V.M.: what changed
Two fiscal 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.M.
Largest movements
- Cash +€130,932
up €130,932 (+287.2%), from €45,589 to €176,522
mainly Receivables within one year (+€122,806) and Depreciation (+€36,273)
- Receivables within one year -€122,806
down €122,806 (-40.0%), from €306,818 to €184,012
of which Trade receivables: -€125,644
- Tangible fixed assets -€33,949
down €33,949 (-34.2%), from €99,383 to €65,434
of which Furniture and vehicles: -€33,078
- Stocks and contracts +€17,033
up €17,033 (+5.0%), from €343,688 to €360,720
- Other debts -€27,334
down €27,334 (-24.4%), from €112,149 to €84,815
- Trade debts +€23,366
up €23,366 (+51.1%), from €45,730 to €69,096
- Debts after one year -€20,340
down €20,340 (-37.3%), from €54,497 to €34,157
- Reserves +€19,344
up €19,344 (+1040.0%), from €1,860 to €21,204
- Gross operating margin +€24,812
up €24,812 (+18.9%), from €131,359 to €156,171
- Staff costs +€24,688
up €24,688 (+36.1%), from €68,464 to €93,152
- Provisions +€17,250
no longer reported in 2026 (was -€17,250)
- Financial income -€5,196
down €5,196 (-25.3%), from €20,544 to €15,348
- Taxes -€4,793
down €4,793 (-28.3%), from €16,954 to €12,161
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.
Cash bridge derived
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 | €795,478 | €789,802 | -€5,677 | -0.7% |
| Fixed assets | 21/28 | €99,383 | €65,434 | -€33,949 | -34.2% |
| Tangible fixed assets | 22/27 | €99,383 | €65,434 | -€33,949 | -34.2% |
| Land and buildings | 22 | €12,952 | €10,287 | -€2,665 | -20.6% |
| Plant, machinery and equipment | 23 | €519 | €2,312 | +€1,793 | +345.5% |
| Furniture and vehicles | 24 | €85,912 | €52,835 | -€33,078 | -38.5% |
| Current assets | 29/58 | €696,095 | €724,368 | +€28,273 | +4.1% |
| Stocks and contracts in progress | 3 | €343,688 | €360,720 | +€17,033 | +5.0% |
| Stocks | 30/36 | €343,688 | €360,720 | +€17,033 | +5.0% |
| Amounts receivable within one year | 40/41 | €306,818 | €184,012 | -€122,806 | -40.0% |
| Trade receivables | 40 | €306,818 | €181,174 | -€125,644 | -41.0% |
| Other amounts receivable | 41 | - | €2,839 | +€2,839 | |
| Cash at bank and in hand | 54/58 | €45,589 | €176,522 | +€130,932 | +287.2% |
| Deferred charges and accrued income | 490/1 | - | €3,113 | +€3,113 | |
| Total equity and liabilities | 10/49 | €795,478 | €789,802 | -€5,677 | -0.7% |
| Equity | 10/15 | €497,467 | €516,811 | +€19,344 | +3.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €21,204 | +€19,344 | +1040.0% |
| Distributable reserves | 133 | €1,860 | €21,204 | +€19,344 | +1040.0% |
| Profit (loss) carried forward | 14 | €477,007 | €477,007 | = | 0.0% |
| Amounts payable | 17/49 | €298,011 | €272,991 | -€25,021 | -8.4% |
| Amounts payable after more than one year | 17 | €54,497 | €34,157 | -€20,340 | -37.3% |
| Financial debts | 170/4 | €54,497 | €34,157 | -€20,340 | -37.3% |
| Amounts payable within one year | 42/48 | €243,514 | €238,834 | -€4,680 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €19,437 | €21,389 | +€1,952 | +10.0% |
| Trade debts | 44 | €45,730 | €69,096 | +€23,366 | +51.1% |
| Suppliers | 440/4 | €45,730 | €69,096 | +€23,366 | +51.1% |
| Taxes, remuneration and social security | 45 | €66,199 | €63,535 | -€2,664 | -4.0% |
| Taxes | 450/3 | €61,591 | €52,336 | -€9,255 | -15.0% |
| Remuneration and social security | 454/9 | €4,608 | €11,199 | +€6,590 | +143.0% |
| Other amounts payable | 47/48 | €112,149 | €84,815 | -€27,334 | -24.4% |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €68,464 | €93,152 | +€24,688 | +36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,838 | €36,273 | -€4,564 | -11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,150 | +€2,150 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€17,250 | - | +€17,250 | |
| Other operating charges | 640/8 | €896 | €1,367 | +€472 | +52.7% |
| Gross operating margin | 9900 | €131,359 | €156,171 | +€24,812 | +18.9% |
| Operating profit (loss) | 9901 | €38,412 | €23,229 | -€15,184 | -39.5% |
| Financial income | 75/76B | €20,544 | €15,348 | -€5,196 | -25.3% |
| Recurring financial income | 75 | €20,544 | €15,348 | -€5,196 | -25.3% |
| Financial charges | 65/66B | €4,528 | €7,072 | +€2,544 | +56.2% |
| Recurring financial charges | 65 | €4,528 | €7,072 | +€2,544 | +56.2% |
| Profit (loss) for the period before taxes | 9903 | €54,428 | €31,505 | -€22,923 | -42.1% |
| Income taxes | 67/77 | €16,954 | €12,161 | -€4,793 | -28.3% |
| Profit (loss) for the period | 9904 | €37,474 | €19,344 | -€18,130 | -48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,474 | €19,344 | -€18,130 | -48.4% |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.