V&V: 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&V
Largest movements
- Cash +€9,216
up €9,216 (+30.1%), from €30,617 to €39,833
mainly Depreciation (+€3,166) and Trade debts (+€2,521)
- Tangible fixed assets -€2,877
down €2,877 (-3.0%), from €96,935 to €94,058
- Trade debts +€2,521
new in 2025: €2,521
- Reserves +€2,352
up €2,352 (+5.5%), from €42,971 to €45,323
of which Distributable reserves: +€2,352
- Gross operating margin +€1,062
up €1,062 (+13.7%), from €7,747 to €8,808
- Taxes +€588
up €588 (+99.7%), from €590 to €1,177
- Depreciation -€184
down €184 (-5.5%), from €3,350 to €3,166
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 | €128,971 | €135,021 | +€6,050 | +4.7% |
| Formation expenses | 20 | €1,008 | €719 | -€289 | -28.7% |
| Fixed assets | 21/28 | €96,935 | €94,058 | -€2,877 | -3.0% |
| Tangible fixed assets | 22/27 | €96,935 | €94,058 | -€2,877 | -3.0% |
| Land and buildings | 22 | €96,935 | €94,058 | -€2,877 | -3.0% |
| Current assets | 29/58 | €31,027 | €40,244 | +€9,216 | +29.7% |
| Amounts receivable within one year | 40/41 | €410 | €410 | = | 0.0% |
| Other amounts receivable | 41 | €410 | €410 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €30,617 | €39,833 | +€9,216 | +30.1% |
| Total equity and liabilities | 10/49 | €128,971 | €135,021 | +€6,050 | +4.7% |
| Equity | 10/15 | €104,971 | €107,323 | +€2,352 | +2.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €42,971 | €45,323 | +€2,352 | +5.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €36,771 | €39,123 | +€2,352 | +6.4% |
| Amounts payable | 17/49 | €24,000 | €27,698 | +€3,698 | +15.4% |
| Amounts payable within one year | 42/48 | €24,000 | €27,698 | +€3,698 | +15.4% |
| Trade debts | 44 | - | €2,521 | +€2,521 | |
| Suppliers | 440/4 | - | €2,521 | +€2,521 | |
| Taxes, remuneration and social security | 45 | - | €1,177 | +€1,177 | |
| Taxes | 450/3 | - | €1,177 | +€1,177 | |
| Other amounts payable | 47/48 | €24,000 | €24,000 | = | 0.0% |
| Non-recurring operating income | 76A | €307 | - | -€307 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,350 | €3,166 | -€184 | -5.5% |
| Other operating charges | 640/8 | €1,903 | €1,962 | +€59 | +3.1% |
| Gross operating margin | 9900 | €7,747 | €8,808 | +€1,062 | +13.7% |
| Operating profit (loss) | 9901 | €2,493 | €3,679 | +€1,186 | +47.6% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €2,358 | €3,529 | +€1,171 | +49.7% |
| Income taxes | 67/77 | €590 | €1,177 | +€588 | +99.7% |
| Profit (loss) for the period | 9904 | €1,769 | €2,352 | +€584 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,769 | €2,352 | +€584 | +33.0% |
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 3 October 2026 via checked.be.