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 +€47,799
up €47,799 (+34.5%), from €138,499 to €186,298
mainly Net result for the year (+€90,737) and Investment in fixed assets (net) (+€37,219)
- Tangible fixed assets -€44,860
down €44,860 (-48.6%), from €92,308 to €47,448
of which Plant, machinery and equipment: -€51,567
- Receivables within one year +€30,434
up €30,434 (+134%), from €22,793 to €53,227
of which Trade receivables: +€27,713
- Reserves +€90,737
up €90,737 (+163%), from €55,728 to €146,465
- Accrued charges and deferred income -€25,000
down €25,000 (-100%), from €25,000 to €0
- Current portion of long-term debt -€19,544
down €19,544 (-100%), from €19,544 to €0
- Trade debts -€11,508
down €11,508 (-87.6%), from €13,142 to €1,635
- Debts after one year -€4,155
down €4,155 (-100%), from €4,155 to €0
- Gross operating margin +€30,715
up €30,715 (+27.4%), from €112,231 to €142,946
- Staff costs -€30,551
down €30,551 (-88.4%), from €34,570 to €4,019
- Taxes +€23,296
up €23,296 (+174%), from €13,412 to €36,708
- Depreciation -€17,413
down €17,413 (-69.5%), from €25,053 to €7,641
- Financial charges -€1,640
down €1,640 (-77.7%), from €2,111 to €471
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 | €257,475 | €288,525 | +€31,050 | +12.1% |
| Fixed assets | 21/28 | €92,308 | €47,448 | -€44,860 | -48.6% |
| Tangible fixed assets | 22/27 | €92,308 | €47,448 | -€44,860 | -48.6% |
| Land and buildings | 22 | €39,989 | €39,267 | -€722 | -1.8% |
| Plant, machinery and equipment | 23 | €51,567 | €0 | -€51,567 | -100% |
| Furniture and vehicles | 24 | €752 | €8,181 | +€7,429 | +988% |
| Current assets | 29/58 | €165,167 | €241,077 | +€75,910 | +46.0% |
| Amounts receivable within one year | 40/41 | €22,793 | €53,227 | +€30,434 | +134% |
| Trade receivables | 40 | €3,887 | €31,600 | +€27,713 | +713% |
| Other amounts receivable | 41 | €18,906 | €21,627 | +€2,721 | +14.4% |
| Cash at bank and in hand | 54/58 | €138,499 | €186,298 | +€47,799 | +34.5% |
| Deferred charges and accrued income | 490/1 | €3,875 | €1,552 | -€2,324 | -60.0% |
| Total equity and liabilities | 10/49 | €257,475 | €288,525 | +€31,050 | +12.1% |
| Equity | 10/15 | €180,728 | €271,465 | +€90,737 | +50.2% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €55,728 | €146,465 | +€90,737 | +163% |
| Distributable reserves | 133 | €55,728 | €146,465 | +€90,737 | +163% |
| Amounts payable | 17/49 | €76,746 | €17,060 | -€59,687 | -77.8% |
| Amounts payable after more than one year | 17 | €4,155 | €0 | -€4,155 | -100% |
| Financial debts | 170/4 | €4,155 | €0 | -€4,155 | -100% |
| Amounts payable within one year | 42/48 | €47,592 | €17,060 | -€30,532 | -64.2% |
| Current portion of amounts payable after more than one year | 42 | €19,544 | €0 | -€19,544 | -100% |
| Trade debts | 44 | €13,142 | €1,635 | -€11,508 | -87.6% |
| Suppliers | 440/4 | €13,142 | €1,635 | -€11,508 | -87.6% |
| Taxes, remuneration and social security | 45 | €14,905 | €15,425 | +€519 | +3.5% |
| Taxes | 450/3 | €12,457 | €15,425 | +€2,968 | +23.8% |
| Remuneration and social security | 454/9 | €2,448 | €0 | -€2,448 | -100% |
| Accrued charges and deferred income | 492/3 | €25,000 | €0 | -€25,000 | -100% |
| Non-recurring operating income | 76A | - | €93,433 | +€93,433 | |
| Remuneration, social security and pensions | 62 | €34,570 | €4,019 | -€30,551 | -88.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,053 | €7,641 | -€17,413 | -69.5% |
| Other operating charges | 640/8 | €5,053 | €5,094 | +€41 | +0.8% |
| Gross operating margin | 9900 | €112,231 | €142,946 | +€30,715 | +27.4% |
| Operating profit (loss) | 9901 | €47,554 | €126,192 | +€78,638 | +165% |
| Financial income | 75/76B | €1,063 | €1,724 | +€660 | +62.1% |
| Recurring financial income | 75 | €1,063 | €1,724 | +€660 | +62.1% |
| Financial charges | 65/66B | €2,111 | €471 | -€1,640 | -77.7% |
| Recurring financial charges | 65 | €2,111 | €471 | -€1,640 | -77.7% |
| Profit (loss) for the period before taxes | 9903 | €46,507 | €127,445 | +€80,938 | +174% |
| Income taxes | 67/77 | €13,412 | €36,708 | +€23,296 | +174% |
| Profit (loss) for the period | 9904 | €33,095 | €90,737 | +€57,642 | +174% |
| Profit (loss) for the period to be appropriated | 9905 | €33,095 | €90,737 | +€57,642 | +174% |
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 23 October 2026 via checked.be.