V-FAM: 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-FAM
Largest movements
- Financial fixed assets +€803,776
up €803,776 (+71.3%), from €1.1m to €1.9m
- Receivables within one year +€586,576
up €586,576 (+129%), from €454,450 to €1.0m
of which Other amounts receivable: +€631,951
- Current investments +€100,000
up €100,000 (+66.7%), from €150,000 to €250,000
- Cash -€34,758
down €34,758 (-15.1%), from €230,248 to €195,490
mainly Investment in fixed assets (net) (-€803,776) and Receivables within one year (-€586,576)
- Revaluation surpluses +€1.4m
new in 2025: €1.4m
- Staff costs +€3,271
up €3,271 (+6.2%), from €52,614 to €55,885
- Gross operating margin -€1,804
down €1,804 (-2.1%), from €85,573 to €83,769
- Taxes -€1,238
down €1,238 (-11.1%), from €11,111 to €9,874
- Financial income +€912
up €912 (+48.5%), from €1,881 to €2,792
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 | €1,962,698 | €3,418,291 | +€1.5m | +74.2% |
| Fixed assets | 21/28 | €1,128,000 | €1,931,776 | +€803,776 | +71.3% |
| Financial fixed assets | 28 | €1,128,000 | €1,931,776 | +€803,776 | +71.3% |
| Current assets | 29/58 | €834,698 | €1,486,515 | +€651,818 | +78.1% |
| Amounts receivable within one year | 40/41 | €454,450 | €1,041,026 | +€586,576 | +129% |
| Trade receivables | 40 | €54,450 | €9,075 | -€45,375 | -83.3% |
| Other amounts receivable | 41 | €400,000 | €1,031,951 | +€631,951 | +158% |
| Current investments | 50/53 | €150,000 | €250,000 | +€100,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €230,248 | €195,490 | -€34,758 | -15.1% |
| Total equity and liabilities | 10/49 | €1,962,698 | €3,418,291 | +€1.5m | +74.2% |
| Equity | 10/15 | €1,939,323 | €3,391,807 | +€1.5m | +74.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,432,808 | +€1.4m | |
| Reserves | 13 | €1,793,210 | €1,812,887 | +€19,676 | +1.1% |
| Non-distributable reserves | 130/1 | €160,000 | €160,000 | = | 0.0% |
| Legal reserve | 130 | €160,000 | €160,000 | = | 0.0% |
| Distributable reserves | 133 | €1,633,210 | €1,652,887 | +€19,676 | +1.2% |
| Profit (loss) carried forward | 14 | €84,113 | €84,113 | = | 0.0% |
| Amounts payable | 17/49 | €23,375 | €26,484 | +€3,109 | +13.3% |
| Amounts payable within one year | 42/48 | €23,375 | €26,484 | +€3,109 | +13.3% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €3,336 | €7,269 | +€3,932 | +118% |
| Suppliers | 440/4 | €3,336 | €7,269 | +€3,932 | +118% |
| Taxes, remuneration and social security | 45 | €13,405 | €12,582 | -€823 | -6.1% |
| Taxes | 450/3 | €5,801 | €4,684 | -€1,117 | -19.3% |
| Remuneration and social security | 454/9 | €7,603 | €7,898 | +€294 | +3.9% |
| Other amounts payable | 47/48 | €6,634 | €6,634 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €52,614 | €55,885 | +€3,271 | +6.2% |
| Other operating charges | 640/8 | €1,094 | €1,126 | +€33 | +3.0% |
| Gross operating margin | 9900 | €85,573 | €83,769 | -€1,804 | -2.1% |
| Operating profit (loss) | 9901 | €31,865 | €26,758 | -€5,108 | -16.0% |
| Financial income | 75/76B | €1,881 | €2,792 | +€912 | +48.5% |
| Recurring financial income | 75 | €1,881 | €2,792 | +€912 | +48.5% |
| Financial charges | 65/66B | €10 | €0 | -€10 | -99.9% |
| Recurring financial charges | 65 | €10 | €0 | -€10 | -99.9% |
| Profit (loss) for the period before taxes | 9903 | €33,736 | €29,550 | -€4,186 | -12.4% |
| Income taxes | 67/77 | €11,111 | €9,874 | -€1,238 | -11.1% |
| Profit (loss) for the period | 9904 | €22,624 | €19,676 | -€2,948 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,624 | €19,676 | -€2,948 | -13.0% |
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 22 October 2026 via checked.be.