V-CO: 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-CO
Largest movements
- Stocks and contracts +€44,528
up €44,528 (+14.3%), from €311,683 to €356,211
- Receivables within one year +€31,036
up €31,036 (+48.8%), from €63,566 to €94,602
of which Trade receivables: +€23,321
- Cash -€16,299
down €16,299 (-8.9%), from €182,828 to €166,529
mainly Debts after one year (-€70,525) and Investment in fixed assets (net) (-€51,909)
- Tangible fixed assets -€15,677
down €15,677 (-1.9%), from €822,378 to €806,701
of which Land and buildings: -€20,623
- Trade debts +€74,218
up €74,218 (+736.6%), from €10,076 to €84,293
- Debts after one year -€70,525
down €70,525 (-13.9%), from €507,396 to €436,871
- Reserves +€67,897
up €67,897 (+11.8%), from €573,110 to €641,007
of which Distributable reserves: +€79,537
- Tax, wage and social debts -€22,749
down €22,749 (-45.8%), from €49,627 to €26,878
of which Taxes: -€27,810
- Gross operating margin +€26,233
up €26,233 (+12.0%), from €218,857 to €245,090
- Staff costs +€25,148
up €25,148 (+76.8%), from €32,730 to €57,878
- Depreciation +€7,286
up €7,286 (+12.0%), from €60,749 to €68,035
- Taxes -€5,899
down €5,899 (-16.0%), from €36,946 to €31,046
- Financial charges -€5,569
down €5,569 (-24.5%), from €22,747 to €17,178
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 | €1,386,057 | €1,431,361 | +€45,304 | +3.3% |
| Fixed assets | 21/28 | €827,065 | €810,938 | -€16,126 | -1.9% |
| Intangible fixed assets | 21 | €1,709 | €1,259 | -€450 | -26.3% |
| Tangible fixed assets | 22/27 | €822,378 | €806,701 | -€15,677 | -1.9% |
| Land and buildings | 22 | €739,286 | €718,663 | -€20,623 | -2.8% |
| Plant, machinery and equipment | 23 | €9,352 | €12,096 | +€2,743 | +29.3% |
| Furniture and vehicles | 24 | €73,740 | €75,943 | +€2,203 | +3.0% |
| Financial fixed assets | 28 | €2,977 | €2,977 | = | 0.0% |
| Current assets | 29/58 | €558,992 | €620,423 | +€61,431 | +11.0% |
| Stocks and contracts in progress | 3 | €311,683 | €356,211 | +€44,528 | +14.3% |
| Stocks | 30/36 | €311,683 | €356,211 | +€44,528 | +14.3% |
| Amounts receivable within one year | 40/41 | €63,566 | €94,602 | +€31,036 | +48.8% |
| Trade receivables | 40 | €30,833 | €54,153 | +€23,321 | +75.6% |
| Other amounts receivable | 41 | €32,733 | €40,448 | +€7,715 | +23.6% |
| Cash at bank and in hand | 54/58 | €182,828 | €166,529 | -€16,299 | -8.9% |
| Deferred charges and accrued income | 490/1 | €916 | €3,081 | +€2,166 | +236.4% |
| Total equity and liabilities | 10/49 | €1,386,057 | €1,431,361 | +€45,304 | +3.3% |
| Equity | 10/15 | €585,510 | €653,407 | +€67,897 | +11.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €573,110 | €641,007 | +€67,897 | +11.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €171,460 | €159,820 | -€11,640 | -6.8% |
| Distributable reserves | 133 | €401,650 | €481,187 | +€79,537 | +19.8% |
| Provisions and deferred taxes | 16 | €57,929 | €54,049 | -€3,880 | -6.7% |
| Deferred taxes | 168 | €57,929 | €54,049 | -€3,880 | -6.7% |
| Amounts payable | 17/49 | €742,618 | €723,905 | -€18,713 | -2.5% |
| Amounts payable after more than one year | 17 | €507,396 | €436,871 | -€70,525 | -13.9% |
| Financial debts | 170/4 | €507,396 | €436,871 | -€70,525 | -13.9% |
| Amounts payable within one year | 42/48 | €230,118 | €284,511 | +€54,392 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €69,858 | €70,525 | +€667 | +1.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €10,076 | €84,293 | +€74,218 | +736.6% |
| Suppliers | 440/4 | €10,076 | €84,293 | +€74,218 | +736.6% |
| Advances received on contracts in progress | 46 | €1,000 | €1,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €49,627 | €26,878 | -€22,749 | -45.8% |
| Taxes | 450/3 | €38,849 | €11,039 | -€27,810 | -71.6% |
| Remuneration and social security | 454/9 | €10,779 | €15,839 | +€5,061 | +47.0% |
| Other amounts payable | 47/48 | €99,558 | €101,814 | +€2,257 | +2.3% |
| Accrued charges and deferred income | 492/3 | €5,103 | €2,523 | -€2,580 | -50.6% |
| Remuneration, social security and pensions | 62 | €32,730 | €57,878 | +€25,148 | +76.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,749 | €68,035 | +€7,286 | +12.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,394 | €0 | -€1,394 | -100.0% |
| Other operating charges | 640/8 | €3,558 | €7,097 | +€3,539 | +99.4% |
| Gross operating margin | 9900 | €218,857 | €245,090 | +€26,233 | +12.0% |
| Operating profit (loss) | 9901 | €120,426 | €112,080 | -€8,346 | -6.9% |
| Financial income | 75/76B | €4 | €161 | +€158 | +4459.9% |
| Recurring financial income | 75 | €4 | €161 | +€158 | +4459.9% |
| Financial charges | 65/66B | €22,747 | €17,178 | -€5,569 | -24.5% |
| Recurring financial charges | 65 | €22,747 | €17,178 | -€5,569 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €97,683 | €95,063 | -€2,619 | -2.7% |
| Transfer from deferred taxes | 780 | €3,298 | €3,880 | +€582 | +17.6% |
| Income taxes | 67/77 | €36,946 | €31,046 | -€5,899 | -16.0% |
| Profit (loss) for the period | 9904 | €64,035 | €67,897 | +€3,862 | +6.0% |
| Transfer from tax-exempt reserves | 789 | €12,222 | €11,640 | -€582 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €76,257 | €79,537 | +€3,280 | +4.3% |
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 5 October 2026 via checked.be.