V.W.I.: 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.I.
Largest movements
- Receivables within one year +€154,608
up €154,608 (+8.3%), from €1.9m to €2.0m
of which Other amounts receivable: +€93,269
- Tangible fixed assets +€135,129
up €135,129 (+22.7%), from €596,123 to €731,252
of which Leasing and similar rights: +€156,703
- Reserves +€318,658
up €318,658 (+14.9%), from €2.1m to €2.5m
- Debts after one year -€103,928
down €103,928 (-5.6%), from €1.8m to €1.7m
- Tax, wage and social debts -€90,635
down €90,635 (-59.2%), from €153,130 to €62,495
- Financial income +€111,792
up €111,792 (+36.5%), from €306,384 to €418,176
- Financial charges -€45,112
down €45,112 (-39.4%), from €114,356 to €69,244
- Gross operating margin +€30,393
up €30,393 (+129%), from €23,644 to €54,037
- Taxes +€23,115
up €23,115 (+131%), from €17,701 to €40,816
- Depreciation +€12,494
up €12,494 (+45.0%), from €27,774 to €40,268
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 | €7,544,674 | €7,803,675 | +€259,001 | +3.4% |
| Fixed assets | 21/28 | €5,328,119 | €5,473,248 | +€145,129 | +2.7% |
| Tangible fixed assets | 22/27 | €596,123 | €731,252 | +€135,129 | +22.7% |
| Land and buildings | 22 | €506,123 | €478,348 | -€27,774 | -5.5% |
| Furniture and vehicles | 24 | - | €6,200 | +€6,200 | |
| Leasing and similar rights | 25 | - | €156,703 | +€156,703 | |
| Other tangible fixed assets | 26 | €90,000 | €90,000 | = | 0.0% |
| Financial fixed assets | 28 | €4,731,996 | €4,741,996 | +€10,000 | +0.2% |
| Current assets | 29/58 | €2,216,555 | €2,330,427 | +€113,872 | +5.1% |
| Amounts receivable after more than one year | 29 | €339,127 | €287,954 | -€51,173 | -15.1% |
| Other amounts receivable | 291 | €339,127 | €287,954 | -€51,173 | -15.1% |
| Amounts receivable within one year | 40/41 | €1,857,454 | €2,012,062 | +€154,608 | +8.3% |
| Trade receivables | 40 | €234,973 | €296,312 | +€61,340 | +26.1% |
| Other amounts receivable | 41 | €1,622,481 | €1,715,750 | +€93,269 | +5.7% |
| Cash at bank and in hand | 54/58 | €4,339 | €3,600 | -€738 | -17.0% |
| Deferred charges and accrued income | 490/1 | €15,636 | €26,810 | +€11,174 | +71.5% |
| Total equity and liabilities | 10/49 | €7,544,674 | €7,803,675 | +€259,001 | +3.4% |
| Equity | 10/15 | €4,285,764 | €4,604,422 | +€318,658 | +7.4% |
| Contributions | 10/11 | €2,150,729 | €2,150,729 | = | 0.0% |
| Reserves | 13 | €2,135,035 | €2,453,693 | +€318,658 | +14.9% |
| Distributable reserves | 133 | €2,135,035 | €2,453,693 | +€318,658 | +14.9% |
| Amounts payable | 17/49 | €3,258,911 | €3,199,254 | -€59,657 | -1.8% |
| Amounts payable after more than one year | 17 | €1,843,518 | €1,739,590 | -€103,928 | -5.6% |
| Financial debts | 170/4 | €1,843,518 | €1,739,590 | -€103,928 | -5.6% |
| Amounts payable within one year | 42/48 | €1,334,975 | €1,438,072 | +€103,096 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €75,738 | €139,183 | +€63,445 | +83.8% |
| Financial debts | 43 | €5,083 | €0 | -€5,083 | -100% |
| Credit institutions | 430/8 | €5,083 | €0 | -€5,083 | -100% |
| Trade debts | 44 | €22,958 | €85,192 | +€62,234 | +271% |
| Suppliers | 440/4 | €22,958 | €85,192 | +€62,234 | +271% |
| Taxes, remuneration and social security | 45 | €153,130 | €62,495 | -€90,635 | -59.2% |
| Taxes | 450/3 | €153,130 | €62,495 | -€90,635 | -59.2% |
| Other amounts payable | 47/48 | €1,078,067 | €1,151,202 | +€73,135 | +6.8% |
| Accrued charges and deferred income | 492/3 | €80,418 | €21,592 | -€58,826 | -73.2% |
| Non-recurring operating income | 76A | - | €5,541 | +€5,541 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,774 | €40,268 | +€12,494 | +45.0% |
| Other operating charges | 640/8 | €3,130 | €3,226 | +€96 | +3.1% |
| Gross operating margin | 9900 | €23,644 | €54,037 | +€30,393 | +129% |
| Operating profit (loss) | 9901 | -€7,260 | €10,542 | +€17,803 | |
| Financial income | 75/76B | €306,384 | €418,176 | +€111,792 | +36.5% |
| Recurring financial income | 75 | €306,384 | €418,176 | +€111,792 | +36.5% |
| Financial charges | 65/66B | €114,356 | €69,244 | -€45,112 | -39.4% |
| Recurring financial charges | 65 | €114,356 | €69,244 | -€45,112 | -39.4% |
| Profit (loss) for the period before taxes | 9903 | €184,768 | €359,474 | +€174,706 | +94.6% |
| Income taxes | 67/77 | €17,701 | €40,816 | +€23,115 | +131% |
| Profit (loss) for the period | 9904 | €167,067 | €318,658 | +€151,591 | +90.7% |
| Profit (loss) for the period to be appropriated | 9905 | €167,067 | €318,658 | +€151,591 | +90.7% |
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 26 October 2026 via checked.be.