V & B: what changed
Two fiscal 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 & B
Largest movements
- Receivables within one year +€65,783
up €65,783 (+43.6%), from €151,029 to €216,812
of which Other amounts receivable: +€57,872
- Receivables after one year -€20,459
down €20,459 (-59.7%), from €34,285 to €13,826
- Tangible fixed assets -€12,917
down €12,917 (-9.9%), from €130,441 to €117,524
of which Land and buildings: -€13,116
- Cash +€12,664
up €12,664 (+74.9%), from €16,914 to €29,578
mainly Net result for the year (+€36,392) and Tax, wage and social debts (+€23,491)
- Profit (loss) carried forward +€36,392
up €36,392 (+58.0%), from €62,707 to €99,099
- Tax, wage and social debts +€23,491
up €23,491 (+46.5%), from €50,501 to €73,991
of which Taxes: +€28,546
- Debts after one year -€18,150
down €18,150 (-11.4%), from €159,414 to €141,264
- Accrued charges and deferred income +€5,357
up €5,357 (+831.9%), from €644 to €6,001
- Staff costs +€7,347
up €7,347 (+7.3%), from €100,839 to €108,186
- Gross operating margin -€6,553
down €6,553 (-3.5%), from €189,891 to €183,338
- Financial charges -€3,606
down €3,606 (-32.3%), from €11,167 to €7,562
of which Non-recurring financial charges: -€2,260
- Taxes -€3,553
down €3,553 (-20.0%), from €17,758 to €14,205
- Financial income +€3,282
up €3,282 (+49.3%), from €6,657 to €9,939
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 | €345,509 | €391,141 | +€45,632 | +13.2% |
| Fixed assets | 21/28 | €130,576 | €117,659 | -€12,917 | -9.9% |
| Tangible fixed assets | 22/27 | €130,441 | €117,524 | -€12,917 | -9.9% |
| Land and buildings | 22 | €124,370 | €111,254 | -€13,116 | -10.5% |
| Plant, machinery and equipment | 23 | €6,071 | €6,270 | +€199 | +3.3% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €214,933 | €273,483 | +€58,549 | +27.2% |
| Amounts receivable after more than one year | 29 | €34,285 | €13,826 | -€20,459 | -59.7% |
| Other amounts receivable | 291 | €34,285 | €13,826 | -€20,459 | -59.7% |
| Stocks and contracts in progress | 3 | €6,898 | €4,127 | -€2,771 | -40.2% |
| Stocks | 30/36 | €6,898 | €4,127 | -€2,771 | -40.2% |
| Amounts receivable within one year | 40/41 | €151,029 | €216,812 | +€65,783 | +43.6% |
| Trade receivables | 40 | €8,762 | €16,673 | +€7,911 | +90.3% |
| Other amounts receivable | 41 | €142,267 | €200,139 | +€57,872 | +40.7% |
| Cash at bank and in hand | 54/58 | €16,914 | €29,578 | +€12,664 | +74.9% |
| Deferred charges and accrued income | 490/1 | €5,806 | €9,140 | +€3,334 | +57.4% |
| Total equity and liabilities | 10/49 | €345,509 | €391,141 | +€45,632 | +13.2% |
| Equity | 10/15 | €81,307 | €117,699 | +€36,392 | +44.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,707 | €99,099 | +€36,392 | +58.0% |
| Amounts payable | 17/49 | €264,202 | €273,443 | +€9,240 | +3.5% |
| Amounts payable after more than one year | 17 | €159,414 | €141,264 | -€18,150 | -11.4% |
| Financial debts | 170/4 | €159,414 | €141,264 | -€18,150 | -11.4% |
| Amounts payable within one year | 42/48 | €104,145 | €126,178 | +€22,033 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €17,381 | €18,150 | +€769 | +4.4% |
| Trade debts | 44 | €36,263 | €34,037 | -€2,227 | -6.1% |
| Suppliers | 440/4 | €36,263 | €34,037 | -€2,227 | -6.1% |
| Taxes, remuneration and social security | 45 | €50,501 | €73,991 | +€23,491 | +46.5% |
| Taxes | 450/3 | €29,435 | €57,981 | +€28,546 | +97.0% |
| Remuneration and social security | 454/9 | €21,066 | €16,010 | -€5,056 | -24.0% |
| Accrued charges and deferred income | 492/3 | €644 | €6,001 | +€5,357 | +831.9% |
| Remuneration, social security and pensions | 62 | €100,839 | €108,186 | +€7,347 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,352 | €21,684 | +€2,332 | +12.1% |
| Other operating charges | 640/8 | €5,083 | €5,247 | +€165 | +3.2% |
| Gross operating margin | 9900 | €189,891 | €183,338 | -€6,553 | -3.5% |
| Operating profit (loss) | 9901 | €64,617 | €48,220 | -€16,397 | -25.4% |
| Financial income | 75/76B | €6,657 | €9,939 | +€3,282 | +49.3% |
| Recurring financial income | 75 | €6,657 | €9,939 | +€3,282 | +49.3% |
| Financial charges | 65/66B | €11,167 | €7,562 | -€3,606 | -32.3% |
| Recurring financial charges | 65 | €8,907 | €7,562 | -€1,346 | -15.1% |
| Non-recurring financial charges | 66B | €2,260 | - | -€2,260 | |
| Profit (loss) for the period before taxes | 9903 | €60,107 | €50,597 | -€9,509 | -15.8% |
| Income taxes | 67/77 | €17,758 | €14,205 | -€3,553 | -20.0% |
| Profit (loss) for the period | 9904 | €42,348 | €36,392 | -€5,956 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,348 | €36,392 | -€5,956 | -14.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.