V&A Management Services: 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 Services
Largest movements
- Cash +€74,070
up €74,070 (+60.3%), from €122,755 to €196,825
mainly Net result for the year (+€68,211) and Tax, wage and social debts (+€7,451)
- Reserves +€68,211
up €68,211 (+61.9%), from €110,130 to €178,342
- Tax, wage and social debts +€7,451
up €7,451 (+25.1%), from €29,655 to €37,106
of which Taxes: +€7,451
- Gross operating margin +€22,424
up €22,424 (+29.1%), from €77,152 to €99,576
- Taxes +€6,445
up €6,445 (+31.2%), from €20,637 to €27,082
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 | €144,786 | €221,404 | +€76,618 | +52.9% |
| Fixed assets | 21/28 | €3,197 | €4,449 | +€1,252 | +39.2% |
| Tangible fixed assets | 22/27 | €3,197 | €4,449 | +€1,252 | +39.2% |
| Plant, machinery and equipment | 23 | €1,385 | €959 | -€426 | -30.7% |
| Furniture and vehicles | 24 | €1,812 | €3,490 | +€1,677 | +92.6% |
| Current assets | 29/58 | €141,589 | €216,955 | +€75,366 | +53.2% |
| Amounts receivable within one year | 40/41 | €16,702 | €17,703 | +€1,000 | +6.0% |
| Trade receivables | 40 | €16,335 | €17,152 | +€817 | +5.0% |
| Other amounts receivable | 41 | €367 | €551 | +€184 | +50.0% |
| Cash at bank and in hand | 54/58 | €122,755 | €196,825 | +€74,070 | +60.3% |
| Deferred charges and accrued income | 490/1 | €2,131 | €2,427 | +€296 | +13.9% |
| Total equity and liabilities | 10/49 | €144,786 | €221,404 | +€76,618 | +52.9% |
| Equity | 10/15 | €115,130 | €183,342 | +€68,211 | +59.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €110,130 | €178,342 | +€68,211 | +61.9% |
| Distributable reserves | 133 | €110,130 | €178,342 | +€68,211 | +61.9% |
| Amounts payable | 17/49 | €29,655 | €38,062 | +€8,407 | +28.3% |
| Amounts payable within one year | 42/48 | €29,655 | €38,062 | +€8,407 | +28.3% |
| Trade debts | 44 | €0 | €956 | +€956 | |
| Suppliers | 440/4 | €0 | €956 | +€956 | |
| Taxes, remuneration and social security | 45 | €29,655 | €37,106 | +€7,451 | +25.1% |
| Taxes | 450/3 | €27,155 | €34,606 | +€7,451 | +27.4% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,156 | €1,777 | +€621 | +53.7% |
| Other operating charges | 640/8 | €167 | €715 | +€548 | +328% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €77,152 | €99,576 | +€22,424 | +29.1% |
| Operating profit (loss) | 9901 | €75,828 | €97,084 | +€21,255 | +28.0% |
| Financial charges | 65/66B | €2,182 | €1,790 | -€392 | -18.0% |
| Recurring financial charges | 65 | €2,182 | €1,790 | -€392 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €73,646 | €95,293 | +€21,647 | +29.4% |
| Income taxes | 67/77 | €20,637 | €27,082 | +€6,445 | +31.2% |
| Profit (loss) for the period | 9904 | €53,009 | €68,211 | +€15,202 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,009 | €68,211 | +€15,202 | +28.7% |
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 29 October 2026 via checked.be.