V & F: 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 & F
Largest movements
- Cash +€30,365
up €30,365 (+28.0%), from €108,338 to €138,703
mainly Net result for the year (+€42,389) and Accrued charges and deferred income (+€3,015)
- Receivables within one year +€9,910
up €9,910 (+53.9%), from €18,400 to €28,310
of which Trade receivables: +€10,109
- Reserves +€40,723
up €40,723 (+43.8%), from €92,874 to €133,597
- Trade debts -€3,357
down €3,357 (-59.6%), from €5,630 to €2,273
- Accrued charges and deferred income +€3,015
new in 2025: €3,015
- Other debts -€2,090
down €2,090 (-46.6%), from €4,481 to €2,391
- Gross operating margin -€4,093
down €4,093 (-6.1%), from €66,923 to €62,830
- Taxes -€1,049
down €1,049 (-5.7%), from €18,416 to €17,367
- Other operating charges +€921
up €921 (+780%), from €118 to €1,039
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 | €133,451 | €172,398 | +€38,947 | +29.2% |
| Fixed assets | 21/28 | €3,646 | €2,299 | -€1,347 | -36.9% |
| Tangible fixed assets | 22/27 | €3,606 | €2,259 | -€1,347 | -37.4% |
| Plant, machinery and equipment | 23 | €2,423 | €1,528 | -€895 | -36.9% |
| Furniture and vehicles | 24 | €1,183 | €730 | -€452 | -38.2% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €129,805 | €170,099 | +€40,294 | +31.0% |
| Amounts receivable within one year | 40/41 | €18,400 | €28,310 | +€9,910 | +53.9% |
| Trade receivables | 40 | €17,777 | €27,886 | +€10,109 | +56.9% |
| Other amounts receivable | 41 | €623 | €424 | -€199 | -31.9% |
| Cash at bank and in hand | 54/58 | €108,338 | €138,703 | +€30,365 | +28.0% |
| Deferred charges and accrued income | 490/1 | €3,068 | €3,086 | +€19 | +0.6% |
| Total equity and liabilities | 10/49 | €133,451 | €172,398 | +€38,947 | +29.2% |
| Equity | 10/15 | €111,474 | €152,197 | +€40,723 | +36.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,874 | €133,597 | +€40,723 | +43.8% |
| Distributable reserves | 133 | €92,874 | €133,597 | +€40,723 | +43.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €21,976 | €20,201 | -€1,776 | -8.1% |
| Amounts payable within one year | 42/48 | €21,976 | €17,185 | -€4,791 | -21.8% |
| Trade debts | 44 | €5,630 | €2,273 | -€3,357 | -59.6% |
| Suppliers | 440/4 | €5,630 | €2,273 | -€3,357 | -59.6% |
| Advances received on contracts in progress | 46 | - | €980 | +€980 | |
| Taxes, remuneration and social security | 45 | €11,866 | €11,542 | -€324 | -2.7% |
| Taxes | 450/3 | €11,866 | €11,542 | -€324 | -2.7% |
| Other amounts payable | 47/48 | €4,481 | €2,391 | -€2,090 | -46.6% |
| Accrued charges and deferred income | 492/3 | - | €3,015 | +€3,015 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,681 | €1,347 | -€334 | -19.9% |
| Other operating charges | 640/8 | €118 | €1,039 | +€921 | +780% |
| Gross operating margin | 9900 | €66,923 | €62,830 | -€4,093 | -6.1% |
| Operating profit (loss) | 9901 | €65,124 | €60,444 | -€4,680 | -7.2% |
| Financial income | 75/76B | €406 | €646 | +€241 | +59.3% |
| Recurring financial income | 75 | €406 | €646 | +€241 | +59.3% |
| Financial charges | 65/66B | €1,755 | €1,335 | -€420 | -23.9% |
| Recurring financial charges | 65 | €1,755 | €1,335 | -€420 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €63,775 | €59,756 | -€4,019 | -6.3% |
| Income taxes | 67/77 | €18,416 | €17,367 | -€1,049 | -5.7% |
| Profit (loss) for the period | 9904 | €45,359 | €42,389 | -€2,970 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,359 | €42,389 | -€2,970 | -6.5% |
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 19 October 2026 via checked.be.