FVL: 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.
FVL
Largest movements
- Financial fixed assets +€1.0m
up €1.0m, from €0 to €1.0m
- Cash -€232,761
down €232,761 (-57.8%), from €402,859 to €170,098
mainly Investment in fixed assets (net) (-€1.1m) and Receivables within one year (-€197,476)
- Receivables within one year +€197,476
up €197,476 (+73.8%), from €267,414 to €464,890
of which Trade receivables: +€323,115
- Receivables after one year +€93,772
up €93,772 (+10.7%), from €875,233 to €969,005
- Debts after one year +€552,888
up €552,888 (+507.7%), from €108,895 to €661,784
- Reserves +€379,407
up €379,407 (+17.4%), from €2.2m to €2.6m
of which Distributable reserves: +€379,407
- Tax, wage and social debts +€88,474
up €88,474 (+68.6%), from €129,034 to €217,507
of which Taxes: +€88,474
- Current portion of long-term debt +€57,710
up €57,710 (+229.8%), from €25,116 to €82,826
- Financial income -€412,679
down €412,679 (-87.0%), from €474,490 to €61,811
of which Non-recurring financial income: -€455,904
- Gross operating margin -€179,853
down €179,853 (-23.9%), from €751,903 to €572,050
- Taxes -€44,480
down €44,480 (-19.9%), from €223,166 to €178,685
- Depreciation +€17,479
up €17,479 (+43.4%), from €40,284 to €57,763
- Financial charges +€12,995
up €12,995 (+744.2%), from €1,746 to €14,741
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 | €2,450,560 | €3,536,946 | +€1.1m | +44.3% |
| Fixed assets | 21/28 | €550,548 | €1,562,417 | +€1.0m | +183.8% |
| Tangible fixed assets | 22/27 | €550,548 | €526,798 | -€23,750 | -4.3% |
| Land and buildings | 22 | €410,960 | €417,295 | +€6,335 | +1.5% |
| Plant, machinery and equipment | 23 | €38,490 | €28,545 | -€9,945 | -25.8% |
| Furniture and vehicles | 24 | €97,792 | €77,653 | -€20,140 | -20.6% |
| Other tangible fixed assets | 26 | €3,306 | €3,306 | = | 0.0% |
| Financial fixed assets | 28 | €0 | €1,035,619 | +€1.0m | |
| Current assets | 29/58 | €1,900,013 | €1,974,528 | +€74,516 | +3.9% |
| Amounts receivable after more than one year | 29 | €875,233 | €969,005 | +€93,772 | +10.7% |
| Other amounts receivable | 291 | €875,233 | €969,005 | +€93,772 | +10.7% |
| Amounts receivable within one year | 40/41 | €267,414 | €464,890 | +€197,476 | +73.8% |
| Trade receivables | 40 | €124,745 | €447,860 | +€323,115 | +259.0% |
| Other amounts receivable | 41 | €142,669 | €17,030 | -€125,640 | -88.1% |
| Current investments | 50/53 | €352,426 | €368,672 | +€16,246 | +4.6% |
| Cash at bank and in hand | 54/58 | €402,859 | €170,098 | -€232,761 | -57.8% |
| Deferred charges and accrued income | 490/1 | €2,081 | €1,863 | -€217 | -10.5% |
| Total equity and liabilities | 10/49 | €2,450,560 | €3,536,946 | +€1.1m | +44.3% |
| Equity | 10/15 | €2,187,248 | €2,566,655 | +€379,407 | +17.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,181,048 | €2,560,455 | +€379,407 | +17.4% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €2,179,193 | €2,558,600 | +€379,407 | +17.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €263,312 | €970,290 | +€706,978 | +268.5% |
| Amounts payable after more than one year | 17 | €108,895 | €661,784 | +€552,888 | +507.7% |
| Financial debts | 170/4 | €108,895 | €661,784 | +€552,888 | +507.7% |
| Amounts payable within one year | 42/48 | €154,417 | €308,507 | +€154,090 | +99.8% |
| Current portion of amounts payable after more than one year | 42 | €25,116 | €82,826 | +€57,710 | +229.8% |
| Trade debts | 44 | €267 | €2,426 | +€2,160 | +809.7% |
| Suppliers | 440/4 | €267 | €2,426 | +€2,160 | +809.7% |
| Taxes, remuneration and social security | 45 | €129,034 | €217,507 | +€88,474 | +68.6% |
| Taxes | 450/3 | €125,284 | €213,757 | +€88,474 | +70.6% |
| Remuneration and social security | 454/9 | €3,750 | €3,750 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €5,747 | +€5,747 | |
| Non-recurring operating income | 76A | €5,656 | €0 | -€5,656 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,284 | €57,763 | +€17,479 | +43.4% |
| Other operating charges | 640/8 | €4,346 | €3,265 | -€1,081 | -24.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €751,903 | €572,050 | -€179,853 | -23.9% |
| Operating profit (loss) | 9901 | €707,273 | €511,021 | -€196,251 | -27.7% |
| Financial income | 75/76B | €474,490 | €61,811 | -€412,679 | -87.0% |
| Recurring financial income | 75 | €18,586 | €61,811 | +€43,225 | +232.6% |
| Non-recurring financial income | 76B | €455,904 | €0 | -€455,904 | -100.0% |
| Financial charges | 65/66B | €1,746 | €14,741 | +€12,995 | +744.2% |
| Recurring financial charges | 65 | €1,746 | €14,741 | +€12,995 | +744.2% |
| Profit (loss) for the period before taxes | 9903 | €1,180,017 | €558,092 | -€621,925 | -52.7% |
| Income taxes | 67/77 | €223,166 | €178,685 | -€44,480 | -19.9% |
| Profit (loss) for the period | 9904 | €956,851 | €379,407 | -€577,444 | -60.3% |
| Profit (loss) for the period to be appropriated | 9905 | €956,851 | €379,407 | -€577,444 | -60.3% |
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 30 September 2026 via checked.be.