MANAGEMENT V.H.V.D.: 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.
MANAGEMENT V.H.V.D.
Largest movements
- Tangible fixed assets -€20,965
down €20,965 (-6.3%), from €334,957 to €313,992
of which Land and buildings: -€19,958
- Cash +€4,170
up €4,170 (+6.2%), from €67,439 to €71,609
mainly Depreciation (+€20,965)
- Reserves -€14,000
down €14,000 (-5.4%), from €256,962 to €242,962
of which Distributable reserves: -€14,000
- Gross operating margin -€2,556
down €2,556 (-20.1%), from €12,739 to €10,183
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 | €403,471 | €386,677 | -€16,794 | -4.2% |
| Fixed assets | 21/28 | €334,957 | €313,992 | -€20,965 | -6.3% |
| Tangible fixed assets | 22/27 | €334,957 | €313,992 | -€20,965 | -6.3% |
| Land and buildings | 22 | €332,275 | €312,317 | -€19,958 | -6.0% |
| Plant, machinery and equipment | 23 | €2,682 | €1,675 | -€1,007 | -37.6% |
| Current assets | 29/58 | €68,513 | €72,684 | +€4,171 | +6.1% |
| Amounts receivable within one year | 40/41 | €30 | - | -€30 | |
| Other amounts receivable | 41 | €30 | - | -€30 | |
| Cash at bank and in hand | 54/58 | €67,439 | €71,609 | +€4,170 | +6.2% |
| Deferred charges and accrued income | 490/1 | €1,044 | €1,075 | +€31 | +3.0% |
| Total equity and liabilities | 10/49 | €403,471 | €386,677 | -€16,794 | -4.2% |
| Equity | 10/15 | €327,431 | €313,448 | -€13,984 | -4.3% |
| Contributions | 10/11 | €69,620 | €69,620 | = | 0.0% |
| Capital | 10 | €69,620 | €69,620 | = | 0.0% |
| Issued capital | 100 | €69,620 | €69,620 | = | 0.0% |
| Reserves | 13 | €256,962 | €242,962 | -€14,000 | -5.4% |
| Non-distributable reserves | 130/1 | €6,962 | €6,962 | = | 0.0% |
| Legal reserve | 130 | €6,962 | €6,962 | = | 0.0% |
| Distributable reserves | 133 | €250,000 | €236,000 | -€14,000 | -5.6% |
| Profit (loss) carried forward | 14 | €849 | €866 | +€16 | +1.9% |
| Amounts payable | 17/49 | €76,039 | €73,229 | -€2,810 | -3.7% |
| Amounts payable within one year | 42/48 | €73,827 | €71,016 | -€2,811 | -3.8% |
| Other amounts payable | 47/48 | €73,827 | €71,016 | -€2,811 | -3.8% |
| Accrued charges and deferred income | 492/3 | €2,212 | €2,213 | +€1 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,965 | €20,965 | = | 0.0% |
| Other operating charges | 640/8 | €3,031 | €3,127 | +€97 | +3.2% |
| Gross operating margin | 9900 | €12,739 | €10,183 | -€2,556 | -20.1% |
| Operating profit (loss) | 9901 | -€11,257 | -€13,909 | -€2,653 | -23.6% |
| Financial charges | 65/66B | €74 | €75 | +€1 | +1.0% |
| Recurring financial charges | 65 | €74 | €75 | +€1 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,331 | -€13,984 | -€2,653 | -23.4% |
| Profit (loss) for the period | 9904 | -€11,331 | -€13,984 | -€2,653 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,331 | -€13,984 | -€2,653 | -23.4% |
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 1 November 2026 via checked.be.