V&W: 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&W
Largest movements
- Tangible fixed assets -€35,034
down €35,034 (-6.7%), from €523,365 to €488,331
of which Land and buildings: -€36,987
- Cash +€14,729
up €14,729 (+280.8%), from €5,246 to €19,974
mainly Depreciation (+€40,786) and Net result for the year (+€35,735)
- Receivables within one year -€9,016
down €9,016 (-89.9%), from €10,029 to €1,014
of which Other amounts receivable: -€8,009
- Reserves +€35,735
up €35,735 (+11.7%), from €304,220 to €339,955
of which Distributable reserves: +€35,735
- Other debts -€33,855
down €33,855 (-25.4%), from €133,525 to €99,671
- Debts after one year -€30,489
down €30,489 (-97.2%), from €31,371 to €882
- Current portion of long-term debt -€9,315
down €9,315 (-47.0%), from €19,804 to €10,489
- Tax, wage and social debts +€8,646
up €8,646 (+167.1%), from €5,174 to €13,820
of which Taxes: +€7,024
- Gross operating margin +€48,780
up €48,780 (+80.9%), from €60,278 to €109,058
- Taxes +€11,027
up €11,027 (+557.0%), from €1,980 to €13,007
- Financial charges +€4,512
up €4,512 (+96.8%), from €4,660 to €9,173
- Staff costs +€2,494
new in 2025: €2,494
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 | €539,122 | €509,722 | -€29,401 | -5.5% |
| Fixed assets | 21/28 | €523,365 | €488,331 | -€35,034 | -6.7% |
| Tangible fixed assets | 22/27 | €523,365 | €488,331 | -€35,034 | -6.7% |
| Land and buildings | 22 | €515,956 | €478,969 | -€36,987 | -7.2% |
| Furniture and vehicles | 24 | €7,409 | €9,362 | +€1,953 | +26.4% |
| Current assets | 29/58 | €15,757 | €21,391 | +€5,634 | +35.8% |
| Amounts receivable within one year | 40/41 | €10,029 | €1,014 | -€9,016 | -89.9% |
| Trade receivables | 40 | €2,021 | €1,014 | -€1,007 | -49.8% |
| Other amounts receivable | 41 | €8,009 | - | -€8,009 | |
| Cash at bank and in hand | 54/58 | €5,246 | €19,974 | +€14,729 | +280.8% |
| Deferred charges and accrued income | 490/1 | €482 | €403 | -€79 | -16.4% |
| Total equity and liabilities | 10/49 | €539,122 | €509,722 | -€29,401 | -5.5% |
| Equity | 10/15 | €322,820 | €358,555 | +€35,735 | +11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €304,220 | €339,955 | +€35,735 | +11.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €302,360 | €338,095 | +€35,735 | +11.8% |
| Provisions and deferred taxes | 16 | €25,702 | €25,702 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €25,702 | €25,702 | = | 0.0% |
| Major repairs and maintenance | 162 | €25,702 | €25,702 | = | 0.0% |
| Amounts payable | 17/49 | €190,601 | €125,464 | -€65,136 | -34.2% |
| Amounts payable after more than one year | 17 | €31,371 | €882 | -€30,489 | -97.2% |
| Financial debts | 170/4 | €31,371 | €882 | -€30,489 | -97.2% |
| Amounts payable within one year | 42/48 | €159,230 | €123,983 | -€35,247 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €19,804 | €10,489 | -€9,315 | -47.0% |
| Trade debts | 44 | €726 | €3 | -€723 | -99.6% |
| Suppliers | 440/4 | €726 | €3 | -€723 | -99.6% |
| Taxes, remuneration and social security | 45 | €5,174 | €13,820 | +€8,646 | +167.1% |
| Taxes | 450/3 | €5,174 | €12,198 | +€7,024 | +135.7% |
| Remuneration and social security | 454/9 | - | €1,622 | +€1,622 | |
| Other amounts payable | 47/48 | €133,525 | €99,671 | -€33,855 | -25.4% |
| Accrued charges and deferred income | 492/3 | - | €600 | +€600 | |
| Remuneration, social security and pensions | 62 | - | €2,494 | +€2,494 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,789 | €40,786 | -€1,003 | -2.4% |
| Other operating charges | 640/8 | €8,167 | €7,872 | -€295 | -3.6% |
| Gross operating margin | 9900 | €60,278 | €109,058 | +€48,780 | +80.9% |
| Operating profit (loss) | 9901 | €10,321 | €57,905 | +€47,584 | +461.0% |
| Financial income | 75/76B | €7 | €10 | +€3 | +35.4% |
| Recurring financial income | 75 | €7 | €10 | +€3 | +35.4% |
| Financial charges | 65/66B | €4,660 | €9,173 | +€4,512 | +96.8% |
| Recurring financial charges | 65 | €4,660 | €9,173 | +€4,512 | +96.8% |
| Profit (loss) for the period before taxes | 9903 | €5,668 | €48,742 | +€43,074 | +759.9% |
| Income taxes | 67/77 | €1,980 | €13,007 | +€11,027 | +557.0% |
| Profit (loss) for the period | 9904 | €3,688 | €35,735 | +€32,047 | +868.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,688 | €35,735 | +€32,047 | +868.9% |
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 9 October 2026 via checked.be.