FVDM: 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.
FVDM
Largest movements
- Tangible fixed assets -€35,970
down €35,970 (-6.2%), from €577,421 to €541,451
of which Other tangible fixed assets: -€23,837
- Receivables within one year +€24,132
up €24,132 (+9.2%), from €261,077 to €285,209
of which Other amounts receivable: +€13,000
- Debts after one year -€22,147
down €22,147 (-13.3%), from €166,433 to €144,286
- Reserves +€18,000
up €18,000 (+2.6%), from €685,650 to €703,650
- Financial income -€69,016
down €69,016 (-30.5%), from €226,032 to €157,016
- Taxes -€6,100
down €6,100 (-31.6%), from €19,305 to €13,205
- Financial charges -€2,241
down €2,241 (-25.9%), from €8,658 to €6,417
- Depreciation +€890
up €890 (+2.3%), from €38,640 to €39,530
- Gross operating margin +€578
up €578 (+1.4%), from €39,878 to €40,456
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 | €945,890 | €935,862 | -€10,029 | -1.1% |
| Fixed assets | 21/28 | €669,171 | €633,201 | -€35,970 | -5.4% |
| Tangible fixed assets | 22/27 | €577,421 | €541,451 | -€35,970 | -6.2% |
| Land and buildings | 22 | €451,705 | €436,902 | -€14,803 | -3.3% |
| Furniture and vehicles | 24 | - | €2,670 | +€2,670 | |
| Other tangible fixed assets | 26 | €125,716 | €101,879 | -€23,837 | -19.0% |
| Financial fixed assets | 28 | €91,750 | €91,750 | = | 0.0% |
| Current assets | 29/58 | €276,719 | €302,661 | +€25,941 | +9.4% |
| Amounts receivable within one year | 40/41 | €261,077 | €285,209 | +€24,132 | +9.2% |
| Trade receivables | 40 | €8,077 | €19,209 | +€11,132 | +137.8% |
| Other amounts receivable | 41 | €253,000 | €266,000 | +€13,000 | +5.1% |
| Cash at bank and in hand | 54/58 | €12,003 | €17,452 | +€5,449 | +45.4% |
| Deferred charges and accrued income | 490/1 | €3,640 | - | -€3,640 | |
| Total equity and liabilities | 10/49 | €945,890 | €935,862 | -€10,029 | -1.1% |
| Equity | 10/15 | €730,247 | €748,705 | +€18,458 | +2.5% |
| Contributions | 10/11 | €41,500 | €41,500 | = | 0.0% |
| Reserves | 13 | €685,650 | €703,650 | +€18,000 | +2.6% |
| Distributable reserves | 133 | €685,650 | €703,650 | +€18,000 | +2.6% |
| Profit (loss) carried forward | 14 | €3,097 | €3,555 | +€458 | +14.8% |
| Amounts payable | 17/49 | €215,643 | €187,156 | -€28,487 | -13.2% |
| Amounts payable after more than one year | 17 | €166,433 | €144,286 | -€22,147 | -13.3% |
| Financial debts | 170/4 | €166,433 | €144,286 | -€22,147 | -13.3% |
| Amounts payable within one year | 42/48 | €49,210 | €42,870 | -€6,340 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €24,281 | €22,541 | -€1,739 | -7.2% |
| Trade debts | 44 | - | €1,464 | +€1,464 | |
| Suppliers | 440/4 | - | €1,464 | +€1,464 | |
| Taxes, remuneration and social security | 45 | €24,929 | €18,865 | -€6,065 | -24.3% |
| Taxes | 450/3 | €24,929 | €18,865 | -€6,065 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,640 | €39,530 | +€890 | +2.3% |
| Other operating charges | 640/8 | €5,583 | €5,861 | +€278 | +5.0% |
| Gross operating margin | 9900 | €39,878 | €40,456 | +€578 | +1.4% |
| Operating profit (loss) | 9901 | -€4,346 | -€4,936 | -€590 | -13.6% |
| Financial income | 75/76B | €226,032 | €157,016 | -€69,016 | -30.5% |
| Recurring financial income | 75 | €226,032 | €157,016 | -€69,016 | -30.5% |
| Financial charges | 65/66B | €8,658 | €6,417 | -€2,241 | -25.9% |
| Recurring financial charges | 65 | €8,658 | €6,417 | -€2,241 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €213,028 | €145,663 | -€67,365 | -31.6% |
| Income taxes | 67/77 | €19,305 | €13,205 | -€6,100 | -31.6% |
| Profit (loss) for the period | 9904 | €193,723 | €132,458 | -€61,264 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €193,723 | €132,458 | -€61,264 | -31.6% |
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.