FV PROJECTS: 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.
FV PROJECTS
Largest movements
- Cash -€279,254
down €279,254 (-96.3%), from €290,092 to €10,838
mainly Investment in fixed assets (net) (-€129,137) and Receivables within one year (-€108,154)
- Receivables within one year +€108,154
up €108,154 (+32.5%), from €332,315 to €440,469
of which Other amounts receivable: +€83,029
- Profit (loss) carried forward -€74,886
down €74,886 (-67.3%), from €111,219 to €36,333
- Reserves -€70,000
down €70,000 (-6.7%), from €1.1m to €981,798
- Debts after one year -€58,454
down €58,454 (-10.2%), from €573,067 to €514,613
of which Financial debts: -€58,454
- Trade debts +€49,974
up €49,974 (+150.6%), from €33,192 to €83,166
- Gross operating margin -€66,848
down €66,848 (-35.8%), from €186,927 to €120,079
- Depreciation +€15,553
up €15,553 (+11.5%), from €135,175 to €150,728
- Taxes -€4,132
down €4,132 (-91.9%), from €4,495 to €363
- Financial charges -€4,121
down €4,121 (-13.8%), from €29,901 to €25,780
- Other operating charges +€2,722
up €2,722 (+11.2%), from €24,260 to €26,982
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 | €3,357,089 | €3,165,100 | -€191,988 | -5.7% |
| Fixed assets | 21/28 | €2,658,528 | €2,636,938 | -€21,590 | -0.8% |
| Tangible fixed assets | 22/27 | €2,208,078 | €2,186,488 | -€21,590 | -1.0% |
| Land and buildings | 22 | €2,191,532 | €2,162,683 | -€28,850 | -1.3% |
| Plant, machinery and equipment | 23 | €3,166 | €2,475 | -€691 | -21.8% |
| Furniture and vehicles | 24 | €13,380 | €21,331 | +€7,950 | +59.4% |
| Financial fixed assets | 28 | €450,450 | €450,450 | = | 0.0% |
| Current assets | 29/58 | €698,561 | €528,162 | -€170,398 | -24.4% |
| Amounts receivable after more than one year | 29 | €60,507 | €45,027 | -€15,480 | -25.6% |
| Other amounts receivable | 291 | €60,507 | €45,027 | -€15,480 | -25.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €332,315 | €440,469 | +€108,154 | +32.5% |
| Trade receivables | 40 | €146,022 | €171,148 | +€25,126 | +17.2% |
| Other amounts receivable | 41 | €186,292 | €269,321 | +€83,029 | +44.6% |
| Cash at bank and in hand | 54/58 | €290,092 | €10,838 | -€279,254 | -96.3% |
| Deferred charges and accrued income | 490/1 | €15,646 | €31,828 | +€16,181 | +103.4% |
| Total equity and liabilities | 10/49 | €3,357,089 | €3,165,100 | -€191,988 | -5.7% |
| Equity | 10/15 | €2,182,538 | €2,037,651 | -€144,886 | -6.6% |
| Contributions | 10/11 | €1,019,520 | €1,019,520 | = | 0.0% |
| Reserves | 13 | €1,051,798 | €981,798 | -€70,000 | -6.7% |
| Distributable reserves | 133 | €1,051,798 | €981,798 | -€70,000 | -6.7% |
| Profit (loss) carried forward | 14 | €111,219 | €36,333 | -€74,886 | -67.3% |
| Provisions and deferred taxes | 16 | €38,454 | €38,454 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €38,454 | €38,454 | = | 0.0% |
| Other liabilities and charges | 164/5 | €38,454 | €38,454 | = | 0.0% |
| Amounts payable | 17/49 | €1,136,097 | €1,088,995 | -€47,102 | -4.1% |
| Amounts payable after more than one year | 17 | €573,067 | €514,613 | -€58,454 | -10.2% |
| Financial debts | 170/4 | €569,012 | €510,558 | -€58,454 | -10.3% |
| Other amounts payable | 178/9 | €4,055 | €4,055 | = | 0.0% |
| Amounts payable within one year | 42/48 | €518,274 | €561,301 | +€43,026 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €57,475 | €58,454 | +€979 | +1.7% |
| Financial debts | 43 | €400,000 | €400,000 | = | 0.0% |
| Credit institutions | 430/8 | €400,000 | €400,000 | = | 0.0% |
| Trade debts | 44 | €33,192 | €83,166 | +€49,974 | +150.6% |
| Suppliers | 440/4 | €33,192 | €83,166 | +€49,974 | +150.6% |
| Taxes, remuneration and social security | 45 | €27,607 | €19,681 | -€7,926 | -28.7% |
| Taxes | 450/3 | €27,607 | €19,681 | -€7,926 | -28.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €44,756 | €13,081 | -€31,675 | -70.8% |
| Non-recurring operating income | 76A | - | €2,500 | +€2,500 | |
| Remuneration, social security and pensions | 62 | €760 | €0 | -€760 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,175 | €150,728 | +€15,553 | +11.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €24,260 | €26,982 | +€2,722 | +11.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €186,927 | €120,079 | -€66,848 | -35.8% |
| Operating profit (loss) | 9901 | €26,732 | -€57,631 | -€84,362 | |
| Financial income | 75/76B | €8,753 | €8,887 | +€135 | +1.5% |
| Recurring financial income | 75 | €8,753 | €8,887 | +€135 | +1.5% |
| Financial charges | 65/66B | €29,901 | €25,780 | -€4,121 | -13.8% |
| Recurring financial charges | 65 | €29,901 | €25,780 | -€4,121 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €5,584 | -€74,523 | -€80,106 | |
| Income taxes | 67/77 | €4,495 | €363 | -€4,132 | -91.9% |
| Profit (loss) for the period | 9904 | €1,088 | -€74,886 | -€75,975 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,088 | -€74,886 | -€75,975 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.