V&A 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.
V&A MANAGEMENT
Largest movements
- Cash -€133,780
down €133,780 (-98.0%), from €136,492 to €2,712
mainly Other debts (-€723,471) and Receivables within one year (-€74,252)
- Receivables within one year +€74,252
up €74,252 (+60.2%), from €123,363 to €197,616
of which Other amounts receivable: +€65,530
- Other debts -€723,471
down €723,471 (-51.4%), from €1.4m to €683,299
- Contributions +€400,000
up €400,000 (+185.2%), from €216,000 to €616,000
- Advances received +€120,000
new in 2025: €120,000
- Tax, wage and social debts +€115,574
up €115,574 (+521.1%), from €22,179 to €137,753
- Trade debts +€63,109
up €63,109 (+146.9%), from €42,952 to €106,061
- Financial charges +€126,877
up €126,877 (+43615.3%), from €291 to €127,168
- Gross operating margin +€91,181
up €91,181 (+95.7%), from €95,260 to €186,441
- Depreciation -€41,711
down €41,711 (-63.6%), from €65,556 to €23,845
- Other operating charges +€6,008
up €6,008 (+58.4%), from €10,285 to €16,292
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 | €2,708,532 | €2,634,955 | -€73,577 | -2.7% |
| Fixed assets | 21/28 | €2,070,986 | €2,047,141 | -€23,845 | -1.2% |
| Tangible fixed assets | 22/27 | €2,070,986 | €2,047,141 | -€23,845 | -1.2% |
| Land and buildings | 22 | €2,070,986 | €2,047,141 | -€23,845 | -1.2% |
| Current assets | 29/58 | €637,545 | €587,814 | -€49,732 | -7.8% |
| Stocks and contracts in progress | 3 | €375,530 | €387,486 | +€11,957 | +3.2% |
| Stocks | 30/36 | €375,530 | €387,486 | +€11,957 | +3.2% |
| Amounts receivable within one year | 40/41 | €123,363 | €197,616 | +€74,252 | +60.2% |
| Trade receivables | 40 | €122,844 | €131,566 | +€8,722 | +7.1% |
| Other amounts receivable | 41 | €520 | €66,050 | +€65,530 | +12613.7% |
| Cash at bank and in hand | 54/58 | €136,492 | €2,712 | -€133,780 | -98.0% |
| Deferred charges and accrued income | 490/1 | €2,161 | - | -€2,161 | |
| Total equity and liabilities | 10/49 | €2,708,532 | €2,634,955 | -€73,577 | -2.7% |
| Equity | 10/15 | €299,288 | €713,012 | +€413,723 | +138.2% |
| Contributions | 10/11 | €216,000 | €616,000 | +€400,000 | +185.2% |
| Reserves | 13 | €83,288 | €97,012 | +€13,723 | +16.5% |
| Distributable reserves | 133 | €83,288 | €97,012 | +€13,723 | +16.5% |
| Amounts payable | 17/49 | €2,409,243 | €1,921,943 | -€487,300 | -20.2% |
| Amounts payable after more than one year | 17 | €830,942 | €811,207 | -€19,736 | -2.4% |
| Financial debts | 170/4 | €830,942 | €811,207 | -€19,736 | -2.4% |
| Amounts payable within one year | 42/48 | €1,576,427 | €1,110,736 | -€465,691 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €104,526 | €63,623 | -€40,903 | -39.1% |
| Trade debts | 44 | €42,952 | €106,061 | +€63,109 | +146.9% |
| Suppliers | 440/4 | €42,952 | €106,061 | +€63,109 | +146.9% |
| Advances received on contracts in progress | 46 | - | €120,000 | +€120,000 | |
| Taxes, remuneration and social security | 45 | €22,179 | €137,753 | +€115,574 | +521.1% |
| Taxes | 450/3 | €22,179 | €137,753 | +€115,574 | +521.1% |
| Other amounts payable | 47/48 | €1,406,770 | €683,299 | -€723,471 | -51.4% |
| Accrued charges and deferred income | 492/3 | €1,874 | - | -€1,874 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,556 | €23,845 | -€41,711 | -63.6% |
| Other operating charges | 640/8 | €10,285 | €16,292 | +€6,008 | +58.4% |
| Gross operating margin | 9900 | €95,260 | €186,441 | +€91,181 | +95.7% |
| Operating profit (loss) | 9901 | €19,419 | €146,304 | +€126,884 | +653.4% |
| Financial charges | 65/66B | €291 | €127,168 | +€126,877 | +43615.3% |
| Recurring financial charges | 65 | €291 | €127,168 | +€126,877 | +43615.3% |
| Profit (loss) for the period before taxes | 9903 | €19,129 | €19,136 | +€7 | 0.0% |
| Income taxes | 67/77 | €5,963 | €5,412 | -€551 | -9.2% |
| Profit (loss) for the period | 9904 | €13,166 | €13,723 | +€558 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,166 | €13,723 | +€558 | +4.2% |
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 11 October 2026 via checked.be.