V&R: 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&R
Largest movements
- Cash +€23,281
up €23,281 (+59.7%), from €39,019 to €62,300
mainly Other debts (+€72,544) and Net result for the year (+€29,207)
- Receivables within one year +€14,470
up €14,470 (+148.7%), from €9,729 to €24,199
of which Trade receivables: +€17,477
- Tangible fixed assets -€12,152
down €12,152 (-41.8%), from €29,075 to €16,924
of which Furniture and vehicles: -€8,554
- Stocks and contracts -€7,751
down €7,751 (-31.0%), from €25,000 to €17,249
of which Stocks: -€5,000
- Financial fixed assets +€2,325
new in 2025: €2,325
- Other debts +€72,544
up €72,544 (+480.6%), from €15,095 to €87,639
- Reserves -€45,096
down €45,096 (-80.5%), from €56,034 to €10,938
- Current portion of long-term debt -€6,714
down €6,714 (-56.7%), from €11,851 to €5,137
- Debts after one year -€5,137
down €5,137 (-100.0%), from €5,137 to €0
- Tax, wage and social debts +€4,781
up €4,781 (+65.7%), from €7,275 to €12,056
of which Remuneration and social security: +€2,917
- Gross operating margin +€107,321
up €107,321 (+280.8%), from €38,225 to €145,546
- Staff costs +€71,723
up €71,723 (+378.0%), from €18,975 to €90,697
- Taxes +€11,858
up €11,858 (+134291.6%), from €9 to €11,867
- Depreciation -€4,141
down €4,141 (-25.4%), from €16,293 to €12,152
- Other operating charges -€2,425
down €2,425 (-60.9%), from €3,984 to €1,559
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 | €104,281 | €124,723 | +€20,442 | +19.6% |
| Fixed assets | 21/28 | €29,075 | €19,249 | -€9,827 | -33.8% |
| Tangible fixed assets | 22/27 | €29,075 | €16,924 | -€12,152 | -41.8% |
| Plant, machinery and equipment | 23 | €16,341 | €12,744 | -€3,598 | -22.0% |
| Furniture and vehicles | 24 | €12,734 | €4,180 | -€8,554 | -67.2% |
| Financial fixed assets | 28 | - | €2,325 | +€2,325 | |
| Current assets | 29/58 | €75,206 | €105,474 | +€30,269 | +40.2% |
| Stocks and contracts in progress | 3 | €25,000 | €17,249 | -€7,751 | -31.0% |
| Stocks | 30/36 | €10,000 | €5,000 | -€5,000 | -50.0% |
| Contracts in progress | 37 | €15,000 | €12,249 | -€2,751 | -18.3% |
| Amounts receivable within one year | 40/41 | €9,729 | €24,199 | +€14,470 | +148.7% |
| Trade receivables | 40 | €4,229 | €21,706 | +€17,477 | +413.3% |
| Other amounts receivable | 41 | €5,500 | €2,493 | -€3,007 | -54.7% |
| Cash at bank and in hand | 54/58 | €39,019 | €62,300 | +€23,281 | +59.7% |
| Deferred charges and accrued income | 490/1 | €1,458 | €1,726 | +€268 | +18.4% |
| Total equity and liabilities | 10/49 | €104,281 | €124,723 | +€20,442 | +19.6% |
| Equity | 10/15 | €55,452 | €11,938 | -€43,514 | -78.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €56,034 | €10,938 | -€45,096 | -80.5% |
| Distributable reserves | 133 | €56,034 | €10,938 | -€45,096 | -80.5% |
| Profit (loss) carried forward | 14 | -€1,582 | €0 | +€1,582 | |
| Amounts payable | 17/49 | €48,829 | €112,785 | +€63,956 | +131.0% |
| Amounts payable after more than one year | 17 | €5,137 | €0 | -€5,137 | -100.0% |
| Financial debts | 170/4 | €5,137 | €0 | -€5,137 | -100.0% |
| Amounts payable within one year | 42/48 | €43,692 | €112,785 | +€69,093 | +158.1% |
| Current portion of amounts payable after more than one year | 42 | €11,851 | €5,137 | -€6,714 | -56.7% |
| Trade debts | 44 | €9,471 | €7,953 | -€1,518 | -16.0% |
| Suppliers | 440/4 | €9,471 | €7,953 | -€1,518 | -16.0% |
| Taxes, remuneration and social security | 45 | €7,275 | €12,056 | +€4,781 | +65.7% |
| Taxes | 450/3 | €5,604 | €7,469 | +€1,865 | +33.3% |
| Remuneration and social security | 454/9 | €1,671 | €4,587 | +€2,917 | +174.6% |
| Other amounts payable | 47/48 | €15,095 | €87,639 | +€72,544 | +480.6% |
| Remuneration, social security and pensions | 62 | €18,975 | €90,697 | +€71,723 | +378.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,293 | €12,152 | -€4,141 | -25.4% |
| Other operating charges | 640/8 | €3,984 | €1,559 | -€2,425 | -60.9% |
| Gross operating margin | 9900 | €38,225 | €145,546 | +€107,321 | +280.8% |
| Operating profit (loss) | 9901 | -€1,026 | €41,139 | +€42,164 | |
| Financial income | 75/76B | €221 | €458 | +€238 | +107.6% |
| Recurring financial income | 75 | €221 | €458 | +€238 | +107.6% |
| Financial charges | 65/66B | €768 | €523 | -€245 | -31.9% |
| Recurring financial charges | 65 | €768 | €523 | -€245 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,573 | €41,074 | +€42,647 | |
| Income taxes | 67/77 | €9 | €11,867 | +€11,858 | +134291.6% |
| Profit (loss) for the period | 9904 | -€1,582 | €29,207 | +€30,789 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,582 | €29,207 | +€30,789 |
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 6 October 2026 via checked.be.