F2VG: 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.
F2VG
Largest movements
- Cash -€125,864
down €125,864 (-86.0%), from €146,287 to €20,423
mainly Stocks and contracts (-€70,050) and Net result for the year (-€36,499)
- Stocks and contracts +€70,050
up €70,050 (+70.9%), from €98,807 to €168,857
- Profit (loss) carried forward -€36,499
down €36,499 (-126%), from -€28,964 to -€65,463
- Other debts -€16,432
down €16,432 (-48.5%), from €33,865 to €17,433
- Trade debts +€5,258
up €5,258 (+294%), from €1,791 to €7,049
- Other operating charges +€12,761
up €12,761 (+693%), from €1,843 to €14,604
- Gross operating margin +€7,627
up €7,627 (+87.3%), from -€8,736 to -€1,108
- Financial charges +€1,824
up €1,824 (+11.7%), from €15,561 to €17,385
- Depreciation +€612
up €612 (+15.2%), from €4,025 to €4,637
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €356,161 | €302,970 | -€53,192 | -14.9% |
| Fixed assets | 21/28 | €105,142 | €106,115 | +€973 | +0.9% |
| Tangible fixed assets | 22/27 | €105,142 | €106,115 | +€973 | +0.9% |
| Land and buildings | 22 | €92,816 | €92,341 | -€475 | -0.5% |
| Plant, machinery and equipment | 23 | €1,994 | €3,404 | +€1,410 | +70.7% |
| Furniture and vehicles | 24 | €10,333 | €10,371 | +€38 | +0.4% |
| Current assets | 29/58 | €251,019 | €196,854 | -€54,165 | -21.6% |
| Stocks and contracts in progress | 3 | €98,807 | €168,857 | +€70,050 | +70.9% |
| Stocks | 30/36 | €98,807 | €168,857 | +€70,050 | +70.9% |
| Amounts receivable within one year | 40/41 | €3,864 | €6,324 | +€2,460 | +63.7% |
| Trade receivables | 40 | €2,980 | €4,768 | +€1,788 | +60.0% |
| Other amounts receivable | 41 | €884 | €1,557 | +€673 | +76.1% |
| Cash at bank and in hand | 54/58 | €146,287 | €20,423 | -€125,864 | -86.0% |
| Deferred charges and accrued income | 490/1 | €2,060 | €1,250 | -€810 | -39.3% |
| Total equity and liabilities | 10/49 | €356,161 | €302,970 | -€53,192 | -14.9% |
| Equity | 10/15 | €16,244 | -€20,255 | -€36,499 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €32,808 | €32,808 | = | 0.0% |
| Distributable reserves | 133 | €32,808 | €32,808 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,964 | -€65,463 | -€36,499 | -126% |
| Amounts payable | 17/49 | €339,917 | €323,224 | -€16,693 | -4.9% |
| Amounts payable after more than one year | 17 | €80,000 | €80,000 | = | 0.0% |
| Financial debts | 170/4 | €30,000 | €80,000 | +€50,000 | +167% |
| Other amounts payable | 178/9 | €50,000 | - | -€50,000 | |
| Amounts payable within one year | 42/48 | €258,933 | €243,224 | -€15,709 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €2,057 | - | -€2,057 | |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €1,791 | €7,049 | +€5,258 | +294% |
| Suppliers | 440/4 | €1,791 | €7,049 | +€5,258 | +294% |
| Taxes, remuneration and social security | 45 | €21,220 | €18,742 | -€2,477 | -11.7% |
| Taxes | 450/3 | €21,220 | €18,742 | -€2,477 | -11.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €33,865 | €17,433 | -€16,432 | -48.5% |
| Accrued charges and deferred income | 492/3 | €984 | - | -€984 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,025 | €4,637 | +€612 | +15.2% |
| Other operating charges | 640/8 | €1,843 | €14,604 | +€12,761 | +693% |
| Gross operating margin | 9900 | -€8,736 | -€1,108 | +€7,627 | +87.3% |
| Operating profit (loss) | 9901 | -€14,603 | -€20,349 | -€5,746 | -39.3% |
| Financial income | 75/76B | €1,340 | €1,376 | +€37 | +2.7% |
| Recurring financial income | 75 | €1,340 | €1,376 | +€37 | +2.7% |
| Financial charges | 65/66B | €15,561 | €17,385 | +€1,824 | +11.7% |
| Recurring financial charges | 65 | €15,561 | €17,385 | +€1,824 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | -€28,824 | -€36,358 | -€7,533 | -26.1% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€28,964 | -€36,499 | -€7,535 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,964 | -€36,499 | -€7,535 | -26.0% |
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.