MVW@work: 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.
MVW@work
Largest movements
- Receivables within one year -€75,336
down €75,336 (-63.0%), from €119,517 to €44,181
of which Trade receivables: -€78,133
- Cash +€36,824
up €36,824 (+46.2%), from €79,711 to €116,534
mainly Receivables within one year (+€75,336) and Depreciation (+€54,840)
- Receivables after one year -€16,441
no longer reported in 2025 (was €16,441)
- Tangible fixed assets +€7,674
up €7,674 (+4.1%), from €186,935 to €194,609
of which Plant, machinery and equipment: +€17,628
- Trade debts -€42,020
down €42,020 (-53.0%), from €79,227 to €37,207
- Profit (loss) carried forward +€14,479
up €14,479 (+7.2%), from €200,459 to €214,938
- Other debts -€13,881
no longer reported in 2025 (was €13,881)
- Gross operating margin -€16,526
down €16,526 (-16.6%), from €99,447 to €82,921
- Depreciation +€14,880
up €14,880 (+37.2%), from €39,960 to €54,840
- Taxes -€4,187
down €4,187 (-31.0%), from €13,524 to €9,336
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 | €402,603 | €355,790 | -€46,813 | -11.6% |
| Fixed assets | 21/28 | €186,935 | €194,609 | +€7,674 | +4.1% |
| Tangible fixed assets | 22/27 | €186,935 | €194,609 | +€7,674 | +4.1% |
| Plant, machinery and equipment | 23 | €39,187 | €56,815 | +€17,628 | +45.0% |
| Furniture and vehicles | 24 | €147,747 | €137,794 | -€9,954 | -6.7% |
| Current assets | 29/58 | €215,668 | €161,181 | -€54,488 | -25.3% |
| Amounts receivable after more than one year | 29 | €16,441 | - | -€16,441 | |
| Other amounts receivable | 291 | €16,441 | - | -€16,441 | |
| Amounts receivable within one year | 40/41 | €119,517 | €44,181 | -€75,336 | -63.0% |
| Trade receivables | 40 | €115,337 | €37,204 | -€78,133 | -67.7% |
| Other amounts receivable | 41 | €4,180 | €6,977 | +€2,797 | +66.9% |
| Cash at bank and in hand | 54/58 | €79,711 | €116,534 | +€36,824 | +46.2% |
| Deferred charges and accrued income | 490/1 | - | €466 | +€466 | |
| Total equity and liabilities | 10/49 | €402,603 | €355,790 | -€46,813 | -11.6% |
| Equity | 10/15 | €220,910 | €235,390 | +€14,479 | +6.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €200,459 | €214,938 | +€14,479 | +7.2% |
| Amounts payable | 17/49 | €181,692 | €120,400 | -€61,293 | -33.7% |
| Amounts payable after more than one year | 17 | €40,287 | €38,246 | -€2,040 | -5.1% |
| Financial debts | 170/4 | €40,287 | €38,246 | -€2,040 | -5.1% |
| Amounts payable within one year | 42/48 | €141,406 | €82,154 | -€59,252 | -41.9% |
| Current portion of amounts payable after more than one year | 42 | €26,554 | €25,876 | -€678 | -2.6% |
| Trade debts | 44 | €79,227 | €37,207 | -€42,020 | -53.0% |
| Suppliers | 440/4 | €79,227 | €37,207 | -€42,020 | -53.0% |
| Taxes, remuneration and social security | 45 | €21,745 | €19,071 | -€2,673 | -12.3% |
| Taxes | 450/3 | €17,845 | €15,171 | -€2,673 | -15.0% |
| Remuneration and social security | 454/9 | €3,900 | €3,900 | = | 0.0% |
| Other amounts payable | 47/48 | €13,881 | - | -€13,881 | |
| Non-recurring operating income | 76A | €5,878 | €21,733 | +€15,855 | +270% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,960 | €54,840 | +€14,880 | +37.2% |
| Other operating charges | 640/8 | €1,133 | €1,277 | +€144 | +12.8% |
| Gross operating margin | 9900 | €99,447 | €82,921 | -€16,526 | -16.6% |
| Operating profit (loss) | 9901 | €58,354 | €26,804 | -€31,550 | -54.1% |
| Financial income | 75/76B | €525 | €769 | +€244 | +46.6% |
| Recurring financial income | 75 | €525 | €769 | +€244 | +46.6% |
| Financial charges | 65/66B | €3,048 | €3,757 | +€709 | +23.2% |
| Recurring financial charges | 65 | €3,048 | €3,757 | +€709 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €55,830 | €23,816 | -€32,015 | -57.3% |
| Income taxes | 67/77 | €13,524 | €9,336 | -€4,187 | -31.0% |
| Profit (loss) for the period | 9904 | €42,306 | €14,479 | -€27,827 | -65.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,306 | €14,479 | -€27,827 | -65.8% |
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 13 October 2026 via checked.be.