V.V.O.: 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.O.
Largest movements
- Current investments -€195,000
no longer reported in 2025 (was €195,000)
- Tangible fixed assets -€56,321
down €56,321 (-5.2%), from €1.1m to €1.0m
- Cash +€29,902
up €29,902 (+247%), from €12,088 to €41,990
mainly Current investments (+€195,000) and Depreciation (+€56,321)
- Debts after one year -€260,000
down €260,000 (-44.9%), from €579,300 to €319,300
- Reserves +€46,047
up €46,047 (+14.2%), from €324,202 to €370,249
of which Distributable reserves: +€46,047
- Financial income +€19,092
up €19,092 (+11,554%), from €165 to €19,257
- Gross operating margin -€17,672
down €17,672 (-13.1%), from €135,371 to €117,699
- Financial charges -€5,206
down €5,206 (-43.9%), from €11,850 to €6,644
- Depreciation -€2,674
down €2,674 (-4.5%), from €58,995 to €56,321
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 | €1,291,018 | €1,072,068 | -€218,950 | -17.0% |
| Fixed assets | 21/28 | €1,083,930 | €1,027,609 | -€56,321 | -5.2% |
| Tangible fixed assets | 22/27 | €1,083,930 | €1,027,609 | -€56,321 | -5.2% |
| Land and buildings | 22 | €736,268 | €720,752 | -€15,517 | -2.1% |
| Plant, machinery and equipment | 23 | €90,349 | €63,992 | -€26,357 | -29.2% |
| Assets under construction and advance payments | 27 | €257,313 | €242,866 | -€14,447 | -5.6% |
| Current assets | 29/58 | €207,088 | €44,458 | -€162,630 | -78.5% |
| Current investments | 50/53 | €195,000 | - | -€195,000 | |
| Cash at bank and in hand | 54/58 | €12,088 | €41,990 | +€29,902 | +247% |
| Deferred charges and accrued income | 490/1 | - | €2,468 | +€2,468 | |
| Total equity and liabilities | 10/49 | €1,291,018 | €1,072,068 | -€218,950 | -17.0% |
| Equity | 10/15 | €480,375 | €526,422 | +€46,047 | +9.6% |
| Contributions | 10/11 | €156,173 | €156,173 | = | 0.0% |
| Capital | 10 | €156,173 | €156,173 | = | 0.0% |
| Issued capital | 100 | €156,173 | €156,173 | = | 0.0% |
| Reserves | 13 | €324,202 | €370,249 | +€46,047 | +14.2% |
| Non-distributable reserves | 130/1 | €15,617 | €15,617 | = | 0.0% |
| Legal reserve | 130 | €15,617 | €15,617 | = | 0.0% |
| Distributable reserves | 133 | €308,584 | €354,632 | +€46,047 | +14.9% |
| Amounts payable | 17/49 | €810,644 | €545,646 | -€264,998 | -32.7% |
| Amounts payable after more than one year | 17 | €579,300 | €319,300 | -€260,000 | -44.9% |
| Financial debts | 170/4 | €579,300 | €319,300 | -€260,000 | -44.9% |
| Amounts payable within one year | 42/48 | €231,343 | €226,345 | -€4,998 | -2.2% |
| Financial debts | 43 | €204,943 | €211,329 | +€6,386 | +3.1% |
| Credit institutions | 430/8 | €204,943 | €211,329 | +€6,386 | +3.1% |
| Trade debts | 44 | €4,119 | €3,694 | -€425 | -10.3% |
| Suppliers | 440/4 | €4,119 | €3,694 | -€425 | -10.3% |
| Taxes, remuneration and social security | 45 | €8,898 | €6,758 | -€2,140 | -24.0% |
| Taxes | 450/3 | €8,898 | €6,758 | -€2,140 | -24.0% |
| Other amounts payable | 47/48 | €13,383 | €4,564 | -€8,819 | -65.9% |
| Non-recurring operating income | 76A | €850 | - | -€850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,995 | €56,321 | -€2,674 | -4.5% |
| Other operating charges | 640/8 | €11,491 | €11,912 | +€421 | +3.7% |
| Gross operating margin | 9900 | €135,371 | €117,699 | -€17,672 | -13.1% |
| Operating profit (loss) | 9901 | €64,885 | €49,466 | -€15,419 | -23.8% |
| Financial income | 75/76B | €165 | €19,257 | +€19,092 | +11,554% |
| Recurring financial income | 75 | €165 | €19,257 | +€19,092 | +11,554% |
| Financial charges | 65/66B | €11,850 | €6,644 | -€5,206 | -43.9% |
| Recurring financial charges | 65 | €11,850 | €6,644 | -€5,206 | -43.9% |
| Profit (loss) for the period before taxes | 9903 | €53,200 | €62,079 | +€8,879 | +16.7% |
| Income taxes | 67/77 | €15,748 | €16,032 | +€284 | +1.8% |
| Profit (loss) for the period | 9904 | €37,452 | €46,047 | +€8,596 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,452 | €46,047 | +€8,596 | +23.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.