DOUBLE V: 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.
DOUBLE V
Largest movements
- Receivables within one year -€202,886
down €202,886 (-19.3%), from €1.1m to €850,999
of which Trade receivables: -€205,819
- Cash -€63,318
down €63,318 (-26.2%), from €241,895 to €178,577
mainly Investment in fixed assets (net) (-€271,272) and Other debts (-€150,000)
- Tangible fixed assets +€33,518
up €33,518 (+5.0%), from €667,005 to €700,524
of which Leasing and similar rights: +€26,154
- Other debts -€150,000
no longer reported in 2025 (was €150,000)
- Trade debts -€88,168
down €88,168 (-12.1%), from €731,159 to €642,991
- Debts after one year +€42,298
up €42,298 (+37.2%), from €113,703 to €156,001
- Staff costs +€199,820
up €199,820 (+9.2%), from €2.2m to €2.4m
- Gross operating margin -€144,450
down €144,450 (-5.2%), from €2.8m to €2.6m
- Taxes -€74,141
down €74,141 (-99.0%), from €74,910 to €770
- Depreciation +€39,649
up €39,649 (+20.0%), from €198,104 to €237,753
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 | €2,036,609 | €1,818,476 | -€218,132 | -10.7% |
| Fixed assets | 21/28 | €685,129 | €718,647 | +€33,518 | +4.9% |
| Tangible fixed assets | 22/27 | €667,005 | €700,524 | +€33,518 | +5.0% |
| Plant, machinery and equipment | 23 | €100,480 | €111,503 | +€11,022 | +11.0% |
| Furniture and vehicles | 24 | €334,187 | €306,097 | -€28,090 | -8.4% |
| Leasing and similar rights | 25 | €23,768 | €49,921 | +€26,154 | +110.0% |
| Other tangible fixed assets | 26 | €208,570 | €233,003 | +€24,432 | +11.7% |
| Financial fixed assets | 28 | €18,123 | €18,123 | = | 0.0% |
| Current assets | 29/58 | €1,351,480 | €1,099,830 | -€251,650 | -18.6% |
| Stocks and contracts in progress | 3 | €55,700 | €70,254 | +€14,554 | +26.1% |
| Stocks | 30/36 | €55,700 | €70,254 | +€14,554 | +26.1% |
| Amounts receivable within one year | 40/41 | €1,053,885 | €850,999 | -€202,886 | -19.3% |
| Trade receivables | 40 | €1,019,957 | €814,138 | -€205,819 | -20.2% |
| Other amounts receivable | 41 | €33,928 | €36,861 | +€2,933 | +8.6% |
| Cash at bank and in hand | 54/58 | €241,895 | €178,577 | -€63,318 | -26.2% |
| Total equity and liabilities | 10/49 | €2,036,609 | €1,818,476 | -€218,132 | -10.7% |
| Equity | 10/15 | €703,870 | €691,798 | -€12,072 | -1.7% |
| Contributions | 10/11 | €61,354 | €61,354 | = | 0.0% |
| Profit (loss) carried forward | 14 | €642,516 | €630,444 | -€12,072 | -1.9% |
| Amounts payable | 17/49 | €1,332,739 | €1,126,679 | -€206,060 | -15.5% |
| Amounts payable after more than one year | 17 | €113,703 | €156,001 | +€42,298 | +37.2% |
| Financial debts | 170/4 | €113,703 | €156,001 | +€42,298 | +37.2% |
| Amounts payable within one year | 42/48 | €1,219,036 | €970,678 | -€248,358 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €90,868 | €102,914 | +€12,046 | +13.3% |
| Trade debts | 44 | €731,159 | €642,991 | -€88,168 | -12.1% |
| Suppliers | 440/4 | €731,159 | €642,991 | -€88,168 | -12.1% |
| Advances received on contracts in progress | 46 | €40,000 | €20,700 | -€19,300 | -48.3% |
| Taxes, remuneration and social security | 45 | €207,009 | €204,073 | -€2,936 | -1.4% |
| Taxes | 450/3 | €32,560 | €54,319 | +€21,759 | +66.8% |
| Remuneration and social security | 454/9 | €174,449 | €149,754 | -€24,694 | -14.2% |
| Other amounts payable | 47/48 | €150,000 | - | -€150,000 | |
| Remuneration, social security and pensions | 62 | €2,161,872 | €2,361,692 | +€199,820 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198,104 | €237,753 | +€39,649 | +20.0% |
| Other operating charges | 640/8 | €25,082 | €7,268 | -€17,814 | -71.0% |
| Gross operating margin | 9900 | €2,754,250 | €2,609,801 | -€144,450 | -5.2% |
| Operating profit (loss) | 9901 | €369,192 | €3,087 | -€366,105 | -99.2% |
| Financial income | 75/76B | €375 | €1,146 | +€770 | +205.2% |
| Recurring financial income | 75 | €375 | €1,146 | +€770 | +205.2% |
| Financial charges | 65/66B | €13,260 | €15,536 | +€2,275 | +17.2% |
| Recurring financial charges | 65 | €13,260 | €15,536 | +€2,275 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | €356,307 | -€11,302 | -€367,610 | |
| Income taxes | 67/77 | €74,910 | €770 | -€74,141 | -99.0% |
| Profit (loss) for the period | 9904 | €281,397 | -€12,072 | -€293,469 | |
| Profit (loss) for the period to be appropriated | 9905 | €281,397 | -€12,072 | -€293,469 |
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.