V 33 BELGIUM: 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.
V 33 BELGIUM
Largest movements
- Cash -€490,745
down €490,745 (-35.4%), from €1.4m to €894,717
mainly Trade debts (-€426,320) and Contributions, distributions and other (-€351,000)
- Receivables within one year +€189,795
up €189,795 (+17.7%), from €1.1m to €1.3m
- Trade debts -€426,320
down €426,320 (-30.7%), from €1.4m to €960,734
- Other debts +€171,600
up €171,600 (+95.7%), from €179,400 to €351,000
- Accrued charges and deferred income +€63,384
up €63,384 (+320%), from €19,800 to €83,184
- Reserves -€60,811
down €60,811 (-25.9%), from €235,136 to €174,325
- Gross operating margin +€152,570
up €152,570 (+12.7%), from €1.2m to €1.4m
- Provisions +€54,428
up €54,428, from -€27,931 to €26,497
- Staff costs -€41,063
down €41,063 (-4.6%), from €892,982 to €851,920
- Taxes +€40,018
up €40,018 (+52.7%), from €75,981 to €115,999
- Other operating charges -€15,060
down €15,060 (-96.3%), from €15,640 to €580
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 | €2,490,113 | €2,219,026 | -€271,087 | -10.9% |
| Fixed assets | 21/28 | €17,197 | €20,693 | +€3,496 | +20.3% |
| Tangible fixed assets | 22/27 | €16,566 | €20,062 | +€3,496 | +21.1% |
| Plant, machinery and equipment | 23 | €7,096 | €8,846 | +€1,750 | +24.7% |
| Furniture and vehicles | 24 | €9,470 | €11,216 | +€1,746 | +18.4% |
| Financial fixed assets | 28 | €631 | €631 | = | 0.0% |
| Current assets | 29/58 | €2,472,916 | €2,198,333 | -€274,583 | -11.1% |
| Stocks and contracts in progress | 3 | €17,034 | €26,901 | +€9,867 | +57.9% |
| Stocks | 30/36 | €17,034 | €26,901 | +€9,867 | +57.9% |
| Amounts receivable within one year | 40/41 | €1,070,420 | €1,260,215 | +€189,795 | +17.7% |
| Trade receivables | 40 | €1,070,420 | €1,260,215 | +€189,795 | +17.7% |
| Cash at bank and in hand | 54/58 | €1,385,462 | €894,717 | -€490,745 | -35.4% |
| Deferred charges and accrued income | 490/1 | - | €16,500 | +€16,500 | |
| Total equity and liabilities | 10/49 | €2,490,113 | €2,219,026 | -€271,087 | -10.9% |
| Equity | 10/15 | €718,529 | €657,717 | -€60,811 | -8.5% |
| Contributions | 10/11 | €483,392 | €483,392 | = | 0.0% |
| Reserves | 13 | €235,136 | €174,325 | -€60,811 | -25.9% |
| Distributable reserves | 133 | €235,136 | €174,325 | -€60,811 | -25.9% |
| Provisions and deferred taxes | 16 | €23,562 | - | -€23,562 | |
| Provisions for liabilities and charges | 160/5 | €23,562 | - | -€23,562 | |
| Pensions and similar obligations | 160 | €23,562 | - | -€23,562 | |
| Amounts payable | 17/49 | €1,748,022 | €1,561,309 | -€186,713 | -10.7% |
| Amounts payable within one year | 42/48 | €1,728,222 | €1,478,124 | -€250,098 | -14.5% |
| Trade debts | 44 | €1,387,054 | €960,734 | -€426,320 | -30.7% |
| Suppliers | 440/4 | €1,387,054 | €960,734 | -€426,320 | -30.7% |
| Taxes, remuneration and social security | 45 | €161,768 | €166,390 | +€4,622 | +2.9% |
| Taxes | 450/3 | €60,616 | €70,645 | +€10,029 | +16.5% |
| Remuneration and social security | 454/9 | €101,152 | €95,745 | -€5,407 | -5.3% |
| Other amounts payable | 47/48 | €179,400 | €351,000 | +€171,600 | +95.7% |
| Accrued charges and deferred income | 492/3 | €19,800 | €83,184 | +€63,384 | +320% |
| Remuneration, social security and pensions | 62 | €892,982 | €851,920 | -€41,063 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,098 | €10,193 | +€1,095 | +12.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€27,931 | €26,497 | +€54,428 | |
| Other operating charges | 640/8 | €15,640 | €580 | -€15,060 | -96.3% |
| Gross operating margin | 9900 | €1,204,450 | €1,357,019 | +€152,570 | +12.7% |
| Operating profit (loss) | 9901 | €314,661 | €467,829 | +€153,169 | +48.7% |
| Financial income | 75/76B | €2,148 | €13,642 | +€11,494 | +535% |
| Recurring financial income | 75 | €2,148 | €13,642 | +€11,494 | +535% |
| Financial charges | 65/66B | €60,880 | €75,284 | +€14,404 | +23.7% |
| Recurring financial charges | 65 | €60,880 | €75,284 | +€14,404 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | €255,929 | €406,188 | +€150,259 | +58.7% |
| Income taxes | 67/77 | €75,981 | €115,999 | +€40,018 | +52.7% |
| Profit (loss) for the period | 9904 | €179,948 | €290,189 | +€110,240 | +61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €179,948 | €290,189 | +€110,240 | +61.3% |
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 23 October 2026 via checked.be.