FVO 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.
FVO MANAGEMENT
Largest movements
- Current investments -€40,000
down €40,000 (-100.0%), from €40,000 to €0
- Tangible fixed assets +€14,024
up €14,024 (+49.5%), from €28,330 to €42,354
of which Other tangible fixed assets: +€11,940
- Cash +€12,880
up €12,880 (+32.2%), from €40,014 to €52,893
mainly Net result for the year (+€128,116) and Current investments (+€40,000)
- Deferred charges and accrued income +€1,139
up €1,139 (+24.6%), from €4,633 to €5,772
- Profit (loss) carried forward -€8,884
down €8,884 (-52.1%), from €17,064 to €8,181
- Other debts -€3,980
down €3,980 (-4.9%), from €81,061 to €77,081
- Gross operating margin +€57,942
up €57,942 (+50.7%), from €114,335 to €172,277
- Taxes +€14,219
up €14,219 (+61.7%), from €23,029 to €37,248
- Depreciation +€3,858
up €3,858 (+448.2%), from €861 to €4,719
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 | €113,280 | €101,250 | -€12,030 | -10.6% |
| Fixed assets | 21/28 | €28,330 | €42,354 | +€14,024 | +49.5% |
| Tangible fixed assets | 22/27 | €28,330 | €42,354 | +€14,024 | +49.5% |
| Plant, machinery and equipment | 23 | €2,192 | €1,727 | -€465 | -21.2% |
| Furniture and vehicles | 24 | €3,082 | €5,630 | +€2,549 | +82.7% |
| Other tangible fixed assets | 26 | €23,057 | €34,997 | +€11,940 | +51.8% |
| Current assets | 29/58 | €84,949 | €58,896 | -€26,054 | -30.7% |
| Amounts receivable within one year | 40/41 | €303 | €230 | -€73 | -24.0% |
| Trade receivables | 40 | €303 | €0 | -€303 | -100.0% |
| Other amounts receivable | 41 | €0 | €230 | +€230 | |
| Current investments | 50/53 | €40,000 | €0 | -€40,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €40,014 | €52,893 | +€12,880 | +32.2% |
| Deferred charges and accrued income | 490/1 | €4,633 | €5,772 | +€1,139 | +24.6% |
| Total equity and liabilities | 10/49 | €113,280 | €101,250 | -€12,030 | -10.6% |
| Equity | 10/15 | €20,064 | €11,181 | -€8,884 | -44.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,064 | €8,181 | -€8,884 | -52.1% |
| Amounts payable | 17/49 | €93,215 | €90,069 | -€3,146 | -3.4% |
| Amounts payable within one year | 42/48 | €93,177 | €90,063 | -€3,114 | -3.3% |
| Trade debts | 44 | €0 | €1,004 | +€1,004 | |
| Suppliers | 440/4 | €0 | €1,004 | +€1,004 | |
| Taxes, remuneration and social security | 45 | €12,116 | €11,978 | -€138 | -1.1% |
| Taxes | 450/3 | €12,116 | €11,978 | -€138 | -1.1% |
| Other amounts payable | 47/48 | €81,061 | €77,081 | -€3,980 | -4.9% |
| Accrued charges and deferred income | 492/3 | €38 | €7 | -€32 | -82.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €861 | €4,719 | +€3,858 | +448.2% |
| Other operating charges | 640/8 | €557 | €822 | +€265 | +47.6% |
| Non-recurring operating charges | 66A | €2,216 | €0 | -€2,216 | -100.0% |
| Gross operating margin | 9900 | €114,335 | €172,277 | +€57,942 | +50.7% |
| Operating profit (loss) | 9901 | €110,701 | €166,736 | +€56,035 | +50.6% |
| Financial income | 75/76B | €669 | €1,072 | +€403 | +60.2% |
| Recurring financial income | 75 | €669 | €1,072 | +€403 | +60.2% |
| Financial charges | 65/66B | €2,196 | €2,443 | +€247 | +11.3% |
| Recurring financial charges | 65 | €2,196 | €2,443 | +€247 | +11.3% |
| Profit (loss) for the period before taxes | 9903 | €109,175 | €165,365 | +€56,190 | +51.5% |
| Income taxes | 67/77 | €23,029 | €37,248 | +€14,219 | +61.7% |
| Profit (loss) for the period | 9904 | €86,145 | €128,116 | +€41,971 | +48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €86,145 | €128,116 | +€41,971 | +48.7% |
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 9 October 2026 via checked.be.