V&C 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&C MANAGEMENT
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€133,036
down €133,036 (-37.2%), from €358,007 to €224,971
- Reserves +€121,543
up €121,543 (+27.9%), from €435,234 to €556,776
- Financial income -€22,000
down €22,000 (-16.7%), from €132,000 to €110,000
- Gross operating margin -€6,480
down €6,480 (-13.8%), from €46,803 to €40,324
- Staff costs +€4,026
up €4,026 (+85.2%), from €4,727 to €8,753
- Taxes -€3,855
down €3,855 (-44.0%), from €8,769 to €4,915
- Financial charges -€2,393
down €2,393 (-16.6%), from €14,396 to €12,004
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 | €993,078 | €991,745 | -€1,333 | -0.1% |
| Fixed assets | 21/28 | €939,905 | €938,483 | -€1,422 | -0.2% |
| Tangible fixed assets | 22/27 | €4,905 | €3,483 | -€1,422 | -29.0% |
| Plant, machinery and equipment | 23 | €1,336 | €704 | -€632 | -47.3% |
| Other tangible fixed assets | 26 | €3,569 | €2,778 | -€790 | -22.1% |
| Financial fixed assets | 28 | €935,000 | €935,000 | = | 0.0% |
| Current assets | 29/58 | €53,173 | €53,262 | +€89 | +0.2% |
| Amounts receivable within one year | 40/41 | €42,985 | €42,167 | -€818 | -1.9% |
| Trade receivables | 40 | €20,232 | €40,414 | +€20,182 | +99.7% |
| Other amounts receivable | 41 | €22,753 | €1,753 | -€21,000 | -92.3% |
| Cash at bank and in hand | 54/58 | €7,188 | €10,588 | +€3,400 | +47.3% |
| Deferred charges and accrued income | 490/1 | €3,000 | €507 | -€2,493 | -83.1% |
| Total equity and liabilities | 10/49 | €993,078 | €991,745 | -€1,333 | -0.1% |
| Equity | 10/15 | €485,234 | €606,776 | +€121,543 | +25.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €435,234 | €556,776 | +€121,543 | +27.9% |
| Distributable reserves | 133 | €435,234 | €556,776 | +€121,543 | +27.9% |
| Amounts payable | 17/49 | €507,844 | €384,968 | -€122,876 | -24.2% |
| Amounts payable after more than one year | 17 | €358,007 | €224,971 | -€133,036 | -37.2% |
| Financial debts | 170/4 | €358,007 | €224,971 | -€133,036 | -37.2% |
| Amounts payable within one year | 42/48 | €149,837 | €159,998 | +€10,160 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €134,641 | €143,636 | +€8,995 | +6.7% |
| Trade debts | 44 | €3,971 | €167 | -€3,805 | -95.8% |
| Suppliers | 440/4 | €3,971 | €167 | -€3,805 | -95.8% |
| Taxes, remuneration and social security | 45 | €10,478 | €15,447 | +€4,970 | +47.4% |
| Taxes | 450/3 | €10,478 | €15,447 | +€4,970 | +47.4% |
| Other amounts payable | 47/48 | €748 | €748 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €4,727 | €8,753 | +€4,026 | +85.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €941 | €1,422 | +€481 | +51.0% |
| Other operating charges | 640/8 | €106 | €1,688 | +€1,582 | +1488.4% |
| Gross operating margin | 9900 | €46,803 | €40,324 | -€6,480 | -13.8% |
| Operating profit (loss) | 9901 | €41,028 | €28,461 | -€12,568 | -30.6% |
| Financial income | 75/76B | €132,000 | €110,000 | -€22,000 | -16.7% |
| Recurring financial income | 75 | €132,000 | €110,000 | -€22,000 | -16.7% |
| Financial charges | 65/66B | €14,396 | €12,004 | -€2,393 | -16.6% |
| Recurring financial charges | 65 | €14,396 | €12,004 | -€2,393 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €158,632 | €126,457 | -€32,175 | -20.3% |
| Income taxes | 67/77 | €8,769 | €4,915 | -€3,855 | -44.0% |
| Profit (loss) for the period | 9904 | €149,863 | €121,543 | -€28,320 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €149,863 | €121,543 | -€28,320 | -18.9% |
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 10 October 2026 via checked.be.