V & S +: 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 & S +
Largest movements
- Tangible fixed assets -€99,640
down €99,640 (-7.0%), from €1.4m to €1.3m
of which Land and buildings: -€87,537
- Receivables within one year +€21,780
up €21,780 (+16.7%), from €130,680 to €152,460
- Cash +€19,838
up €19,838 (+67.3%), from €29,479 to €49,317
mainly Depreciation (+€114,415) and Net result for the year (+€66,266)
- Debts after one year -€116,762
down €116,762 (-11.6%), from €1.0m to €887,045
- Other debts +€62,716
up €62,716 (+40.4%), from €155,297 to €218,013
- Reserves -€37,950
down €37,950 (-13.1%), from €290,115 to €252,165
- Current portion of long-term debt +€23,643
up €23,643 (+24.1%), from €98,010 to €121,653
- Gross operating margin +€48,271
up €48,271 (+25.0%), from €193,073 to €241,344
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,586,452 | €1,525,371 | -€61,082 | -3.9% |
| Fixed assets | 21/28 | €1,421,505 | €1,321,865 | -€99,640 | -7.0% |
| Tangible fixed assets | 22/27 | €1,421,404 | €1,321,765 | -€99,640 | -7.0% |
| Land and buildings | 22 | €1,392,814 | €1,305,277 | -€87,537 | -6.3% |
| Plant, machinery and equipment | 23 | €3,898 | €1,897 | -€2,001 | -51.3% |
| Furniture and vehicles | 24 | €1,610 | €1,148 | -€462 | -28.7% |
| Leasing and similar rights | 25 | €23,083 | €13,443 | -€9,640 | -41.8% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €164,947 | €203,505 | +€38,558 | +23.4% |
| Stocks and contracts in progress | 3 | €206 | €0 | -€206 | -100.0% |
| Stocks | 30/36 | €206 | €0 | -€206 | -100.0% |
| Amounts receivable within one year | 40/41 | €130,680 | €152,460 | +€21,780 | +16.7% |
| Trade receivables | 40 | €130,680 | €152,460 | +€21,780 | +16.7% |
| Cash at bank and in hand | 54/58 | €29,479 | €49,317 | +€19,838 | +67.3% |
| Deferred charges and accrued income | 490/1 | €4,583 | €1,728 | -€2,855 | -62.3% |
| Total equity and liabilities | 10/49 | €1,586,452 | €1,525,371 | -€61,082 | -3.9% |
| Equity | 10/15 | €305,115 | €267,165 | -€37,950 | -12.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €290,115 | €252,165 | -€37,950 | -13.1% |
| Distributable reserves | 133 | €290,115 | €252,165 | -€37,950 | -13.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,281,337 | €1,258,205 | -€23,132 | -1.8% |
| Amounts payable after more than one year | 17 | €1,003,806 | €887,045 | -€116,762 | -11.6% |
| Financial debts | 170/4 | €1,003,806 | €887,045 | -€116,762 | -11.6% |
| Amounts payable within one year | 42/48 | €277,531 | €370,744 | +€93,213 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | €98,010 | €121,653 | +€23,643 | +24.1% |
| Trade debts | 44 | €5,166 | €1,940 | -€3,226 | -62.5% |
| Suppliers | 440/4 | €5,166 | €1,940 | -€3,226 | -62.5% |
| Taxes, remuneration and social security | 45 | €19,058 | €29,138 | +€10,080 | +52.9% |
| Taxes | 450/3 | €19,058 | €29,138 | +€10,080 | +52.9% |
| Other amounts payable | 47/48 | €155,297 | €218,013 | +€62,716 | +40.4% |
| Accrued charges and deferred income | 492/3 | - | €417 | +€417 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,491 | €114,415 | -€76 | -0.1% |
| Other operating charges | 640/8 | €10,336 | €11,866 | +€1,530 | +14.8% |
| Gross operating margin | 9900 | €193,073 | €241,344 | +€48,271 | +25.0% |
| Operating profit (loss) | 9901 | €68,246 | €115,063 | +€46,818 | +68.6% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €24,843 | €26,123 | +€1,280 | +5.2% |
| Recurring financial charges | 65 | €24,843 | €26,123 | +€1,280 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €43,403 | €88,945 | +€45,542 | +104.9% |
| Income taxes | 67/77 | €22,384 | €22,679 | +€295 | +1.3% |
| Profit (loss) for the period | 9904 | €21,018 | €66,266 | +€45,247 | +215.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,018 | €66,266 | +€45,247 | +215.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.