FV EXCELLENCE: 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.
FV EXCELLENCE
Largest movements
- Cash -€52,936
down €52,936 (-43.7%), from €121,225 to €68,289
mainly Investment in fixed assets (net) (-€78,152) and Debts after one year (-€78,039)
- Receivables within one year +€47,000
up €47,000 (+10.2%), from €461,679 to €508,679
of which Other amounts receivable: +€25,878
- Reserves +€102,588
up €102,588 (+16.6%), from €616,402 to €718,990
of which Distributable reserves: +€103,859
- Debts after one year -€78,039
down €78,039 (-11.0%), from €710,931 to €632,892
- Trade debts -€71,698
down €71,698 (-71.6%), from €100,116 to €28,418
- Provisions +€41,078
up €41,078 (+966.2%), from €4,251 to €45,330
- Gross operating margin +€155,397
up €155,397 (+81.4%), from €191,012 to €346,410
- Financial income -€129,638
down €129,638 (-99.7%), from €130,000 to €362
- Provisions +€41,732
new in 2025: €41,732
- Financial charges -€10,040
down €10,040 (-14.4%), from €69,850 to €59,810
- Taxes +€7,377
up €7,377 (+14.2%), from €52,108 to €59,484
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 | €2,087,445 | €2,085,277 | -€2,168 | -0.1% |
| Fixed assets | 21/28 | €1,499,332 | €1,503,317 | +€3,986 | +0.3% |
| Tangible fixed assets | 22/27 | €1,034,130 | €1,036,916 | +€2,786 | +0.3% |
| Land and buildings | 22 | €1,000,364 | €1,030,782 | +€30,418 | +3.0% |
| Plant, machinery and equipment | 23 | €2,971 | €2,004 | -€967 | -32.6% |
| Furniture and vehicles | 24 | €9,994 | €4,130 | -€5,865 | -58.7% |
| Assets under construction and advance payments | 27 | €20,800 | - | -€20,800 | |
| Financial fixed assets | 28 | €465,202 | €466,401 | +€1,199 | +0.3% |
| Current assets | 29/58 | €588,113 | €581,959 | -€6,154 | -1.0% |
| Amounts receivable within one year | 40/41 | €461,679 | €508,679 | +€47,000 | +10.2% |
| Trade receivables | 40 | €155,916 | €177,038 | +€21,122 | +13.5% |
| Other amounts receivable | 41 | €305,763 | €331,641 | +€25,878 | +8.5% |
| Cash at bank and in hand | 54/58 | €121,225 | €68,289 | -€52,936 | -43.7% |
| Deferred charges and accrued income | 490/1 | €5,209 | €4,991 | -€219 | -4.2% |
| Total equity and liabilities | 10/49 | €2,087,445 | €2,085,277 | -€2,168 | -0.1% |
| Equity | 10/15 | €1,089,736 | €1,192,324 | +€102,588 | +9.4% |
| Contributions | 10/11 | €473,334 | €473,334 | = | 0.0% |
| Reserves | 13 | €616,402 | €718,990 | +€102,588 | +16.6% |
| Non-distributable reserves | 130/1 | €8,209 | €8,209 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,209 | €8,209 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,007 | €25,736 | -€1,270 | -4.7% |
| Distributable reserves | 133 | €581,187 | €685,045 | +€103,859 | +17.9% |
| Provisions and deferred taxes | 16 | €4,251 | €45,330 | +€41,078 | +966.2% |
| Deferred taxes | 168 | €4,251 | €45,330 | +€41,078 | +966.2% |
| Amounts payable | 17/49 | €993,458 | €847,623 | -€145,835 | -14.7% |
| Amounts payable after more than one year | 17 | €710,931 | €632,892 | -€78,039 | -11.0% |
| Financial debts | 170/4 | €710,931 | €632,892 | -€78,039 | -11.0% |
| Amounts payable within one year | 42/48 | €281,827 | €213,909 | -€67,918 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €78,146 | €78,039 | -€107 | -0.1% |
| Trade debts | 44 | €100,116 | €28,418 | -€71,698 | -71.6% |
| Suppliers | 440/4 | €100,116 | €28,418 | -€71,698 | -71.6% |
| Taxes, remuneration and social security | 45 | €68,422 | €80,899 | +€12,476 | +18.2% |
| Taxes | 450/3 | €68,422 | €80,899 | +€12,476 | +18.2% |
| Other amounts payable | 47/48 | €35,142 | €26,554 | -€8,588 | -24.4% |
| Accrued charges and deferred income | 492/3 | €700 | €821 | +€121 | +17.3% |
| Non-recurring operating income | 76A | €638 | - | -€638 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,555 | €74,167 | +€3,612 | +5.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €41,732 | +€41,732 | |
| Other operating charges | 640/8 | €9,376 | €9,643 | +€267 | +2.8% |
| Non-recurring operating charges | 66A | €794 | - | -€794 | |
| Gross operating margin | 9900 | €191,012 | €346,410 | +€155,397 | +81.4% |
| Operating profit (loss) | 9901 | €110,288 | €220,867 | +€110,579 | +100.3% |
| Financial income | 75/76B | €130,000 | €362 | -€129,638 | -99.7% |
| Recurring financial income | 75 | €130,000 | €362 | -€129,638 | -99.7% |
| Financial charges | 65/66B | €69,850 | €59,810 | -€10,040 | -14.4% |
| Recurring financial charges | 65 | €69,850 | €59,810 | -€10,040 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €170,438 | €161,419 | -€9,020 | -5.3% |
| Transfer from deferred taxes | 780 | €654 | €654 | = | 0.0% |
| Income taxes | 67/77 | €52,108 | €59,484 | +€7,377 | +14.2% |
| Profit (loss) for the period | 9904 | €118,984 | €102,588 | -€16,396 | -13.8% |
| Transfer from tax-exempt reserves | 789 | €1,270 | €1,270 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €120,255 | €103,859 | -€16,396 | -13.6% |
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 10 October 2026 via checked.be.