V&P: 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&P
Largest movements
- Tangible fixed assets -€47,623
down €47,623 (-10.4%), from €457,023 to €409,400
- Cash -€31,292
down €31,292 (-9.2%), from €339,852 to €308,559
mainly Contributions, distributions and other (-€56,620) and Debts after one year (-€46,002)
- Debts after one year -€46,002
down €46,002 (-100.0%), from €46,002 to €0
- Current portion of long-term debt -€19,715
down €19,715 (-30.0%), from €65,717 to €46,002
- Other debts -€15,875
down €15,875 (-21.9%), from €72,495 to €56,620
- Depreciation -€8,695
down €8,695 (-15.4%), from €56,318 to €47,623
- Gross operating margin +€4,654
up €4,654 (+3.4%), from €136,818 to €141,472
- Financial income +€4,150
up €4,150 (+72.3%), from €5,738 to €9,888
- Taxes +€2,969
up €2,969 (+13.0%), from €22,920 to €25,890
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 | €1,094,570 | €1,016,680 | -€77,890 | -7.1% |
| Fixed assets | 21/28 | €457,023 | €409,400 | -€47,623 | -10.4% |
| Tangible fixed assets | 22/27 | €457,023 | €409,400 | -€47,623 | -10.4% |
| Land and buildings | 22 | €457,023 | €409,400 | -€47,623 | -10.4% |
| Current assets | 29/58 | €637,547 | €607,280 | -€30,266 | -4.7% |
| Amounts receivable within one year | 40/41 | €1,015 | €206 | -€809 | -79.7% |
| Other amounts receivable | 41 | €1,015 | €206 | -€809 | -79.7% |
| Current investments | 50/53 | €296,680 | €298,515 | +€1,835 | +0.6% |
| Cash at bank and in hand | 54/58 | €339,852 | €308,559 | -€31,292 | -9.2% |
| Total equity and liabilities | 10/49 | €1,094,570 | €1,016,680 | -€77,890 | -7.1% |
| Equity | 10/15 | €898,489 | €903,242 | +€4,753 | +0.5% |
| Contributions | 10/11 | €9,838 | €9,838 | = | 0.0% |
| Reserves | 13 | €769,292 | €774,045 | +€4,753 | +0.6% |
| Distributable reserves | 133 | €769,292 | €774,045 | +€4,753 | +0.6% |
| Profit (loss) carried forward | 14 | €119,359 | €119,359 | = | 0.0% |
| Amounts payable | 17/49 | €196,081 | €113,438 | -€82,643 | -42.1% |
| Amounts payable after more than one year | 17 | €46,002 | €0 | -€46,002 | -100.0% |
| Financial debts | 170/4 | €46,002 | €0 | -€46,002 | -100.0% |
| Amounts payable within one year | 42/48 | €150,079 | €113,438 | -€36,641 | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €65,717 | €46,002 | -€19,715 | -30.0% |
| Financial debts | 43 | €3,381 | €6,730 | +€3,350 | +99.1% |
| Credit institutions | 430/8 | €3,381 | €6,730 | +€3,350 | +99.1% |
| Trade debts | 44 | €1,134 | €1,162 | +€28 | +2.5% |
| Suppliers | 440/4 | €1,134 | €1,162 | +€28 | +2.5% |
| Taxes, remuneration and social security | 45 | €7,352 | €2,923 | -€4,429 | -60.2% |
| Taxes | 450/3 | €7,352 | €2,923 | -€4,429 | -60.2% |
| Other amounts payable | 47/48 | €72,495 | €56,620 | -€15,875 | -21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,318 | €47,623 | -€8,695 | -15.4% |
| Other operating charges | 640/8 | €13,255 | €13,685 | +€431 | +3.2% |
| Gross operating margin | 9900 | €136,818 | €141,472 | +€4,654 | +3.4% |
| Operating profit (loss) | 9901 | €67,245 | €80,164 | +€12,919 | +19.2% |
| Financial income | 75/76B | €5,738 | €9,888 | +€4,150 | +72.3% |
| Recurring financial income | 75 | €5,738 | €9,888 | +€4,150 | +72.3% |
| Financial charges | 65/66B | €2,425 | €2,789 | +€364 | +15.0% |
| Recurring financial charges | 65 | €2,425 | €2,789 | +€364 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | €70,559 | €87,263 | +€16,705 | +23.7% |
| Income taxes | 67/77 | €22,920 | €25,890 | +€2,969 | +13.0% |
| Profit (loss) for the period | 9904 | €47,638 | €61,374 | +€13,735 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,638 | €61,374 | +€13,735 | +28.8% |
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 8 October 2026 via checked.be.