V-SORT: 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-SORT
Largest movements
- Cash +€76,722
up €76,722 (+143.3%), from €53,534 to €130,256
mainly Tax, wage and social debts (+€45,666) and Stocks and contracts (+€36,505)
- Receivables within one year +€41,425
up €41,425 (+15.8%), from €262,881 to €304,306
of which Trade receivables: +€35,564
- Stocks and contracts -€36,505
down €36,505 (-46.5%), from €78,556 to €42,050
of which Stocks: -€22,352
- Tangible fixed assets -€33,420
down €33,420 (-47.4%), from €70,498 to €37,078
- Tax, wage and social debts +€45,666
up €45,666 (+84.9%), from €53,757 to €99,423
of which Taxes: +€32,058
- Trade debts -€33,494
down €33,494 (-51.5%), from €65,025 to €31,531
- Other debts +€30,519
up €30,519 (+9.5%), from €321,592 to €352,111
- Staff costs +€114,031
up €114,031 (+18.1%), from €631,653 to €745,684
- Gross operating margin +€97,216
up €97,216 (+14.2%), from €686,359 to €783,575
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 | €488,145 | €534,558 | +€46,412 | +9.5% |
| Fixed assets | 21/28 | €70,498 | €37,078 | -€33,420 | -47.4% |
| Tangible fixed assets | 22/27 | €70,498 | €37,078 | -€33,420 | -47.4% |
| Plant, machinery and equipment | 23 | €70,498 | €37,078 | -€33,420 | -47.4% |
| Current assets | 29/58 | €417,647 | €497,480 | +€79,832 | +19.1% |
| Stocks and contracts in progress | 3 | €78,556 | €42,050 | -€36,505 | -46.5% |
| Stocks | 30/36 | €53,556 | €31,203 | -€22,352 | -41.7% |
| Contracts in progress | 37 | €25,000 | €10,847 | -€14,153 | -56.6% |
| Amounts receivable within one year | 40/41 | €262,881 | €304,306 | +€41,425 | +15.8% |
| Trade receivables | 40 | €255,671 | €291,235 | +€35,564 | +13.9% |
| Other amounts receivable | 41 | €7,210 | €13,071 | +€5,861 | +81.3% |
| Cash at bank and in hand | 54/58 | €53,534 | €130,256 | +€76,722 | +143.3% |
| Deferred charges and accrued income | 490/1 | €22,677 | €20,868 | -€1,810 | -8.0% |
| Total equity and liabilities | 10/49 | €488,145 | €534,558 | +€46,412 | +9.5% |
| Equity | 10/15 | €46,028 | €47,217 | +€1,189 | +2.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €36,028 | €37,217 | +€1,189 | +3.3% |
| Distributable reserves | 133 | €36,028 | €37,217 | +€1,189 | +3.3% |
| Amounts payable | 17/49 | €442,117 | €487,340 | +€45,223 | +10.2% |
| Amounts payable within one year | 42/48 | €440,374 | €483,065 | +€42,691 | +9.7% |
| Trade debts | 44 | €65,025 | €31,531 | -€33,494 | -51.5% |
| Suppliers | 440/4 | €65,025 | €31,531 | -€33,494 | -51.5% |
| Taxes, remuneration and social security | 45 | €53,757 | €99,423 | +€45,666 | +84.9% |
| Taxes | 450/3 | €23,821 | €55,879 | +€32,058 | +134.6% |
| Remuneration and social security | 454/9 | €29,936 | €43,543 | +€13,607 | +45.5% |
| Other amounts payable | 47/48 | €321,592 | €352,111 | +€30,519 | +9.5% |
| Accrued charges and deferred income | 492/3 | €1,743 | €4,275 | +€2,532 | +145.2% |
| Remuneration, social security and pensions | 62 | €631,653 | €745,684 | +€114,031 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,613 | €33,420 | -€193 | -0.6% |
| Other operating charges | 640/8 | €472 | €487 | +€15 | +3.2% |
| Gross operating margin | 9900 | €686,359 | €783,575 | +€97,216 | +14.2% |
| Operating profit (loss) | 9901 | €20,620 | €3,983 | -€16,637 | -80.7% |
| Financial income | 75/76B | €2,294 | €1,228 | -€1,066 | -46.5% |
| Recurring financial income | 75 | €2,294 | €1,228 | -€1,066 | -46.5% |
| Financial charges | 65/66B | €2,651 | €3,412 | +€762 | +28.7% |
| Recurring financial charges | 65 | €2,651 | €3,412 | +€762 | +28.7% |
| Profit (loss) for the period before taxes | 9903 | €20,264 | €1,799 | -€18,465 | -91.1% |
| Income taxes | 67/77 | €5,290 | €610 | -€4,680 | -88.5% |
| Profit (loss) for the period | 9904 | €14,974 | €1,189 | -€13,784 | -92.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,974 | €1,189 | -€13,784 | -92.1% |
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.