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
- Tangible fixed assets +€708,678
up €708,678 (+31.0%), from €2.3m to €3.0m
of which Land and buildings: +€696,519
- Cash -€36,209
down €36,209 (-58.2%), from €62,267 to €26,058
mainly Investment in fixed assets (net) (-€760,591) and Net result for the year (-€85,288)
- Debts after one year +€457,447
up €457,447 (+24.7%), from €1.9m to €2.3m
- Other debts +€216,590
up €216,590 (+508.7%), from €42,574 to €259,164
- Reserves -€85,288
down €85,288 (-21.8%), from €391,490 to €306,202
- Current portion of long-term debt +€52,360
up €52,360 (+30.2%), from €173,265 to €225,625
- Trade debts +€39,562
up €39,562 (+8704.0%), from €455 to €40,017
- Gross operating margin -€399,837
down €399,837 (-88.7%), from €450,959 to €51,122
- Financial charges -€205,635
down €205,635 (-72.4%), from €284,064 to €78,429
- Taxes -€26,474
down €26,474 (-99.4%), from €26,636 to €162
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,471,856 | €3,152,687 | +€680,831 | +27.5% |
| Fixed assets | 21/28 | €2,289,110 | €2,997,788 | +€708,678 | +31.0% |
| Tangible fixed assets | 22/27 | €2,289,110 | €2,997,788 | +€708,678 | +31.0% |
| Land and buildings | 22 | €2,102,993 | €2,799,512 | +€696,519 | +33.1% |
| Plant, machinery and equipment | 23 | €186,117 | €198,276 | +€12,159 | +6.5% |
| Current assets | 29/58 | €182,747 | €154,899 | -€27,848 | -15.2% |
| Amounts receivable within one year | 40/41 | €114,129 | €126,393 | +€12,264 | +10.7% |
| Trade receivables | 40 | €3,490 | €100,216 | +€96,726 | +2771.5% |
| Other amounts receivable | 41 | €110,639 | €26,177 | -€84,462 | -76.3% |
| Current investments | 50/53 | €943 | €928 | -€16 | -1.7% |
| Cash at bank and in hand | 54/58 | €62,267 | €26,058 | -€36,209 | -58.2% |
| Deferred charges and accrued income | 490/1 | €5,407 | €1,520 | -€3,886 | -71.9% |
| Total equity and liabilities | 10/49 | €2,471,856 | €3,152,687 | +€680,831 | +27.5% |
| Equity | 10/15 | €403,890 | €318,602 | -€85,288 | -21.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €391,490 | €306,202 | -€85,288 | -21.8% |
| Distributable reserves | 133 | €391,490 | €306,202 | -€85,288 | -21.8% |
| Amounts payable | 17/49 | €2,067,966 | €2,834,085 | +€766,119 | +37.0% |
| Amounts payable after more than one year | 17 | €1,851,673 | €2,309,120 | +€457,447 | +24.7% |
| Financial debts | 170/4 | €1,851,673 | €2,309,120 | +€457,447 | +24.7% |
| Amounts payable within one year | 42/48 | €216,293 | €524,965 | +€308,672 | +142.7% |
| Current portion of amounts payable after more than one year | 42 | €173,265 | €225,625 | +€52,360 | +30.2% |
| Trade debts | 44 | €455 | €40,017 | +€39,562 | +8704.0% |
| Suppliers | 440/4 | €455 | €40,017 | +€39,562 | +8704.0% |
| Taxes, remuneration and social security | 45 | - | €159 | +€159 | |
| Taxes | 450/3 | - | €159 | +€159 | |
| Other amounts payable | 47/48 | €42,574 | €259,164 | +€216,590 | +508.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,179 | €51,913 | -€266 | -0.5% |
| Other operating charges | 640/8 | €4,949 | €5,918 | +€969 | +19.6% |
| Gross operating margin | 9900 | €450,959 | €51,122 | -€399,837 | -88.7% |
| Operating profit (loss) | 9901 | €393,832 | -€6,708 | -€400,540 | |
| Financial income | 75/76B | €173 | €10 | -€162 | -93.9% |
| Recurring financial income | 75 | €173 | €10 | -€162 | -93.9% |
| Financial charges | 65/66B | €284,064 | €78,429 | -€205,635 | -72.4% |
| Recurring financial charges | 65 | €284,064 | €78,429 | -€205,635 | -72.4% |
| Profit (loss) for the period before taxes | 9903 | €109,941 | -€85,126 | -€195,067 | |
| Income taxes | 67/77 | €26,636 | €162 | -€26,474 | -99.4% |
| Profit (loss) for the period | 9904 | €83,305 | -€85,288 | -€168,593 | |
| Profit (loss) for the period to be appropriated | 9905 | €83,305 | -€85,288 | -€168,593 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.