FVEC: 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.
FVEC
Largest movements
- Cash +€97,015
up €97,015 (+83.5%), from €116,224 to €213,239
mainly Net result for the year (+€72,512) and Tax, wage and social debts (+€12,476)
- Receivables within one year -€11,564
down €11,564 (-16.1%), from €71,608 to €60,044
- Reserves +€72,512
up €72,512 (+57.1%), from €126,893 to €199,405
- Tax, wage and social debts +€12,476
up €12,476 (+22.7%), from €54,984 to €67,460
- Turnover -€239,648
no longer reported in 2025 (was €239,648)
- Purchases and services -€75,446
no longer reported in 2025 (was €75,446)
- Gross operating margin -€73,040
down €73,040 (-43.8%), from €166,920 to €93,880
- Taxes -€18,133
down €18,133 (-49.2%), from €36,844 to €18,711
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 | €191,806 | €274,740 | +€82,934 | +43.2% |
| Fixed assets | 21/28 | €1,861 | €1,457 | -€404 | -21.7% |
| Tangible fixed assets | 22/27 | €1,861 | €1,457 | -€404 | -21.7% |
| Furniture and vehicles | 24 | €1,861 | €1,457 | -€404 | -21.7% |
| Current assets | 29/58 | €189,945 | €273,282 | +€83,338 | +43.9% |
| Amounts receivable within one year | 40/41 | €71,608 | €60,044 | -€11,564 | -16.1% |
| Trade receivables | 40 | €71,608 | €60,044 | -€11,564 | -16.1% |
| Cash at bank and in hand | 54/58 | €116,224 | €213,239 | +€97,015 | +83.5% |
| Deferred charges and accrued income | 490/1 | €2,113 | €0 | -€2,113 | -100% |
| Total equity and liabilities | 10/49 | €191,806 | €274,740 | +€82,934 | +43.2% |
| Equity | 10/15 | €131,893 | €204,405 | +€72,512 | +55.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €126,893 | €199,405 | +€72,512 | +57.1% |
| Distributable reserves | 133 | €126,893 | €199,405 | +€72,512 | +57.1% |
| Amounts payable | 17/49 | €59,913 | €70,335 | +€10,422 | +17.4% |
| Amounts payable within one year | 42/48 | €59,913 | €70,335 | +€10,422 | +17.4% |
| Trade debts | 44 | €4,929 | €2,624 | -€2,304 | -46.8% |
| Suppliers | 440/4 | €4,929 | €2,624 | -€2,304 | -46.8% |
| Taxes, remuneration and social security | 45 | €54,984 | €67,460 | +€12,476 | +22.7% |
| Taxes | 450/3 | €54,984 | €67,460 | +€12,476 | +22.7% |
| Other amounts payable | 47/48 | - | €250 | +€250 | |
| Turnover | 70 | €239,648 | - | -€239,648 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €75,446 | - | -€75,446 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157 | €404 | +€246 | +156% |
| Other operating charges | 640/8 | €1,468 | €607 | -€861 | -58.6% |
| Gross operating margin | 9900 | €166,920 | €93,880 | -€73,040 | -43.8% |
| Operating profit (loss) | 9901 | €165,295 | €92,869 | -€72,426 | -43.8% |
| Financial income | 75/76B | €10 | €249 | +€239 | +2,406% |
| Recurring financial income | 75 | €10 | €249 | +€239 | +2,406% |
| Financial charges | 65/66B | €1,568 | €1,895 | +€327 | +20.9% |
| Recurring financial charges | 65 | €1,568 | €1,895 | +€327 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €163,737 | €91,223 | -€72,514 | -44.3% |
| Income taxes | 67/77 | €36,844 | €18,711 | -€18,133 | -49.2% |
| Profit (loss) for the period | 9904 | €126,893 | €72,512 | -€54,381 | -42.9% |
| Profit (loss) for the period to be appropriated | 9905 | €126,893 | €72,512 | -€54,381 | -42.9% |
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 13 October 2026 via checked.be.