V & V: what changed
V & V
Largest movements
- Tangible fixed assets -€17,484
down €17,484 (-45.2%), from €38,716 to €21,232
of which Furniture and vehicles: -€13,594
- Receivables within one year +€10,880
up €10,880 (+29.4%), from €37,036 to €47,917
of which Trade receivables: +€13,147
- Cash -€1,980
down €1,980 (-8.7%), from €22,732 to €20,751
mainly Receivables within one year (-€10,880) and Net result for the year (-€10,603)
- Debts after one year +€15,597
up €15,597 (+868%), from €1,797 to €17,394
- Profit (loss) carried forward -€10,603
down €10,603 (-175%), from -€6,045 to -€16,648
- Current portion of long-term debt -€5,643
down €5,643 (-44.4%), from €12,713 to €7,070
- Tax, wage and social debts -€3,748
down €3,748 (-82.8%), from €4,525 to €778
of which Remuneration and social security: -€2,000
- Trade debts -€3,639
down €3,639 (-31.0%), from €11,728 to €8,089
- Gross operating margin -€18,259
down €18,259 (-60.1%), from €30,365 to €12,106
- Depreciation -€3,366
down €3,366 (-15.4%), from €21,806 to €18,440
- Other operating charges -€505
down €505 (-19.8%), from €2,547 to €2,042
- Financial charges -€359
down €359 (-14.2%), from €2,522 to €2,163
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €102,038 | €93,751 | -€8,287 | -8.1% |
| Fixed assets | 21/28 | €40,066 | €23,230 | -€16,835 | -42.0% |
| Intangible fixed assets | 21 | - | €648 | +€648 | |
| Tangible fixed assets | 22/27 | €38,716 | €21,232 | -€17,484 | -45.2% |
| Plant, machinery and equipment | 23 | €8,094 | €4,204 | -€3,890 | -48.1% |
| Furniture and vehicles | 24 | €30,622 | €17,028 | -€13,594 | -44.4% |
| Financial fixed assets | 28 | €1,350 | €1,350 | = | 0.0% |
| Current assets | 29/58 | €61,972 | €70,520 | +€8,548 | +13.8% |
| Stocks and contracts in progress | 3 | €1,027 | €884 | -€142 | -13.9% |
| Stocks | 30/36 | €1,027 | €884 | -€142 | -13.9% |
| Amounts receivable within one year | 40/41 | €37,036 | €47,917 | +€10,880 | +29.4% |
| Trade receivables | 40 | €31,546 | €44,694 | +€13,147 | +41.7% |
| Other amounts receivable | 41 | €5,490 | €3,223 | -€2,267 | -41.3% |
| Cash at bank and in hand | 54/58 | €22,732 | €20,751 | -€1,980 | -8.7% |
| Deferred charges and accrued income | 490/1 | €1,177 | €968 | -€209 | -17.8% |
| Total equity and liabilities | 10/49 | €102,038 | €93,751 | -€8,287 | -8.1% |
| Equity | 10/15 | €57,631 | €47,028 | -€10,603 | -18.4% |
| Contributions | 10/11 | €8,520 | €8,520 | = | 0.0% |
| Reserves | 13 | €55,156 | €55,156 | = | 0.0% |
| Distributable reserves | 133 | €55,156 | €55,156 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,045 | -€16,648 | -€10,603 | -175% |
| Amounts payable | 17/49 | €44,406 | €46,723 | +€2,316 | +5.2% |
| Amounts payable after more than one year | 17 | €1,797 | €17,394 | +€15,597 | +868% |
| Financial debts | 170/4 | €1,797 | €17,394 | +€15,597 | +868% |
| Amounts payable within one year | 42/48 | €42,561 | €29,280 | -€13,282 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €12,713 | €7,070 | -€5,643 | -44.4% |
| Trade debts | 44 | €11,728 | €8,089 | -€3,639 | -31.0% |
| Suppliers | 440/4 | €11,728 | €8,089 | -€3,639 | -31.0% |
| Advances received on contracts in progress | 46 | - | €230 | +€230 | |
| Taxes, remuneration and social security | 45 | €4,525 | €778 | -€3,748 | -82.8% |
| Taxes | 450/3 | €2,525 | €778 | -€1,748 | -69.2% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €13,595 | €13,113 | -€482 | -3.5% |
| Accrued charges and deferred income | 492/3 | €48 | €49 | +€1 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,806 | €18,440 | -€3,366 | -15.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €312 | €186 | -€126 | -40.4% |
| Other operating charges | 640/8 | €2,547 | €2,042 | -€505 | -19.8% |
| Gross operating margin | 9900 | €30,365 | €12,106 | -€18,259 | -60.1% |
| Operating profit (loss) | 9901 | €5,700 | -€8,562 | -€14,262 | |
| Financial income | 75/76B | €585 | €429 | -€156 | -26.7% |
| Recurring financial income | 75 | €585 | €429 | -€156 | -26.7% |
| Financial charges | 65/66B | €2,522 | €2,163 | -€359 | -14.2% |
| Recurring financial charges | 65 | €2,522 | €2,163 | -€359 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €3,763 | -€10,296 | -€14,059 | |
| Income taxes | 67/77 | €308 | €307 | -€1 | -0.3% |
| Profit (loss) for the period | 9904 | €3,455 | -€10,603 | -€14,058 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,455 | -€10,603 | -€14,058 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.