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
- Stocks and contracts +€319,712
up €319,712 (+46.2%), from €692,625 to €1.0m
- Receivables within one year +€300,799
up €300,799 (+1325.1%), from €22,700 to €323,500
of which Trade receivables: +€315,197
- Cash +€96,375
up €96,375 (+342.9%), from €28,102 to €124,476
mainly Short-term financial debts (+€582,044) and Net result for the year (+€77,871)
- Tangible fixed assets +€68,561
new in 2025: €68,561
- Short-term financial debts +€582,044
up €582,044, from €0 to €582,044
- Reserves +€77,871
up €77,871 (+67.1%), from €116,003 to €193,874
- Debts after one year +€55,009
new in 2025: €55,009
- Tax, wage and social debts +€38,942
up €38,942 (+121.9%), from €31,942 to €70,885
- Trade debts +€18,901
up €18,901 (+49.2%), from €38,449 to €57,351
- Gross operating margin -€55,190
down €55,190 (-32.3%), from €170,737 to €115,547
- Taxes -€14,192
down €14,192 (-44.4%), from €31,972 to €17,780
- Financial charges +€2,708
up €2,708 (+15.5%), from €17,439 to €20,147
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 | €744,031 | €1,529,709 | +€785,678 | +105.6% |
| Fixed assets | 21/28 | - | €68,561 | +€68,561 | |
| Tangible fixed assets | 22/27 | - | €68,561 | +€68,561 | |
| Leasing and similar rights | 25 | - | €68,561 | +€68,561 | |
| Current assets | 29/58 | €744,031 | €1,461,149 | +€717,118 | +96.4% |
| Stocks and contracts in progress | 3 | €692,625 | €1,012,338 | +€319,712 | +46.2% |
| Stocks | 30/36 | €692,625 | €1,012,338 | +€319,712 | +46.2% |
| Amounts receivable within one year | 40/41 | €22,700 | €323,500 | +€300,799 | +1325.1% |
| Trade receivables | 40 | €8,303 | €323,500 | +€315,197 | +3796.4% |
| Other amounts receivable | 41 | €14,398 | €0 | -€14,398 | -100.0% |
| Cash at bank and in hand | 54/58 | €28,102 | €124,476 | +€96,375 | +342.9% |
| Deferred charges and accrued income | 490/1 | €604 | €835 | +€231 | +38.3% |
| Total equity and liabilities | 10/49 | €744,031 | €1,529,709 | +€785,678 | +105.6% |
| Equity | 10/15 | €136,003 | €213,874 | +€77,871 | +57.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €116,003 | €193,874 | +€77,871 | +67.1% |
| Distributable reserves | 133 | €116,003 | €193,874 | +€77,871 | +67.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €608,028 | €1,315,836 | +€707,808 | +116.4% |
| Amounts payable after more than one year | 17 | - | €55,009 | +€55,009 | |
| Financial debts | 170/4 | - | €55,009 | +€55,009 | |
| Amounts payable within one year | 42/48 | €608,028 | €1,260,827 | +€652,799 | +107.4% |
| Current portion of amounts payable after more than one year | 42 | - | €12,912 | +€12,912 | |
| Financial debts | 43 | €0 | €582,044 | +€582,044 | |
| Credit institutions | 430/8 | €0 | €582,044 | +€582,044 | |
| Trade debts | 44 | €38,449 | €57,351 | +€18,901 | +49.2% |
| Suppliers | 440/4 | €38,449 | €57,351 | +€18,901 | +49.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €31,942 | €70,885 | +€38,942 | +121.9% |
| Taxes | 450/3 | €31,942 | €70,885 | +€38,942 | +121.9% |
| Other amounts payable | 47/48 | €537,637 | €537,637 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €416 | +€416 | |
| Other operating charges | 640/8 | €502 | €507 | +€5 | +1.0% |
| Gross operating margin | 9900 | €170,737 | €115,547 | -€55,190 | -32.3% |
| Operating profit (loss) | 9901 | €170,234 | €114,624 | -€55,610 | -32.7% |
| Financial income | 75/76B | €100 | €1,174 | +€1,074 | +1078.1% |
| Recurring financial income | 75 | €100 | €1,174 | +€1,074 | +1078.1% |
| Financial charges | 65/66B | €17,439 | €20,147 | +€2,708 | +15.5% |
| Recurring financial charges | 65 | €17,439 | €20,147 | +€2,708 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €152,895 | €95,651 | -€57,244 | -37.4% |
| Income taxes | 67/77 | €31,972 | €17,780 | -€14,192 | -44.4% |
| Profit (loss) for the period | 9904 | €120,923 | €77,871 | -€43,052 | -35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €120,923 | €77,871 | -€43,052 | -35.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.