FVD: 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.
FVD
Largest movements
- Receivables within one year +€370,868
up €370,868 (+254%), from €146,084 to €516,952
- Cash +€54,635
up €54,635 (+365%), from €14,983 to €69,618
mainly Net result for the year (+€373,755) and Debts after one year (+€208,470)
- Debts after one year +€208,470
up €208,470 (+37.9%), from €549,994 to €758,464
- Reserves +€181,873
up €181,873 (+13.9%), from €1.3m to €1.5m
of which Distributable reserves: +€181,873
- Tax, wage and social debts +€31,448
up €31,448 (+57.7%), from €54,548 to €85,997
- Gross operating margin -€86,335
down €86,335 (-35.2%), from €245,481 to €159,146
- Taxes -€26,422
down €26,422 (-26.2%), from €100,841 to €74,419
- Financial income +€8,011
up €8,011 (+2.7%), from €302,179 to €310,190
- Financial charges +€3,715
up €3,715 (+22.8%), from €16,329 to €20,044
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.
Derived cash bridge
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 | €1,948,202 | €2,373,706 | +€425,503 | +21.8% |
| Fixed assets | 21/28 | €1,787,136 | €1,787,136 | = | 0.0% |
| Financial fixed assets | 28 | €1,787,136 | €1,787,136 | = | 0.0% |
| Current assets | 29/58 | €161,066 | €586,570 | +€425,503 | +264% |
| Amounts receivable within one year | 40/41 | €146,084 | €516,952 | +€370,868 | +254% |
| Other amounts receivable | 41 | €146,084 | €516,952 | +€370,868 | +254% |
| Cash at bank and in hand | 54/58 | €14,983 | €69,618 | +€54,635 | +365% |
| Total equity and liabilities | 10/49 | €1,948,202 | €2,373,706 | +€425,503 | +21.8% |
| Equity | 10/15 | €1,327,370 | €1,509,243 | +€181,873 | +13.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,308,770 | €1,490,643 | +€181,873 | +13.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,306,910 | €1,488,783 | +€181,873 | +13.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €620,832 | €864,463 | +€243,630 | +39.2% |
| Amounts payable after more than one year | 17 | €549,994 | €758,464 | +€208,470 | +37.9% |
| Financial debts | 170/4 | €549,994 | €758,464 | +€208,470 | +37.9% |
| Amounts payable within one year | 42/48 | €54,548 | €85,997 | +€31,448 | +57.7% |
| Taxes, remuneration and social security | 45 | €54,548 | €85,997 | +€31,448 | +57.7% |
| Taxes | 450/3 | €54,548 | €85,997 | +€31,448 | +57.7% |
| Accrued charges and deferred income | 492/3 | €16,289 | €20,002 | +€3,712 | +22.8% |
| Other operating charges | 640/8 | €118 | €1,118 | +€1,000 | +848% |
| Gross operating margin | 9900 | €245,481 | €159,146 | -€86,335 | -35.2% |
| Operating profit (loss) | 9901 | €245,363 | €158,028 | -€87,336 | -35.6% |
| Financial income | 75/76B | €302,179 | €310,190 | +€8,011 | +2.7% |
| Recurring financial income | 75 | €302,179 | €310,190 | +€8,011 | +2.7% |
| Financial charges | 65/66B | €16,329 | €20,044 | +€3,715 | +22.8% |
| Recurring financial charges | 65 | €16,329 | €20,044 | +€3,715 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €531,214 | €448,174 | -€83,040 | -15.6% |
| Income taxes | 67/77 | €100,841 | €74,419 | -€26,422 | -26.2% |
| Profit (loss) for the period | 9904 | €430,373 | €373,755 | -€56,618 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €430,373 | €373,755 | -€56,618 | -13.2% |
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 17 October 2026 via checked.be.