V&V Associates: what changed
Two financial 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 Associates
Largest movements
- Tangible fixed assets +€78,580
up €78,580 (+418%), from €18,795 to €97,374
of which Leasing and similar rights: +€40,406
- Receivables within one year +€24,859
up €24,859 (+58.3%), from €42,612 to €67,470
of which Other amounts receivable: +€14,962
- Cash +€22,349
up €22,349 (+7.6%), from €295,415 to €317,764
mainly Other debts (+€187,500) and Net result for the year (+€87,692)
- Intangible fixed assets -€9,470
no longer reported in 2025 (was €9,470)
- Other debts +€187,500
new in 2025: €187,500
- Profit (loss) carried forward -€99,808
down €99,808 (-33.3%), from €299,472 to €199,664
- Debts after one year +€32,166
new in 2025: €32,166
- Tax, wage and social debts -€13,889
down €13,889 (-12.5%), from €111,096 to €97,207
of which Taxes: -€13,729
- Current portion of long-term debt +€9,182
new in 2025: €9,182
- Gross operating margin -€75,196
down €75,196 (-27.5%), from €273,516 to €198,320
- Financial charges +€66,948
up €66,948 (+8,474%), from €790 to €67,738
of which Financial charges: +€66,911
- Taxes -€37,908
down €37,908 (-60.7%), from €62,426 to €24,518
- Depreciation +€14,367
up €14,367 (+460%), from €3,126 to €17,493
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.
Derived cash bridge
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 | €418,095 | €534,269 | +€116,174 | +27.8% |
| Fixed assets | 21/28 | €78,265 | €147,374 | +€69,110 | +88.3% |
| Intangible fixed assets | 21 | €9,470 | - | -€9,470 | |
| Tangible fixed assets | 22/27 | €18,795 | €97,374 | +€78,580 | +418% |
| Plant, machinery and equipment | 23 | €3,812 | €4,137 | +€325 | +8.5% |
| Furniture and vehicles | 24 | €10,430 | €25,490 | +€15,061 | +144% |
| Leasing and similar rights | 25 | - | €40,406 | +€40,406 | |
| Other tangible fixed assets | 26 | €4,553 | €27,341 | +€22,788 | +500% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €339,830 | €386,895 | +€47,065 | +13.8% |
| Amounts receivable within one year | 40/41 | €42,612 | €67,470 | +€24,859 | +58.3% |
| Trade receivables | 40 | €36,585 | €46,482 | +€9,897 | +27.1% |
| Other amounts receivable | 41 | €6,026 | €20,988 | +€14,962 | +248% |
| Cash at bank and in hand | 54/58 | €295,415 | €317,764 | +€22,349 | +7.6% |
| Deferred charges and accrued income | 490/1 | €1,804 | €1,660 | -€143 | -8.0% |
| Total equity and liabilities | 10/49 | €418,095 | €534,269 | +€116,174 | +27.8% |
| Equity | 10/15 | €304,472 | €204,664 | -€99,808 | -32.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €299,472 | €199,664 | -€99,808 | -33.3% |
| Amounts payable | 17/49 | €113,623 | €329,605 | +€215,982 | +190% |
| Amounts payable after more than one year | 17 | - | €32,166 | +€32,166 | |
| Financial debts | 170/4 | - | €32,166 | +€32,166 | |
| Amounts payable within one year | 42/48 | €113,467 | €297,440 | +€183,972 | +162% |
| Current portion of amounts payable after more than one year | 42 | - | €9,182 | +€9,182 | |
| Trade debts | 44 | €2,371 | €3,550 | +€1,179 | +49.7% |
| Suppliers | 440/4 | €2,371 | €3,550 | +€1,179 | +49.7% |
| Taxes, remuneration and social security | 45 | €111,096 | €97,207 | -€13,889 | -12.5% |
| Taxes | 450/3 | €110,936 | €97,207 | -€13,729 | -12.4% |
| Remuneration and social security | 454/9 | €160 | - | -€160 | |
| Other amounts payable | 47/48 | - | €187,500 | +€187,500 | |
| Accrued charges and deferred income | 492/3 | €156 | - | -€156 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,126 | €17,493 | +€14,367 | +460% |
| Other operating charges | 640/8 | €1,768 | €1,316 | -€453 | -25.6% |
| Non-recurring operating charges | 66A | €3,703 | €529 | -€3,174 | -85.7% |
| Gross operating margin | 9900 | €273,516 | €198,320 | -€75,196 | -27.5% |
| Operating profit (loss) | 9901 | €264,919 | €178,983 | -€85,936 | -32.4% |
| Financial income | 75/76B | €812 | €965 | +€153 | +18.8% |
| Recurring financial income | 75 | €153 | €960 | +€807 | +526% |
| Non-recurring financial income | 76B | €659 | €4 | -€655 | -99.4% |
| Financial charges | 65/66B | €790 | €67,738 | +€66,948 | +8,474% |
| Recurring financial charges | 65 | €788 | €67,700 | +€66,911 | +8,489% |
| Non-recurring financial charges | 66B | €2 | €38 | +€36 | +1,990% |
| Profit (loss) for the period before taxes | 9903 | €264,941 | €112,210 | -€152,732 | -57.6% |
| Income taxes | 67/77 | €62,426 | €24,518 | -€37,908 | -60.7% |
| Profit (loss) for the period | 9904 | €202,515 | €87,692 | -€114,823 | -56.7% |
| Profit (loss) for the period to be appropriated | 9905 | €202,515 | €87,692 | -€114,823 | -56.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.