2,182 | -0.8% |
| Financial debts | 43 | - | €500,000 | +€500,000 | |
| Credit institutions | 430/8 | - | €500,000 | +€500,000 | |
| Trade debts | 44 | €17,090 | €5,360 | -€11,731 | -68.6% |
| Suppliers | 440/4 | €17,090 | €5,360 | -€11,731 | -68.6% |
| Taxes, remuneration and social security | 45 | €34,745 | €48,661 | +€13,916 | +40.1% |
| Taxes | 450/3 | €18,627 | €10,669 | -€7,959 | -42.7% |
| Remuneration and social security | 454/9 | €16,118 | €37,992 | +€21,874 | +136% |
| Other amounts payable | 47/48 | €182,770 | €1,316,322 | +€1.1m | +620% |
| Accrued charges and deferred income | 492/3 | €2,907 | €20,505 | +€17,598 | +605% |
| Non-recurring operating income | 76A | €0 | €250 | +€250 | |
| Remuneration, social security and pensions | 62 | €48,116 | €147,197 | +€99,081 | +206% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,207 | €27,126 | +€12,919 | +90.9% |
| Other operating charges | 640/8 | €2,579 | €1,574 | -€1,005 | -39.0% |
| Non-recurring operating charges | 66A | €0 | €18,387 | +€18,387 | |
| Gross operating margin | 9900 | €68,726 | €186,735 | +€118,009 | +172% |
| Operating profit (loss) | 9901 | €3,824 | -€7,550 | -€11,373 | |
| Financial income | 75/76B | €170,000 | €209,308 | +€39,308 | +23.1% |
| Recurring financial income | 75 | €170,000 | €209,308 | +€39,308 | +23.1% |
| Financial charges | 65/66B | €84,795 | €113,500 | +€28,705 | +33.9% |
| Recurring financial charges | 65 | €84,795 | €113,500 | +€28,705 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €89,029 | €88,258 | -€771 | -0.9% |
| Income taxes | 67/77 | €0 | €284 | +€284 | |
| Profit (loss) for the period | 9904 | €89,029 | €87,974 | -€1,055 | -1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €89,029 | €87,974 | -€1,055 | -1.2% |
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 24 October 2026 via checked.be.