FVS 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.
FVS Management
Largest movements
- Financial fixed assets +€2.9m
up €2.9m (+422%), from €692,800 to €3.6m
- Tangible fixed assets +€331,887
up €331,887 (+30.6%), from €1.1m to €1.4m
of which Land and buildings: +€332,581
- Debts after one year +€2.6m
up €2.6m (+178%), from €1.4m to €4.0m
- Other debts +€356,549
up €356,549 (+173%), from €206,128 to €562,677
- Current portion of long-term debt +€190,158
up €190,158 (+243%), from €78,387 to €268,545
- Profit (loss) carried forward +€184,293
up €184,293 (+63.8%), from €288,972 to €473,265
- Trade debts -€68,618
down €68,618 (-98.5%), from €69,661 to €1,044
- Gross operating margin +€177,120
up €177,120 (+78.9%), from €224,357 to €401,477
- Financial charges +€61,720
up €61,720 (+171%), from €36,194 to €97,913
- Taxes +€28,106
up €28,106 (+75.5%), from €37,219 to €65,325
- Depreciation +€19,777
up €19,777 (+57.7%), from €34,263 to €54,040
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 | €2,123,909 | €5,401,765 | +€3.3m | +154% |
| Fixed assets | 21/28 | €1,775,959 | €5,033,591 | +€3.3m | +183% |
| Tangible fixed assets | 22/27 | €1,083,159 | €1,415,046 | +€331,887 | +30.6% |
| Land and buildings | 22 | €1,082,105 | €1,414,686 | +€332,581 | +30.7% |
| Furniture and vehicles | 24 | €1,054 | €361 | -€693 | -65.8% |
| Financial fixed assets | 28 | €692,800 | €3,618,544 | +€2.9m | +422% |
| Current assets | 29/58 | €347,950 | €368,175 | +€20,225 | +5.8% |
| Amounts receivable after more than one year | 29 | €174,250 | €174,250 | = | 0.0% |
| Other amounts receivable | 291 | €174,250 | €174,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €105,351 | €82,771 | -€22,580 | -21.4% |
| Trade receivables | 40 | €99,351 | €34,678 | -€64,674 | -65.1% |
| Other amounts receivable | 41 | €6,000 | €48,094 | +€42,094 | +702% |
| Current investments | 50/53 | - | €29,000 | +€29,000 | |
| Cash at bank and in hand | 54/58 | €67,153 | €60,293 | -€6,860 | -10.2% |
| Deferred charges and accrued income | 490/1 | €1,196 | €21,861 | +€20,665 | +1,728% |
| Total equity and liabilities | 10/49 | €2,123,909 | €5,401,765 | +€3.3m | +154% |
| Equity | 10/15 | €314,472 | €498,765 | +€184,293 | +58.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €288,972 | €473,265 | +€184,293 | +63.8% |
| Amounts payable | 17/49 | €1,809,436 | €4,903,000 | +€3.1m | +171% |
| Amounts payable after more than one year | 17 | €1,437,387 | €3,992,345 | +€2.6m | +178% |
| Financial debts | 170/4 | €1,437,387 | €3,992,345 | +€2.6m | +178% |
| Amounts payable within one year | 42/48 | €372,020 | €888,390 | +€516,370 | +139% |
| Current portion of amounts payable after more than one year | 42 | €78,387 | €268,545 | +€190,158 | +243% |
| Trade debts | 44 | €69,661 | €1,044 | -€68,618 | -98.5% |
| Suppliers | 440/4 | €69,661 | €1,044 | -€68,618 | -98.5% |
| Taxes, remuneration and social security | 45 | €17,844 | €56,124 | +€38,280 | +215% |
| Taxes | 450/3 | €17,844 | €56,124 | +€38,280 | +215% |
| Other amounts payable | 47/48 | €206,128 | €562,677 | +€356,549 | +173% |
| Accrued charges and deferred income | 492/3 | €30 | €22,265 | +€22,235 | +74,463% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,263 | €54,040 | +€19,777 | +57.7% |
| Gross operating margin | 9900 | €224,357 | €401,477 | +€177,120 | +78.9% |
| Operating profit (loss) | 9901 | €190,094 | €347,437 | +€157,343 | +82.8% |
| Financial income | 75/76B | - | €94 | +€94 | |
| Recurring financial income | 75 | - | €94 | +€94 | |
| Financial charges | 65/66B | €36,194 | €97,913 | +€61,720 | +171% |
| Recurring financial charges | 65 | €36,194 | €97,913 | +€61,720 | +171% |
| Profit (loss) for the period before taxes | 9903 | €153,900 | €249,617 | +€95,717 | +62.2% |
| Income taxes | 67/77 | €37,219 | €65,325 | +€28,106 | +75.5% |
| Profit (loss) for the period | 9904 | €116,681 | €184,293 | +€67,611 | +57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €116,681 | €184,293 | +€67,611 | +57.9% |
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 14 October 2026 via checked.be.