V.PERFORMANCE: 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.PERFORMANCE
Largest movements
- Cash +€75,824
up €75,824 (+220%), from €34,415 to €110,238
mainly Net result for the year (+€69,564) and Depreciation (+€47,074)
- Stocks and contracts +€44,815
up €44,815 (+13.8%), from €324,275 to €369,089
of which Stocks: +€28,215
- Tangible fixed assets -€43,074
down €43,074 (-6.5%), from €659,677 to €616,604
of which Land and buildings: -€25,493
- Receivables within one year -€22,229
down €22,229 (-22.8%), from €97,347 to €75,118
of which Trade receivables: -€22,229
- Reserves +€69,564
up €69,564 (+27.3%), from €254,495 to €324,059
- Debts after one year -€49,371
down €49,371 (-10.1%), from €490,131 to €440,760
of which Financial debts: -€38,008
- Trade debts +€37,195
up €37,195 (+117%), from €31,801 to €68,997
- Advances received -€23,614
down €23,614 (-100%), from €23,614 to €0
- Other debts +€14,701
up €14,701 (+21.0%), from €70,134 to €84,835
- Gross operating margin +€16,021
up €16,021 (+4.8%), from €332,936 to €348,958
- Staff costs -€6,091
down €6,091 (-3.6%), from €170,491 to €164,400
- Taxes +€4,414
up €4,414 (+17.5%), from €25,181 to €29,594
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 | €1,141,147 | €1,191,747 | +€50,601 | +4.4% |
| Fixed assets | 21/28 | €678,016 | €630,942 | -€47,074 | -6.9% |
| Intangible fixed assets | 21 | €18,339 | €14,339 | -€4,000 | -21.8% |
| Tangible fixed assets | 22/27 | €659,677 | €616,604 | -€43,074 | -6.5% |
| Land and buildings | 22 | €533,778 | €508,285 | -€25,493 | -4.8% |
| Plant, machinery and equipment | 23 | €111,493 | €99,741 | -€11,752 | -10.5% |
| Furniture and vehicles | 24 | €14,406 | €8,578 | -€5,829 | -40.5% |
| Current assets | 29/58 | €463,131 | €560,805 | +€97,674 | +21.1% |
| Stocks and contracts in progress | 3 | €324,275 | €369,089 | +€44,815 | +13.8% |
| Stocks | 30/36 | €280,775 | €308,989 | +€28,215 | +10.0% |
| Contracts in progress | 37 | €43,500 | €60,100 | +€16,600 | +38.2% |
| Amounts receivable within one year | 40/41 | €97,347 | €75,118 | -€22,229 | -22.8% |
| Trade receivables | 40 | €97,347 | €75,118 | -€22,229 | -22.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €34,415 | €110,238 | +€75,824 | +220% |
| Deferred charges and accrued income | 490/1 | €7,095 | €6,359 | -€735 | -10.4% |
| Total equity and liabilities | 10/49 | €1,141,147 | €1,191,747 | +€50,601 | +4.4% |
| Equity | 10/15 | €274,495 | €344,059 | +€69,564 | +25.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €254,495 | €324,059 | +€69,564 | +27.3% |
| Distributable reserves | 133 | €254,495 | €324,059 | +€69,564 | +27.3% |
| Amounts payable | 17/49 | €866,652 | €847,689 | -€18,963 | -2.2% |
| Amounts payable after more than one year | 17 | €490,131 | €440,760 | -€49,371 | -10.1% |
| Financial debts | 170/4 | €464,657 | €426,649 | -€38,008 | -8.2% |
| Trade debts | 175 | €10,000 | €5,000 | -€5,000 | -50.0% |
| Other amounts payable | 178/9 | €15,474 | €9,111 | -€6,364 | -41.1% |
| Amounts payable within one year | 42/48 | €376,521 | €403,930 | +€27,409 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €46,574 | €44,371 | -€2,203 | -4.7% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €0 | €150,000 | +€150,000 | |
| Other loans | 439 | €150,000 | €0 | -€150,000 | -100% |
| Trade debts | 44 | €31,801 | €68,997 | +€37,195 | +117% |
| Suppliers | 440/4 | €31,801 | €68,997 | +€37,195 | +117% |
| Advances received on contracts in progress | 46 | €23,614 | €0 | -€23,614 | -100% |
| Taxes, remuneration and social security | 45 | €54,397 | €55,727 | +€1,330 | +2.4% |
| Taxes | 450/3 | €37,510 | €38,283 | +€774 | +2.1% |
| Remuneration and social security | 454/9 | €16,888 | €17,444 | +€556 | +3.3% |
| Other amounts payable | 47/48 | €70,134 | €84,835 | +€14,701 | +21.0% |
| Accrued charges and deferred income | 492/3 | - | €2,999 | +€2,999 | |
| Non-recurring operating income | 76A | - | €5,800 | +€5,800 | |
| Remuneration, social security and pensions | 62 | €170,491 | €164,400 | -€6,091 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,292 | €47,074 | +€2,782 | +6.3% |
| Other operating charges | 640/8 | €8,555 | €11,321 | +€2,766 | +32.3% |
| Gross operating margin | 9900 | €332,936 | €348,958 | +€16,021 | +4.8% |
| Operating profit (loss) | 9901 | €109,599 | €126,163 | +€16,564 | +15.1% |
| Financial income | 75/76B | €2 | €22 | +€19 | +892% |
| Recurring financial income | 75 | €2 | €22 | +€19 | +892% |
| Financial charges | 65/66B | €25,670 | €27,026 | +€1,356 | +5.3% |
| Recurring financial charges | 65 | €25,670 | €27,026 | +€1,356 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €83,931 | €99,158 | +€15,227 | +18.1% |
| Income taxes | 67/77 | €25,181 | €29,594 | +€4,414 | +17.5% |
| Profit (loss) for the period | 9904 | €58,750 | €69,564 | +€10,814 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €58,750 | €69,564 | +€10,814 | +18.4% |
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 17 October 2026 via checked.be.