MVL: 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.
MVL
Largest movements
- Receivables within one year +€48,509
up €48,509 (+71.3%), from €68,070 to €116,579
of which Trade receivables: +€47,000
- Reserves +€42,029
up €42,029 (+26.4%), from €158,934 to €200,963
of which Distributable reserves: +€42,029
- Gross operating margin -€14,101
down €14,101 (-17.5%), from €80,718 to €66,617
- Taxes -€4,158
down €4,158 (-19.9%), from €20,862 to €16,704
- Financial charges +€999
up €999 (+16.3%), from €6,116 to €7,115
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 | €503,836 | €553,747 | +€49,912 | +9.9% |
| Fixed assets | 21/28 | €425,600 | €425,600 | = | 0.0% |
| Financial fixed assets | 28 | €425,600 | €425,600 | = | 0.0% |
| Current assets | 29/58 | €78,236 | €128,147 | +€49,912 | +63.8% |
| Amounts receivable within one year | 40/41 | €68,070 | €116,579 | +€48,509 | +71.3% |
| Trade receivables | 40 | €8,000 | €55,000 | +€47,000 | +588% |
| Other amounts receivable | 41 | €60,070 | €61,579 | +€1,509 | +2.5% |
| Cash at bank and in hand | 54/58 | €5,830 | €6,412 | +€582 | +10.0% |
| Deferred charges and accrued income | 490/1 | €4,336 | €5,156 | +€820 | +18.9% |
| Total equity and liabilities | 10/49 | €503,836 | €553,747 | +€49,912 | +9.9% |
| Equity | 10/15 | €312,134 | €354,163 | +€42,029 | +13.5% |
| Contributions | 10/11 | €153,200 | €153,200 | = | 0.0% |
| Reserves | 13 | €158,934 | €200,963 | +€42,029 | +26.4% |
| Non-distributable reserves | 130/1 | €16,560 | €16,560 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,560 | €16,560 | = | 0.0% |
| Distributable reserves | 133 | €142,374 | €184,403 | +€42,029 | +29.5% |
| Amounts payable | 17/49 | €191,701 | €199,584 | +€7,883 | +4.1% |
| Amounts payable within one year | 42/48 | €186,554 | €194,825 | +€8,271 | +4.4% |
| Financial debts | 43 | €5,071 | €4,541 | -€530 | -10.4% |
| Credit institutions | 430/8 | €5,071 | €4,541 | -€530 | -10.4% |
| Trade debts | 44 | €0 | €1,194 | +€1,194 | |
| Suppliers | 440/4 | €0 | €1,194 | +€1,194 | |
| Taxes, remuneration and social security | 45 | €7,492 | €11,495 | +€4,003 | +53.4% |
| Taxes | 450/3 | €7,492 | €11,495 | +€4,003 | +53.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €173,991 | €177,594 | +€3,603 | +2.1% |
| Accrued charges and deferred income | 492/3 | €5,148 | €4,759 | -€388 | -7.5% |
| Remuneration, social security and pensions | 62 | -€413 | €0 | +€413 | |
| Other operating charges | 640/8 | €896 | €769 | -€127 | -14.1% |
| Gross operating margin | 9900 | €80,718 | €66,617 | -€14,101 | -17.5% |
| Operating profit (loss) | 9901 | €80,236 | €65,848 | -€14,388 | -17.9% |
| Financial charges | 65/66B | €6,116 | €7,115 | +€999 | +16.3% |
| Recurring financial charges | 65 | €6,116 | €7,115 | +€999 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | €74,119 | €58,733 | -€15,386 | -20.8% |
| Income taxes | 67/77 | €20,862 | €16,704 | -€4,158 | -19.9% |
| Profit (loss) for the period | 9904 | €53,257 | €42,029 | -€11,229 | -21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €53,257 | €42,029 | -€11,229 | -21.1% |
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 27 October 2026 via checked.be.