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 -€24,463
down €24,463 (-33.6%), from €72,884 to €48,421
mainly Trade debts (-€17,626) and Net result for the year (-€13,896)
- Tangible fixed assets -€13,793
down €13,793 (-30.8%), from €44,718 to €30,925
of which Furniture and vehicles: -€13,793
- Receivables within one year -€9,427
down €9,427 (-20.0%), from €47,170 to €37,743
of which Other amounts receivable: -€5,698
- Trade debts -€17,626
down €17,626 (-91.0%), from €19,360 to €1,733
- Profit (loss) carried forward -€13,896
down €13,896 (-31.9%), from €43,526 to €29,629
- Current portion of long-term debt -€8,635
down €8,635 (-51.7%), from €16,688 to €8,053
- Debts after one year -€8,053
no longer reported in 2025 (was €8,053)
- Financial income -€37,085
down €37,085 (-99.2%), from €37,395 to €311
of which Non-recurring financial income: -€37,347
- Gross operating margin -€30,070
down €30,070 (-76.5%), from €39,323 to €9,253
- Taxes -€12,562
down €12,562 (-96.8%), from €12,973 to €411
- Other operating charges +€1,449
up €1,449 (+44.7%), from €3,242 to €4,691
- Financial charges -€717
down €717 (-31.2%), from €2,295 to €1,578
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 | €165,907 | €117,088 | -€48,818 | -29.4% |
| Fixed assets | 21/28 | €44,718 | €30,925 | -€13,793 | -30.8% |
| Tangible fixed assets | 22/27 | €44,718 | €30,925 | -€13,793 | -30.8% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €44,718 | €30,925 | -€13,793 | -30.8% |
| Current assets | 29/58 | €121,188 | €86,163 | -€35,025 | -28.9% |
| Amounts receivable within one year | 40/41 | €47,170 | €37,743 | -€9,427 | -20.0% |
| Trade receivables | 40 | €25,044 | €21,315 | -€3,729 | -14.9% |
| Other amounts receivable | 41 | €22,126 | €16,428 | -€5,698 | -25.8% |
| Cash at bank and in hand | 54/58 | €72,884 | €48,421 | -€24,463 | -33.6% |
| Deferred charges and accrued income | 490/1 | €1,135 | - | -€1,135 | |
| Total equity and liabilities | 10/49 | €165,907 | €117,088 | -€48,818 | -29.4% |
| Equity | 10/15 | €107,922 | €94,026 | -€13,896 | -12.9% |
| Contributions | 10/11 | €27,000 | €27,000 | = | 0.0% |
| Reserves | 13 | €37,397 | €37,397 | = | 0.0% |
| Distributable reserves | 133 | €37,397 | €37,397 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,526 | €29,629 | -€13,896 | -31.9% |
| Amounts payable | 17/49 | €57,984 | €23,062 | -€34,922 | -60.2% |
| Amounts payable after more than one year | 17 | €8,053 | - | -€8,053 | |
| Financial debts | 170/4 | €8,053 | - | -€8,053 | |
| Amounts payable within one year | 42/48 | €49,931 | €23,062 | -€26,869 | -53.8% |
| Current portion of amounts payable after more than one year | 42 | €16,688 | €8,053 | -€8,635 | -51.7% |
| Trade debts | 44 | €19,360 | €1,733 | -€17,626 | -91.0% |
| Suppliers | 440/4 | €19,360 | €1,733 | -€17,626 | -91.0% |
| Taxes, remuneration and social security | 45 | €13,884 | €13,277 | -€608 | -4.4% |
| Taxes | 450/3 | €13,884 | €13,277 | -€608 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,683 | €15,292 | +€609 | +4.1% |
| Other operating charges | 640/8 | €3,242 | €4,691 | +€1,449 | +44.7% |
| Non-recurring operating charges | 66A | - | €1,488 | +€1,488 | |
| Gross operating margin | 9900 | €39,323 | €9,253 | -€30,070 | -76.5% |
| Operating profit (loss) | 9901 | €21,398 | -€12,218 | -€33,616 | |
| Financial income | 75/76B | €37,395 | €311 | -€37,085 | -99.2% |
| Recurring financial income | 75 | €48 | €311 | +€262 | +540.7% |
| Non-recurring financial income | 76B | €37,347 | - | -€37,347 | |
| Financial charges | 65/66B | €2,295 | €1,578 | -€717 | -31.2% |
| Recurring financial charges | 65 | €2,295 | €1,578 | -€717 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €56,498 | -€13,485 | -€69,984 | |
| Income taxes | 67/77 | €12,973 | €411 | -€12,562 | -96.8% |
| Profit (loss) for the period | 9904 | €43,526 | -€13,896 | -€57,422 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,526 | -€13,896 | -€57,422 |
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 7 October 2026 via checked.be.