V & L: 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 & L
Largest movements
- Cash +€242,919
up €242,919 (+927%), from €26,206 to €269,125
mainly Short-term financial debts (+€509,000) and Net result for the year (+€136,460)
- Tangible fixed assets +€66,432
up €66,432 (+96.6%), from €68,735 to €135,168
of which Leasing and similar rights: +€132,326
- Receivables within one year +€27,517
up €27,517 (+6.2%), from €443,667 to €471,184
of which Other amounts receivable: +€40,542
- Stocks and contracts -€25,944
down €25,944 (-1.7%), from €1.5m to €1.5m
- Short-term financial debts +€509,000
up €509,000 (+38.7%), from €1.3m to €1.8m
- Debts after one year -€176,502
down €176,502 (-64.2%), from €275,000 to €98,498
- Trade debts -€121,090
down €121,090 (-84.6%), from €143,067 to €21,977
- Tax, wage and social debts +€52,686
up €52,686 (+690%), from €7,630 to €60,316
- Gross operating margin +€164,934
up €164,934 (+173%), from €95,122 to €260,055
- Taxes +€59,216
up €59,216 (+13,759%), from €430 to €59,646
- Financial charges +€22,738
up €22,738 (+61.9%), from €36,752 to €59,490
- Depreciation +€17,610
up €17,610 (+454%), from €3,876 to €21,486
- Other operating charges -€10,390
down €10,390 (-56.2%), from €18,479 to €8,090
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,193,720 | €2,502,910 | +€309,190 | +14.1% |
| Fixed assets | 21/28 | €203,375 | €269,808 | +€66,432 | +32.7% |
| Tangible fixed assets | 22/27 | €68,735 | €135,168 | +€66,432 | +96.6% |
| Plant, machinery and equipment | 23 | €454 | €254 | -€199 | -43.9% |
| Furniture and vehicles | 24 | €68,115 | €2,587 | -€65,528 | -96.2% |
| Leasing and similar rights | 25 | - | €132,326 | +€132,326 | |
| Other tangible fixed assets | 26 | €167 | €0 | -€167 | -100% |
| Financial fixed assets | 28 | €134,640 | €134,640 | = | 0.0% |
| Current assets | 29/58 | €1,990,344 | €2,233,102 | +€242,758 | +12.2% |
| Stocks and contracts in progress | 3 | €1,493,023 | €1,467,078 | -€25,944 | -1.7% |
| Stocks | 30/36 | €1,493,023 | €1,467,078 | -€25,944 | -1.7% |
| Amounts receivable within one year | 40/41 | €443,667 | €471,184 | +€27,517 | +6.2% |
| Trade receivables | 40 | €13,025 | €0 | -€13,025 | -100% |
| Other amounts receivable | 41 | €430,642 | €471,184 | +€40,542 | +9.4% |
| Cash at bank and in hand | 54/58 | €26,206 | €269,125 | +€242,919 | +927% |
| Deferred charges and accrued income | 490/1 | €27,448 | €25,715 | -€1,733 | -6.3% |
| Total equity and liabilities | 10/49 | €2,193,720 | €2,502,910 | +€309,190 | +14.1% |
| Equity | 10/15 | €405,075 | €416,535 | +€11,460 | +2.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €395,000 | €406,460 | +€11,460 | +2.9% |
| Distributable reserves | 133 | €395,000 | €406,460 | +€11,460 | +2.9% |
| Profit (loss) carried forward | 14 | €3,875 | €3,875 | = | 0.0% |
| Amounts payable | 17/49 | €1,788,645 | €2,086,375 | +€297,730 | +16.6% |
| Amounts payable after more than one year | 17 | €275,000 | €98,498 | -€176,502 | -64.2% |
| Financial debts | 170/4 | €275,000 | €98,498 | -€176,502 | -64.2% |
| Amounts payable within one year | 42/48 | €1,513,645 | €1,987,476 | +€473,832 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | €10,987 | €30,970 | +€19,984 | +182% |
| Financial debts | 43 | €1,315,940 | €1,824,940 | +€509,000 | +38.7% |
| Credit institutions | 430/8 | €1,315,940 | €1,824,940 | +€509,000 | +38.7% |
| Trade debts | 44 | €143,067 | €21,977 | -€121,090 | -84.6% |
| Suppliers | 440/4 | €143,067 | €21,977 | -€121,090 | -84.6% |
| Advances received on contracts in progress | 46 | €4,501 | €4,501 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,630 | €60,316 | +€52,686 | +690% |
| Taxes | 450/3 | €7,630 | €60,316 | +€52,686 | +690% |
| Other amounts payable | 47/48 | €31,520 | €44,772 | +€13,252 | +42.0% |
| Accrued charges and deferred income | 492/3 | €0 | €401 | +€401 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,876 | €21,486 | +€17,610 | +454% |
| Other operating charges | 640/8 | €18,479 | €8,090 | -€10,390 | -56.2% |
| Gross operating margin | 9900 | €95,122 | €260,055 | +€164,934 | +173% |
| Operating profit (loss) | 9901 | €72,766 | €230,480 | +€157,713 | +217% |
| Financial income | 75/76B | €27,448 | €25,116 | -€2,332 | -8.5% |
| Recurring financial income | 75 | €27,448 | €25,116 | -€2,332 | -8.5% |
| Financial charges | 65/66B | €36,752 | €59,490 | +€22,738 | +61.9% |
| Recurring financial charges | 65 | €36,752 | €59,490 | +€22,738 | +61.9% |
| Profit (loss) for the period before taxes | 9903 | €63,463 | €196,106 | +€132,644 | +209% |
| Income taxes | 67/77 | €430 | €59,646 | +€59,216 | +13,759% |
| Profit (loss) for the period | 9904 | €63,032 | €136,460 | +€73,428 | +116% |
| Profit (loss) for the period to be appropriated | 9905 | €63,032 | €136,460 | +€73,428 | +116% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.