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 -€117,748
down €117,748 (-87.4%), from €134,677 to €16,928
mainly Current investments (-€100,000) and Contributions, distributions and other (-€40,999)
- Current investments +€100,000
new in 2025: €100,000
- Tangible fixed assets -€8,382
down €8,382 (-57.6%), from €14,561 to €6,179
- Receivables within one year -€3,631
down €3,631 (-10.1%), from €36,018 to €32,387
of which Other amounts receivable: -€7,469
- Profit (loss) carried forward -€16,346
down €16,346 (-39.9%), from €40,999 to €24,652
- Tax, wage and social debts -€6,513
down €6,513 (-100.0%), from €6,513 to €0
- Debts after one year -€5,140
down €5,140 (-51.4%), from €9,991 to €4,851
- Gross operating margin -€6,649
down €6,649 (-13.8%), from €48,146 to €41,497
- Taxes -€1,277
down €1,277 (-13.1%), from €9,763 to €8,487
- Other operating charges -€974
down €974 (-89.3%), from €1,090 to €116
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 | €186,532 | €157,518 | -€29,014 | -15.6% |
| Fixed assets | 21/28 | €14,561 | €6,179 | -€8,382 | -57.6% |
| Tangible fixed assets | 22/27 | €14,561 | €6,179 | -€8,382 | -57.6% |
| Furniture and vehicles | 24 | €14,561 | €6,179 | -€8,382 | -57.6% |
| Current assets | 29/58 | €171,971 | €151,339 | -€20,632 | -12.0% |
| Amounts receivable within one year | 40/41 | €36,018 | €32,387 | -€3,631 | -10.1% |
| Trade receivables | 40 | €2,500 | €6,338 | +€3,838 | +153.5% |
| Other amounts receivable | 41 | €33,518 | €26,049 | -€7,469 | -22.3% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €134,677 | €16,928 | -€117,748 | -87.4% |
| Deferred charges and accrued income | 490/1 | €1,276 | €2,023 | +€747 | +58.6% |
| Total equity and liabilities | 10/49 | €186,532 | €157,518 | -€29,014 | -15.6% |
| Equity | 10/15 | €163,784 | €147,438 | -€16,346 | -10.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €120,785 | €120,785 | = | 0.0% |
| Distributable reserves | 133 | €120,785 | €120,785 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,999 | €24,652 | -€16,346 | -39.9% |
| Amounts payable | 17/49 | €22,748 | €10,080 | -€12,668 | -55.7% |
| Amounts payable after more than one year | 17 | €9,991 | €4,851 | -€5,140 | -51.4% |
| Financial debts | 170/4 | €9,991 | €4,851 | -€5,140 | -51.4% |
| Amounts payable within one year | 42/48 | €12,757 | €5,229 | -€7,527 | -59.0% |
| Current portion of amounts payable after more than one year | 42 | €4,987 | €5,140 | +€154 | +3.1% |
| Trade debts | 44 | €1,257 | €89 | -€1,168 | -92.9% |
| Suppliers | 440/4 | €1,257 | €89 | -€1,168 | -92.9% |
| Taxes, remuneration and social security | 45 | €6,513 | €0 | -€6,513 | -100.0% |
| Taxes | 450/3 | €6,513 | €0 | -€6,513 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,382 | €8,382 | = | 0.0% |
| Other operating charges | 640/8 | €1,090 | €116 | -€974 | -89.3% |
| Gross operating margin | 9900 | €48,146 | €41,497 | -€6,649 | -13.8% |
| Operating profit (loss) | 9901 | €38,673 | €32,998 | -€5,675 | -14.7% |
| Financial income | 75/76B | €635 | €702 | +€67 | +10.5% |
| Recurring financial income | 75 | €635 | €702 | +€67 | +10.5% |
| Financial charges | 65/66B | €851 | €561 | -€290 | -34.1% |
| Recurring financial charges | 65 | €851 | €561 | -€290 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | €38,457 | €33,139 | -€5,318 | -13.8% |
| Income taxes | 67/77 | €9,763 | €8,487 | -€1,277 | -13.1% |
| Profit (loss) for the period | 9904 | €28,694 | €24,652 | -€4,042 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,694 | €24,652 | -€4,042 | -14.1% |
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 1 October 2026 via checked.be.