MVS: 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.
MVS
Largest movements
- Cash -€5.4m
down €5.4m (-94.7%), from €5.7m to €298,294
mainly Investment in fixed assets (net) (-€4.3m) and Current portion of long-term debt (-€2.3m)
- Tangible fixed assets +€3.9m
up €3.9m (+187.2%), from €2.1m to €6.0m
of which Land and buildings: +€4.0m
- Deferred charges and accrued income -€1.7m
down €1.7m (-99.7%), from €1.7m to €4,953
- Current portion of long-term debt -€2.3m
down €2.3m (-93.9%), from €2.4m to €149,580
- Profit (loss) carried forward -€467,571
down €467,571, from €0 to -€467,571
- Tax, wage and social debts -€397,609
down €397,609 (-99.4%), from €400,164 to €2,555
of which Taxes: -€203,303
- Debts after one year +€170,420
up €170,420 (+12.7%), from €1.3m to €1.5m
- Reserves -€129,759
down €129,759 (-2.8%), from €4.6m to €4.4m
of which Distributable reserves: -€73,529
- Gross operating margin -€6.5m
down €6.5m (-98.2%), from €6.7m to €119,370
- Staff costs -€987,875
down €987,875, from €898,751 to -€89,124
- Taxes -€280,542
down €280,542 (-100.0%), from €280,542 to €0
- Other operating charges +€218,770
up €218,770 (+1173.2%), from €18,647 to €237,417
- Depreciation +€89,195
up €89,195 (+36.2%), from €246,189 to €335,384
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 | €10,056,814 | €7,029,715 | -€3.0m | -30.1% |
| Fixed assets | 21/28 | €2,112,698 | €6,054,335 | +€3.9m | +186.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €2,105,398 | €6,047,035 | +€3.9m | +187.2% |
| Land and buildings | 22 | €1,844,059 | €5,875,183 | +€4.0m | +218.6% |
| Plant, machinery and equipment | 23 | €73,271 | €80,998 | +€7,727 | +10.5% |
| Furniture and vehicles | 24 | €161,172 | €89,428 | -€71,744 | -44.5% |
| Other tangible fixed assets | 26 | €26,896 | €1,425 | -€25,471 | -94.7% |
| Financial fixed assets | 28 | €7,300 | €7,300 | = | 0.0% |
| Current assets | 29/58 | €7,944,115 | €975,380 | -€7.0m | -87.7% |
| Amounts receivable within one year | 40/41 | €510,513 | €607,133 | +€96,620 | +18.9% |
| Trade receivables | 40 | €2,803 | €1,553 | -€1,250 | -44.6% |
| Other amounts receivable | 41 | €507,710 | €605,579 | +€97,870 | +19.3% |
| Current investments | 50/53 | €65,000 | €65,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,668,447 | €298,294 | -€5.4m | -94.7% |
| Deferred charges and accrued income | 490/1 | €1,700,155 | €4,953 | -€1.7m | -99.7% |
| Total equity and liabilities | 10/49 | €10,056,814 | €7,029,715 | -€3.0m | -30.1% |
| Equity | 10/15 | €4,568,187 | €3,970,857 | -€597,330 | -13.1% |
| Contributions | 10/11 | €6,201 | €6,201 | = | 0.0% |
| Reserves | 13 | €4,561,986 | €4,432,227 | -€129,759 | -2.8% |
| Non-distributable reserves | 130/1 | €66,860 | €66,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Own shares acquired | 1312 | €65,000 | €65,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,404,869 | €3,348,638 | -€56,231 | -1.7% |
| Distributable reserves | 133 | €1,090,258 | €1,016,729 | -€73,529 | -6.7% |
| Profit (loss) carried forward | 14 | €0 | -€467,571 | -€467,571 | |
| Provisions and deferred taxes | 16 | €1,134,956 | €1,116,213 | -€18,744 | -1.7% |
| Deferred taxes | 168 | €1,134,956 | €1,116,213 | -€18,744 | -1.7% |
| Amounts payable | 17/49 | €4,353,670 | €1,942,645 | -€2.4m | -55.4% |
| Amounts payable after more than one year | 17 | €1,339,828 | €1,510,248 | +€170,420 | +12.7% |
| Financial debts | 170/4 | €1,339,828 | €1,510,248 | +€170,420 | +12.7% |
| Amounts payable within one year | 42/48 | €3,000,155 | €417,178 | -€2.6m | -86.1% |
| Current portion of amounts payable after more than one year | 42 | €2,448,083 | €149,580 | -€2.3m | -93.9% |
| Trade debts | 44 | €128,075 | €215,279 | +€87,204 | +68.1% |
| Suppliers | 440/4 | €128,075 | €215,279 | +€87,204 | +68.1% |
| Taxes, remuneration and social security | 45 | €400,164 | €2,555 | -€397,609 | -99.4% |
| Taxes | 450/3 | €205,858 | €2,555 | -€203,303 | -98.8% |
| Remuneration and social security | 454/9 | €194,305 | €0 | -€194,305 | -100.0% |
| Other amounts payable | 47/48 | €23,833 | €49,764 | +€25,931 | +108.8% |
| Accrued charges and deferred income | 492/3 | €13,687 | €15,219 | +€1,532 | +11.2% |
| Non-recurring operating income | 76A | €4,556,282 | €0 | -€4.6m | -100.0% |
| Remuneration, social security and pensions | 62 | €898,751 | -€89,124 | -€987,875 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €246,189 | €335,384 | +€89,195 | +36.2% |
| Other operating charges | 640/8 | €18,647 | €237,417 | +€218,770 | +1173.2% |
| Non-recurring operating charges | 66A | €9,379 | €145,409 | +€136,031 | +1450.4% |
| Gross operating margin | 9900 | €6,650,885 | €119,370 | -€6.5m | -98.2% |
| Operating profit (loss) | 9901 | €5,477,920 | -€509,716 | -€6.0m | |
| Financial income | 75/76B | €3,146 | €11,994 | +€8,849 | +281.3% |
| Recurring financial income | 75 | €3,146 | €11,994 | +€8,849 | +281.3% |
| Financial charges | 65/66B | €121,136 | €44,824 | -€76,312 | -63.0% |
| Recurring financial charges | 65 | €121,136 | €44,824 | -€76,312 | -63.0% |
| Profit (loss) for the period before taxes | 9903 | €5,359,929 | -€542,545 | -€5.9m | |
| Transfer from deferred taxes | 780 | - | €18,744 | +€18,744 | |
| Transfer to deferred taxes | 680 | €1,134,956 | €0 | -€1.1m | -100.0% |
| Income taxes | 67/77 | €280,542 | €0 | -€280,542 | -100.0% |
| Profit (loss) for the period | 9904 | €3,944,431 | -€523,802 | -€4.5m | |
| Transfer from tax-exempt reserves | 789 | - | €56,231 | +€56,231 | |
| Transfer to tax-exempt reserves | 689 | €3,404,869 | €0 | -€3.4m | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €539,563 | -€467,571 | -€1.0m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.