V & D: 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 & D
Largest movements
- Receivables within one year +€44,151
up €44,151 (+180.1%), from €24,517 to €68,667
of which Trade receivables: +€32,388
- Receivables after one year +€30,000
up €30,000 (+25.0%), from €120,000 to €150,000
- Tangible fixed assets -€9,390
down €9,390 (-2.7%), from €345,745 to €336,355
of which Land and buildings: -€9,266
- Cash -€7,980
down €7,980 (-60.4%), from €13,202 to €5,223
mainly Receivables within one year (-€44,151) and Receivables after one year (-€30,000)
- Trade debts +€48,742
up €48,742 (+821.1%), from €5,936 to €54,678
- Debts after one year -€22,641
down €22,641 (-22.5%), from €100,544 to €77,902
- Reserves +€16,899
up €16,899 (+5.1%), from €329,205 to €346,104
of which Distributable reserves: +€16,899
- Short-term financial debts +€12,823
up €12,823 (+61.8%), from €20,750 to €33,573
- Gross operating margin -€19,090
down €19,090 (-20.8%), from €91,596 to €72,506
- Other operating charges +€6,803
up €6,803 (+145.3%), from €4,682 to €11,485
- Taxes -€5,599
down €5,599 (-27.1%), from €20,690 to €15,091
- Staff costs +€1,890
up €1,890 (+345.6%), from €547 to €2,437
- Financial charges +€1,460
up €1,460 (+16.2%), from €9,007 to €10,467
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 | €506,685 | €563,685 | +€57,000 | +11.2% |
| Fixed assets | 21/28 | €345,745 | €336,355 | -€9,390 | -2.7% |
| Tangible fixed assets | 22/27 | €345,745 | €336,355 | -€9,390 | -2.7% |
| Land and buildings | 22 | €341,957 | €332,691 | -€9,266 | -2.7% |
| Plant, machinery and equipment | 23 | €2,915 | €2,107 | -€808 | -27.7% |
| Furniture and vehicles | 24 | €873 | €1,557 | +€684 | +78.4% |
| Current assets | 29/58 | €160,940 | €227,329 | +€66,390 | +41.3% |
| Amounts receivable after more than one year | 29 | €120,000 | €150,000 | +€30,000 | +25.0% |
| Other amounts receivable | 291 | €120,000 | €150,000 | +€30,000 | +25.0% |
| Stocks and contracts in progress | 3 | €1,643 | €1,948 | +€305 | +18.6% |
| Stocks | 30/36 | €1,643 | €1,948 | +€305 | +18.6% |
| Amounts receivable within one year | 40/41 | €24,517 | €68,667 | +€44,151 | +180.1% |
| Trade receivables | 40 | €18,060 | €50,448 | +€32,388 | +179.3% |
| Other amounts receivable | 41 | €6,457 | €18,219 | +€11,762 | +182.2% |
| Cash at bank and in hand | 54/58 | €13,202 | €5,223 | -€7,980 | -60.4% |
| Deferred charges and accrued income | 490/1 | €1,578 | €1,492 | -€86 | -5.5% |
| Total equity and liabilities | 10/49 | €506,685 | €563,685 | +€57,000 | +11.2% |
| Equity | 10/15 | €347,797 | €364,696 | +€16,899 | +4.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €329,205 | €346,104 | +€16,899 | +5.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €327,345 | €344,245 | +€16,899 | +5.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €158,888 | €198,989 | +€40,101 | +25.2% |
| Amounts payable after more than one year | 17 | €100,544 | €77,902 | -€22,641 | -22.5% |
| Financial debts | 170/4 | €100,544 | €77,902 | -€22,641 | -22.5% |
| Amounts payable within one year | 42/48 | €58,344 | €121,086 | +€62,742 | +107.5% |
| Current portion of amounts payable after more than one year | 42 | €21,618 | €22,641 | +€1,023 | +4.7% |
| Financial debts | 43 | €20,750 | €33,573 | +€12,823 | +61.8% |
| Credit institutions | 430/8 | €20,750 | €33,573 | +€12,823 | +61.8% |
| Trade debts | 44 | €5,936 | €54,678 | +€48,742 | +821.1% |
| Suppliers | 440/4 | €5,936 | €54,678 | +€48,742 | +821.1% |
| Taxes, remuneration and social security | 45 | €6,601 | €4,610 | -€1,992 | -30.2% |
| Taxes | 450/3 | €6,601 | €4,610 | -€1,992 | -30.2% |
| Other amounts payable | 47/48 | €3,439 | €5,584 | +€2,145 | +62.4% |
| Remuneration, social security and pensions | 62 | €547 | €2,437 | +€1,890 | +345.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,183 | €10,535 | +€352 | +3.5% |
| Other operating charges | 640/8 | €4,682 | €11,485 | +€6,803 | +145.3% |
| Non-recurring operating charges | 66A | - | €9,624 | +€9,624 | |
| Gross operating margin | 9900 | €91,596 | €72,506 | -€19,090 | -20.8% |
| Operating profit (loss) | 9901 | €76,184 | €38,425 | -€37,759 | -49.6% |
| Financial income | 75/76B | €2,573 | €4,033 | +€1,460 | +56.7% |
| Recurring financial income | 75 | €2,573 | €4,033 | +€1,460 | +56.7% |
| Financial charges | 65/66B | €9,007 | €10,467 | +€1,460 | +16.2% |
| Recurring financial charges | 65 | €9,007 | €10,467 | +€1,460 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €69,750 | €31,990 | -€37,760 | -54.1% |
| Income taxes | 67/77 | €20,690 | €15,091 | -€5,599 | -27.1% |
| Profit (loss) for the period | 9904 | €49,060 | €16,899 | -€32,161 | -65.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,060 | €16,899 | -€32,161 | -65.6% |
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.