V-FORMATION: 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-FORMATION
Largest movements
- Cash +€59,608
up €59,608 (+3,314%), from €1,798 to €61,406
mainly Short-term financial debts (+€99,440) and Depreciation (+€46,230)
- Tangible fixed assets +€27,389
up €27,389 (+18.6%), from €147,170 to €174,559
of which Plant, machinery and equipment: +€22,484
- Receivables within one year +€21,562
up €21,562 (+27.7%), from €77,832 to €99,393
of which Other amounts receivable: +€27,337
- Short-term financial debts +€99,440
up €99,440 (+7,182%), from €1,385 to €100,825
- Profit (loss) carried forward -€71,760
down €71,760 (-90.2%), from €79,528 to €7,768
- Trade debts +€38,009
up €38,009 (+56.3%), from €67,563 to €105,572
- Current portion of long-term debt +€23,844
up €23,844 (+30.6%), from €77,921 to €101,765
- Tax, wage and social debts +€9,085
up €9,085 (+51.5%), from €17,630 to €26,714
of which Remuneration and social security: +€9,168
- Gross operating margin -€144,679
down €144,679 (-36.6%), from €394,826 to €250,147
- Staff costs +€30,653
up €30,653 (+13.2%), from €232,429 to €263,082
- Financial charges +€4,284
up €4,284 (+57.7%), from €7,419 to €11,704
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €544,127 | €645,397 | +€101,270 | +18.6% |
| Fixed assets | 21/28 | €461,469 | €481,641 | +€20,173 | +4.4% |
| Intangible fixed assets | 21 | €3,484 | €2,208 | -€1,276 | -36.6% |
| Tangible fixed assets | 22/27 | €147,170 | €174,559 | +€27,389 | +18.6% |
| Plant, machinery and equipment | 23 | €109,397 | €131,881 | +€22,484 | +20.6% |
| Furniture and vehicles | 24 | €37,332 | €42,431 | +€5,099 | +13.7% |
| Other tangible fixed assets | 26 | €441 | €247 | -€194 | -44.0% |
| Financial fixed assets | 28 | €310,815 | €304,875 | -€5,940 | -1.9% |
| Current assets | 29/58 | €82,658 | €163,755 | +€81,097 | +98.1% |
| Amounts receivable within one year | 40/41 | €77,832 | €99,393 | +€21,562 | +27.7% |
| Trade receivables | 40 | €74,972 | €69,196 | -€5,776 | -7.7% |
| Other amounts receivable | 41 | €2,860 | €30,197 | +€27,337 | +956% |
| Cash at bank and in hand | 54/58 | €1,798 | €61,406 | +€59,608 | +3,314% |
| Deferred charges and accrued income | 490/1 | €3,028 | €2,956 | -€72 | -2.4% |
| Total equity and liabilities | 10/49 | €544,127 | €645,397 | +€101,270 | +18.6% |
| Equity | 10/15 | €138,277 | €66,517 | -€71,760 | -51.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,149 | €40,149 | = | 0.0% |
| Distributable reserves | 133 | €40,149 | €40,149 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,528 | €7,768 | -€71,760 | -90.2% |
| Amounts payable | 17/49 | €405,850 | €578,880 | +€173,030 | +42.6% |
| Amounts payable after more than one year | 17 | €239,776 | €239,989 | +€213 | +0.1% |
| Financial debts | 170/4 | €239,776 | €239,989 | +€213 | +0.1% |
| Amounts payable within one year | 42/48 | €166,073 | €338,891 | +€172,818 | +104% |
| Current portion of amounts payable after more than one year | 42 | €77,921 | €101,765 | +€23,844 | +30.6% |
| Financial debts | 43 | €1,385 | €100,825 | +€99,440 | +7,182% |
| Credit institutions | 430/8 | €1,385 | €100,825 | +€99,440 | +7,182% |
| Trade debts | 44 | €67,563 | €105,572 | +€38,009 | +56.3% |
| Suppliers | 440/4 | €67,563 | €105,572 | +€38,009 | +56.3% |
| Taxes, remuneration and social security | 45 | €17,630 | €26,714 | +€9,085 | +51.5% |
| Taxes | 450/3 | €566 | €483 | -€83 | -14.6% |
| Remuneration and social security | 454/9 | €17,064 | €26,231 | +€9,168 | +53.7% |
| Other amounts payable | 47/48 | €1,576 | €4,015 | +€2,439 | +155% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €8,212 | €5,495 | -€2,718 | -33.1% |
| Remuneration, social security and pensions | 62 | €232,429 | €263,082 | +€30,653 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,226 | €46,230 | -€1,997 | -4.1% |
| Other operating charges | 640/8 | €2,615 | €3,200 | +€584 | +22.3% |
| Non-recurring operating charges | 66A | €1,950 | €446 | -€1,504 | -77.1% |
| Gross operating margin | 9900 | €394,826 | €250,147 | -€144,679 | -36.6% |
| Operating profit (loss) | 9901 | €109,605 | -€62,811 | -€172,416 | |
| Financial income | 75/76B | €619 | €2,990 | +€2,371 | +383% |
| Recurring financial income | 75 | €619 | €2,990 | +€2,371 | +383% |
| Financial charges | 65/66B | €7,419 | €11,704 | +€4,284 | +57.7% |
| Recurring financial charges | 65 | €7,419 | €11,704 | +€4,284 | +57.7% |
| Profit (loss) for the period before taxes | 9903 | €102,805 | -€71,525 | -€174,329 | |
| Income taxes | 67/77 | €296 | €235 | -€60 | -20.4% |
| Profit (loss) for the period | 9904 | €102,509 | -€71,760 | -€174,269 | |
| Profit (loss) for the period to be appropriated | 9905 | €102,509 | -€71,760 | -€174,269 |
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 16 October 2026 via checked.be.