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 -€30,294
down €30,294 (-5.1%), from €591,877 to €561,583
of which Land and buildings: -€41,162
- Receivables within one year -€13,446
down €13,446 (-53.4%), from €25,164 to €11,719
of which Trade receivables: -€15,299
- Cash +€9,898
up €9,898 (+17.6%), from €56,144 to €66,042
mainly Depreciation (+€48,046) and Net result for the year (+€34,100)
- Other debts -€56,619
down €56,619 (-64.1%), from €88,328 to €31,709
- Profit (loss) carried forward +€30,254
no longer reported in 2025 (was -€30,254)
- Debts after one year -€12,463
down €12,463 (-2.5%), from €494,016 to €481,553
- Gross operating margin -€40,742
down €40,742 (-39.0%), from €104,371 to €63,629
- Financial income +€25,493
up €25,493 (+1,687%), from €1,511 to €27,004
- Depreciation +€1,999
up €1,999 (+4.3%), from €46,047 to €48,046
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 | €674,816 | €646,773 | -€28,043 | -4.2% |
| Fixed assets | 21/28 | €591,877 | €561,583 | -€30,294 | -5.1% |
| Tangible fixed assets | 22/27 | €591,877 | €561,583 | -€30,294 | -5.1% |
| Land and buildings | 22 | €573,801 | €532,638 | -€41,162 | -7.2% |
| Plant, machinery and equipment | 23 | €7,711 | €5,695 | -€2,016 | -26.1% |
| Furniture and vehicles | 24 | €10,365 | €23,249 | +€12,884 | +124% |
| Current assets | 29/58 | €82,938 | €85,190 | +€2,251 | +2.7% |
| Stocks and contracts in progress | 3 | - | €5,698 | +€5,698 | |
| Stocks | 30/36 | - | €5,698 | +€5,698 | |
| Amounts receivable within one year | 40/41 | €25,164 | €11,719 | -€13,446 | -53.4% |
| Trade receivables | 40 | €25,164 | €9,865 | -€15,299 | -60.8% |
| Other amounts receivable | 41 | - | €1,854 | +€1,854 | |
| Cash at bank and in hand | 54/58 | €56,144 | €66,042 | +€9,898 | +17.6% |
| Deferred charges and accrued income | 490/1 | €1,630 | €1,731 | +€101 | +6.2% |
| Total equity and liabilities | 10/49 | €674,816 | €646,773 | -€28,043 | -4.2% |
| Equity | 10/15 | -€9,794 | €24,306 | +€34,100 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €5,706 | +€3,846 | +207% |
| Distributable reserves | 133 | €1,860 | €5,706 | +€3,846 | +207% |
| Profit (loss) carried forward | 14 | -€30,254 | - | +€30,254 | |
| Amounts payable | 17/49 | €684,609 | €622,466 | -€62,143 | -9.1% |
| Amounts payable after more than one year | 17 | €494,016 | €481,553 | -€12,463 | -2.5% |
| Financial debts | 170/4 | €494,016 | €481,553 | -€12,463 | -2.5% |
| Amounts payable within one year | 42/48 | €185,975 | €136,360 | -€49,614 | -26.7% |
| Current portion of amounts payable after more than one year | 42 | €12,240 | €12,463 | +€223 | +1.8% |
| Trade debts | 44 | €83,944 | €88,831 | +€4,887 | +5.8% |
| Suppliers | 440/4 | €83,944 | €88,831 | +€4,887 | +5.8% |
| Taxes, remuneration and social security | 45 | €1,463 | €3,357 | +€1,895 | +130% |
| Taxes | 450/3 | €1,463 | €3,357 | +€1,895 | +130% |
| Other amounts payable | 47/48 | €88,328 | €31,709 | -€56,619 | -64.1% |
| Accrued charges and deferred income | 492/3 | €4,619 | €4,553 | -€66 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,047 | €48,046 | +€1,999 | +4.3% |
| Other operating charges | 640/8 | €4,776 | €4,748 | -€28 | -0.6% |
| Gross operating margin | 9900 | €104,371 | €63,629 | -€40,742 | -39.0% |
| Operating profit (loss) | 9901 | €53,547 | €10,835 | -€42,713 | -79.8% |
| Financial income | 75/76B | €1,511 | €27,004 | +€25,493 | +1,687% |
| Recurring financial income | 75 | €1,511 | €27,004 | +€25,493 | +1,687% |
| Financial charges | 65/66B | €4,510 | €3,738 | -€772 | -17.1% |
| Recurring financial charges | 65 | €4,510 | €3,738 | -€772 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €50,549 | €34,100 | -€16,448 | -32.5% |
| Profit (loss) for the period | 9904 | €50,549 | €34,100 | -€16,448 | -32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,549 | €34,100 | -€16,448 | -32.5% |
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 23 October 2026 via checked.be.