V-FOLD: 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-FOLD
Largest movements
- Receivables within one year +€90,635
up €90,635 (+101.3%), from €89,440 to €180,075
of which Trade receivables: +€48,136
- Deferred charges and accrued income +€22,212
up €22,212 (+224.2%), from €9,908 to €32,119
- Tangible fixed assets -€7,290
down €7,290 (-11.3%), from €64,285 to €56,995
of which Plant, machinery and equipment: -€7,559
- Reserves +€121,801
up €121,801 (+89.9%), from €135,455 to €257,256
- Debts after one year -€51,441
down €51,441 (-41.7%), from €123,227 to €71,786
- Tax, wage and social debts +€41,776
up €41,776 (+149.2%), from €28,008 to €69,783
of which Taxes: +€36,391
- Accrued charges and deferred income +€32,153
new in 2024: €32,153
- Trade debts -€15,761
down €15,761 (-39.9%), from €39,512 to €23,751
- Gross operating margin +€124,625
up €124,625 (+53.5%), from €232,934 to €357,559
- Staff costs +€51,586
up €51,586 (+46.8%), from €110,301 to €161,887
- Taxes +€20,780
up €20,780 (+69.0%), from €30,136 to €50,916
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €381,730 | €491,171 | +€109,441 | +28.7% |
| Fixed assets | 21/28 | €68,535 | €61,245 | -€7,290 | -10.6% |
| Tangible fixed assets | 22/27 | €64,285 | €56,995 | -€7,290 | -11.3% |
| Plant, machinery and equipment | 23 | €64,120 | €56,561 | -€7,559 | -11.8% |
| Leasing and similar rights | 25 | €165 | €434 | +€269 | +162.9% |
| Financial fixed assets | 28 | €4,250 | €4,250 | = | 0.0% |
| Current assets | 29/58 | €313,195 | €429,926 | +€116,731 | +37.3% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €6,830 | €6,830 | = | 0.0% |
| Stocks | 30/36 | €6,830 | €6,830 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €89,440 | €180,075 | +€90,635 | +101.3% |
| Trade receivables | 40 | €52,098 | €100,234 | +€48,136 | +92.4% |
| Other amounts receivable | 41 | €37,342 | €79,841 | +€42,499 | +113.8% |
| Cash at bank and in hand | 54/58 | €7,018 | €10,902 | +€3,884 | +55.3% |
| Deferred charges and accrued income | 490/1 | €9,908 | €32,119 | +€22,212 | +224.2% |
| Total equity and liabilities | 10/49 | €381,730 | €491,171 | +€109,441 | +28.7% |
| Equity | 10/15 | €160,455 | €282,256 | +€121,801 | +75.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €135,455 | €257,256 | +€121,801 | +89.9% |
| Distributable reserves | 133 | €135,455 | €257,256 | +€121,801 | +89.9% |
| Amounts payable | 17/49 | €221,275 | €208,914 | -€12,361 | -5.6% |
| Amounts payable after more than one year | 17 | €123,227 | €71,786 | -€51,441 | -41.7% |
| Financial debts | 170/4 | €123,227 | €71,786 | -€51,441 | -41.7% |
| Amounts payable within one year | 42/48 | €98,048 | €104,975 | +€6,927 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €13,553 | €11,441 | -€2,112 | -15.6% |
| Trade debts | 44 | €39,512 | €23,751 | -€15,761 | -39.9% |
| Suppliers | 440/4 | €39,512 | €23,751 | -€15,761 | -39.9% |
| Advances received on contracts in progress | 46 | €1,976 | - | -€1,976 | |
| Taxes, remuneration and social security | 45 | €28,008 | €69,783 | +€41,776 | +149.2% |
| Taxes | 450/3 | €14,860 | €51,251 | +€36,391 | +244.9% |
| Remuneration and social security | 454/9 | €13,148 | €18,533 | +€5,385 | +41.0% |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Accrued charges and deferred income | 492/3 | - | €32,153 | +€32,153 | |
| Remuneration, social security and pensions | 62 | €110,301 | €161,887 | +€51,586 | +46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,594 | €10,230 | +€1,636 | +19.0% |
| Other operating charges | 640/8 | €2,338 | €2,381 | +€43 | +1.8% |
| Non-recurring operating charges | 66A | €65,076 | - | -€65,076 | |
| Gross operating margin | 9900 | €232,934 | €357,559 | +€124,625 | +53.5% |
| Operating profit (loss) | 9901 | €46,624 | €183,060 | +€136,437 | +292.6% |
| Financial income | 75/76B | €5,792 | €2,732 | -€3,060 | -52.8% |
| Recurring financial income | 75 | €5,792 | €2,732 | -€3,060 | -52.8% |
| Financial charges | 65/66B | €12,815 | €13,076 | +€260 | +2.0% |
| Recurring financial charges | 65 | €12,815 | €13,076 | +€260 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €39,601 | €172,717 | +€133,116 | +336.1% |
| Income taxes | 67/77 | €30,136 | €50,916 | +€20,780 | +69.0% |
| Profit (loss) for the period | 9904 | €9,464 | €121,801 | +€112,337 | +1186.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,464 | €121,801 | +€112,337 | +1186.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.