V.W.N.C.: 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.N.C.
Largest movements
- Tangible fixed assets +€2.0m
up €2.0m (+114%), from €1.7m to €3.7m
- Cash -€1.5m
down €1.5m (-82.0%), from €1.8m to €330,080
mainly Investment in fixed assets (net) (-€2.0m) and Debts after one year (-€969,514)
- Current investments +€650,000
up €650,000, from €0 to €650,000
- Receivables after one year +€110,489
new in 2025: €110,489
- Revaluation surpluses +€2.0m
new in 2025: €2.0m
- Other debts +€1.3m
up €1.3m (+37,879%), from €3,300 to €1.3m
- Reserves -€1.1m
down €1.1m (-56.5%), from €2.0m to €868,236
of which Distributable reserves: -€1.1m
- Debts after one year -€969,514
down €969,514 (-71.6%), from €1.4m to €384,339
of which Other amounts payable: -€939,511
- Trade debts +€70,065
up €70,065 (+275%), from €25,465 to €95,530
- Financial charges -€51,573
down €51,573 (-82.3%), from €62,638 to €11,065
- Financial income -€23,257
down €23,257 (-63.6%), from €36,579 to €13,322
- Taxes +€9,788
up €9,788 (+30.1%), from €32,508 to €42,296
- Gross operating margin +€5,103
up €5,103 (+2.0%), from €257,637 to €262,740
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 | €3,583,709 | €4,803,237 | +€1.2m | +34.0% |
| Fixed assets | 21/28 | €1,719,513 | €3,686,421 | +€2.0m | +114% |
| Tangible fixed assets | 22/27 | €1,719,513 | €3,686,421 | +€2.0m | +114% |
| Land and buildings | 22 | €1,719,513 | €3,686,421 | +€2.0m | +114% |
| Current assets | 29/58 | €1,864,196 | €1,116,816 | -€747,380 | -40.1% |
| Amounts receivable after more than one year | 29 | - | €110,489 | +€110,489 | |
| Other amounts receivable | 291 | - | €110,489 | +€110,489 | |
| Amounts receivable within one year | 40/41 | €6,795 | €3,329 | -€3,466 | -51.0% |
| Other amounts receivable | 41 | €6,795 | €3,329 | -€3,466 | -51.0% |
| Current investments | 50/53 | €0 | €650,000 | +€650,000 | |
| Cash at bank and in hand | 54/58 | €1,837,049 | €330,080 | -€1.5m | -82.0% |
| Deferred charges and accrued income | 490/1 | €20,352 | €22,918 | +€2,566 | +12.6% |
| Total equity and liabilities | 10/49 | €3,583,709 | €4,803,237 | +€1.2m | +34.0% |
| Equity | 10/15 | €2,106,252 | €2,958,362 | +€852,110 | +40.5% |
| Contributions | 10/11 | €108,073 | €108,073 | = | 0.0% |
| Capital | 10 | €108,073 | €108,073 | = | 0.0% |
| Issued capital | 100 | €108,073 | €108,073 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,982,053 | +€2.0m | |
| Reserves | 13 | €1,998,178 | €868,236 | -€1.1m | -56.5% |
| Non-distributable reserves | 130/1 | €10,807 | €10,807 | = | 0.0% |
| Legal reserve | 130 | €10,807 | €10,807 | = | 0.0% |
| Tax-exempt reserves | 132 | €147,638 | €145,944 | -€1,694 | -1.1% |
| Distributable reserves | 133 | €1,839,733 | €711,485 | -€1.1m | -61.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €62,015 | €61,304 | -€711 | -1.1% |
| Deferred taxes | 168 | €62,015 | €61,304 | -€711 | -1.1% |
| Amounts payable | 17/49 | €1,415,442 | €1,783,572 | +€368,130 | +26.0% |
| Amounts payable after more than one year | 17 | €1,353,853 | €384,339 | -€969,514 | -71.6% |
| Financial debts | 170/4 | €414,342 | €384,339 | -€30,003 | -7.2% |
| Other amounts payable | 178/9 | €939,511 | €0 | -€939,511 | -100% |
| Amounts payable within one year | 42/48 | €58,031 | €1,396,717 | +€1.3m | +2,307% |
| Current portion of amounts payable after more than one year | 42 | €29,266 | €30,003 | +€737 | +2.5% |
| Trade debts | 44 | €25,465 | €95,530 | +€70,065 | +275% |
| Suppliers | 440/4 | €25,465 | €95,530 | +€70,065 | +275% |
| Taxes, remuneration and social security | 45 | €0 | €17,885 | +€17,885 | |
| Taxes | 450/3 | €0 | €17,885 | +€17,885 | |
| Other amounts payable | 47/48 | €3,300 | €1,253,300 | +€1.3m | +37,879% |
| Accrued charges and deferred income | 492/3 | €3,558 | €2,515 | -€1,043 | -29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,096 | €75,513 | +€417 | +0.6% |
| Other operating charges | 640/8 | €28,856 | €27,842 | -€1,014 | -3.5% |
| Gross operating margin | 9900 | €257,637 | €262,740 | +€5,103 | +2.0% |
| Operating profit (loss) | 9901 | €153,685 | €159,385 | +€5,700 | +3.7% |
| Financial income | 75/76B | €36,579 | €13,322 | -€23,257 | -63.6% |
| Recurring financial income | 75 | €36,579 | €13,322 | -€23,257 | -63.6% |
| Financial charges | 65/66B | €62,638 | €11,065 | -€51,573 | -82.3% |
| Recurring financial charges | 65 | €62,638 | €11,065 | -€51,573 | -82.3% |
| Profit (loss) for the period before taxes | 9903 | €127,626 | €161,642 | +€34,016 | +26.7% |
| Transfer from deferred taxes | 780 | €711 | €711 | = | 0.0% |
| Income taxes | 67/77 | €32,508 | €42,296 | +€9,788 | +30.1% |
| Profit (loss) for the period | 9904 | €95,829 | €120,058 | +€24,228 | +25.3% |
| Transfer from tax-exempt reserves | 789 | €1,694 | €1,694 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €97,523 | €121,751 | +€24,228 | +24.8% |
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 26 October 2026 via checked.be.