V-Finishing: 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-Finishing
Largest movements
- Tangible fixed assets -€69,341
down €69,341 (-30.6%), from €226,495 to €157,153
of which Plant, machinery and equipment: -€56,850
- Cash -€39,674
down €39,674 (-17.3%), from €229,343 to €189,669
mainly Trade debts (-€322,561) and Receivables within one year (-€28,046)
- Receivables within one year +€28,046
up €28,046 (+4.7%), from €591,294 to €619,340
of which Other amounts receivable: +€43,159
- Trade debts -€322,561
down €322,561 (-45.9%), from €702,718 to €380,156
- Profit (loss) carried forward +€214,654
up €214,654 (+101%), from €211,501 to €426,154
- Tax, wage and social debts +€29,420
up €29,420 (+32.2%), from €91,243 to €120,663
of which Taxes: +€34,602
- Staff costs -€43,143
down €43,143 (-16.6%), from €260,516 to €217,373
- Gross operating margin +€39,736
up €39,736 (+6.7%), from €589,756 to €629,491
- Taxes +€32,670
up €32,670 (+66.8%), from €48,915 to €81,585
- Depreciation -€21,431
down €21,431 (-18.0%), from €119,102 to €97,671
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 | €1,131,288 | €1,044,354 | -€86,935 | -7.7% |
| Fixed assets | 21/28 | €247,333 | €168,662 | -€78,671 | -31.8% |
| Intangible fixed assets | 21 | €16,989 | €7,659 | -€9,330 | -54.9% |
| Tangible fixed assets | 22/27 | €226,495 | €157,153 | -€69,341 | -30.6% |
| Plant, machinery and equipment | 23 | €206,613 | €149,763 | -€56,850 | -27.5% |
| Furniture and vehicles | 24 | €5,322 | €1,622 | -€3,700 | -69.5% |
| Leasing and similar rights | 25 | €14,559 | €5,768 | -€8,791 | -60.4% |
| Financial fixed assets | 28 | €3,850 | €3,850 | = | 0.0% |
| Current assets | 29/58 | €883,955 | €875,692 | -€8,263 | -0.9% |
| Stocks and contracts in progress | 3 | €61,983 | €57,182 | -€4,801 | -7.7% |
| Stocks | 30/36 | €61,983 | €57,182 | -€4,801 | -7.7% |
| Amounts receivable within one year | 40/41 | €591,294 | €619,340 | +€28,046 | +4.7% |
| Trade receivables | 40 | €166,868 | €151,755 | -€15,113 | -9.1% |
| Other amounts receivable | 41 | €424,426 | €467,585 | +€43,159 | +10.2% |
| Cash at bank and in hand | 54/58 | €229,343 | €189,669 | -€39,674 | -17.3% |
| Deferred charges and accrued income | 490/1 | €1,335 | €9,501 | +€8,166 | +612% |
| Total equity and liabilities | 10/49 | €1,131,288 | €1,044,354 | -€86,935 | -7.7% |
| Equity | 10/15 | €321,501 | €536,154 | +€214,654 | +66.8% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €211,501 | €426,154 | +€214,654 | +101% |
| Amounts payable | 17/49 | €809,788 | €508,199 | -€301,588 | -37.2% |
| Amounts payable after more than one year | 17 | €6,772 | €1,359 | -€5,412 | -79.9% |
| Financial debts | 170/4 | €6,772 | €1,359 | -€5,412 | -79.9% |
| Amounts payable within one year | 42/48 | €803,016 | €506,840 | -€296,176 | -36.9% |
| Current portion of amounts payable after more than one year | 42 | €9,056 | €5,412 | -€3,644 | -40.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €702,718 | €380,156 | -€322,561 | -45.9% |
| Suppliers | 440/4 | €702,718 | €380,156 | -€322,561 | -45.9% |
| Taxes, remuneration and social security | 45 | €91,243 | €120,663 | +€29,420 | +32.2% |
| Taxes | 450/3 | €58,866 | €93,468 | +€34,602 | +58.8% |
| Remuneration and social security | 454/9 | €32,376 | €27,195 | -€5,182 | -16.0% |
| Other amounts payable | 47/48 | - | €609 | +€609 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €260,516 | €217,373 | -€43,143 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,102 | €97,671 | -€21,431 | -18.0% |
| Other operating charges | 640/8 | €17,659 | €16,772 | -€887 | -5.0% |
| Gross operating margin | 9900 | €589,756 | €629,491 | +€39,736 | +6.7% |
| Operating profit (loss) | 9901 | €192,478 | €297,675 | +€105,197 | +54.7% |
| Financial income | 75/76B | €229 | €424 | +€195 | +85.1% |
| Recurring financial income | 75 | €229 | €424 | +€195 | +85.1% |
| Financial charges | 65/66B | €4,396 | €1,860 | -€2,535 | -57.7% |
| Recurring financial charges | 65 | €4,396 | €1,860 | -€2,535 | -57.7% |
| Profit (loss) for the period before taxes | 9903 | €188,312 | €296,239 | +€107,927 | +57.3% |
| Income taxes | 67/77 | €48,915 | €81,585 | +€32,670 | +66.8% |
| Profit (loss) for the period | 9904 | €139,397 | €214,654 | +€75,257 | +54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €139,397 | €214,654 | +€75,257 | +54.0% |
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 21 October 2026 via checked.be.