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
- Cash +€6,801
up €6,801 (+4.6%), from €147,302 to €154,103
mainly Net result for the year (+€65,841) and Tax, wage and social debts (+€5,788)
- Receivables within one year +€4,891
up €4,891 (+33.3%), from €14,682 to €19,573
of which Trade receivables: +€4,830
- Reserves +€6,841
up €6,841 (+4.7%), from €146,534 to €153,375
- Tax, wage and social debts +€5,788
up €5,788 (+98.3%), from €5,890 to €11,678
- Gross operating margin +€7,303
up €7,303 (+9.2%), from €79,005 to €86,308
- Taxes +€3,002
up €3,002 (+20.4%), from €14,715 to €17,717
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 | €165,498 | €176,513 | +€11,016 | +6.7% |
| Fixed assets | 21/28 | €1,875 | €1,682 | -€193 | -10.3% |
| Tangible fixed assets | 22/27 | €1,875 | €1,682 | -€193 | -10.3% |
| Plant, machinery and equipment | 23 | - | €854 | +€854 | |
| Furniture and vehicles | 24 | €1,875 | €829 | -€1,047 | -55.8% |
| Current assets | 29/58 | €163,622 | €174,831 | +€11,209 | +6.9% |
| Amounts receivable within one year | 40/41 | €14,682 | €19,573 | +€4,891 | +33.3% |
| Trade receivables | 40 | €14,630 | €19,461 | +€4,830 | +33.0% |
| Other amounts receivable | 41 | €52 | €113 | +€61 | +117% |
| Cash at bank and in hand | 54/58 | €147,302 | €154,103 | +€6,801 | +4.6% |
| Deferred charges and accrued income | 490/1 | €1,638 | €1,155 | -€484 | -29.5% |
| Total equity and liabilities | 10/49 | €165,498 | €176,513 | +€11,016 | +6.7% |
| Equity | 10/15 | €151,534 | €158,375 | +€6,841 | +4.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €146,534 | €153,375 | +€6,841 | +4.7% |
| Distributable reserves | 133 | €146,534 | €153,375 | +€6,841 | +4.7% |
| Amounts payable | 17/49 | €13,964 | €18,138 | +€4,175 | +29.9% |
| Amounts payable after more than one year | 17 | €958 | - | -€958 | |
| Financial debts | 170/4 | €958 | - | -€958 | |
| Amounts payable within one year | 42/48 | €13,006 | €18,138 | +€5,132 | +39.5% |
| Current portion of amounts payable after more than one year | 42 | €2,766 | €3,560 | +€794 | +28.7% |
| Financial debts | 43 | €661 | - | -€661 | |
| Credit institutions | 430/8 | €661 | - | -€661 | |
| Trade debts | 44 | €1,800 | €1,373 | -€428 | -23.8% |
| Suppliers | 440/4 | €1,800 | €1,373 | -€428 | -23.8% |
| Taxes, remuneration and social security | 45 | €5,890 | €11,678 | +€5,788 | +98.3% |
| Taxes | 450/3 | €5,890 | €11,678 | +€5,788 | +98.3% |
| Other amounts payable | 47/48 | €1,889 | €1,528 | -€361 | -19.1% |
| Non-recurring operating income | 76A | - | €3,546 | +€3,546 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,597 | €1,239 | -€358 | -22.4% |
| Other operating charges | 640/8 | €1,279 | €786 | -€493 | -38.5% |
| Non-recurring operating charges | 66A | €7,516 | - | -€7,516 | |
| Gross operating margin | 9900 | €79,005 | €86,308 | +€7,303 | +9.2% |
| Operating profit (loss) | 9901 | €68,613 | €84,283 | +€15,670 | +22.8% |
| Financial income | 75/76B | €1,566 | €1,564 | -€3 | -0.2% |
| Recurring financial income | 75 | €1,566 | €1,564 | -€3 | -0.2% |
| Financial charges | 65/66B | €2,031 | €2,288 | +€257 | +12.7% |
| Recurring financial charges | 65 | €2,031 | €2,288 | +€257 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €68,148 | €83,558 | +€15,410 | +22.6% |
| Income taxes | 67/77 | €14,715 | €17,717 | +€3,002 | +20.4% |
| Profit (loss) for the period | 9904 | €53,433 | €65,841 | +€12,408 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €53,433 | €65,841 | +€12,408 | +23.2% |
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 27 October 2026 via checked.be.