V-MANAGEMENT: 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-MANAGEMENT
Largest movements
- Receivables after one year -€23,928
down €23,928 (-21.2%), from €112,642 to €88,714
of which Trade receivables: -€112,642
- Receivables within one year +€23,928
up €23,928 (+27.4%), from €87,338 to €111,266
- Profit (loss) carried forward +€4,170
up €4,170 (+9.0%), from €46,558 to €50,729
- Other debts -€3,416
down €3,416 (-7.5%), from €45,634 to €42,218
- Provisions +€55,230
up €55,230, from -€55,230 to €0
- Taxes -€16,217
down €16,217 (-90.2%), from €17,980 to €1,763
- Gross operating margin -€1,090
down €1,090 (-14.4%), from €7,593 to €6,503
- Financial charges +€95
up €95 (+56.7%), from €168 to €264
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.
Cash bridge derived
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 | €334,083 | €334,466 | +€382 | +0.1% |
| Fixed assets | 21/28 | €109,345 | €109,345 | = | 0.0% |
| Financial fixed assets | 28 | €109,345 | €109,345 | = | 0.0% |
| Current assets | 29/58 | €224,738 | €225,121 | +€382 | +0.2% |
| Amounts receivable after more than one year | 29 | €112,642 | €88,714 | -€23,928 | -21.2% |
| Trade receivables | 290 | €112,642 | - | -€112,642 | |
| Other amounts receivable | 291 | - | €88,714 | +€88,714 | |
| Amounts receivable within one year | 40/41 | €87,338 | €111,266 | +€23,928 | +27.4% |
| Other amounts receivable | 41 | €87,338 | €111,266 | +€23,928 | +27.4% |
| Cash at bank and in hand | 54/58 | €24,758 | €24,938 | +€179 | +0.7% |
| Deferred charges and accrued income | 490/1 | - | €203 | +€203 | |
| Total equity and liabilities | 10/49 | €334,083 | €334,466 | +€382 | +0.1% |
| Equity | 10/15 | €270,687 | €274,857 | +€4,170 | +1.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €199,128 | €199,128 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €196,628 | €196,628 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,558 | €50,729 | +€4,170 | +9.0% |
| Amounts payable | 17/49 | €63,397 | €59,609 | -€3,788 | -6.0% |
| Amounts payable within one year | 42/48 | €63,397 | €59,609 | -€3,788 | -6.0% |
| Trade debts | 44 | €13,730 | €13,555 | -€174 | -1.3% |
| Suppliers | 440/4 | €13,730 | €13,555 | -€174 | -1.3% |
| Taxes, remuneration and social security | 45 | €4,033 | €3,835 | -€198 | -4.9% |
| Taxes | 450/3 | €4,033 | €3,835 | -€198 | -4.9% |
| Other amounts payable | 47/48 | €45,634 | €42,218 | -€3,416 | -7.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€55,230 | €0 | +€55,230 | |
| Other operating charges | 640/8 | €309 | €306 | -€3 | -0.9% |
| Gross operating margin | 9900 | €7,593 | €6,503 | -€1,090 | -14.4% |
| Operating profit (loss) | 9901 | €62,514 | €6,197 | -€56,317 | -90.1% |
| Financial charges | 65/66B | €168 | €264 | +€95 | +56.7% |
| Recurring financial charges | 65 | €168 | €264 | +€95 | +56.7% |
| Profit (loss) for the period before taxes | 9903 | €62,346 | €5,933 | -€56,413 | -90.5% |
| Income taxes | 67/77 | €17,980 | €1,763 | -€16,217 | -90.2% |
| Profit (loss) for the period | 9904 | €44,366 | €4,170 | -€40,196 | -90.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,366 | €4,170 | -€40,196 | -90.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.