MVSE: 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.
MVSE
Largest movements
- Cash +€98,810
up €98,810 (+566%), from €17,454 to €116,264
mainly Net result for the year (+€101,738) and Deferred charges and accrued income (+€44,550)
- Deferred charges and accrued income -€44,550
no longer reported in 2025 (was €44,550)
- Tangible fixed assets -€26,361
down €26,361 (-84.3%), from €31,269 to €4,908
of which Furniture and vehicles: -€25,893
- Receivables within one year +€17,000
up €17,000 (+123%), from €13,865 to €30,865
of which Trade receivables: +€13,500
- Reserves +€101,738
up €101,738 (+75.9%), from €133,957 to €235,695
- Debts after one year -€56,579
down €56,579 (-23.3%), from €243,259 to €186,680
- Accrued charges and deferred income +€13,363
up €13,363 (+9,741%), from €137 to €13,500
- Other debts -€10,231
no longer reported in 2025 (was €10,231)
- Current portion of long-term debt -€10,161
down €10,161 (-21.7%), from €46,821 to €36,660
- Gross operating margin -€45,936
down €45,936 (-58.6%), from €78,343 to €32,407
- Financial income +€43,560
up €43,560 (+97.8%), from €44,550 to €88,110
- Depreciation -€11,302
down €11,302 (-91.1%), from €12,405 to €1,103
- Taxes -€9,584
down €9,584 (-60.0%), from €15,976 to €6,392
- Financial charges +€4,775
up €4,775 (+80.1%), from €5,960 to €10,735
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
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 | €455,138 | €500,037 | +€44,899 | +9.9% |
| Fixed assets | 21/28 | €379,269 | €352,908 | -€26,361 | -7.0% |
| Tangible fixed assets | 22/27 | €31,269 | €4,908 | -€26,361 | -84.3% |
| Plant, machinery and equipment | 23 | €1,900 | €1,432 | -€468 | -24.6% |
| Furniture and vehicles | 24 | €29,369 | €3,476 | -€25,893 | -88.2% |
| Financial fixed assets | 28 | €348,000 | €348,000 | = | 0.0% |
| Current assets | 29/58 | €75,869 | €147,129 | +€71,260 | +93.9% |
| Amounts receivable within one year | 40/41 | €13,865 | €30,865 | +€17,000 | +123% |
| Trade receivables | 40 | €12,500 | €26,000 | +€13,500 | +108% |
| Other amounts receivable | 41 | €1,365 | €4,865 | +€3,500 | +256% |
| Cash at bank and in hand | 54/58 | €17,454 | €116,264 | +€98,810 | +566% |
| Deferred charges and accrued income | 490/1 | €44,550 | - | -€44,550 | |
| Total equity and liabilities | 10/49 | €455,138 | €500,037 | +€44,899 | +9.9% |
| Equity | 10/15 | €138,457 | €240,195 | +€101,738 | +73.5% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Reserves | 13 | €133,957 | €235,695 | +€101,738 | +75.9% |
| Distributable reserves | 133 | €133,957 | €235,695 | +€101,738 | +75.9% |
| Amounts payable | 17/49 | €316,681 | €259,842 | -€56,839 | -17.9% |
| Amounts payable after more than one year | 17 | €243,259 | €186,680 | -€56,579 | -23.3% |
| Financial debts | 170/4 | €243,259 | €186,680 | -€56,579 | -23.3% |
| Amounts payable within one year | 42/48 | €73,285 | €59,662 | -€13,622 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €46,821 | €36,660 | -€10,161 | -21.7% |
| Financial debts | 43 | - | €531 | +€531 | |
| Credit institutions | 430/8 | - | €531 | +€531 | |
| Trade debts | 44 | - | €104 | +€104 | |
| Suppliers | 440/4 | - | €104 | +€104 | |
| Taxes, remuneration and social security | 45 | €16,233 | €22,368 | +€6,135 | +37.8% |
| Taxes | 450/3 | €16,233 | €22,368 | +€6,135 | +37.8% |
| Other amounts payable | 47/48 | €10,231 | - | -€10,231 | |
| Accrued charges and deferred income | 492/3 | €137 | €13,500 | +€13,363 | +9,741% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,405 | €1,103 | -€11,302 | -91.1% |
| Other operating charges | 640/8 | €534 | €549 | +€15 | +2.8% |
| Gross operating margin | 9900 | €78,343 | €32,407 | -€45,936 | -58.6% |
| Operating profit (loss) | 9901 | €65,403 | €30,755 | -€34,649 | -53.0% |
| Financial income | 75/76B | €44,550 | €88,110 | +€43,560 | +97.8% |
| Recurring financial income | 75 | €44,550 | €88,110 | +€43,560 | +97.8% |
| Financial charges | 65/66B | €5,960 | €10,735 | +€4,775 | +80.1% |
| Recurring financial charges | 65 | €5,960 | €10,735 | +€4,775 | +80.1% |
| Profit (loss) for the period before taxes | 9903 | €103,993 | €108,129 | +€4,137 | +4.0% |
| Income taxes | 67/77 | €15,976 | €6,392 | -€9,584 | -60.0% |
| Profit (loss) for the period | 9904 | €88,017 | €101,738 | +€13,721 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €88,017 | €101,738 | +€13,721 | +15.6% |
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.