V.C.W.: 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.W.
Largest movements
- Cash -€38,347
down €38,347 (-43.7%), from €87,823 to €49,476
mainly Tax, wage and social debts (-€18,143) and Investment in fixed assets (net) (-€18,116)
- Receivables within one year +€14,492
up €14,492 (+89.4%), from €16,205 to €30,697
of which Trade receivables: +€18,123
- Tangible fixed assets +€11,969
up €11,969 (+28.4%), from €42,071 to €54,039
of which Furniture and vehicles: +€14,097
- Tax, wage and social debts -€18,143
down €18,143 (-99.1%), from €18,309 to €166
- Trade debts +€5,412
up €5,412 (+154%), from €3,514 to €8,927
- Taxes -€15,120
down €15,120 (-93.0%), from €16,261 to €1,141
- Depreciation -€4,762
down €4,762 (-43.6%), from €10,910 to €6,148
- Gross operating margin -€3,933
down €3,933 (-13.4%), from €29,245 to €25,313
- Financial income +€3,225
up €3,225 (+734%), from €439 to €3,664
- Other operating charges -€1,666
down €1,666 (-29.4%), from €5,673 to €4,006
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 | €252,304 | €239,163 | -€13,141 | -5.2% |
| Fixed assets | 21/28 | €42,071 | €54,039 | +€11,969 | +28.4% |
| Tangible fixed assets | 22/27 | €42,071 | €54,039 | +€11,969 | +28.4% |
| Plant, machinery and equipment | 23 | €5,749 | €3,621 | -€2,128 | -37.0% |
| Furniture and vehicles | 24 | €36,322 | €50,418 | +€14,097 | +38.8% |
| Current assets | 29/58 | €210,233 | €185,123 | -€25,110 | -11.9% |
| Stocks and contracts in progress | 3 | €2,850 | €2,850 | = | 0.0% |
| Stocks | 30/36 | €2,850 | €2,850 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,205 | €30,697 | +€14,492 | +89.4% |
| Trade receivables | 40 | €0 | €18,123 | +€18,123 | |
| Other amounts receivable | 41 | €16,205 | €12,574 | -€3,631 | -22.4% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €87,823 | €49,476 | -€38,347 | -43.7% |
| Deferred charges and accrued income | 490/1 | €3,355 | €2,101 | -€1,255 | -37.4% |
| Total equity and liabilities | 10/49 | €252,304 | €239,163 | -€13,141 | -5.2% |
| Equity | 10/15 | €230,481 | €230,070 | -€411 | -0.2% |
| Contributions | 10/11 | €48,649 | €48,649 | = | 0.0% |
| Reserves | 13 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | €175,634 | €175,223 | -€411 | -0.2% |
| Amounts payable | 17/49 | €21,823 | €9,093 | -€12,730 | -58.3% |
| Amounts payable within one year | 42/48 | €21,823 | €9,093 | -€12,730 | -58.3% |
| Trade debts | 44 | €3,514 | €8,927 | +€5,412 | +154% |
| Suppliers | 440/4 | €3,514 | €8,927 | +€5,412 | +154% |
| Taxes, remuneration and social security | 45 | €18,309 | €166 | -€18,143 | -99.1% |
| Taxes | 450/3 | €18,309 | €166 | -€18,143 | -99.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €31,802 | +€31,802 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,910 | €6,148 | -€4,762 | -43.6% |
| Other operating charges | 640/8 | €5,673 | €4,006 | -€1,666 | -29.4% |
| Non-recurring operating charges | 66A | - | €17,972 | +€17,972 | |
| Gross operating margin | 9900 | €29,245 | €25,313 | -€3,933 | -13.4% |
| Operating profit (loss) | 9901 | €12,663 | -€2,814 | -€15,477 | |
| Financial income | 75/76B | €439 | €3,664 | +€3,225 | +734% |
| Recurring financial income | 75 | €439 | €3,664 | +€3,225 | +734% |
| Financial charges | 65/66B | €98 | €120 | +€22 | +22.5% |
| Recurring financial charges | 65 | €98 | €120 | +€22 | +22.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €13,004 | €730 | -€12,274 | -94.4% |
| Income taxes | 67/77 | €16,261 | €1,141 | -€15,120 | -93.0% |
| Profit (loss) for the period | 9904 | -€3,257 | -€411 | +€2,846 | +87.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,257 | -€411 | +€2,846 | +87.4% |
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 14 October 2026 via checked.be.