V Management: 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 Management
Largest movements
- Current investments +€47,516
up €47,516 (+38.6%), from €123,126 to €170,642
- Cash +€46,805
up €46,805 (+32.5%), from €143,892 to €190,697
mainly Net result for the year (+€82,277) and Tax, wage and social debts (+€9,098)
- Reserves +€82,277
up €82,277 (+31.4%), from €262,396 to €344,674
- Tax, wage and social debts +€9,098
up €9,098 (+40.5%), from €22,484 to €31,582
- Gross operating margin +€26,736
up €26,736 (+32.0%), from €83,527 to €110,263
- Taxes +€7,240
up €7,240 (+40.8%), from €17,744 to €24,984
- Financial charges +€3,005
up €3,005 (+2,356%), from €128 to €3,133
- Financial income -€1,384
down €1,384 (-33.5%), from €4,137 to €2,752
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 | €293,679 | €389,536 | +€95,857 | +32.6% |
| Fixed assets | 21/28 | €7,657 | €5,678 | -€1,979 | -25.8% |
| Tangible fixed assets | 22/27 | €7,657 | €5,678 | -€1,979 | -25.8% |
| Furniture and vehicles | 24 | €6,797 | €5,050 | -€1,747 | -25.7% |
| Other tangible fixed assets | 26 | €860 | €629 | -€232 | -26.9% |
| Current assets | 29/58 | €286,022 | €383,858 | +€97,836 | +34.2% |
| Amounts receivable within one year | 40/41 | €17,107 | €19,154 | +€2,047 | +12.0% |
| Trade receivables | 40 | €17,107 | €19,154 | +€2,047 | +12.0% |
| Current investments | 50/53 | €123,126 | €170,642 | +€47,516 | +38.6% |
| Cash at bank and in hand | 54/58 | €143,892 | €190,697 | +€46,805 | +32.5% |
| Deferred charges and accrued income | 490/1 | €1,896 | €3,365 | +€1,468 | +77.4% |
| Total equity and liabilities | 10/49 | €293,679 | €389,536 | +€95,857 | +32.6% |
| Equity | 10/15 | €266,896 | €349,174 | +€82,277 | +30.8% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Reserves | 13 | €262,396 | €344,674 | +€82,277 | +31.4% |
| Distributable reserves | 133 | €262,396 | €344,674 | +€82,277 | +31.4% |
| Amounts payable | 17/49 | €26,783 | €40,362 | +€13,579 | +50.7% |
| Amounts payable within one year | 42/48 | €26,783 | €40,253 | +€13,470 | +50.3% |
| Trade debts | 44 | €4,299 | €5,893 | +€1,594 | +37.1% |
| Suppliers | 440/4 | €4,299 | €5,893 | +€1,594 | +37.1% |
| Taxes, remuneration and social security | 45 | €22,484 | €31,582 | +€9,098 | +40.5% |
| Taxes | 450/3 | €22,484 | €31,582 | +€9,098 | +40.5% |
| Other amounts payable | 47/48 | - | €2,778 | +€2,778 | |
| Accrued charges and deferred income | 492/3 | - | €109 | +€109 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,602 | €1,979 | +€377 | +23.5% |
| Other operating charges | 640/8 | €618 | €642 | +€23 | +3.8% |
| Gross operating margin | 9900 | €83,527 | €110,263 | +€26,736 | +32.0% |
| Operating profit (loss) | 9901 | €81,306 | €107,642 | +€26,336 | +32.4% |
| Financial income | 75/76B | €4,137 | €2,752 | -€1,384 | -33.5% |
| Recurring financial income | 75 | €4,137 | €2,752 | -€1,384 | -33.5% |
| Financial charges | 65/66B | €128 | €3,133 | +€3,005 | +2,356% |
| Recurring financial charges | 65 | €128 | €3,133 | +€3,005 | +2,356% |
| Profit (loss) for the period before taxes | 9903 | €85,315 | €107,262 | +€21,947 | +25.7% |
| Income taxes | 67/77 | €17,744 | €24,984 | +€7,240 | +40.8% |
| Profit (loss) for the period | 9904 | €67,571 | €82,277 | +€14,706 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €67,571 | €82,277 | +€14,706 | +21.8% |
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 20 October 2026 via checked.be.