V & V Works: 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 Works
Largest movements
- Cash -€6,672
down €6,672 (-3.4%), from €198,872 to €192,200
mainly Contributions, distributions and other (-€33,400) and Receivables within one year (-€4,348)
- Tangible fixed assets -€4,925
down €4,925 (-52.8%), from €9,334 to €4,409
- Receivables within one year +€4,348
up €4,348 (+41.0%), from €10,607 to €14,955
of which Trade receivables: +€7,220
- Reserves -€7,300
down €7,300 (-4.0%), from €182,740 to €175,440
- Current portion of long-term debt -€3,223
down €3,223 (-74.8%), from €4,310 to €1,088
- Trade debts +€2,667
up €2,667 (+71.7%), from €3,718 to €6,385
- Gross operating margin +€9,058
up €9,058 (+25.5%), from €35,491 to €44,548
- Taxes +€3,067
up €3,067 (+25.1%), from €12,233 to €15,300
- Financial income -€1,333
down €1,333 (-35.1%), from €3,791 to €2,459
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 | €222,257 | €213,808 | -€8,449 | -3.8% |
| Fixed assets | 21/28 | €9,334 | €4,409 | -€4,925 | -52.8% |
| Tangible fixed assets | 22/27 | €9,334 | €4,409 | -€4,925 | -52.8% |
| Plant, machinery and equipment | 23 | €9,334 | €4,409 | -€4,925 | -52.8% |
| Current assets | 29/58 | €212,923 | €209,399 | -€3,524 | -1.7% |
| Stocks and contracts in progress | 3 | €1,200 | - | -€1,200 | |
| Contracts in progress | 37 | €1,200 | - | -€1,200 | |
| Amounts receivable within one year | 40/41 | €10,607 | €14,955 | +€4,348 | +41.0% |
| Trade receivables | 40 | €6,000 | €13,220 | +€7,220 | +120% |
| Other amounts receivable | 41 | €4,607 | €1,735 | -€2,872 | -62.3% |
| Cash at bank and in hand | 54/58 | €198,872 | €192,200 | -€6,672 | -3.4% |
| Deferred charges and accrued income | 490/1 | €2,244 | €2,243 | -€0 | 0.0% |
| Total equity and liabilities | 10/49 | €222,257 | €213,808 | -€8,449 | -3.8% |
| Equity | 10/15 | €211,581 | €204,289 | -€7,292 | -3.4% |
| Contributions | 10/11 | €28,600 | €28,600 | = | 0.0% |
| Reserves | 13 | €182,740 | €175,440 | -€7,300 | -4.0% |
| Distributable reserves | 133 | €182,740 | €175,440 | -€7,300 | -4.0% |
| Profit (loss) carried forward | 14 | €241 | €249 | +€8 | +3.3% |
| Amounts payable | 17/49 | €10,676 | €9,518 | -€1,157 | -10.8% |
| Amounts payable after more than one year | 17 | €1,088 | - | -€1,088 | |
| Financial debts | 170/4 | €1,088 | - | -€1,088 | |
| Amounts payable within one year | 42/48 | €9,588 | €9,518 | -€69 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €4,310 | €1,088 | -€3,223 | -74.8% |
| Trade debts | 44 | €3,718 | €6,385 | +€2,667 | +71.7% |
| Suppliers | 440/4 | €3,718 | €6,385 | +€2,667 | +71.7% |
| Taxes, remuneration and social security | 45 | - | €569 | +€569 | |
| Taxes | 450/3 | - | €569 | +€569 | |
| Other amounts payable | 47/48 | €1,559 | €1,477 | -€83 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,873 | €4,925 | +€52 | +1.1% |
| Other operating charges | 640/8 | €502 | €462 | -€41 | -8.1% |
| Gross operating margin | 9900 | €35,491 | €44,548 | +€9,058 | +25.5% |
| Operating profit (loss) | 9901 | €30,115 | €39,161 | +€9,047 | +30.0% |
| Financial income | 75/76B | €3,791 | €2,459 | -€1,333 | -35.1% |
| Recurring financial income | 75 | €3,791 | €2,459 | -€1,333 | -35.1% |
| Financial charges | 65/66B | €270 | €212 | -€58 | -21.5% |
| Recurring financial charges | 65 | €270 | €212 | -€58 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €33,636 | €41,408 | +€7,772 | +23.1% |
| Income taxes | 67/77 | €12,233 | €15,300 | +€3,067 | +25.1% |
| Profit (loss) for the period | 9904 | €21,403 | €26,108 | +€4,705 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,403 | €26,108 | +€4,705 | +22.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.