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
- Cash +€162,750
up €162,750 (+80.5%), from €202,170 to €364,920
mainly Other debts (+€129,374) and Depreciation (+€21,745)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€303,294
down €303,294 (-68.3%), from €443,886 to €140,592
- Taxes -€88,819
down €88,819 (-93.8%), from €94,685 to €5,866
- Financial charges +€37,344
up €37,344 (+60.2%), from €62,013 to €99,356
- Financial income -€20,602
down €20,602 (-100%), from €20,602 to €0
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 | €15,208,722 | €15,350,447 | +€141,725 | +0.9% |
| Fixed assets | 21/28 | €15,005,052 | €14,985,518 | -€19,534 | -0.1% |
| Tangible fixed assets | 22/27 | €86,879 | €67,345 | -€19,534 | -22.5% |
| Furniture and vehicles | 24 | €86,879 | €67,345 | -€19,534 | -22.5% |
| Financial fixed assets | 28 | €14,918,173 | €14,918,173 | = | 0.0% |
| Current assets | 29/58 | €203,670 | €364,930 | +€161,260 | +79.2% |
| Amounts receivable within one year | 40/41 | €1,500 | €10 | -€1,490 | -99.3% |
| Other amounts receivable | 41 | €1,500 | €10 | -€1,490 | -99.3% |
| Cash at bank and in hand | 54/58 | €202,170 | €364,920 | +€162,750 | +80.5% |
| Total equity and liabilities | 10/49 | €15,208,722 | €15,350,447 | +€141,725 | +0.9% |
| Equity | 10/15 | €12,476,038 | €12,488,538 | +€12,501 | +0.1% |
| Contributions | 10/11 | €11,451,730 | €11,451,730 | = | 0.0% |
| Capital | 10 | €11,451,730 | €11,451,730 | = | 0.0% |
| Issued capital | 100 | €11,451,730 | €11,451,730 | = | 0.0% |
| Reserves | 13 | €1,024,307 | €1,036,808 | +€12,501 | +1.2% |
| Non-distributable reserves | 130/1 | €61,808 | €62,808 | +€1,000 | +1.6% |
| Legal reserve | 130 | €61,808 | €62,808 | +€1,000 | +1.6% |
| Distributable reserves | 133 | €962,500 | €974,000 | +€11,501 | +1.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €253,498 | €241,258 | -€12,239 | -4.8% |
| Provisions for liabilities and charges | 160/5 | €253,498 | €241,258 | -€12,239 | -4.8% |
| Environmental obligations | 163 | €253,498 | €241,258 | -€12,239 | -4.8% |
| Amounts payable | 17/49 | €2,479,187 | €2,620,651 | +€141,464 | +5.7% |
| Amounts payable within one year | 42/48 | €2,473,781 | €2,614,291 | +€140,509 | +5.7% |
| Trade debts | 44 | €9,078 | €14,512 | +€5,434 | +59.9% |
| Suppliers | 440/4 | €9,078 | €14,512 | +€5,434 | +59.9% |
| Taxes, remuneration and social security | 45 | €25,017 | €30,718 | +€5,701 | +22.8% |
| Taxes | 450/3 | €17,696 | €23,100 | +€5,404 | +30.5% |
| Remuneration and social security | 454/9 | €7,321 | €7,618 | +€297 | +4.1% |
| Other amounts payable | 47/48 | €2,439,686 | €2,569,060 | +€129,374 | +5.3% |
| Accrued charges and deferred income | 492/3 | €5,405 | €6,360 | +€955 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,735 | €21,745 | +€10 | 0.0% |
| Other operating charges | 640/8 | €1,809 | €1,125 | -€684 | -37.8% |
| Gross operating margin | 9900 | €443,886 | €140,592 | -€303,294 | -68.3% |
| Operating profit (loss) | 9901 | €420,343 | €117,722 | -€302,620 | -72.0% |
| Financial income | 75/76B | €20,602 | €0 | -€20,602 | -100% |
| Recurring financial income | 75 | €20,602 | €0 | -€20,602 | -100% |
| Financial charges | 65/66B | €62,013 | €99,356 | +€37,344 | +60.2% |
| Recurring financial charges | 65 | €62,013 | €99,356 | +€37,344 | +60.2% |
| Profit (loss) for the period before taxes | 9903 | €378,933 | €18,366 | -€360,566 | -95.2% |
| Income taxes | 67/77 | €94,685 | €5,866 | -€88,819 | -93.8% |
| Profit (loss) for the period | 9904 | €284,247 | €12,501 | -€271,747 | -95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €284,247 | €12,501 | -€271,747 | -95.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.