FVH Management: 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.
FVH Management
Largest movements
- Financial fixed assets -€1.5m
down €1.5m (-100%), from €1.5m to €0
- Cash +€912,265
up €912,265 (+3,933%), from €23,192 to €935,457
mainly Investment in fixed assets (net) (+€1.4m) and Other debts (+€629,149)
- Receivables within one year -€163,535
down €163,535 (-93.7%), from €174,550 to €11,015
of which Other amounts receivable: -€143,695
- Tangible fixed assets +€41,938
up €41,938 (+44.7%), from €93,871 to €135,809
of which Furniture and vehicles: +€43,757
- Reserves -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Other debts +€629,149
up €629,149 (+135%), from €464,419 to €1.1m
- Profit (loss) carried forward -€161,152
down €161,152, from €0 to -€161,152
- Current portion of long-term debt -€40,783
down €40,783 (-100%), from €40,783 to €0
- Accrued charges and deferred income -€22,152
down €22,152 (-100%), from €22,152 to €0
- Financial charges +€268,916
up €268,916 (+3,838%), from €7,007 to €275,923
of which Non-recurring financial charges: +€275,000
- Gross operating margin +€30,101
up €30,101 (+47.5%), from €63,363 to €93,464
- Taxes +€18,476
up €18,476 (+429%), from €4,305 to €22,781
- Depreciation +€1,188
up €1,188 (+4.1%), from €28,874 to €30,062
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 | €1,766,614 | €1,082,281 | -€684,332 | -38.7% |
| Fixed assets | 21/28 | €1,568,871 | €135,809 | -€1.4m | -91.3% |
| Tangible fixed assets | 22/27 | €93,871 | €135,809 | +€41,938 | +44.7% |
| Furniture and vehicles | 24 | €80,162 | €123,920 | +€43,757 | +54.6% |
| Other tangible fixed assets | 26 | €13,709 | €11,889 | -€1,819 | -13.3% |
| Financial fixed assets | 28 | €1,475,000 | €0 | -€1.5m | -100% |
| Current assets | 29/58 | €197,742 | €946,472 | +€748,730 | +379% |
| Amounts receivable within one year | 40/41 | €174,550 | €11,015 | -€163,535 | -93.7% |
| Trade receivables | 40 | €30,855 | €11,015 | -€19,840 | -64.3% |
| Other amounts receivable | 41 | €143,695 | €0 | -€143,695 | -100% |
| Cash at bank and in hand | 54/58 | €23,192 | €935,457 | +€912,265 | +3,933% |
| Total equity and liabilities | 10/49 | €1,766,614 | €1,082,281 | -€684,332 | -38.7% |
| Equity | 10/15 | €1,207,553 | -€41,152 | -€1.2m | |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €1,087,553 | €0 | -€1.1m | -100% |
| Distributable reserves | 133 | €1,087,553 | €0 | -€1.1m | -100% |
| Profit (loss) carried forward | 14 | €0 | -€161,152 | -€161,152 | |
| Amounts payable | 17/49 | €559,061 | €1,123,433 | +€564,373 | +101% |
| Amounts payable after more than one year | 17 | €10,000 | €10,000 | = | 0.0% |
| Financial debts | 170/4 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €526,909 | €1,113,433 | +€586,524 | +111% |
| Current portion of amounts payable after more than one year | 42 | €40,783 | €0 | -€40,783 | -100% |
| Trade debts | 44 | €15,159 | €3,637 | -€11,521 | -76.0% |
| Suppliers | 440/4 | €15,159 | €3,637 | -€11,521 | -76.0% |
| Taxes, remuneration and social security | 45 | €6,549 | €16,228 | +€9,680 | +148% |
| Taxes | 450/3 | €6,549 | €16,228 | +€9,680 | +148% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €464,419 | €1,093,568 | +€629,149 | +135% |
| Accrued charges and deferred income | 492/3 | €22,152 | €0 | -€22,152 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,874 | €30,062 | +€1,188 | +4.1% |
| Other operating charges | 640/8 | €1,367 | €1,060 | -€307 | -22.4% |
| Gross operating margin | 9900 | €63,363 | €93,464 | +€30,101 | +47.5% |
| Operating profit (loss) | 9901 | €33,122 | €62,342 | +€29,220 | +88.2% |
| Financial income | 75/76B | €75,000 | €75,210 | +€210 | +0.3% |
| Recurring financial income | 75 | €75,000 | €75,210 | +€210 | +0.3% |
| Financial charges | 65/66B | €7,007 | €275,923 | +€268,916 | +3,838% |
| Recurring financial charges | 65 | €7,007 | €923 | -€6,084 | -86.8% |
| Non-recurring financial charges | 66B | - | €275,000 | +€275,000 | |
| Profit (loss) for the period before taxes | 9903 | €101,115 | -€138,371 | -€239,486 | |
| Income taxes | 67/77 | €4,305 | €22,781 | +€18,476 | +429% |
| Profit (loss) for the period | 9904 | €96,810 | -€161,152 | -€257,962 | |
| Profit (loss) for the period to be appropriated | 9905 | €96,810 | -€161,152 | -€257,962 |
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 14 October 2026 via checked.be.